(WAFF) - Insurance Company State Farm is cutting down rates for customers in Alabama.
The company stated on Friday that its overall personal auto rate would drop by three percent. The state-wide expected impact for State Farm Mutual by this decrease in Alabama will be approximately $23.5 million.
"The company's current financial strength is allowing us to pass along a rate reduction to our Alabama customers," said Senior Vice President Dan Krause.
The insurance company says, however, that the actual changes in premiums for individual motorists will vary depending on the specific details of their policy and their coverage. The effective date for new and renewal business is June 11.
Alabama customers with questions about these changes can contact their local State Farm agents to discuss their situation.
Copyright 2018 WAFF. All rights reserved.