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Farmers Introduces Annual Auto Policy in Idaho
On October 19 Farmers Insurance Group of Companies announced a rare break for its nearly 160,000 auto insurance policy holders in Idaho. As of October 23, 2006 the company will begin to offer an annual automobile policy that will allow customers to lock in their premium rate for a whole year rather than follow the industry standard of a six month policy.
Bill Martin, vice president of auto product management, explained that the new annual policies offer the same quality of coverage and discounts currently available but represent a greater potential savings for customers.
"We are always looking for innovative ways to help our current and new customers save time and manage their budgets better, two very important commodities in today's busy world. By choosing the annual auto policy, our customers will save a lot of time and paperwork by eliminating the need to renew their auto policies every six months," Martin said.
"Most auto insurance policies renew every six months. Now, with Farmers' annual auto policy, policyholders can lock in a low rate for a full 12 months, so they know exactly what their coverage will cost for the whole year," he said. "Existing Farmers auto policyholders may choose to take the one-year policy at renewal time, or remain with a six-month policy."
Farmers Insurance Group of Companies is headquartered in Los Angeles and conducts business inn 41 states making it the third largest Personal Lines Property and Casualty insurance group in the United States. Farmers provides policies to homeowners and drivers and well as business and life insurance products.
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