Rebates for Farmers Insurance Customers
LOS ANGELES (KCBS) _ It was good news on Tuesday for hundreds of thousands of Farmers Insurance customers in California who will now be eligible to receive a one-time, 10 percent insurance policy premium rebate.
State Insurance Commissioner Steve Poizner made the announcement in Los Angeles and said now, auto insurance rates more accurately reflect our driving habits.
"The auto insurance formula has taken into account where you live. So if you live in areas where there is lots of traffic accidents, that's taken into account, rightly so, in your auto insurance rates," said Poizner. "But these new rules that we've been implementing over the last few years, we make sure that auto insurance companies look at your driving record as the most important factor."
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Farmers Insurance spokeswoman Russina Sgoureva said the reduction applies to 640,000 customers of Farmers Insurance Exchange.
"This gives us a chance to balance our product offering in California. We're giving back our customers some rebates," she said. "We're going to be lowering rates for our Farmers Insurance Exchange customers."
The Los Angeles-based Farmers Insurance is the largest auto insurer in the state.
