State Farm Reducing Auto Rates
State Farm is cutting rates for auto policyholders in Illinois by 13.7%. State Farm announced in May it would cut rates by $2.2 billion nationwide as drivers stayed off the road during the pandemic. Rival insurers, including Allstate and Progressive have also issued credits or reduced premiums during the pandemic. State Farm estimates its rate cut will save 2.8 million Illinois customers a total of $320 million.