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Heh, I found this to be slightly funny and backwards to my previous post about State Farm cutting car insurance rates for consumers. North Dakota is the only state to see an increase while the other 49 will see a decrease. Apparently a hail storm caused an estimated 230 million dollar loss for insurance companies, which included State Farm. Rates are expected to increase by 3.2%.

State Farm Insurance has raised its car insurance rates in North Dakota an average of three-point-two percent. It's the only state where the company reports a rate increase this year.

Mike Andring is an actuary with the state Insurance Department. He says the company's rate increase was based on a loss experience from 2001 through half of 2004.

That period included a major hailstorm in Bismarck that led to an estimated 230 million-dollars in losses for insurance companies, including State Farm.

Andring says the company will make a new rate filing at the end of this year.

State Farm spokesman Dick Luedke says North Dakotans still have some of the lowest car insurance rates in the country.

State Farm is the nation's largest auto insurance underwriter.

Source: KXMC News

Looks like starting July 1st, 2005 State Farm customers will start seeing a decline in their Car Insurance premiums.

State Farm customers can expect to see their premiums go down starting July 1st. Americans now pay on average $870 a year for insurance per vehicle. But you might see your auto insurance bill go down soon.

Al Hatcher, with State Farm Insurance, says, "We're hoping to see anywhere between a 3% and 15% discount on auto insurance."

State Farm insurance, the nation's largest underwriter, cut rates in 32 states including Georgia. More insurance companies are revving up competition for customers. "There's a lot of insurance companies. A lot of the 1-800-companies start getting a bulk of the businesses," Hatcher said.

State Farm discounts will save their customers $13 million a year. The discounts will take effect July 1st. "You don't have to make any calls. Your discounts are already put in there," Hatcher said.

Source: WALB TV

Other insurance companies will also begin to offer discounts. Since 2000 car insurance premiums have been on a steady rise, and only recently has there been great competition in retaining customers. Remember, you can lower your premiums even further by having multiple insurance policies for your home, life, etc.