State Farm will cut its auto rates in Tennessee for the third time in two years. The overall personal auto rate will drop by 5.1 percent. Statewide, customers of the state's largest insurer will realize total savings of approximately $43.9 million.
The effective date for new and renewal business is April 8. The previous rate changes in Tennessee were a decrease of 2 percent in November 2018 and 3 percent in July 2018. Combined, the three auto rate decreases will save Tennessee customers $87.2 million.
"State Farm is very pleased to be able to offer another auto rate decrease in Tennessee" said State Farm Senior Vice President Dan Krause. "Improving expenses and losses were important factors, among many, that supported our decision to make this rate change."
Overall changes in premiums for individual motorists will vary. Rates depend on a customer's policy and chosen coverage. Customers can contact their local State Farm agent to discuss their individual situation. Additional opportunities for discounts may apply.
A rate decrease combined with discounts offers exceptional long-term value to State Farm customers.
