WEST PALM BEACH, Fla. — Another car insurer just announced that it is lowering rates for its customers in Florida.
State Farm announced Thursday that its latest price drop will reduce costs by more than 20% on average since October 2024.
"The latest rate cut filed this week means customers will see their premiums drop an average of 10 percent," according to a statement from the company.
The company said its overall reductions since last October amount to more than $1 billion in lower annual premiums for private passenger cars, averaging more than $400 in savings per vehicle.
"State Farm is solidly committed to our Florida customers and has long worked for improved market conditions," the company said. "We agree 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."
The insurer said it will continue to work toward further improvements in the marketplace on behalf of all of its Florida customers.
The State Farm news follows Progressive's announcement this month that its Florida auto policyholders will receive a credit in 2026 after the company reported third-quarter earnings of more than $2.5 billion.
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