State Farm announces insurance rate cuts in Colorado - KOAA.com | Continuous News | Colorado Springs and Pueblo

State Farm announces insurance rate cuts in Colorado

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State Farm Mutual Automobile Insurance Company announced it will cut its rates in Colorado.

According to a release, the company will drop auto rates more than three percent. The total state-wide savings for all State Farm customers affected by this rate decrease will be approximately $35 million.

“The company’s financial strength is allowing us to pass along rate savings to our Colorado customers," said State Farm Senior Vice President Denise Hardin. “We continually evaluate how we can best serve our customers and are very pleased to be able to offer this rate decrease in Colorado.”

The overall changes in individual premiums will vary depending on that customer's policy and coverage options, according to State Farm. The average Colorado customer savings is said to be roughly $40 per year.

The effective date for new and renewal businesses is June 11. Colorado State Farm customers can contact their local agent with any questions and to discuss their individual coverage plan.

State Farm also says agents can review new and existing policies to identify any opportunities for additional discounts. For more information, please visit the State Farm website

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