LEXINGTON, Ky. (WKYT) - State Farm says it is cutting insurance rates for Kentucky drivers, which the company says will lead to $21 million in savings.
The insurance company says it is cutting its preferred auto rates 3.1 percent beginning June 25.
"The company’s current financial strength is allowing us to pass along a rate reduction to our Kentucky customers," State Farm Senior Vice President Dan Krause said in a news release. “We continually evaluate how we can best serve our customers and are very pleased to be able to offer this rate decrease in Kentucky.”
Premium changes will vary based on the customer's policy. Customers are encouraged to contact their insurance agent to learn about their rate decrease and additional discounts.
State Farm says it is the largest automobile insurer in Kentucky, and the rate adjustment will affect more than 700,000 policyholders.