State Farm was founded as an automobile Insurance Company, and was a group of large US insurance companies, that specialized in auto insurance for the farmers. State Farm was founded by George J Mercherlee, who believed that since the farmers drove less they incurred much less losses than the city farmers, thus having to pay much less in terms of insurance. His concept achieved much popularity, and the company became successful. Today the company has more than 79200 employees, with more than 16700 agents and 71.6, million policies in the United States and Canada. The headquarters of State Farm is located in Bloomington, Illinois. The chairman of State Farm is Edward B. Rust, Jr., who also acts as the Chief Executive Officer of the company.
State Farm Background
There are many major companies that are formed with State Farm. One of these Insurance companies is the State Farm Automobile that was formed on June 7th, 1922. Some of these insurance companies have organized many farmers, in order to solve their insurance needs. Out of every five cars that move in the roads, at least one car is insured with State Farm Insurance. This is a mutual insurance company, so does not have any kind of shareholders. State Farm was actually a parent company of several wholly owned subsidiaries, that were able to provide property and life insurance, along with banking products and other services. Health Insurance was started marketing by the company in the year 1965.
State Farm Life was another company that began operations in the year 1961, in order to meet the needs of life insurance of the people, who are located in New York, Connecticut, and Wisconsinite. The company has been marketing variable products to all our customers, since the year 1998.
Another State Farm company is the State Farm Fire and Casualty, which was formed in the year 1935, with the main objective of being able to provide property insurance for the State Farm Customers who are located in the United States and Canada. State Farm has the reputation of being the largest insurer of homes since the year 1964.
State Farm County is another Insurance company that was formed in the year 1961, in order to protect the motorists. State Farm manages the company in its most of the affairs.
Another major State Farm company is State Farm Indemnity that had the objective of providing an accurate pricing and risk management technique in the market. State Farm has also a subsidiary company that is known as State Farm Guarantee Insurance Company that started with writing auto insurance in the state of New Jersey.
In the year 1962, another State Farm company was formed that was known as State Farm General, and was involved into the primary writer of State Farm Homeowners, and also property liability insurance in California.
State Farm Florida started its business in the year Feb1, 1999, and has been involved in the business of property liability business in Florida.
State Farm Lloyds is also a company that is also referred to as State Farm Bank, and has its business of underwriting homeowners and commercial multiple peril insurance in that state. State Farm started its business in the year 1983, and is managed by an attorney State Farm Lloyds, that is mandatory by law.
State Farm Bank is also such an institution with no branch offices. The State Farm agents provide most of the work of customer assistance and customer interaction. The company has $ 12 billion in total assets as on 31st December. The main focus of State Farm has always been on consumer oriented financial products.
State Farm Investment Management serves as an investment advisor. It serves as the transfer agent for the State Farm Variable Products. The company has more than 35 years of experience in the management of assets of the investment company. The State Farm VP Management Corporation serves as a broker and a dealer of the State Farm Associate, and Retail Mutual Funds and State Farm Variable products.
State Farm Insurance Agent
The Insurance Agents of State Farm are qualified people, whose main function is to make life easier for others. The following are the functions that are performed by them.
• The are the people who help you to manage our financial situation.
• State Farm offers loans and deposit products, at many competitive interest rates through the state farm bank.
• They are known to be providing good health insurance plans that work well for your insurance needs, of auto, home, life and health.
• They also shall provide you with valuable information that is necessary on how to protect yourself from the risks in order to get the most your money.
State Farm Auto Insurance
State Farm has been in the business of auto insurance since long, and has been able to provide excellent automobile coverage at affordable prices since the year 1922. When you respond to the needs of the customers, you will be a leader in the business of auto insurance.
After 30+ years and only 1 claim, my auto insurance was cancelled. I was late paying but did not receive a late notice and the agent did not call me to tell me I was late. In stead, they sent a postcard that I received 2 days AFTER the last day to avoid a lapse in coverage. They did offer another quote that was double the renewal price. What a surprise. After 30+ years, I did expect better buy after reading the other reviews here, I guess I was lucky I did not have a claim.
I have been with State Farm Insurance since 1979. At one time I was collecting classic cars and had 5 cars insured with them.
Last month a car ahead of me in the next lane kicked up a large semi-truck tire which flew in the air and then hit the front spoiler area and completely took it out along with the turbo-charger intercooler, etc. Needless to say the repairs were $3000.00. I submitted my claim to State Farm and they promptly took care of the problem to my satisfaction. Then when it came time to pay the deductible I was informed that State Farm had charged the accident to me as a collision and that it would go against my driving record AND they raised my premium!
I argued with them regarding their considering the accident as chargeable to me. I was told that the tire had flown up hit the ground in front of my car and then I hit the tire tread! Of course there was no where for me to go in the lane but over the tread... Thus the higher deductible and the ding on my driving record and the HUGE increase in my insurance premium...
