State Farm is one of the largest insurance companies, as it offers a wide variety of other insurance and financial products, sold exclusively by State Farm agents. If you are looking for a well-known brand name with a generous selection of products and consumer-friendly pricing, this carrier might be right for you.<\/p>
State Farm has consistently ranked within the top three insurers for customer satisfaction over the last three years. It even has a higher NAIC complaint index than Chubb, and was awarded 856 out of 1,000 points for customer satisfaction in J.D. Power’s Small Commercial Insurance Study.<\/p>
It offers business insurance designed for independent contractors, restaurants, professional services, and retailers, with paperless billing and autopay options. Commercial insurance products include BOP bundles, surety and fidelity bonds, and farm and ranch insurance.<\/p>
State Farm Insurance is a group of mutual insurance companies throughout the United States with corporate headquarters in Bloomington, Illinois. Founded in 1922, it is the largest property, casualty, and auto insurance provider in the United States.<\/p>
State Farm was founded in June 1922 by retired farmer George J. Mecherle as a mutual automobile insurance company owned by its policyholders. The firm specialized in auto insurance for farmers and offered better rates than rival companies, which must also cover the expensive premiums of urban motorists. It later expanded services into other types of insurance, such as homeowners and life insurance, and then to banking and financial services.<\/p>
As of December 2017, it had 70,000 employees and 19,000 agents. February 2014 figures show the group servicing 80 million policies in the United States and Canada, of which over 44,000,000 are for automobiles, 27,000,000 are for fire, 7,000,000 for life, and more than 2 million bank accounts.<\/p>
State Farm relies on exclusive agents (also known as captive agents) to sell insurance. Only State Farm agents can sell State Farm insurance, and their agents can sell only State Farm products.<\/p>
State Farm offers business insurance designed for independent contractors, restaurants, professional services, and retailers, with paperless billing and autopay options. Commercial insurance products include BOP bundles, surety and fidelity bonds, and farm and ranch insurance.<\/p>
Coverage options include:<\/p>
State Farm ranks above the industry average in the J.D. Power 2023 U.S. Auto Insurance Study in all regions and boasts a financial strength rating of A++ (Superior), the highest rating possible from AM Best. The company could be a good choice for drivers looking for the personal touch of a local agent, lower-than-average premiums and top-notch customer service. It may also be a good choice for those seeking to improve their driving habits with its Drive Safe and Save telematics program.<\/p>
State Farm offers all the coverage types required in various states, including bodily injury liability, property damage liability, uninsured motorist, underinsured motorist, medical payments and personal injury protection. You can also find optional coverage for comprehensive, collision, emergency road service, ridesharing, and car rental and travel expenses.<\/p>
State Farm\u2019s rental car and travel expenses coverage<\/strong> is superior to what\u2019s offered by its competitors. Not only does State Farm auto insurance pay for a rental car if yours is in the shop due to a covered collision, but it also pays for meals, lodging and transportation if you\u2019re stranded more than 50 miles from home. Coverage limits apply and vary by state, and you need to have comprehensive or collision coverage to opt in.<\/p> The Steer Clear Driver Program<\/strong> is a driver training refresher course available online, through an agent or via mobile app. State Farm offers savings for drivers under age 25 who complete the course and have had no at-fault accidents or moving violations within the past three years.<\/p> Rideshare insurance: <\/strong>If you drive for a company such as Uber or Lyft, this option allows you to have one policy that covers both personal and ridesharing use. This option is not available in all states.<\/p> Depending on your state, you may be able to save on auto insurance by:<\/p> State Farm stands out in the homeowners’ insurance market for high customer satisfaction scores, superior financial strength and nearly nationwide availability. It is the largest home insurance company in the country by market share and consistently ranks above average in customer and claims satisfaction, per J.D. Power.<\/p> In addition to standard coverages such as dwelling, personal property, liability and additional living expenses, the company offers a unique fire safety program through its partnership with Ting. Policyholders may be eligible for a free device that monitors their home\u2019s electrical systems and alerts homeowners of potential fire hazards. <\/p> Another standout feature is State Farm\u2019s Premier Service Program, which may help eligible policyholders find reputable contractors after a loss. These contractors also guarantee their repairs for five years.