ALBEMARLE COUNTY, Va. (WVIR) - Car owners in Virginia could see a significant decrease in their auto insurance rates.

State Farm is cutting rates in the commonwealth for the second time in two years. In June, the company dropped its auto insurance rate 2.9 percent. Combined with this new drop, State Farm's overall personal auto rate will drop by a total of 4.9 percent.

With more than one million policy holders in Virginia, this rate decrease is expected to save customers a total of $63 million.

State Farm notes lower-than-expected expenses and losses helped lead to the change.

The rate decrease applies to renewal customers automatically and for new customers, the discount is applied to their quote right away.

"Right now, this is a great time to be a car owner that's looking for insurance in Virginia,” sand Gary Albert, State Farm agent.

Overall changes in premiums for individual drivers will vary policy by policy. If you have questions about this, it's best to contact your personal agent.

State Farm says it can't look too far into the future to predict automotive trends, but right now it looks like they could continue to see rates remain the same or decline again in the coming year.