Many insurance companies have gone back to the drawing board during the COVID-19 pandemic, restructuring policies and introducing benefits to help keep current customers and attract new ones.
$2.2 Billion Nationwide Cut
State Farm is one of these companies, reducing automobile insurance rates for Florida drivers by 10% (a total of $2.2 billion throughout the US). 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."
State Farm is one of these companies, reducing automobile insurance rates for Florida drivers by 10% (a total of $2.2 billion throughout the US). 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 goes into detail as to how State Farm and other insurance companies can benefit from technology - i.e. the State Farm Safe Driver telematic device - that tracks our driving habits.
"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 give insurers insight into driving, which in turn can help them make more informed pricing decisions on a state level."
A Forbes report goes into detail as to how State Farm and other insurance companies can benefit from technology - i.e. the State Farm Safe Driver telematic device - that tracks our driving habits.
"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 give insurers insight into driving, which in turn can help them make more informed pricing decisions on a state level."
Though insurance companies are cutting costs, it is still important for you to call an attorney if you or a loved one is injured in a car accident. Alisa Wilkes is an AV-rated preeminent Jacksonville car accident lawyer. Contact her today to schedule an appointment.