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State Farm Insurance Review

If you watch any television at all, you are probably familiar with State Farm insurance. State Farm is one of the most highly recognized insurance companies in the United States, and has received positive feedback for the State Farm commercials and marketing it has done the past few years. Here we briefly discuss the company's history and review its recent performance.

History of State Farm Review

State Farm insurance was founded in 1922 by George J Mecherle as a mutual auto insurance company specializing in auto insurance for farmers. Since its beginning, explosive growth has helped State Farm become the largest insurance provider in the United States. Much of this growth was through its expanded product line that includes not only auto insurance but also homeowner, motorcycle, RV, renters, boat, life, and more. In addition to insurance, State Farm also expanded into the financial service industry through banking. Today, it truly is a titan in the insurance industry.

State Farm Insurance Review with J.D. Power

Every year JD Power rates insurance companies on many different criteria. In 2011, State Farm auto insurance was rated 4 out of 5 stars for "overall consumer satisfaction". A J.D. Power 4 star rating means that State Farm is "better than most" auto insurers on the consumer satisfaction metric. Of the 34 auto insurance companies that made the list, 3 companies were given 5 stars, 5 companies were given 4 stars (including State Farm), and the rest were given 3 stars or less. Go to www.jdpower.com for this and other insurance reviews.

State Farm Insurance Claims

In addition to the ratings mentioned above, JD Power also recently ranked insurance companies based on auto claims satisfaction. The State Farm Insurance claims process placed 2nd. According to JD Power, the ability to address the following three needs led to the excellent rating:

  1. Effective communication to clearly explain the process
  2. Navigate through the claims process quickly
  3. Treat the claimant fairly in regards to the settlement

This study was great news for the State Farm Insurance claims department, especially considering the fact that just 4 years ago CNN reported that many major insurance companies, including State Farm, were increasingly fighting claims from those injured by State Farm-insured drivers. Whether or not the CNN report had merit is to be debated, but the fact remains that a review of the current State Farm insurance claims process was positive.

State Farm Insurance Pricing

Our State Farm insurance review of pricing reveals that its policy premiums are about average. In some areas of the country prices are very competitive, while in others areas prices seem to be high. The best way to truly find out how its price compares to other insurance companies' price in your area is to get a State Farm insurance quote as well as quotes from other companies. This should give you a better idea if State Farm has the best (or at least reasonable) prices where you live.

Overall Impression of State Farm

Overall, State Farm seems like a good insurance company. We did find complaints about State Farm, but some complaints are to be expected when a company is as large as it is. Most of the complaints had to do with the product/service offered. State Farm Insurance Company maintains a B+ rating on the Better Business Bureau.

Despite a few bumps in the road, our overall evaluation in our State Farm Insurance review is that the company has an optimistic future for claims service and consumer satisfaction, and should be considered an option for those purchasing or renewing their insurance.

Last modified: Mon Jan 27 10:57:16 MST 2014