State Farm to raise price on auto policies

State Farm
State Farm(WJBC Radio, Bloomington)
Published: Aug. 1, 2022 at 4:18 PM CDT
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PEORIA (25 News Now) - State Farm is blaming inflation among other costs for a rate increase for auto policy holders.

The price will jump 8.4%, according to State Farm spokesperson Angie Harrier.

In a response to 25 News, Harrier wrote “We are continuously monitoring and adjusting to trends to make sure we’re accurately matching price to risk. As more people are on the roads, we’re seeing an increase in claims. Auto claim costs are being compounded by record inflation and supply chain disruptions. All of this has increased the cost of labor and materials, which translates to higher auto repair costs. Our approach is to make incremental adjustments based on driving behaviors to help minimize the impact to customers as much as possible.”

This comes on the heels of the State Farm “Good Neighbor Relief Program and Auto Rate Cuts” in 2020.

Harrier said, “Customers will see it on their next policy renewal after the effective date of September 13.”

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