State Farm to Distribute $195 Million Calif. Auto Policyholder Dividend

State Farm Mutual Automobile Insurance Co. announced that auto insurance policyholders in California will receive a dividend 15 percent of their semi-annual premium. The total amount to be distributed is estimated to total $195 million, or about $63 per vehicle, the company said.

Dividend payments will begin in early April and will continue throughout the year. Policyholders can expect to receive their dividend near the time of their policy renewal. Most customers will receive their dividend by check. Those policyholders receiving less than $15 will be credited to their State Farm renewal premium, the company said.

State Farm Mutual policyholders in 46 states, the District of Columbia and the Canadian province of New Brunswick will receive a total of $1.25 billion in the company’s latest policyholder dividend declaration program, approved by the State Farm Mutual board of directors, the company said.

Source: State Farm Mutual Automobile Insurance Co.