<\/p> State Farm offers workers\u2019 compensation insurance to protect business owners if an employee is injured on the job or becomes ill as a result of their work. Most states mandate workers\u2019 compensation coverage for businesses with at least one employee, though some states have a higher threshold.<\/p> Workers\u2019 compensation covers the employee\u2019s medical expenses and also shields businesses from lawsuits related to the incident. It typically covers the following expenses:<\/p> Workers\u2019 compensation won’t pay out if the employee\u2019s injury occurred while performing a personal task, under the influence of drugs or alcohol or participating in a voluntary recreational activity.<\/p> State Farm life insurance may be best for those looking for a wide array of policy types. No matter what type of life insurance policy you\u2019re looking for, you\u2019ll likely find it at State Farm. The company offers four different types of life insurance products: term, whole, universal and variable. If you\u2019re unsure which policy type is right for you, your local State Farm agent may be able to help you assess your needs and choose coverage.<\/p> The company also ranked first for overall customer satisfaction in the 2022 U.S. Individual Life Insurance Study from J.D. Power. <\/p> These policies are a specialized form of property coverage. State Farm\u2019s inland marine policies can help cover gaps in standard property policies if, for example, your business has assets that are under construction or regularly move locations. It can also include inventory that is moving between locations.<\/p> When shopping for car insurance, it\u2019s important to ask about car insurance discounts. There may be ways to lower car insurance premiums with a discount or two or even more. (Not all discounts are available in every state.)<\/p> State Farm offers several benefits that may make the carrier worth looking into. These include:<\/p> The State Farm mobile app enables customers to manage insurance policies, roadside problems and State Farm banking accounts from their smartphones. Functionality includes:<\/p> State Farm car insurance costs $1,431 per year on average for full coverage insurance. That is over $700 a year less than the average national rate of $2,148 per year. Compared to other large insurers, State Farm has the cheapest average annual rates for good drivers. <\/p> Although USAA has cheaper rates on average than State Farm, it sells only to former and active military members and their families.<\/p> The company also offers a usage-based program called <\/a>Drive Safe & Save. This program calculates discounts based on your mileage and \u201csafe driving\u201d measurements such as smooth acceleration and braking. It also considers risk factors such as speed and time of day. <\/p> You can get up to a 30% discount once State Farm has analyzed your driving behavior. Availability and discounts may vary.<\/p> Filing an insurance claim is generally a straightforward process, but the information you will need to provide depends on the claim you are filing. <\/p> For instance, State Farm will probably ask for the driver and vehicle information of everyone involved in an auto accident. For a life insurance claim, you may need to provide the policy number, the policyholder\u2019s name and a death certificate. When you have this information ready, you can file a claim with State Farm by:<\/p> State Farm could be a good company, depending on your needs. It is the largest insurer in the country by market share, and it offers a wide range of insurance products and financial services. Whether you like to do business in an office or online, State Farm could accommodate you. <\/p> However, it may not offer as many discounts or endorsements for homeowners insurance as other companies. If these are a priority for you, it may be a good idea to contact a local State Farm agent to discuss your options before making the switch.<\/p>Auto insurance discounts<\/strong><\/h5>
Home insurance<\/strong><\/h3>
Workers\u2019 compensation insurance<\/strong><\/h3>
Life insurance<\/strong><\/h3>
Inland marine<\/strong><\/h3>
State Farm car insurance discounts<\/strong><\/h2>
Here are some discounts you are likely to see from State Farm:<\/span><\/h5>
Other State Farm tools and benefits<\/strong><\/h3>
State Farm\u2019s mobile app<\/strong><\/h2>
How much does State Farm car insurance cost?<\/strong><\/h2>
How to file a claim with State Farm<\/strong><\/span><\/h2>
Is State Farm a good insurance company?<\/strong><\/h2>
Recommended Articles<\/strong><\/span><\/h2>
References<\/strong><\/span><\/h2>