State Farm Cutting $2B from Customers’ Insurance Bills During Crisis

Joining a number of its competitors, State Farm officials have revealed they’re giving customers $2 billion in savings to help get them through the coronavirus financial crisis.

In an announcement on Friday, CEO Michael Tipsord said State Farm customers will each receive a 25 percent discount on premiums through May 31st. The discount will appear as a credit on each customer’s bill. Tipsord said executives decided to make the cut because “we see from our claims activity people are driving less.”

Other companies that have slashed auto insurance prices amid the coronavirus pandemic include American Family, Farmers and USAA.

At this point, do the remaining insurance companies really have a choice as to whether they’ll cut prices too? How has the pandemic affected your financial situation?

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