State Farm Insurance review 2022

State Farm car insurance

Bankrate found State Farm to be one of the best car insurance carriers overall in the 2022 Bankrate Awards, primarily for its low premiums, high claims satisfaction score, superior financial strength and availability of agents. The company recently announced a partnership with Hagerty to insure classic cars in almost every state by 2023. If you own a classic car, you’ll be able to bundle your classic car insurance with your home, standard auto insurance and life insurance policies. Even if you’re classified as a high-risk driver, State Farm may have a policy that works for you.

State Farm received a high Bankrate Score of 4.7 out of 5. To achieve this excellent score, our insurance team analyzed State Farm’s premiums, availability of discounts, customer satisfaction scores and financial strength ratings. The company scored well across measures. In J.D. Power’s 2021 U.S. Auto Insurance Study, State Farm earned the highest customer satisfaction score in three regions: Florida, New York and the Northwest. The company also boasts a financial strength rating of A++ (Superior), the highest rating possible from AM Best.

State Farm car insurance cost

State Farm’s average annual full coverage premium is $1,457 per year, and its average minimum coverage premium is $539 per year. The company’s average rates are lower than the national average cost of car insurance, which sits at $1,674 per year for full coverage and $565 per year for minimum coverage, based on Bankrate’s study of quoted annual premiums from Quadrant Information Services. State Farm’s wide range of car insurance discounts may help lower your rate even more.

State Farm life insurance endorsements

Both term life insurance and permanent life insurance policies at State Farm can be tailored to your needs with a variety of endorsements. Each endorsement is designed to add something unique to your policy.

• Waiver of premium benefit rider: This endorsement ensures that if you become disabled for six continuous months or more, you won’t be required to pay your premium for the duration of your disability.
• Children’s life insurance benefit rider: This option adds temporary coverage to eligible life insurance policies and may pay out a small death benefit if the unthinkable were to happen and your child were to pass away up to the age of 25.
• Guaranteed insurance: Pairing this endorsement with State Farm’s waiver of premium for disability rider allows you to prepare in advance for when you need additional coverage without the need for a medical exam.

State Farm life services

Life insurance is often complex and can be difficult to navigate. If you would like help determining which type of policy is right for you or understanding the ins and outs of life insurance, State Farm offers several helpful resources. State Farm’s website will connect you with a local agent as long as you input your ZIP code or street address. The company’s website also provides useful summaries that explain the different types of life insurance it offers.

Other State Farm perks worth considering

State Farm offers several benefits including:

• Local agents: The company offers an exclusive network of more than 19,000 local agents across the U.S., making the company accessible and easy to work with.
• Digital tools: With a user-friendly mobile app and several online tools that offer easy document viewing, premium payments, claims-filing and customer support, State Farm makes it convenient for the busy customer to manage their policy on the go.
• Landlord insurance: If you own a property that you rent out to tenants, you likely want insurance that financially protects you from damage due to fires, windstorms and other covered perils or potential liability lawsuits.
• Umbrella insurance: This type of policy can help protect your finances by paying additional liability coverage for home and auto policies in the event of a major liability claim or lawsuit.

State Farm corporate sustainability

State Farm has contributed nearly $650,000 in grant funding to eligible nonprofits. In 2020, State Farm employees volunteered a total of 98,000 hours. Additionally, the company has committed $100 million in support of minority communities and racial equity over the next five years.

When it comes to the environment, more than 80% of State Farm locations have an Energy Star score of at least 75. Its paperless billing practices in 2020 saved more than 7,000 trees, and the company formed an executive-level steering committee to guide its Environmental, Social and Governance (ESG) progress.

Not sure if State Farm is the carrier for your needs? Consider these alternatives

Methodology

Bankrate utilizes Quadrant Information Services to analyze 2021 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on 40-year-old male and female homeowners with a clean claim history, good credit and the following coverage limits:

Auto

• $100,000 bodily injury liability per person
• $300,000 bodily injury liability per accident
• $50,000 property damage liability per accident
• $100,000 uninsured motorist bodily injury per person
• $300,000 uninsured motorist bodily injury per accident
• $500 collision deductible
• $500 comprehensive deductible

To determine minimum coverage limits, Bankrate used minimum coverage that meets each state’s requirements. Our sample drivers own a 2019 Toyota Camry, commute five days a week and drive 12,000 miles annually.

Age: Rates were calculated by evaluating our base profile with the age 16 (base: 40 years) applied. Depending on age, drivers may be a renter or homeowner. Hawaii rates indicate age is not a contributing factor.

Incidents: Rates were calculated by evaluating our base profile with the following incidents applied: clean record (base), single speeding ticket and a single DUI conviction.

Homeowners

• Coverage A, Dwelling: $150,000, $250,000, $350,000, $450,000
• Coverage B, Other Structures: $15,000, $25,000, $35,000, $45,000
• Coverage C, Personal Property: $75,000, $125,000, $175,000, $225,000
• Coverage D, Loss of Use: $30,000, $50,000, $70,000, $90,000
• Coverage E, Liability: $300,000
• Coverage F, Medical Payments: $1,000

The homeowners also have a $1,000 deductible and a separate wind and hail deductible (if required).

These are sample rates and should be used for comparative purposes only. Your quotes will differ.

Bankrate Scores

Bankrate Scores primarily reflect a weighted rank of industry-standard ratings for financial strength and customer experience in addition to analysis of quoted annual premiums from Quadrant Information Services, spanning all 50 states and Washington, D.C. We know it is important for drivers and homeowners to be confident their financial protection covers the likeliest risks, is priced competitively and is provided by a financially-sound company with a history of positive customer support.

To determine how well the best car and home insurance companies satisfy these priorities, third-party agency ratings from J.D. Power, AM Best, S&P, NAIC, and Moody’s had the most impact on the companies’ Bankrate Scores. As price is a common consideration for drivers and homeowners, we analyzed quoted premiums based on 40-year-old male and female drivers with a 2019 Toyota Camry, as well as 40-year-old male and female homeowners with $250,000 in dwelling coverage. This profile, assessed across more than 35,000 ZIP codes in the U.S., provided a basis on which drivers and homeowners may compare each provider.

While coverage options, insurer availability, affordability and customer experience are often the top priorities, Bankrate also analyzed each insurer’s online and mobile resources for policy management and claims handling. Insurance is rapidly evolving to keep pace with our digital world, so these aspects also carried weight in determining Bankrate Scores.