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Home Personal Finance

National Carrier With High Customer Ratings

MtR by MtR
July 30, 2021
in Personal Finance
0
National Carrier With High Customer Ratings


Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective.

Bottom line: State Farm offers auto, homeowners, and life insurance. It’s been around since 1922 with a proven record on customer service. If you’re looking for an established insurer with good customer satisfaction and reasonable rates, State Farm delivers. 

State Farm insurance pros and cons

State Farm auto insurance review

State Farm has been in business since 1922 and operates in all states. It ranked #5 on J.D. Power’s auto customer satisfaction survey and #6 in auto claims satisfaction. It was also ranked best for drivers with DUIs in Insider’s guide to the best car insurance companies.

State Farm offers liability coverage, uninsured and underinsured motorist coverage, comprehensive coverage, collision coverage, and rideshare insurance if you use your car for Lyft or Uber. It also offers car rental reimbursement if your car is undrivable or in the repair shop. Like most insurance companies, State Farm provides discounts for bundling your home and

auto insurance
.  

There are four types of

car insurance
coverage: liability insurance (required by most states), comprehensive, collision, and full car coverage. If you lease or finance your car, your lender may require comprehensive and collision coverage.

The difference between the various car insurance coverage types is outlined in the table below:

State Farm auto insurance features and discounts

  • Rideshare insurance — Covers you if you operate your car as an Uber or Lyft driver
  • Rental car reimbursement — Covers you if your car is in the repair shop or undrivable.
  • Drive Safe & Save — This is a telematics smartphone app that gives drivers discounts based on driving behavior and mileage.
  • OnStar discount— Earn a discount by enrolling your eligible OnStar-enabled vehicle in Drive Safe & Save.
  • Steer Clear discount — Young drivers up to age 25 can earn a discount for demonstrating safe driving habits.
  • Accident-free discount — Get a discount when your car has been insured by State Farm for at least three continuous years without an accident.
  • Good student discount — Discount for students 16 to 25 years old enrolled full-time in high school or college with a B or 3.0 GPA or a class ranking in the top 20%.
  • Student away at school discount — This discount applies if your student moves away to school and only uses the car while at home during school vacations and holidays.
  • Defensive driving course discount — Taking a driver safety course may help you get car insurance discounts with State Farm. 
  • Multiple auto discount — Save up to 20% if two or more of your vehicles are insured by State Farm.
  • Multiple policies discount — Earn a discount for bundling your auto and homeowners insurance.

 

Visit State Farm’s auto insurance website to learn more.

State Farm homeowners insurance review

You’re probably familiar with State Farm’s “she-shed” commercial and Jake, the friendly State Farm agent. State Farm offers insurance for homeowners, condo, renters, and manufactured homes. State Farm ranked #4 on Insider’s guide to the best homeowners insurance companies. It ranked #11 on J.D. Power’s homeowners customer satisfaction survey.

Features include Ting fire safety technology, cyber event identity restoration and fraud loss (CEIDR), and pet insurance.

State Farm’s homeowners insurance website’s “want to know more” section gives homeowners tips about coverage for circumstances they may not have considered like moving insurance, inspections and creating a home inventory. 

Homeowners insurance protects your dwelling and personal belongings, and offers personal liability coverage for injuries that happen on your property. Standard homeowners insurance includes the coverage outlined in the table below, but keep in mind that coverage varies depending on your provider.

*Available as add-on coverage if not part of policy

**Flood insurance is available through the NFIP and approved insurers

***If you live in hurricane or tornado areas, additional windstorm rider may be required

State Farm homeowners insurance features and discounts

  • Ting — Homeowners can receive an electrical fire detection system.
  • CEIDR — Protection from cyber liability and identity theft, known as “cyber event, identity restoration, and fraud loss” for additional $25/year. 
  • Pet insurance — Medical coverage for your pet from State Farm and Trupanion
  • Home security discount — State Farm customers can receive a discount for having fire, smoke, or burglar alarms or any other home monitoring system.
  • Roofing discounts — Earn a discount if you use certain impact-resistant roofing products, like hail-resistant shingles or class 4 shingles.

 

Visit State Farm’s homeowners website to learn more.

State Farm life insurance review

State Farm ranked #1 on J.D. Power’s life insurance customer satisfaction survey. It ranked #2 on Insider’s guide to the best life insurance companies.

There are two types of life insurance: permanent life and term life. Term life insurance lasts for a specified period. When it’s up you can reapply for coverage, but the premiums most likely will go up as you age.

Permanent life insurance never expires, has a death benefit for your beneficiaries, and a cash value that you can use during your lifetime. Some financial advisors recommend a combination of term and permanent life insurance.

State Farm offers term and permanent life insurance products. The term life products offered are select (level) term, return of premium, and instant answer (simplified issue). The permanent life insurance products offered are whole life and universal life (survivorship and joint).

State Farm life insurance features

  • Return of premium term life insurance —Get a refund on premiums if you outlive the policy.
  • Instant answer simplified life insurance — This is a type of life insurance that doesn’t require a medical exam.
  • Universal survivorship life insurance — A policy for married couples known as “second to die” because it doesn’t pay death benefits until both people die.
  • Universal joint life insurance — A policy for married couples or business partners known as a “first to die” because it pays the death benefit when the first person dies.

 

Visit State Farm’s life insurance website to learn more.

State Farm insurance versus the competition

State Farm is the largest auto insurance provider based on market share. It’s a national presence with high customer service and reasonable rates. If you are looking for an established insurer with good customer service, State Farm delivers. 

*Auto customer satisfaction is based on J.D. Power’s Top 10 National Brands by market share

Is State Farm trustworthy?

We checked the NAIC Complaint Index for complaints against State Farm Insurance. State Farm’s complaint index number is low and has relatively few complaints filed against it compared to other top insurers.

Its financial stability is strong, with an A.M. Best’s rating of A++ (superior).

Ronda Lee

Associate Editor, Insurance

Ronda Lee is an associate editor for insurance at Personal Finance Insider covering life, auto, homeowners, and renters insurance for consumers. Before joining Business Insider, she was a contributing writer at HuffPost with featured articles in politics,…

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