FLORIDA — State Farm has filed for a 10% auto insurance rate cut for Florida customers, according to a press release from the auto insurance agency.
The release said State Farm has lowered auto rates by over 20% since October 2024, and this new cut is expected to drop premiums an average of 10% per customer.
"Our overall reductions since Oct. 2024 amount to more than $1 billion in lower annual premiums for private passenger cars, averaging more than $400.00 in savings per vehicle," the agency said in the release.
The announcement also said State Farm agrees with "recent comments by the Florida Governor and the Office of Insurance Regulation that the insurance market is stabilizing because of this work, and that reduced litigation has contributed to our repeated opportunity to offer lower rates."
State Farm says it insures over 2 million vehicles in Florida. The filing follows Progressive's announcement last week that its Florida auto policyholders will receive a credit in 2026.
If the reduction is approved, it would likely take effect in early 2026.
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