State Farm Indemnity, which once insured one in five New Jersey motorists, has decided to re-enter the state's auto insurance market, Banking and Insurance Commissioner Holly C. Bakke announced today.
State Farm marked its re-entry into the New Jersey marketplace by announcing its fourth voluntary rate reduction for existing customers.
Effective Jan. 1, State Farm will reduce its rates by 3.8 percent, resulting in $26.3 million for more than 330,000 policyholders, the insurance deparment said in a statement.
At its peak, State Farm Indemnity insured nearly 20 percent of the New Jersey auto insurance market, but stopped writing policies three years ago after sustaining considerable financial losses.
State Farm joins GEICO in writing new auto insurance policies in New Jersey following a series of reforms initiated by the McGreevey administration.
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