State Farm reduces auto rates for Missouri customers

State Farm Mutual Automobile Insurance Co. plans to enact a rate change it estimates will save Missourians $26 million per year.

The provider announced it will drop its automotive insurance rate by 3 percent, effective July 9. The company’s 1.1 million Missouri auto policyholders will save an average of $26 per year, according to a news release.

“The company’s financial strength is allowing us to pass along rate savings to our Missouri customers," State Farm Senior Vice President Phillip Hawkins said in the release. “We continually evaluate how we can best serve our customers and are very pleased to be able to offer this rate decrease in Missouri.”

Bloomington, Illinois-based State Farm ranked 36th on this year’s Fortune 500 with annual revenue of $78.3 billion, a 2.9 percent increase from the previous year.