State Farm Insurance issued a statement on July 29 saying, “Driving behaviors across the country continue to evolve during the COVID-19 pandemic. Based on current trends, State Farm is working to reduce auto insurance rates in Ohio by 14.3%.”
According to the statement, the rate reduction will save 1.9 million State Farm customers a total of $174.1 million. This applies to current customers at policy renewal, as well as new and returning customers.
“Current State Farm driving data and claims experience show a considerable decline in miles driven and fewer accidents,” said State Farm Senior Vice President Rob Stewart. “As a result, we’re looking for ways to continue supporting our Ohio customers while we monitor and adjust to trends.”
Customer rate reductions will vary based on their individual renewals. Customers are encouraged to visit with their State Farm agent about individual policies, coverage, and any opportunities for discounts, including the Drive Safe & Save program offered by the company.