Tag: state farm auto insurance

State Farm and Ford collaborate on ADAS features for safety and savings

H. Cutner
ADAS features - Ford logo on steering wheel

The pilot of this partnership’s project saved customers as much as 20 percent on their premiums. The State Farm insurance company and Ford automaker are working together on a project involving ADAS features which improve driver safety while reducing auto policy premiums. The companies have already completed a pilot project which it ran for a full year. The purpose of the ADAS features project is to make it possible for Ford vehicle drivers to enjoy safety improvements while reducing the cost of vehicle ownership by decreasing premiums through State Farm…

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Does usage-based car insurance require more oversight in the US?

Nordstrom
Usage-based car insurance - man studying report

A report by the Consumer Federation of America calls for state regulators to keep closer tabs. The Consumer Federation of America has published a report strongly urging regulators across the United States to apply greater oversight to usage-based car insurance. These programs use telematics to measure policyholder driving habits and apply discounts for safe behaviors. The consumer advocacy group has been pushing state regulators to take this step with usage-based car insurance programs while adopting a number of other consumer protections. It sought to have those regulators apply greater scrutiny…

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State Farm rates are headed higher for drivers shortly after reductions

Nordstrom
State Farm rates- Person Driving

The auto insurance rates were recently cut but are now headed for an increase in some states. Shortly after State Farm rates were cut for motorists across the country, some auto insurance customers will now be seeing higher premiums on their monthly bills. Only months after the last decreases it issued for auto insurance, the insurer has received a hike approval. The increases were requested in certain states. For instance, Louisiana recent approved of the request for a State Farm rates increase. The insurer is now increasing its rates by…

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A State Farm car insurance rate increase coming to 8 states

G. Turner
Car insurance rate increase - Car - money symbols - arrow

Over the summer, the insurer issued decreases since people weren’t driving as much in the pandemic. Drivers in at least 8 states may see a State Farm car insurance rate increase, according to recent filings the insurer made with state regulators. These higher premiums will follow months of decreases due to reduced miles driven. Over the summer, State Farm cut its auto policy rates across many states in the US to reflect the lower risk of coverage due to the pandemic. When the COVID-19 crisis struck, lockdowns, workers staying at…

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Will State Farm lose its US auto insurance dominance to Geico?

Julie Campbell
US Auto insurance - Hands and car

If current trends continue, the United States will have a new top vehicle insurer by 2022. For decades, State Farm has held onto the top spot among US auto insurance companies. That said, if recent trends keep up as they have been, it won’t be long before it loses its crown to a much younger rival. State farm has suffered business losses as a result of several steep rate hikes in recent years. The leader in US auto insurance has suffered steep losses after a spectrum of notably large rate…

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State Farm auto insurance rates drop in several states (including the most expensive)

Julie Campbell
State Farm auto insruance rates - Car on coins

The insurer has announced that drivers in many states will be feeling a bit of relief from their rates. State Farm auto insurance rates are falling in a number of states, including two of the most expensive places to drive in the country. Two states that will experience relief over what they had been paying include Michigan and Louisiana. Michigan drivers – who pay, on average, more than any other motorists in the country – will see an average State Farm auto insurance rate reduction of 3.5 percent. In total,…

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State Farm auto insurance losses are higher than ever before

H. Cutner
state farm auto insurance losses accident

The insurer lost more money on car policies throughout 2016 than it has in its almost century-long existence. State Farm auto insurance lost more money providing drivers with coverage in 2016 than they have in any other year since its creation 95 years ago. All told, the insurance company lost about $7 billion within the vehicle coverage segment of its business. State Farm auto insurance is by far the biggest vehicle insurer in the United States. It received $35.8 billion in claims and adjustment expenses in 2016. That total, in…

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