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Insurance Rate

By: Associated Press
By: Associated Press

There's good news for some State Farm customers. The company is lowering its auto insurance rate level an average of four percent New Year's Day.

The move could save some Alabama customers more than $21 million annually.

The decreases result partly from an increase in the size of State Farm's accident-free discounts and lowered costs for comprehensive and collision coverage. The accident-free program lowers rates for customers who have been accident free for three, six or ten years.

Spokesman David Majors said the longer a person is accident free, the bigger the discount.

He also said the decrease could be attributed to fewer claims being reported or lower costs in settling accidents.

The insurance company's last rate decrease was in May 2000.


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