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FOR IMMEDIATE RELEASE
January 25, 2005
Contact: Richard Sims, CPCU, ARe
501-224-4400, ext 404
Web Site: www.afbic.com
LITTLE ROCK, Arkansas, January 25, 2005 — Southern Farm Bureau Casualty Insurance Company announces a reduction in its private passenger automobile rates in Arkansas. The overall average reduction effective February 15, 2005 will be 3.1 percent. This represents an annual savings to our customers of about $8,000,000. The price of comprehensive coverage and collision coverage will be decreasing. Comprehensive coverage pays for losses such as those from storm damage, theft, fire, vandalism, and glass breakage. The cost of liability and medical payments coverage will increase.
Overall premium changes for individual policyholders will vary depending on factors such as the coverages they carry, the kind of car insured, and how much it is driven. While most customers will see decreases in their premiums, some will experience increases.
Duff Wallace, Vice-President, State Manager, says “This is a measure of our continued commitment to our policyholders. We've experienced favorable loss trends in our automobile business and we want to pass those savings on to our customers."
Organized September 30, 1947, Southern Farm Bureau Casualty Insurance Company is the second largest writer of auto insurance in the state, with over 390,000 vehicles insured.