A State Farm car insurance rate increase coming to 8 states

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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?

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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)

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

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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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New regulations target auto insurance laws in North Carolina

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Regulations could benefit drivers in North Carolina New regulations may have a major impact on drivers throughout North Carolina, if they are approved by the state’s lawmakers. These regulations would change the state’s auto insurance laws, which were created in 1957 and have seen little reform over the years. The regulations have managed to win strong support from the state’s insurance companies, many of whom are eager to see changes to insurance laws in order to better manage modern trends and risks in the state’s market. Insurers show support for…

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Auto insurance survey gives the leaders some time in the spotlight

Health Insurance survey

This latest study took a number of different categories into consideration to show where insurers shine. The auto insurance industry has just undergone another study, this time to help to provide some insight into the way that consumers think about the various insurers offering them coverage. Leading the companies in terms of customer satisfaction was USAA. According to the respondents to the auto insurance survey, one in every four said that they had considered changing their providers at some point during the last year. Among the customers in that category,…

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State Farm aims to lower cost of auto insurance with new program

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State Farm attracting attention over new program Since early December, 2012, State Farm has been offering significant auto insurance discounts for those participating in the company’s Drive Safe and Save program. Currently, this program is only available to drivers in Wisconsin, a state well known for its privacy advocacy. State Farm suggests that the program can help drivers save money on their insurance coverage, but some state officials suggest that the information that the insurer could obtain through the program outweighs the potential benefits that consumers may see. Small device…

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