I am cancelling and changing to another company today! They have taken my money since 1979 yet the minute I have to use them... first time... They have no loyalty to me. So good bye State Farm Insurance...
Threatened to Cancel after Claim
We have had State Farm Insurance since 1986, paid all of our premiums on time and never made a claim. Last week we suffered $10,000 in property damage (against a $2000 deductible). We called our agent and started the claim process. They sent a company to take of the water damage and remove the damaged materials. In talking to our long-time agent, he suggested we not file a claim because State Farm may cancel us. We are retired on a fixed income. $8000 is A LOT of money. Without help from insurance, I don't know how we will get all the damage fixed in a timely manner. I am so angry at these crooks right now.
1 Claim in 25 Years, Coverage Dropped
After being a customer for over 25 years State Farm dropped my 83 year old grandmother. She just recently had a claim for a new roof and damage to the ceiling in her bedroom from a bad storm. This is the only claims she has had in 25 years.
High Insurance Rates
Rates go up every billing cycle even though I have multiple lines with Statefarm, excellent credit scores, and perfect driving record with no accident and no ticket. I switched to Statefarm 4 years ago to help out my friend, a Statefarm agent. I will have a talk with my friend on this and shop around. I was with big name different insurance company for more than 10 years and I got better rates every year from them.
Rates Raised Through the Roof
I have been with State Farm since 2005. They have been good overall but they raised my homeowners insurance rates for the last 2 years. The first year it was a small raise in rates but the second time it was so high that it raised the amount of my escrow which of course triggered a raise in my mortgage. I asked them why and they said that the rates were raised by corporate plus there was a lot of claims in my area. I told them that it was not fair to raise my rates if I did not have any claims. I have told 2 or 3 different agents that I would probably have to drop them and look for lower rates. They had a "do what you gotta do " attitude. Also they are terrible at returning calls. I am going to try Liberty Mutual which has lower rates on my homeowners insurance but higher rates on my auto insurance. I've heard bad things about Liberty Mutual too so I don't know how long I'll be with them plus I've heard that they raise their rates every year too and that in fact all insurance companies raise ther rates every year. What a rip off these insurance companies are.
Dropped After One Claim. Not Even Paid Out
State Farm dropped me after filling one claim. An adjuster never assessed my roof for the storm damage and I was not paid for anything. I received no compensation. I have had State Farm home insurance for two years and filled a claim for storm damage. Before the claim was even processed I received a letter saying stating that they will not renew my policy. State Farm then suggested I shop around for a new insurance company. I don't know how that could be legal. I would have been better off stuffing my money in a mattress for two years. What is insurance for anyway? Why am I punished for even suggesting that I need storm damage assessed? I was dropped before the claim was even resolved.
Stolen Vehicle, Rude Customer Service
I had my 1 year old vehicle stolen and it has never been recovered. The State Farm investigators have been nasty, rude and have lied to me at every turn. They seem to be incompetent as they have never even been to my house or talked to anyone in my neighborhood. They did harass my mother and my friends and even indicated to my employer that I must have participated in the theft of my own car! After 4 months of being completely unprofessional and double-dealing, they finally offered me a check to pay for my vehicle. It didn't even cover what I owed on my vehicle. I am going to court against them now. I wouldn't use State farm if it was the only insurance company. State farm is not like a good neighbor!
Injured and Suffering Dealing with State Farm
State Farm is by far the most horrible insurance company that I have ever encountered. They use a \"business model\" that consists of using every dirty, unethical trick in the book to wear someone down before paying a claim. I was the unfortunate victim of a negligent driver with State Farm Insurance. My best advice for anyone that is injured in this type of situation is to make sure you have enough insurance coverage yourself with your own insurance company. After four surgeries on my neck and shoulder, I will never be the same. I have lost everything I own and my credit is ruined all because of this accident and State Farm. My life will never be the same and I will never be able to work again. After a mediation a few weeks ago with a weasel State Farm Attorney, you would have thought I was the criminal who hit them. He viciously verbally attacked me and the whole mediation was absolutely unreal. They will do anything to get out of paying a claim. After a settlement amount was reached, I am now told day after day that \"a check is in the mail\". I am at their mercy. I am having to put off additional treatment because of this.
Issue Denials Even For Own Employees
As power of attourney for my 84 year old mother I have been trying to get State Farm to honor her policy for a foundation problem caused by underslab plumbing. I have hire experts in the field and State Farm has as well. Every document my expert writes states the plumbing caused the foundation and even State Farms reports from boring holes in the slab supports my experts claims in every way. State Farm just continues to stamp "DENIED", I don't even think they read the actual report, just the first paragraph where their hired gun supports their denial. Then their report states exactly what my expert is saying. It is almost laughable but my mothers house continues to fail. DO I hire an attourney or just take to small claims. State farm agrees the policy is granfathered and they are responsible for plumbing related damages under the policy. Here's the ironic thing; My mother was employed by a State Farm agent for over 25 years. He says take State Farm to small claims court as the only way to get them to pay.