MERIDIAN, Miss. (WTOK) – Starting May 6, 2019, policy holders can expect to save a little money on their auto insurance.
“We want to create long-term relationships for our clients, so we’re always trying to get our clients the best possible deal possible for their automobile insurance,” said State Farm agent Jeffery Wilson.
Mississippi Insurance Commissioner Mike Chaney approved an 11.2 percent rate decrease this week.
Some consumers have already seen a reduction of 7.6 percent. The remaining decrease will take effect in the coming months.
“We had a 3 percent last year, and a cumulative according to the insurance department of 11.2 (percent) over the last several years. So we’re seeing a down trend of insurance automobile rates,” said State Farm agent Dave Holloway.
Wilson and Holloway say new car technology and driver education have helped lower prices for consumers.
One customer we spoke with described how she felt moments after she heard the news.
“I was excited. So as soon as I saw the post from Insurance Commissioner Mike Chaney, I called my agent and said, ‘hey, when can I expect it?'” said Betty Oltremari.
Roughly 500,000 in-state customers are expected to save $14.7 million.
“Well, for me it’s going to go into savings. So just trying to do better and this helps a lot. So anywhere you can save even a little bit every month and just using it wisely, is going to help in the long run,” said Oltremari.
The Mississippi Insurance Department expects other companies to follow State Farm’s lead.
“Well, you know, State Farm is a mutual company. We have no stock holders. So we’re just responsible to the policy holder to provide a good quality, affordable product,” said Holloway.
The new rate will take effect after the policy holder’s renewal date.
State Farm customers may contact their local agent for more information.