Overview
- The filing proposes average decreases of 10.2% for State Farm Mutual and 8.8% for State Farm Fire and Casualty in Florida.
- New-business rates would take effect on January 2, with renewal reductions starting March 14.
- Since October 2024, State Farm says cumulative cuts exceed 20%, totaling more than $1 billion in annual savings and over $400 per vehicle.
- State Farm insures about 2.5 million Florida auto policies, magnifying the impact of the reductions.
- Progressive plans 2026 credits for Florida auto customers, with the governor saying returns will total nearly $1 billion, about $300 per vehicle, as regulators press carriers to report excess profits.