State Farm Mutual Automobile Insurance Company is lowering its overall rate level in Tennessee an average of 0.5 percent effective Feb. 23.
This represents an annual savings of $3 million to the company's Tennessee customers, State Farm said in a news release.
After this rate change is implemented, State Farm's overall rate level in Tennessee will be 12.2 percent lower than it was 12 years ago.
Premiums for collision coverage will go down for most customers. The cost of the medical payments and comprehensive coverages will go down for some customers and up for others.
Overall premium changes for individual motorists will vary depending on factors such as the coverages they carry, the discounts for which they qualify, where they live, the kind of car insured, who drives it and how much it is driven.
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