State Farm Mutual began sending payments to customers who qualify for part of its one-time $5 billion cash-back dividend, which is being dispersed to policy holders of more than 49 million vehicles.
Millions of people have already received their share of the dividend, according to the automobile insurance company’s news release. The amount paid to customers was based on a percentage of the premiums they paid for policies last year. The percentage ranged from 4 to 10% depending on the policy holder’s state.
Payments are being distributed nationwide and could take several months to complete.
“As a mutual company with a customer-first focus, State Farm Mutual is able to provide value directly to our customers while maintaining financial strength to keep our promises in the future,” said Jon Farney, State Farm Mutual President and CEO, in a written statement. “That translated this year to lower auto rates and cash back in the form of a $5 billion policyholder dividend.”
The company originally made the announcement of its $5 billion cash back to auto customers in February.
To inquire about the dividend, visit sfdividend.com or call the Dividend Customer Contact Center at 1-888-808-9532.