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State Farm Insurance announced today it is issuing refunds to approximately 23,000 automobile insurance policyholders in Ontario as a result of an error in the application of the Graduated Licence Discount (GLD) and Driver Inexperience Factor surcharge (DIF). The DIF was introduced by State Farm in 1995 to work in tandem with the Graduated Licence Discount made available under the Graduated Licensing Program.
State Farm customers who are entitled to a refund will receive written notification beginning in January, 2008. Refunds including interest will be issued promptly and steps have been taken to correct the error. The average refund is approximately $120.00.
State Farm customers who receive a refund and require additional information should contact their State Farm agent.
“We apologize to our affected policyholders for any inconvenience this may have caused. State Farm discovered this error through an internal review, and promptly reported it to the Financial Services Commission of Ontario,” said State Farm Senior Vice President, and Chief Agent, Bob Cooke. “We have worked quickly with FSCO, to resolve this matter to the satisfaction of our customers.”
About State Farm®
State Farm has been serving Canadians since 1938. State Farm and its affiliates are the fourth largest auto insurance provider, and the seventh largest property and casualty insurer in Canada. In addition to providing affordable car insurance rates, State Farm has more than 540 Canadian agents and 1300 employees providing insurance and financial services including mutual funds, life insurance, vehicle loans, critical illness, disability, home and auto insurance to our customers in Ontario, Alberta and New Brunswick. For more information, please visit statefarm.ca, join us on Facebook, follow us on Twitter, or see us on YouTube.
