State Farm

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sport
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State Farm

Postby sport » Sun Mar 19, 2017 3:11 pm

I have seen a number of posts disparaging State Farm Insurance. I have had my homeowners insurance there for about 40 years, with no claims. This year, my rate dropped about 15% for no apparent reason. I checked with my agent, and the coverages are essentially the same. I am a satisfied customer. Every company has some unhappy customers. That does not necessarily mean they are bad to deal with.

Swansea
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Re: State Farm

Postby Swansea » Sun Mar 19, 2017 3:16 pm

I've been with them forever. Not enthralled with the new agent, but when shopped around on price and contacted Erie, they did not even want to know anything about my coverage or history. The just said "we can not beat State Farm on price."
Tried an independent agent who repeatedly insistent that I lied about not having a speeding ticket. It turned out the data base he checked pulled up someone with my same name, but 30 years younger. Not going to do business with someone who calls me a liar.

sport
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Re: State Farm

Postby sport » Sun Mar 19, 2017 3:20 pm

Swansea wrote:I've been with them forever. Not enthralled with the new agent, but when shopped around on price and contacted Erie, they did not even want to know anything about my coverage or history. The just said "we can not beat State Farm on price."
Tried an independent agent who repeatedly insistent that I lied about not having a speeding ticket. It turned out the data base he checked pulled up someone with my same name, but 30 years younger. Not going to do business with someone who calls me a liar.

If you don't like your SF agent, you can always switch to another. I did that a few years ago, and the new agent is much better than the previous one.

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whaleknives
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Re: State Farm

Postby whaleknives » Sun Mar 19, 2017 3:24 pm

I switched from Allstate to State Farm, and after more than 40 years with State Farm home, auto and personal property, I have no complaints either. State Farm does not underestimate repair costs, as Allstate does.

Although there was the time when my daughter was hit by another driver, and the State Farm adjuster did not want to pay for the whole bumper, due to a pre-existing condition. My wife told our agent that she was moving all our policies, and the problem disappeared. I let my wife do all our insurance negotiation now. :)
"I'm an indexer. I own the market. And I'm happy." (John Bogle, "BusinessWeek", 8/17/07) ☕ Maritime signal flag W - Whiskey: "I require medical assistance."

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whaleknives
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Re: State Farm

Postby whaleknives » Sun Mar 19, 2017 3:27 pm

sport wrote: . . . If you don't like your SF agent, you can always switch to another. I did that a few years ago, and the new agent is much better than the previous one.

This is a change from my experience. They used to have territories, and agents refused to take on customers from another agent's territory.
"I'm an indexer. I own the market. And I'm happy." (John Bogle, "BusinessWeek", 8/17/07) ☕ Maritime signal flag W - Whiskey: "I require medical assistance."

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ruralavalon
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Re: State Farm

Postby ruralavalon » Sun Mar 19, 2017 3:44 pm

We have had State Farm for both homeowners and auto insurance for decades, and have had no complaints.
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Kenkat
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Re: State Farm

Postby Kenkat » Sun Mar 19, 2017 3:54 pm

My experience is that all insurance companies are good if you have no claims as they will happily collect your premium. It is when you file a claim that separates the good companies from the not so good.

I have no personal experience with State Farm but think it is, overall, a solid company.

davetopia
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Re: State Farm

Postby davetopia » Sun Mar 19, 2017 3:55 pm

We had a major catastrophe claim with State Farm several years ago. Experiences of my neighbors varied wildly depending on the adjuster and agent involved. Luckily, my agent was very well connected at corporate and was able to put our particularly problematic adjuster in his place. Most of the neighbors used a different agent who did not seem to have the same leverage. I swore I would leave State Farm during the process, but am still with them because of that agent. A more positive experience was when my car was totaled and I had a check within 3 days for a very fair price.

