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The nation’s biggest car insurer, State Farm Mutual Automobile Insurance Co., is slashing $2 billion of premiums owed on 40 million vehicles, making it the latest carrier to offer a financial-relief program for consumers as auto claims have plunged under shelter-at-home restrictions.
State Farm’s total brings the amount pledged by the top 10 sellers of personal car insurance to more than $7 billion as U.S. carriers are beginning to experience a financial windfall tied to Americans parking their cars to help fight COVID-19, the disease caused by the novel coronavirus.
