State Farm Car Insurance Company Review
Since 1922, State Farm Insurance Company has been helping individuals and businesses with their car and other insurance needs. It is a mutual insurance company, which means that its policyholders are also part owners. It is the largest insurer of homes and cars in the United States and is one of the top insurers in the country of Canada.
State Farm Insurance has become an industry leader for a number of reasons. The company’s values include quality relationships and service, integrity, mutual trust, and financial strength.
History of State Farm Car Insurance
George Jacob Mecherle was a retired insurance salesman and farmer who started State Farm Insurance in 1922. He started his business in Bloomington, Illinois and sold his first policy for an $11.17 annual premium. In 1938, State Farm opened its first Canadian office in Toronto, Ontario.
State Farm Insurance had its first year as the #1 car insurer in 1942 and it hasn’t looked back since. It became the largest writer of insurance in the entire world in 1964. In 1971, Barry Manilow wrote the now unmistakable theme song for State Farm.
Types of State Farm Car Insurance Coverage
State Farm offers a variety of car insurance options for your needs. Because each state has its own requirements as to what you need for insurance coverage, find out from your state insurance department or from your State Farm agent what the minimum you need to have is.
Almost all states require you to carry some level of liability insurance. This covers physical damage and bodily injury of the other party in the event you are in an accident that is your fault. It also helps to pay for any court and legal defense costs that you may have.
For protection and coverage of your own vehicle, there is comprehensive and collision coverage. Collision insurance covers damage caused by an accident and comprehensive coverage helps to cover damage that is caused by other types of things such as theft, fire, or hail.
State Farm offers a couple different types of medical coverage insurance. Medical payments, often referred to as Med Pay, will help cover necessary and reasonable medical expenses that are related to a car accident. It will also cover funeral expenses.
Personal Injury Protection (PIP) is offered by State Farm in certain states where it is available. Along with medical expenses, PIP helps to pay for lost wages, rehabilitation, funeral expenses, and the replacement of services.
In some states, coverage for uninsured motorists is required and in others, it is optional. State Farm offers this type of coverage as well as for motorists who are underinsured.
Other options for car insurance coverage from State Farm include emergency road service such as towing, and rental reimbursement. Limits for both vary according to your individual policy or the state you live in.
State Farm offers a variety of deductible amounts to choose from to help you budget. It also offers a number of discounts and programs to help you save money.
State Farm Car Insurance Awards and Recognition
Since its beginning in the 1920s, State Farm has received multiple awards and recognition. In 2010, State Farm received recognition for being one of the best companies for Latinas and Asian Americans as well as places to work in Information Technology. It received the Top Employee Resource Group Award, the Diversity Elite 60 recognition, and the Brillante Award for Corporate Excellence.
The company received many awards in 2011 as well. It was found to be in the top 100 for employing college graduates, top 10 companies for African Americans in technology, and one of the top companies for women in executive positions. It was named a Fit Friendly company by the American Heart Association, Fortune’s Most admired company, and a top employer for promoting lifestyles that are healthy.
Additionally in 2011, awards were received for excellence in Corporate Impact from the American Cancer Society, a Cancer Gold Standard Accreditation, and one of the best employers in Canada. Working Mother Magazine named State Farm as a top company for multicultural women.
State Farm was also named by G. I. Jobs Magazine (2012) as one of the top military-friendly employers. This is an award State Farm has received since the year 2005.
National Market Share of State Farm Car Insurance
State Farm has been the leading insurer of cars in the United States for years. In fact, about 25% of the nation has their vehicles insured with State Farm.
State Farm Car Insurance Advertising
One of the reasons State Farm has become the leading car insurance company is because of its advertising. State Farm has used the theme of being a good neighbor to get its mission across of fair dealing and trust between itself and the customers the company serves.
State Farm has used print ads, radio ads, and television commercials to market to the nation. Each one is accompanied with their recognizable theme, “like a good neighbor, State Farm is there.” The ads are meant to make you feel that they will protect your vehicle as a trusted neighbor would.