State Farm policyholders in Texas to save up to $35 on car insurance
Auto insurance customers in Arizona, Illinois, Ohio and Oregon may also save.
In what will be welcome news for Texas’ State Farm customers, the insurance giant announced it will be decreasing car insurance rates by 3% across the board, saving its three million Texan customers a collective $100 million. The savings, which come into effect in May, will save the average policyholder $35 annually on their car insurance.
The discounted rates will affect new, returning and renewing customers and, according to State Farm senior vice president Phillip Hawkins, are the result of “the company’s financial strength.”
“We continually evaluate how we can best serve the long-term interests of our customers. In this case, as conditions have allowed, we are very pleased to offer this rate decrease in Texas,” a State Farm spokesperson said.
While the $35 saving is specific to Texas, it’s not just Texans catching a break. A State Farm spokesperson said that due to the propriety nature of the information they couldn’t speak to future rate adjustments in other states. However, he confirmed that similar announcements were made in Arizona, Illinois, Ohio and Oregon.
The announcement comes in the wake of a recent JD Power survey, where the company scored a below average score for customer satisfaction. The company joined other insurance powerhouses including Allstate in the bottom half of the list, reinforcing the old adage that bigger is not always better.
The study found that in terms of market share, 72% of all policies in the United States were written by 10 auto insurers. However, not one of those companies made the top three in regards to satisfaction. If you’re interested to see how your insurer compares, finder created its own ranking for the best 15 car insurance companies of 2018.