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State Farm cuts Florida auto insurance rates by 10%, its fourth reduction in a year, due to lower litigation and claims.
State Farm has announced a 10% rate reduction for auto insurance in Florida, its fourth cut in a year, lowering average premiums by over 20% since October 2024.
The move, attributed to reduced litigation and improved claims stability, reflects broader market shifts.
While State Farm will not issue refunds, the reduction is part of a trend among insurers, though Progressive is setting aside $950 million in potential excess profits.
The changes come amid state regulations requiring fair and competitive rates.
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State Farm recorta las tasas de seguro de automóviles de Florida en un 10%, su cuarta reducción en un año, debido a menores litigios y reclamos.