State Farm wrote the most auto insurance premiums in the US, says NAIC

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The National Association of Insurance Commissioners ranked the insurer in the top spot for 2021. According to the National Association of Insurance Commissioners (NAIC), State Farm took the top spot among auto insurance companies in terms of its written private passenger vehicle policy premiums. This ranking was released in the most recent NAIC Property/Casualty Market Share report. NAIC released its market share data for 2021 in the report, including nationwide direct written premiums for the largest 25 companies and groups as reported on the annual financial statement state page that…

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State Farm teams up with Ford for usage-based insurance

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The Drive Safe & Save Connected Car program will use telematics tech to adjust premiums. State Farm and Ford have announced that they have jointly launched a usage based insurance (UBI) program for drivers called the Drive Safe & Save Connected Car. The UBI program is available to drivers of connected Ford or Lincoln vehicles. State Farm customers driving the eligible connected Ford vehicles can choose to opt in for usage based insurance. The UBI program uses telematics to adjust premiums to reflect that vehicle’s mileage and its drivers’ unique…

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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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State Farm car insurance claims fall by as much as 50 percent in some states

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The largest auto insurer in the country has been reducing its rates in response to the trend. State Farm car insurance rates have been reducing across the country due to the trends relating to the COVID-19 pandemic. Some of the insurer’s latest data has made it clear why it has been willing and able to make these reductions. Since the pandemic crisis began, the number of miles driven by Americans has plummeted. As a result, there have been far fewer State Farm car insurance claims, meaning the coverage is more…

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

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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 maintains stability regardless of record breaking 2011 storms

State Farm has announced that although they faced a significant number of payments for catastrophe claims from some of the largest events in the quarter century history of the company, it has been able to maintain its financial strength. In 2011, State Farm’s combined net worth fell by $0.4 billion by the end of the year, bringing it to $60.8 billion. This includes the drop by $0.2 billion in the insurance company’s net worth in connection with the unaffiliated stock portfolios of the property and casualty companies. Moreover, those figures…

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State Farm uses telematics to help drivers obtain better car insurance rates

State Farm has announced that it has partnered with Hughes Telematics Inc. in order to give its car insurance customers the opportunity to use an in-vehicle device so that they may lower their auto insurance rates. State Farm is calling the program In-Drive, and uses technology developed by the Atlanta-based telematics company to give its Illinois policy holders a chance to take part in the program starting in September. Other states may also be offered this program in 2012. The features of the technology are comparable to some of those…

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