State Farm is one of the largest insurance companies in the United States, offering a vast range of products and services. The company has been in operation since 1922, providing customers with comprehensive coverage options, including auto, home, life, and health insurance, as well as banking and investment services. This article will explore the history, services, and benefits of State Farm insurance.
History of State Farm Insurance Company
State Farm was founded in 1922 by George J. Mecherle, a retired farmer and insurance salesman. The company started as a mutual automobile insurance company, providing coverage for farmers in rural areas of Illinois. Since then, it has grown to become the largest insurer of automobiles and homes in the United States.
State Farm is headquartered in Bloomington, Illinois, and has over 19,000 agents and 57,000 employees across the country. Additionally, the company has expanded its services to Canada and has operations in several other countries.
The Beginning of State Farm
George Mecherle was a farmer from Illinois who was also an experienced insurance salesman. He recognized the need for affordable auto insurance in rural areas and started State Farm to provide coverage to farmers. The company’s first policyholder was Mecherle’s wife.
State Farm’s growth was slow at first, but it eventually became a major player in the insurance industry. In 1935, the company surpassed $10 million in assets, and by 1942, it had issued over one million policies.
Expansion and Diversification
In the 1950s, State Farm began to expand its services beyond auto insurance. The company started offering life insurance and other financial products, such as mutual funds and annuities. By the 1960s, State Farm had become a full-service insurance and financial services company.
Throughout the 1970s and 1980s, State Farm continued to grow and diversify, offering a range of products and services to meet the needs of its customers. The company also expanded its operations beyond the United States, opening offices in Canada and several other countries.
State Farm Insurance Services
State Farm offers a wide range of insurance products, including:
Insurance Product |
Description |
|---|---|
Auto Insurance |
State Farm offers coverage for cars, trucks, motorcycles, and other vehicles. |
Home Insurance |
State Farm provides coverage for homeowners, renters, and condos, as well as flood insurance. |
Life Insurance |
State Farm offers term, whole, and universal life insurance policies. |
Health Insurance |
State Farm provides individual and group health insurance policies. |
Small Business Insurance |
State Farm offers business owners policies, commercial auto insurance, and liability insurance for small businesses. |
Auto Insurance
State Farm is the largest provider of auto insurance in the United States, offering coverage for cars, trucks, motorcycles, and other vehicles. The company’s policies provide liability coverage, collision coverage, and comprehensive coverage, as well as optional add-ons like roadside assistance and rental car reimbursement.
State Farm also offers several discounts for its auto insurance policies, including good driver discounts, student discounts, and multi-car discounts.
Liability Coverage
Liability coverage provides protection if you are at fault in an accident and someone else is injured or their property is damaged. State Farm’s liability coverage includes bodily injury liability, which covers medical expenses and lost wages for the other party, and property damage liability, which covers damage to the other party’s vehicle or property.
Collision Coverage
Collision coverage provides protection if your vehicle is damaged in a collision with another vehicle or object. State Farm’s collision coverage includes coverage for damage to your vehicle, as well as damage to other property caused by the collision.
Comprehensive Coverage
Comprehensive coverage provides protection against damage to your vehicle that is not caused by a collision, such as theft, vandalism, or weather-related damage. State Farm’s comprehensive coverage includes coverage for theft, fire, hail, and other non-collision damage.
Roadside Assistance
State Farm’s roadside assistance add-on provides services like towing, jump-starts, and lockout assistance if you become stranded on the road. The service is available 24/7 and can be added to your policy for a small fee.
Home Insurance
State Farm provides coverage for homeowners, renters, and condos, as well as flood insurance. The company’s policies provide coverage for damage to your home or personal property, liability protection, and additional living expenses if you are unable to live in your home due to a covered loss.
Homeowners Insurance
State Farm’s homeowners insurance policies provide protection for damage to your home and personal property, as well as liability protection. The policies also provide additional living expenses if you are unable to live in your home due to a covered loss.
Renters Insurance
State Farm’s renters insurance policies provide protection for your personal property, liability protection, and additional living expenses if you are unable to live in your rental due to a covered loss.
Condo Insurance
State Farm’s condo insurance policies provide protection for damage to your condo and personal property, as well as liability protection. The policies also provide additional living expenses if you are unable to live in your condo due to a covered loss.
Flood Insurance
State Farm’s flood insurance provides coverage for damage due to flooding. The policies are available for homeowners, renters, and business owners, and provide protection for both your property and personal belongings.
State Farm’s Benefits
State Farm offers several benefits to its customers, including:
Unmatched Customer Service
State Farm is known for its exceptional customer service, with a network of agents and employees dedicated to providing personalized support and guidance to customers. The company’s agents are available to answer questions, provide advice, and offer support in the event of a claim.
Online Tools and Resources
State Farm provides several online tools and resources to help customers manage their policies and stay informed about their coverage. The online tools include a mobile app, website, and customer portal, which allow customers to access and manage their policies, file claims, and get quotes for new coverage.
Discounts and Rewards
State Farm offers several discounts and rewards to help customers save on their insurance premiums. The company’s discounts include good driver discounts, student discounts, and multi-policy discounts, among others. Additionally, State Farm offers rewards for safe driving, such as Drive Safe and Save, which provides discounts based on driving habits.
Lifetime Renewability
State Farm provides lifetime renewability for its policies, meaning that as long as you pay your premiums, your policy will not be canceled due to age or health concerns.
Financial Strength and Stability
State Farm is a financially stable company, with a strong financial rating from leading rating agencies like A.M. Best and Standard & Poor’s. This gives customers peace of mind knowing that their coverage is backed by a company with a solid financial foundation.
FAQ: Frequently Asked Questions
What is State Farm’s mission statement?
State Farm’s mission statement is to help people manage the risks of everyday life, recover from the unexpected, and realize their dreams.
What types of policies and services does State Farm offer?
State Farm offers a wide range of insurance products, including auto, home, life, and health insurance, as well as banking and investment services. The company also offers small business insurance and coverage for specialty vehicles like boats and RVs.
How can I get a quote from State Farm?
You can get a quote from State Farm by visiting the company’s website, contacting a local agent, or using the mobile app. To get a quote, you will need to provide some basic information about yourself and your coverage needs.
Does State Farm offer discounts?
Yes, State Farm offers several discounts to help customers save on their insurance premiums. The company’s discounts include good driver discounts, student discounts, and multi-policy discounts, among others. Additionally, State Farm offers rewards for safe driving, such as Drive Safe and Save, which provides discounts based on driving habits.
What is State Farm’s customer service phone number?
State Farm’s customer service phone number is 1-800-STATE-FARM (1-800-782-8332).
Does State Farm offer roadside assistance?
Yes, State Farm offers roadside assistance add-ons for its auto insurance policies. The service provides towing, jump-starts, and lockout assistance if you become stranded on the road.
Conclusion
State Farm is a trusted and reliable insurance company that provides comprehensive coverage options and unmatched customer service. With a wide range of insurance products and services, State Farm is an excellent choice for anyone looking for quality coverage and peace of mind.