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State Farm Insurance Review 2022: Pros & Cons  

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State Farm is one of the reputable insurance companies in the United States best known for Auto, home and life insurance. According to Insurance Information Institute (III), based on market share, State farm is the largest casualty/property insurance company in the United States. 

State Farm Insurance Review 2022: Pros & Cons  

State Farm insurance company was established in 1922 in Bloomington, central region of the U.S. State of Indiana. State Farm offers full auto and home insurance and coverage for its customers in all states across the United States except Rhode Island and Massachusetts. The Auto insurer is popularly known for its outstanding customer service satisfaction and huge range of discounts. State Farm offer all kinds of insurance products and other financial services across the nation plus having all its agents spread across the states.  

Pros & Cons

Pros

  • Offers various discounts which include the two program – one for young drivers and the other is the telematics program for safe driving
  • A high level of customer satisfaction according to J.D. Power
  • Free travel expenses and rental car coverage

Cons

  • Doesn’t offer Gap insurance as part of its auto insurance policies

State Farm Car insurance

State Farm is regarded as one of the best car insurance companies because of its low premium, high claims satisfaction record, excellent customer satisfaction and standard provision of its agents across the nation. Recently, the insurance company made an announcement about its partnership with Hagerty, the world’s largest provider of specialty insurance for classic vehicles to insure classic vehicles in virtually all the states in America by 2023. This means if you have a classic car you want to insure, you will be able to combine your classic car insurance policies with your life insurance and home insurance policies.  With all these features, State Farm is an insurer with a policy best for you.

Most states across the U.S. require every driver to have car insurance when you decide to drive your car. This is why it is advisable and important you know the type of car insurance coverage you are getting and the necessary requirements you need to buy when you are shopping for auto insurance companies. These minimum coverage requirements include liability insurance and uninsured or underinsured motorist coverage and vary depending on each state. You can also get full coverage insurance for drivers interested in extra protection. The full coverage is simply a combination of liability, collision and comprehensive insurance.

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Cost of State Farm Car Insurance Coverage

The cost of State farm annual full coverage premium is $1,457 per year with a minimum average coverage premium of $539 per year according to Bankrate. According to Quadrant information services quoted annual premiums, State Farm offers average rates than the national average cost of insurance which is at $1674 annually for full coverage and minimum coverage goes for $565 per year. Plus, State Farm offers huge discounts to car insurance policy holders.

Average cost of State Farm Car insurance

   State Farm Average annual full Coverage premiumNational Average annual full Coverage premium
Clean driving records  $1,457$1,674
Addition of a teen driver  $2,077$2,531
Speeding ticket  $1,590$2,062
DUI conviction  $2,201$3,139
 Source: Bankrate

State Farm Auto Insurance Discounts

State Farm offers huge car insurance discounts to its policy holders in order to help them save money. They include;

  • Multicar discount for drivers who insure more than one car with State Farm
  • Good student discount for college student or high school student with a good to excellent grade point.
  • Discount if all operators of your vehicle under 21 complete an approved driver education course.
  • Discount for taking a driver safety course.
  • Accident-free discount
  • Good driving discount for drivers who use the Drive Safe and Save
  • Student away at school discount.
  • Multipolicy discount.
  • Loyalty discount for having an auto policy with State Farm for three years or more.
  • Vehicle safety discount.
  • Passive restraint discount.
  • Discount for having an anti-theft device

State Farm home insurance

State Farm offers homeowners insurance policy coverage in all the state across the United States except Rhode Island and Massachusetts. State Farm through its partnership with Ting offers amazing fire safety program to all its home insurance policy holders. You can also get high quality coverages such as personal property, dwelling property, additional living cost and liability. Plus, policy holders may qualify for a free device that sends a notification to homeowners of issues before a house fire happens and also monitors every of your home’s electrical systems.

Cost of State Farm Home Insurance    

State Farm’s homeowners insurance coverage appears a bit expensive than the National average cost of home insurance. But despite being a little costly, State Farm still maintains its excellent customer service, huge range of different coverages, high level claims satisfaction, and the high third-party ratings.

Average cost of State Farm Home insurance for various dwelling coverage

Dwelling coverage limit  State Farm Average annual PremiumNational average annual premium
$150,000  $1,069$898
$250,000  $1,503$1,312
$350,000  $1,851$1,723
$450,000$2,298$2,148  
Source: Bankrate

State Farm Homeowners Insurance Discounts   

There a few discounts that can help you save money when you buy the State Farm home insurance policy coverage.

  • Roofing discount: for those with weather-resistant roof that will help you reduce the risk against gale and windstorm
  • Home Security insurance discount: this discount is meant for those having safety devices installed in their house such as home monitoring system, burglar alarms, fire alarms, and smoke alarms.
  • Multiple line discount: this is for policyholders who bundle their home and car insurance coverage together with State Farm.

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State Farm life insurance

State Farm offers various types of life insurance policy which include term, whole, universal and variable. You can also meet any of State farm agents close to your area to explain and analyze your budget and needs to know the exact type of life insurance policy that is right for you especially when you are not sure about the policy you want.  

State Farm life insurance Riders

Riders allow you customize your policies so that you can get extra coverages or benefits. Although State Farm does not offer riders to its policy holders but they can access their death benefits if they are diagnosed with any terminal disease. However, the insurance company offer one living benefit but it is very expensive and cost more plus it is meant for long-term care.

  • Guaranteed Insurability Rider: this type of rider is very good for younger people who are not in need of much coverage when they get a policy, but occurs to them that will be needed more as they grow older. State Farm Life insurance Guaranteed Insurability Rider grants you access to buy extra amount of insurance many times at good rates without having to complete a medical exam. This coverage is available for younger ones at the age of 37 or younger and the amount ranges between $25,000 and $100,000.
  • Child Rider: A child rider is an amazing way for parents to purchase life insurance policy for their children on the same life policy coverage. This means the parents do not have to buy a separate insurance for the children. State Farm’s Child Rider offers a rider to a child for $20,000 each for coverage. This rider offers temporary coverage to qualified life insurance policies and may reimburse a small death benefit if the unplanned thing happened and your child passed away up to the age of 25.
  • Waiver of premium Rider: this rider is given to a policyholder who becomes disabled for six straight months or more, as you will not be required to pay your premium during the time of your disability.

Other insurance Coverage from State Farm

  • Renters insurance
  • Boat insurance
  • Condo insurance
  • Umbrella insurance
  • Business insurance
  • Identity theft insurance
  • Farm and ranch insurance
  • Manufactured home insurance
  • Commercial auto insurance
  • Off-road vehicle insurance

 State Farm insurance Website

The State Farm website is a platform that offers important information to its customer on how they can get a nearby agent, manage and file a claim, and get a quote online.

State Farm Mobile App

State Farm app is made available for customers to access their policy information, view their insurance card, get a quote, file and submit a claim, and track and view claim status on their mobile device.

The State Farm customer’s app has an ATM locator that helps you locate the nearest State Farm agent or agency near you. Plus, State Farm has other mobile apps for its auto insurance programs which include Drive Safe & Save program for tracking good and safety habits and the Steer Clear program is for drivers under 25.

State Farm Complaint & Customer Satisfaction

According to data gathered from the National Association of Insurance Commissioners in the last three years, State Farm had a fewer number of complaints than the expected number about auto insurance to residents of the states. Plus, the insurer also claimed 80 out of 100 overall customer satisfaction score, according to survey conducted online by Nerdwallet in July 2021.   

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