State Farm lowers insurance rates in Colorado

GREELEY – State Farm Mutual Automobile Insurance Co. began lowering its overall insurance rates in Colorado on Monday.
State Farm, the largest auto insurer in Colorado, will lower rates an average of 4.2 percent. The decrease will represent annual savings of $23.2 million for Colorado customers.
The decrease is State Farm’s fifth consecutive rate drop for Colorado since the repeal of the no-fault auto insurance law in July 2003.
“We’re pleased our rates have continued to go down since the transition from the costly no-fault system to the tort system,´ said Joy Keyser Pickar, a spokeswoman for State Farm. “Under no-fault, we were in a cost crisis from which there was no relief in sight.”
State Farm insures about one in every five cars insured in Colorado. The premiums for the comprehensive and collision coverages will decrease the most. However, the overall changes will vary for individual motorists depending on the coverage, discounts, residence and how much the vehicle is driven.

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