State Farm Auto Insurance Review

state farm homeowners insurance

Even though car insurance rates seem to be climbing lately, the auto insurance industry remains very competitive.

In today’s economy with all the innovative technology, there is simply no reason that anyone should be overpaying for car insurance.

In fact, most auto insurance companies no longer offer an annual policy which means that you can easily shop your car insurance twice a year to make certain you’re getting the best rates available. And, with all of the content being published about auto insurance companies, it’s easy to find out if a company you’re considering demonstrates that they are worthy of your business.

Here is our take on State Farm Auto Insurance for your review.

 

NOTE: We are not State Farm. If you need to contact a State Farm representative, you can call them at (800) 782-8332, contact them through their website at StateFarm.com, or speak with a neighborhood agent.

State Farm Insurance
One State Farm Plaza
Bloomington, IL 61710

 

State Farm Auto Insurance

 

State Farm has come a long way since its founding in 1922. Through outstanding marketing efforts, outstanding service, and competitive rates for auto insurance, State Farm has been able to continually dominate the auto insurance marketplace.

As the largest U.S. insurance provider, State Farm strongly competes in just about every insurance niche that U.S. consumers spend their hard-earned dollars on every year.

The company is very competitive in auto insurance, homeowners’ insurance, commercial auto, business insurance, life insurance, and specialty health insurance products. For that matter, if you need any type of insurance product, your local State Farm agent will likely end up being your number one resource for insurance products.

 

Financial Stability Ratings for State Farm

 

Certainly, one of the first metrics you should check off your due diligence list is whether the company you are considering is financially stable and whether it will be there for you when it’s time to file a claim.

Here are the current ratings for State Farm Insurance Company:

  • A.M. Best: A++ – this is the highest rating that A.M. Best assigns.
  • S&P Global: AA – this extremely high rating is based on the strong claims-paying ability of State Farm Insurance Company.

Not only is State Farm a highly-rated insurance company, but they are also typically at the top of the heap year after year.

And, when it comes to feedback and ratings for the company’s service commitments, they are rated above their closest competition according to a J.D. Power auto claims satisfaction survey.

 

Insurance Products available from State Farm

 

Although this review is about State Farm Auto Insurance, we would be remiss not to mention all of the other products they offer to individuals, families, and businesses:

 

AutomobileHome & PropertyLifeHealthBusiness
Car InsuranceHome InsuranceTerm LifeSupplemental HealthProfessional Liability
MotorcycleCondominiumsWhole LifeMedicare SupplementsBOP
Boat InsuranceRentersUniversal LifeIndividual MedicalCommercial Auto
Off-road vehiclesMobile HomesAnnuitiesDisability IncomeWorkers' Comp
RVsFarm & RanchGeneral Liability
Rental PropertiesCommercial Property
Personal UnbrellaCommercial Umbrella

To round out its extensive insurance product portfolio, we must also note that State Farm offers banking and investment services to its insurance customers as well.

 

State Farm Auto Insurance

 

In their efforts to make sure that State Farm auto insurance customers can properly mitigate the risk of owning and driving a vehicle, State Farm starts with the packaged Personal Auto Policy and then adds additional coverages to make certain the policy will meet the needs of every customer and prospective customer.

Here is what the Personal Auto Policy package of coverages looks like:

 