Most people here focus on the cost of insurance, but you don't know what you are getting for your money until you are on the receiving end of a claim.

afan
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Re: State Farm

Postby afan » Sun Mar 19, 2017 4:01 pm

Another long term SF customer. We have shopped periodically but no one comes close to matching the prices, let alone beating them. SF says this is because we get discounts for long term customer, no claims, no tickets, etc.

We used to have a fantastic agent. So the ideal combo of great prices and great service.
We moved and had to use a new agent. Service is acceptable, hardly good, but we put up with it for the price.

Many people report getting better prices elsewhere. It seems each company decides just what market it is after. I wonder whether they give some people with identical profiles different prices if they are trying to add to or reduce their exposure in a certain market.
We don't know how to beat the market on a risk-adjusted basis, and we don't know anyone that does know either | --Swedroe | We assume that markets are efficient, that prices are right | --Fama

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EyeYield
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Re: State Farm

Postby EyeYield » Sun Mar 19, 2017 4:14 pm

whaleknives wrote:
sport wrote: . . . If you don't like your SF agent, you can always switch to another. I did that a few years ago, and the new agent is much better than the previous one.

This is a change from my experience. They used to have territories, and agents refused to take on customers from another agent's territory.

I don't think this is true anymore. My "lady" at my agent's firm left recently and I was dissatisfied with who took over, so I called other agents and specifically asked about this and they said it didn't matter. There are 25 SF agents within ten miles of me, several closer than my agent, who I stayed with after all - the devil you know and all that. (Not that bad, just a little too cool. :wink:)

I could do an advert for SF, since I have five policies with them and pay them with my SF Visa, which earns 3x's points when paying SF premiums. State Farm Bank also had the best rate for an auto loan when I needed one.

I filled two claims for wind damage within the last ten years and they payed the highest estimate without hesitation.

A very satisfied customer here.
"The stock market is a giant distraction from the business of investing." - Jack Bogle

Ron Ronnerson
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Re: State Farm

Postby Ron Ronnerson » Sun Mar 19, 2017 4:35 pm

I've been with State Farm for 20 years and have been very satisfied during that time. I shop around for insurance every couple of years, but no one has been able to do better. The service has been good also.

Malinois000
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Re: State Farm

Postby Malinois000 » Sun Mar 19, 2017 4:37 pm

State Farm is a terrific organization. I would not consider leaving SF!

Blueskies123
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Re: State Farm

Postby Blueskies123 » Sun Mar 19, 2017 5:20 pm

Just wait until you move and try and get coverage on your new home or wait and see what happens if and when have storm damage.
FIRE July 2015

j0nnyg1984
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Re: State Farm

Postby j0nnyg1984 » Sun Mar 19, 2017 5:24 pm

I just changed my insurances to State Farm after 18 months of American family raising my rates for No reason.

You gotta be shopping insurances every 6 months. There's no reason for loyalty.

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Fudgie
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Re: State Farm

Postby Fudgie » Sun Mar 19, 2017 5:31 pm

I was in an auto accident last Monday. The other person was at fault. They are insured by State Farm. State Farm called me before the day was out, and scheduled me for an estimate. Very impressed (so far) with the quality of service for a lowly NON-CUSTOMER.
"That's entertainment!" - Vlad the Impaler

dwickenh
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Re: State Farm

Postby dwickenh » Sun Mar 19, 2017 5:43 pm

j0nnyg1984 wrote:I just changed my insurances to State Farm after 18 months of American family raising my rates for No reason.

You gotta be shopping insurances every 6 months. There's no reason for loyalty.



+1, I check my rates against other companies yearly. I also switch companies and save money on insurance on a regular basis.
If you don't check rates, you might a well keep all your investments with Merrill Lynch :confused

Dan
The market is the most efficient mechanism anywhere in the world for transferring wealth from impatient people to patient people.” | — Warren Buffett

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bertilak
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Re: State Farm

Postby bertilak » Sun Mar 19, 2017 5:57 pm

I've been using Sate Farm since (at least) the early '70s. I've had a few claims that were my fault. (Not many for so many years!) I used to check competitors but no one could beat SF -- even after I collected on some heavy damage to a motorcycle (I wasn't hurt but thanks for asking!) so I have long since given up comparison shopping. I could be missing out, but SF has always come through so even if I could save a few bucks I don't want to risk sub-standard service with some other company. See next paragraph ...

