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State Farm to cut auto rates in New York

State Farm Mutual Automobile Insurance Co. will cut its rates in New York, resulting in a reduction in its overall personal auto rate by 3.4%.

The total statewide expected impact for State Farm by the rate decrease will be approximately $55 million.

Overall changes in premiums for individual motorists will differ depending on the specific details of an individual customer's policy and chosen coverages. The effective date for new and renewal business is Oct. 15.