State Farm Mutual Automobile Insurance Company is increasing its personal auto rates in Arizona by 5.9% on November 15, 2023 based on a filing approved by the Arizona Department of Insurance. This increase will impact 1,111,153 current policyholders in the state.
The current average annual premium for an auto policy with State Farm in Arizona is approximately $1,000. The new annual premium for a renewed auto policy with State Farm in Arizona would be approximately $1,059 after the rate increase, a $59 increase.
The best way to save and make sure you get the best rate for your auto insurance in Arizona is to shop around, reviewing insurance rates from several different carriers ahead of renewal.
State Farm’s current written premium in Arizona is $1,111,294,496 annually. This total written premium is expected to go up $69,824,392 annually for the state due to the rate increase.
State Farm is not the only insurance company increasing rates in Arizona. Other major insurers, such as Allstate and GEICO, have also announced rate increases in the state in recent months.
There are a number of factors contributing to the rising cost of auto insurance in Arizona. One factor is the increasing frequency and severity of accidents. Another factor is the rising cost of auto repairs. The cost of parts and labor has increased significantly in recent years, making auto repairs more expensive.
State Farm is likely increasing its rate in Arizona to maintain its financial stability and to continue to provide its customers with quality coverage and service.
How to Reduce Your Auto Insurance Costs
If you are a State Farm customer in Arizona, there are a few things you can do to reduce your auto insurance costs:
- Shop around and compare rates from different insurance companies.
- Take advantage of any discounts that are available to you, such as discounts for good driving records, multiple policies, and safety features on your vehicle.
- Increase your deductible. This will lower your monthly premium, but it will also mean that you will have to pay more out of pocket if you are involved in an accident.