COVERAGEDESCRIPTION
Bodily Injury LiabilityPays for injuries to other drivers or passengers in an at-fault accident subject to the limits in the policy.
Property Damage LiabilityPays for repairs or replacement of another person's vehicle or property during an at-fault accident subject to the limits of the policy.
Medical PaymentsMedical Payments covers medical expenses for you and other passengers in your vehicle in an accident no matter who's at fault. This coverage will even cover you for injuries sustained in another person's vehicle or as a pedestrian up to the limit in the policy.
Personal Injury Protection (PIP)PIP covers the driver, all passengers, or a pedestrian involved in an accident no matter who's at fault. PIP helps pay for medical expenses, lost wages, loss of services, and funeral expenses up to the policy limits. This coverage is typically mandatory in "no-fault" states.
Uninsured/Underinsured MotoristUninsured/Underinsured motorist covers your medical expenses if the other driver (at-fault) is uninsured or underinsured. Some states also allow uninsured/underinsured property damage that covers your vehicle as well.
Comprehensive CoverageComprehensive coverage pays to repair or replace your vehicle after a non-collision event such as fire, vandalism, theft, or acts of nature subject to your deductible.
Collision CoverageCollision coverage pays to repair or replace your vehicle after an accident that involves another vehicle or object subject to your deductible.
Emergency Roadside AssistanceRoadside assistance is available if you are locked out of your vehicle or required roadside assistance like a tire change or fuel for an empty tank. Your coverage for each event is subject to the limit you purchased on your policy.
Rental ReimbursementRental reimbursement helps pay for rental expenses if you are in an at-fault accident or
hit by an uninsured driver. Most policies will have a limit per-day and per-accident.

 

Although the Personal Auto Policy form provides a list of coverages that can mitigate almost every risk for personal auto ownership, State Farm also provides specific coverage for people who use their personal auto in the ridesharing industry.

This is an important add-on because more and more car owners are supplementing their income by working for ridesharing services like Uber and Lyft.

For these folks in the ridesharing business, the Rideshare coverage provided by State Farm (and very few others) plugs the liability gap you have when you don’t have a customer in your vehicle. This means that your rideshare coverage kicks in while you are driving to pick up a fare and your Uber or Lyft coverage is typically not in force.

 

Discounts Matter and State Farm has Plenty

 

Most consumers have become aware that discounts on auto insurance can dramatically impact their auto insurance rates and most companies are offering many that you can qualify for and save money;

Here’s what you can expect from State Farm Auto Insurance:

Driver Discounts

Accident Free DiscountEarned after 3 years with State Far, and no at-fault accidents
Defensive Driving CourseEarn additional discounts after completing an approved defensive driving course
Good StudentStudents who earn good grades are rewarded with additional discounts until after you graduate.
Student Away at SchoolThis discount is offered when a driver is away at school and only uses an insured vehicle when at home for a visit.
Driver EducationThis discount is available when all drivers under 21 and listed on your policy have completed an approved driver education course

Vehicle Safety Discounts

Safe Vehicle DiscountIf your car is a 1994 or later you could save on your medical related coverage.
Passive RestraintsVehicles equipped with one or more passive restraints will earn discounts on medical-related coverages
Anti TheftVehicles that have alarm systems or other approved anti-theft device will earn a discount on comprehensive coverage

Loyalty Discounts

Multi Vehicle DiscountSave money with a policy discount when you insure one or more vehicles on the same policy
Multi-Policy DiscountPolicyholders can save up to 17% when they purchase 2 or more insurance products like home and auto

What State Farm Customers are Saying

 

Rather than asking a few family members or friends what they think about State Farm Auto Insurance, it’s easy to go online and get feedback from thousands of customers and forment customers. Here’s what they’re saying about State Farm auto insurance:

  • ConsumerAffairs.com – 3.75 out of 5 stars (2,274 reviews)
  • WalletHub.com – 4 out of 5 stars ( 444 reviews)
  • Clearsurance.com – 4 out of 5 stars (17,242 reviews)

Frequently ask Questions

Does State Farm have good ratings?

Life insurance at age 50

Not only does State Farm Auto Insurance have good customer reviews, the company also earns outstanding financial ratings from all of the national rating services.

Does State Farm offer many discounts?

Indexed Universal Life at age 44 - great deal

Yes. State Farm offers at least 10 discounts that can help you dramatically reduce your car insurance rates. Make sure you speak with your agent about every possible discount.

Does State Farm offer rideshare coverage?

Jake from state farm image

Yes. State Farm is one of a hand full of auto insurance companies that will provide liability coverage on your vehicle when you are using your car for ride-sharing.