State Farm Mutual Automobile Insurance will reduce auto rates by 0.3 percent on new and renewal policies, effective Oct. 27.

The company, the largest insurer of vehicles in Florida, said the reduction would save its policyholders $6.5 million a year, an average $2 to $3 per policy. State Farm said with this latest decrease, its auto rates have declined a total of 7 percent in the past five years.

State Farm said premiums for collision and medical payments coverage were decreasing the most.

However, comprehensive coverage, which pays for losses from such perils as theft, storm damage, fire, vandalism and glass breakage, could increase for some drivers.

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