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State Farm to Cut Car Rates in California

September 01, 2004|From Bloomberg News

State Farm Mutual Automobile Insurance Co., the biggest U.S. auto insurer, will cut auto rates in California by 7.6%, shaving more than $215 million off of 3 million customers' bills, the company said.

The rate reduction will go into effect Oct. 1, said the company, which is owned by its policyholders and based in Bloomington, Ill.

State Farm has reduced rates in 34 states this year, a spokesman said, as competition increased and the frequency of accidents declined. The insurer said the reduction in California also reflected company cost cuts.

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