State officials announce ‘major rate reductions’ for Georgia drivers with State Farm insurance

ATLANTA, Ga. (Atlanta News First) — On Wednesday, state officials announced “major rate reductions” for Georgia drivers with State Farm insurance.

The reductions are the result of negotiations between the company and the Office of Insurance and Safety Fire Commissioner John King, the office said in a news release.

King recently approved the insurer’s latest rate filing, which will lower rates by 3%, “bringing total auto reductions negotiated with State Farm over the past year to more than 10%,” his office said.

The “milestone achievement” will save Georgia policyholders an estimated $400 million annually, according to King’s office. On average, drivers can expect to save around $190 per insured vehicle.

The reductions come after a year of “sustained work and consumer-focused reforms” by the insurance commissioner’s office.

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“I promised on day one that I would not only fight for Georgia families to have coverage options, but affordable options at that. That’s what we’re delivering today,” King said in a statement. “We’re going to continue fighting to position Georgia as a national leader in affordable coverage, marketplace stability, and strong protections for families.”

Along with its work to reduce rates, King’s office said it continues its statewide effort to combat insurance fraud and abuse.

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