State Farm Insurance Companies announce their 2021 financial results

Insurance Companies - Financial Results

The insurers experienced record growth in home, auto and life policies last year. Last year, State Farm Insurance Companies brought in record growth in their home, auto, and life policies. In 2021, the insurer experienced record level growth in its auto business but earned premium dropped. Even though State Farm Insurance Companies experienced record growth in auto policies, it saw a year-over-year drop in its earned premium in that category. The falling auto premium is a continuation of the impact of its focus on bringing value back to customers in…

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State Farm teams up with Ford for usage-based insurance

Usage based insurance - Partnership

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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State Farm aims to improve the use of child safety seats and seatbelts

Child safety seats - Child in safety seat

Nearly three quarters of babies and kids aren’t traveling with the appropriate restraints. State Farm has issued an insurance news release pointing out that most child safety seats are not being properly used and that seatbelts are still not being worn enough despite the fact that they save lives. The insurance company was pointing to Safe Kids Worldwide data about auto restraints for kids. That data showed that 73 percent of child safety seats and boosters aren’t correctly used in at least one – but often several – ways. Moreover,…

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

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?

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

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

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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