I did have trouble with Progressive. Someone rear ended me and his insurance, Progressive, would only authorize a reconditioned part. The shop wouldn't install it because the paint was already peeling! SF stepped in and I got a new part. (I didn't ask for details.) The funny thing is, this was the second time the same thing happened. In this case the other guy's insurance authorized a factory new part. I think it was Catholic Mutual. So, insurance companies are not all the same.

The first speeding ticket I got I called SF and asked if it would affect my rates. The agent said "Not if we don't hear about it!" So I said "Oops wrong number!" and hung up. (I can take a hint.)
I have a strong moral sense - by my standards. | -- Rex Stout

sport
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Re: State Farm

Postby sport » Sun Mar 19, 2017 6:36 pm

Blueskies123 wrote:Just wait until you move and try and get coverage on your new home ...

We moved into our new home before we sold the old one. We had coverage on both houses. There were no problems. IIRC, there was a small extra charge because the old house was not occupied.

mindboggling
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Re: State Farm

Postby mindboggling » Sun Mar 19, 2017 6:50 pm

I had State Farm for auto, homeowners, and umbrella for several years. Never filed a claim. Then they raised my auto premium by 18 percent. I moved everything to Geico. Don't know if the service is better. Haven't had a claim so far.

steve
In broken mathematics We estimate our prize, --Emily Dickinson

sk.dolcevita
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Re: State Farm

Postby sk.dolcevita » Sun Mar 19, 2017 6:57 pm

I have my auto and property insured by Geico (Geico serves as broker for HO insurance and mine is through Homesite). I also have a rental property with landlord's policy issued by Safeco. I haven't filed any claims so I really don't know how they will fare in time of adversity.

No one can beat Geico's auto insurance rates for me. Geico is lower by about a factor of two. But I think they are beginning to lose money (or make less than desirable profits) as they have been increasing my premium by about 15% every year. I have called them and they say this is statewide increase.

I can save money by moving my two property insurances to Allstate. My primary HO policy will go from $829 to $650, and landlord's policy from $894 to $500 (total savings of $528). Unfortunately, to get these rates I have to bring my auto insurance to Allstate as well. The deal breaks down here as Allstate auto ($1620) is very expensive compared to what I am paying currently ($970, a difference of $650). I gave up shopping at this point. The Allstate agent I was talking to was very frustrated as Allstate's auto rates have seriously dented her earnings.

Every other insurance company, including SF, gave quotes that were much higher.

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FrugalInvestor
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Re: State Farm

Postby FrugalInvestor » Sun Mar 19, 2017 7:04 pm

I've had State Farm Insurance since my first car. My for the past 25+ years have included auto, home and umbrella. I've had coverage in four different states and have never had a problem with State Farm, but then again I've never had a significant claim. I've always been happy with the service provided by the agents in all locations. I do shop pricing every few years and never find a significantly lower quote on all policies combined.
Our life is frittered away by detail... simplify, simplify. - Henry David Thoreau

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JaneyLH
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Re: State Farm

Postby JaneyLH » Sun Mar 19, 2017 9:18 pm

whaleknives wrote:
sport wrote: . . . If you don't like your SF agent, you can always switch to another. I did that a few years ago, and the new agent is much better than the previous one.

This is a change from my experience. They used to have territories, and agents refused to take on customers from another agent's territory.

I remarried and moved 12 years ago. I liked my State Farm insurance and agent, and kept both. I don't know why you have to change agents, even if you leave the area. I just talked to my agent and he said he could remain my agent.

That said, when you have a claim, you will deal with State Farm's centralized claims unit and not your agent. In 15 years I have had one totalled car (rear ended by an uninsured driver), two roof leaks from ice dams, and one damage claim when a drunk boater ran into my boat. Probably $50,000 worth of payouts. All my experiences were positive ones and my rates have not gone up other than what seems to be usual and customary increases.

