Albany-- Insurance companies are putting the brakes on rate increases. The auto insurance market is more competitive than ever and that's driving down premiums.
State Farm customers can expect to see their premiums go down starting July 1st. Americans now pay on average $870 a year for insurance per vehicle. But you might see your auto insurance bill go down soon.
Al Hatcher, with State Farm Insurance, says, "We're hoping to see anywhere between a 3% and 15% discount on auto insurance."
State Farm insurance, the nation's largest underwriter, cut rates in 32 states including Georgia. More insurance companies are revving up competition for customers. "There's a lot of insurance companies. A lot of the 1-800-companies start getting a bulk of the businesses," Hatcher said.
State Farm discounts will save their customers $13 million a year. The discounts will take effect July 1st. "You don't have to make any calls. Your discounts are already put in there," Hatcher said.
The more policies you hold with State Farm, the better your rate. "If you have your homeowners insurance with State Farm, there's your multiple line discount. If you have you life insurance with us, that will contribute to your discounts on you auto and home as well."
Other insurance companies are also fighting to keep customers and offering lower rates, so give your agent a call. The rate decrease comes after a run-up in premiums since 2000.