State Farm cuts auto rates for Illinois drivers

Posted on April 3, 2018

By Howard Packowitz

BLOOMINGTON – Illinois drivers covered by Bloomington’s State Farm Insurance will pay lower premiums starting next month.

State Farm Mutual Automobile Insurance Company announced Tuesday it is cutting rates 2.9 percent for the average policyholder, beginning May 7.

That amounts to $65 million in total savings for State Farm’s 2.7 million Illinois policyholders.

In a news release, State Farm says premium changes will vary for individual motorists depending specific details customers’ individual policies and chosen coverages.

The rate reduction is possible because of the company’s “current financial strength,” according to State Farm’s Senior Vice President Rob Stewart.

Annual financial results, released in early March, showed State Farm’s net worth at $97 billion in 2017, up $10 billion from the previous year despite paying claims for catastrophic California wildfires last fall.

State Farm Mutual is the largest auto insurer in Illinois and nationwide.

Howard Packowitz can be reached at [email protected]

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