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whaleknives
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Re: State Farm

Postby whaleknives » Sun Mar 19, 2017 11:10 pm

JaneyLH wrote: . . . when you have a claim, you will deal with State Farm's centralized claims unit and not your agent. In 15 years I have had one totalled car (rear ended by an uninsured driver), two roof leaks from ice dams, and one damage claim when a drunk boater ran into my boat. Probably $50,000 worth of payouts. All my experiences were positive ones and my rates have not gone up other than what seems to be usual and customary increases.

That's good to hear, because the change from the agent you know to a claims adjuster you don't is an opportunity to reduce the settlement. At least that was my experience with Allstate, where their adjuster estimates were so notoriously low that body shops refused to deal with them.
"I'm an indexer. I own the market. And I'm happy." (John Bogle, "BusinessWeek", 8/17/07) ☕ Maritime signal flag W - Whiskey: "I require medical assistance."

furikake
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Re: State Farm

Postby furikake » Sun Mar 19, 2017 11:24 pm

Blueskies123 wrote:Just wait until you move and try and get coverage on your new home or wait and see what happens if and when have storm damage.


I don't understand why you made this comment. We had a claim at our old house, no problem at all. We moved, no problem at all either. Then we had a huge storm damage claim, also no problem at all, they sent us a check within a few days, and the check more than made up all the premium we paid in the 20+ years we've been with them plus more.

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alpenglow
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Re: State Farm

Postby alpenglow » Mon Mar 20, 2017 8:28 am

I switched to State Farm last year, bundling home and auto, when my existing insurer wouldn't cover a solar installation. I'm saving a decent amount of money with the switch and my agent has been super responsive to any concerns. I'm very happy with State Farm.

Palatineman
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Re: State Farm

Postby Palatineman » Mon Mar 20, 2017 12:06 pm

Just added Umbrella Insurance through State Farm for $2 mil policy. Auto, Homeowners, Rental run through them with a discount for driving less than 7500 miles per year.

Tried shopping around - no one could even come close to matching, even through my employer benefits.

Agent and his employees are excellent and responsive, as I had to recently change the Mortgage on my rental due to a refinance.

No experience with any claims, but so far nobody can beat them on service and rates. :sharebeer

Alan S.
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Re: State Farm

Postby Alan S. » Mon Mar 20, 2017 12:25 pm

Insurance rates are heavily local by way of rate territories.

A couple years back after several State Farm rate increases, I moved my HO to Travelers and Auto to 21st Century, a combination that I did not anticipate. I prefer having both coverages in the same company, but even with a multi policy discount, no one was close.

That said, before leaving State Farm I noticed a trend toward large base rate increases coupled with large increases in the credits available for both Auto and HO, particularly HOs. While the bottom line tread was to move higher, I found it strange that this was the rating methodology used.

Did they really think that some policyholders were focusing only on the generous credits, and not on the bottom line? Surely, there are some state insurance depts that require some actuarial accuracy for base premiums and credits that would not approve distorted rate filings.

SimonJester
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Re: State Farm

Postby SimonJester » Mon Mar 20, 2017 1:07 pm

Alan S. wrote:Insurance rates are heavily local by way of rate territories.


Indeed, I have obtained quotes from 11 companies this month for Home and Auto and SF is the 2nd highest.
"They who can give up essential liberty to obtain a little temporary safety, deserve neither liberty nor safety." - Benjamin Franklin

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Taylor Larimore
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Lesson Learned

Postby Taylor Larimore » Mon Mar 20, 2017 1:21 pm

Bogleheads:

I agree with Alan S. who wrote:
Insurance rates are heavily local by way of rate territories.


We were with State Farm for many years with only one claim (old car totaled in a Hurricane). Our premium had been slowly increasing so I checked around, found GEICO, and our automobile insurance rates were cut about half.

