Denver, CO – State Farm Mutual Automobile Insurance Company, the largest insurer of autos in Colorado and in the nation, is raising its overall rate level in the state an average of 5.3% effective August 11.
After this rate change is implemented, the overall rate level of State Farm in Colorado will be 9% lower than it was nine years ago.
Premiums for the liability, medical payments, and collision coverages are going up. The average cost of comprehensive coverage is the same as it was before this rate change. The comprehensive coverage pays for losses from such perils as theft, storm damage, fire, vandalism and glass breakage.
Overall premium changes for individual motorists will vary depending on factors such as the coverages they carry, the discounts for which they qualify, where they live, the kind of car insured, who drives it and how much it is driven.
About State Farm®
State Farm and its affiliates are the largest provider of car insurance in the U.S. In addition to providing auto insurance quotes, their 18,000 agents and more than 65,000 employees serve 82 million policies and accounts – nearly 80 million auto, home, life and commercial policies, and nearly 2 million bank accounts. Commercial auto insurance, along with coverage for renters, business owners, boats and motorcycles, is available. State Farm Mutual Automobile Insurance Company is the parent of the State Farm family of companies. State Farm is ranked No. 41 on the 2014 Fortune 500 list of largest companies. For more information, please visit statefarm.com®.
SOURCE: State Farm1