COLUMBIA, S.C., March 1 /PRNewswire/ — State Farm Mutual Automobile Insurance Company, the largest insurer of autos in South Carolina and in the nation, announced today its auto insurance policyholders in South Carolina will receive dividends totaling $45.3 million.
State Farm Mutual policyholders in 46 states, the District of Columbia and the Canadian province of New Brunswick will receive a total of $1.25 billion in the company’s latest policyholder dividend declaration, approved by the State Farm Mutual board of directors.
South Carolina policyholders will receive 17.9 percent of their semi- annual premium. Although the amounts will vary significantly, the average dividend per vehicle in South Carolina is $56. Dividend payments will begin in early April and will continue throughout the year. Policyholders can expect to receive their dividend near the time of their policy renewal. Most customers will receive their dividend by check. Those policyholders receiving less than $15 will be credited to their State Farm renewal premium.
With this dividend, State Farm Mutual will have returned $3.8 billion to auto policyholders companywide since 1997. In addition, State Farm Mutual reduced its overall rate level in South Carolina by 8.3 percent from the beginning of 2004 to the end of 2006.
Additionally, State Farm Mutual lowered its overall rate level in South Carolina an average of 0.9 percent this past January. The rate change represents an annual savings of $4.5 million to the company’s South Carolina customers. About one in every four cars insured in South Carolina is insured by State Farm.
ContactBruce White(803) 935-3714statefarm.com
State Farm Mutual Insurance Company
CONTACT: Bruce White of State Farm Mutual Insurance Company,+1-803-935-3714
Web site: http://www.statefarm.com/