Lesson learned: Compare rates every few years.

Best wishes.
Taylor
"Simplicity is the master key to financial success." -- Jack Bogle

tidelandp
Posts: 282
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Re: State Farm

Postby tidelandp » Mon Mar 20, 2017 3:33 pm

State Farm is a mutual insurance company. Much like Vanguard, SF is owned by its customers. Since I'm partial to co-ops, that's a big plus in my book.

Palatineman
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Re: State Farm

Postby Palatineman » Mon Mar 20, 2017 3:41 pm

"Bogleheads:

I agree with Alan S. who wrote:
Insurance rates are heavily local by way of rate territories.


We were with State Farm for many years with only one claim (old car totaled in a Hurricane). Our premium had been slowly increasing so I checked around, found GEICO, and our automobile insurance rates were cut about half.

Lesson learned: Compare rates every few years.

Best wishes.
Taylor"

Agree and learned my lesson that way. Do your due diligence by shopping around. Insurance is one of those products that are extremely individualized. As much as they tell you you can save 50 percent or more you won't know until the actual quotes come back.

I was bullish and thought I could save more by shopping around and any of the 10 providers I asked for a quote on, could not compare to SF, which I have been with for a while (6 years) :P .

Seems like, risk factors such as home location, car model/type, own versus lease property, credit score, employment history, history of claims, make a bigger difference for these actuaries, more so than an occasional speeding ticket.

I'm sure I still pay more for being single and never married at my age, but I'll take what I can get for staying out of trouble..

kgressler
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Re: State Farm

Postby kgressler » Mon Mar 20, 2017 3:59 pm

Have had SF since 94. Had a car stolen in 1995 paid within a few days at what I thought was a very fair price. Had a handful of tickets in the following 4-5 years and a early 20 something driving recklessly. Never raised my rate as far as I could tell. Didn't have another claim till 2004-05 and the wife totaled her SUV. Again paid quickly and a fair price. Didnt have another ticket or claim till 2 weeks ago we were hit with a large storm and ended up with severe hail damage on my truck and home. Called to talk to the agent and was told I needed to call their 800 number I guess because it was a natural disaster. Had a 2 customer service reps that were not very friendly nor helpful but Within a week I had a check mailed to me for my truck and had insurance adjuster at my home within 10 days with a check. No hassle no nickle and diming me.
I am sure I could probably find a slightly better rate somewhere else but knowing that I won't be hassled about claims is nice stress reliever in times like this.

dbltrbl
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Re: State Farm

Postby dbltrbl » Mon Mar 20, 2017 4:15 pm

I am a former State farm customer. I was with them for 37 years and yes with claims for Auto and Home Insurance. I was satisfied customer and still friends with the Agent. I left as their premium was about $ 1000.00 higher when I compared with another company so I left. I had home, auto and Umbrella with the. 7 years later SF is only about 200 dollars higher. Bottom line even if you have claims SF is not a bad company.

jh-1391
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Re: State Farm

Postby jh-1391 » Mon Mar 20, 2017 4:25 pm

I was always happy with State Farm...

..until I found out they were charging me over $1,300 more than all competitors for my homeowner's insurance for the same coverage. No claims, ever, yet their homeowners coverage was $1,000-$1,300 more than everyone else. They were fine on auto. Now I'm with my new company and no issues.

oldhobo
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Re: State Farm

Postby oldhobo » Mon Mar 20, 2017 4:29 pm

I was a State Farm homeowner's insurance customer for 6 years. Premiums increased every year at a rate of about 10-20% per year when I had enough. What started out as $1,000 per year became close to $2,000. Never had a claim.

In trying to lower the rate, State Farm offered to bundle home and auto which brought the homeowners down some and kept the auto about the same. Called to cancel my auto with Geico and they offered a rate of about 1/2 with higher coverage. At same time Geico quoted a homeowner's policy for about 2/3 of what State Farm was charging, again with more coverage.

Will never recommend State Farm.


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