State Farm is at it again — raising auto insurance rates in Texas. Of course under our “business friendly” political environment, the state can’t prevent (even if it wanted to) premium increases.
The State Farm increase is relatively small at an average of two percent. But multiply that by the 3,000,000 drivers insured by State Farm, and you have a nice bump in the bottom line. State Farm County Mutual, a subsidiary company mainly for higher-risk drivers, will increase rates an average 6.8 percent. The increases will be effective on August 16.
The Texas Public Insurance Counsel did file objections to the rate hike, saying they would produce rates that are “excessive, unreasonable and unfairly discriminatory.”