State Farm said yesterday that it filed for an 8 percent reduction in auto insurance rates with the California Department of Insurance, in addition to the initial pricing changes required by the new auto rating regulations.
Under the new regulations, which insurance trade groups are continuing to challenge in court after an unsuccessful attempt to stay their implementation, carriers when rating customers must give less weight to where they are domiciled.
State Farm said when combined with the company's $212 million decrease in 2004 and $110 million in 2005, the $204 million from the current rate reduction will bring the company's total savings for its more than three million California auto insurance policyholders to over a half-billion dollars since October 2004.
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