State Farm announced a 10% reduction in auto insurance rates for Florida drivers, reflecting changes in driving behavior during the COVID-19 pandemic.
$2.2 billion nationwide cut
Many insurance companies adjusted their policies during the COVID-19 pandemic, offering new benefits to retain customers and attract new ones.
State Farm is one of those companies, reducing automobile insurance rates for Florida drivers by 10%—part of a broader $2.2 billion reduction across the United States. According to State Farm:
Driving behaviors across the country continue to evolve during the COVID-19 pandemic. Based on current trends, State Farm is working to reduce auto insurance rates in Florida by an average of 10%. This rate reduction will save more than two million State Farm customers a total of $290 million. This applies to current customers at policy renewal, as well as new and returning customers.
Catering to driving trends
A Forbes report explains how insurance companies are using technology to better understand driving behavior, including telematics devices that track mileage, speed, and braking patterns.
Telematics programs could play a key role by tracking mileage and driving actions such as speeding and braking. On an individual level, this data can be used to calculate a driver’s car insurance premium and reward safe drivers. Collectively, telematics can help insurers make more informed pricing decisions.
If you or a loved one has been injured in a car accident, speak with a Jacksonville car accident lawyer to understand your options.