State Farm files 10% rate cut for auto insurance customers

State Farm is getting in on Florida’s auto insurance rate-cutting action.

In a news release on Thursday, State Farm said its latest rate cut would bring down premiums for its customers by an average of 10%.

Going back to October 2024, the company has cut its average rates by more than 20%, the release said.

All of the cuts are saving customers more than $1 billion or an average of $400 per vehicle, the company said.

Filings submitted to the Florida Office of Insurance Regulation show that the company on Tuesday submitted a proposed rate decrease averaging 10.2% for its State Farm Mutual Automobile product and 8.8% for customers of its State Farm Fire and Casualty product.

The rates would take effect on Jan. 2 for new policies and March 14 for renewal policies, the filing says.

In Aug