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…
Read MoreState 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…
Read MoreState Farm announces closure of over twenty field locations
Last year was notoriously costly for insurers around the world. Natural disasters have taken their toll on many companies, causing some to close their doors and others to reevaluate their plans for continued operation. Given the recent catastrophes already occurring this year, companies are taking steps to save more money. State Farm is one such company, announcing plans for the closure of nearly 24 field offices in Illinois, Indiana and Michigan. The big name insurer is looking to shrink the size of its operations. Offices that it will not be…
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