State Farm Insurance Reviews 2023
- Last Updated on February 21, 2023
A Step-by-Step Guide
Everything You Need to Know About State Farm Insurance
State Farm is the largest home and life insurance provider in the U.S., with 19,400 agents and over 53,000 employees. You might know them by their infamous commercial about Jake from State Farm, but the company is so much more: they handle over 87 million policies and accounts, including auto, fire health, life and more, and processes about 24,4000 claims per day.
It’s no secret that State Farm is one of the big fish in the industry, but should you trust them with your insurance needs?Let’s explore everything you need to know about State Farm insurance reviews and more so you can make an informed choice.
Insurance Policies Offered By State Farm
State Farm has no shortage of insurance policies to meet your needs. Along with the standard life, auto, and home insurance, State Farm also offers the following insurance policies:
- Commercial auto
- Business owners
- Personal & professional liability
- Classic car
- Electric & hybrid car
But the list doesn’t stop there. State Farm also offers a number of unique policy types that aren’t always offered by other large insurance providers, such as pet medical, boat, tractor-trailer, identity restoration, workers compensation, farm and ranch, motorhome, and more.
One particularly interesting policy State Farm offers is the Personal Mobility policy. This is designed for people that don’t own a vehicle, but want to be protected whether they’re a passenger, pedestrian, driver of a rental vehicle, or riding a bike or scooter. It can help cover the difference in costs that rental or rideshare insurance doesn’t cover, as well as loss of use, emergency roadside services, and more.
Customers that don’t want to go through a medical exam will also be interested in State Farm’s Instant Answer Term Insurance, which gives $50,000 in coverage until age 50 or a maximum of 10 years, all with no medical exam. You will need to fill out a health questionnaire, but this is a great option for those who want affordable coverage for a period of their life when their dependents most rely on them. Plus, coverage can start the same day you apply.
If you’re looking to customize your insurance policy, State Farm has a number of riders you can add onto your policy, such as flood insurance, roadside assistance, and more.
The Average Cost of State Farm Insurance
State Farm isn’t the cheapest insurance you’ll find, but they’re also not the most expensive. We’ll review average State Farm insurance costs next so that you can get a good idea of where the insurance provider lands in the market, but keep in mind that your quote will be fully personalized to you and could vary from the below.
State Farm Car Insurance Reviews
The average State Farm full coverage car insurance cost is $1,480 per year. For minimum coverage, this drops to $464 per year. Consumers will be happy to know that the average car insurance cost at State Farm is actually lower than the national average, which is $2,014 for full coverage and $622 for minimum coverage.
Keep in mind that these costs jump for teens. A 16-year-old on their parents’ policy can expect to pay $262 monthly for full coverage, while a 20-year-old would pay $197 monthly on average.
State Farm might not be considered dirt cheap car insurance, but they are certainly competitive in the market.
State Farm Home Insurance Reviews
State Farm is the largest home insurance provider on the market and offers coverage in all states except Massachusetts and Rhode Island. The average cost of State Farm home insurance is $1,462 per year with $250,000 in dwelling coverage, slightly higher than the national average of $1,428.
However, with above average State Farm home insurance reviews, they might still be a good option if you can secure discounts on your premiums (more on that next and more details here).
State Farm Life Insurance Reviews
State Farm has a wide range of life insurance policies (including term, whole, universal, and variable) and consistently high State Farm life insurance reviews, but where do they stack up on cost?
State Farm life insurance is higher than competitors, as much as 30-40% more for term life insurance. You’ll definitely want to compare quotes before choosing a policy, and see if you’re eligible for any discounts offered by State Farm.
Insurance Discounts Offered By State Farm
State Farm offers a few discounts for customers, although not quite as many as other insurance providers. Their two main discounts include:
- Drive Safe & Save: By connecting to an app or device in your vehicle that tracks your driving habits, you could save up to 30% on your auto insurance.
- Steer Clear: Designed for teens and young drivers, this discount can be earned by completing State Farm’s safe driver training on a smartphone.
State Farm also offers a few standard insurance discounts, such as:
- Good driver discount
- Defensive driver course discount
- Vehicle safety discount
- Anti-theft device discount
- Multiple auto policy discount
- Bundling discount
State Farm discounts do vary by state and eligibility, so be sure to ask for any discounts you think you could be eligible for, so that you don’t leave money on the table.
More Reasons to Consider State Farm
State Farm has become the largest insurance provider and reached #42 on the Fortune 500 list by constantly expanding. Here are some other reasons you might consider State Farm for your insurance needs.
In addition to selling insurance, State Farm also offers financial services to clients, including personal and business banking through U.S. Bank. This includes checking and savings accounts, credit cards, business loans, mortgages, and more. Having your banking and insurance in one place could be convenient for many consumers.
State Farm also offers investment services, including brokerage accounts backed by partners BlackRock® and American Funds® by Capital Group®, education savings plans, retirement plans, annuities, and more. For those thinking about retirement (more info on financial steps for retirement here), thinking about insurance and your golden years goes hand in hand, so it can make sense to bundle with one company.
If you prefer to go digital, State Farm has an award-winning mobile app that you can use to manage both your insurance and bank accounts, call for roadside assistance, file claims, and more.
Their Steer Clear and Drive Safe & Save apps also help you save on car insurance costs.
Like most insurers, you can add a roadside assistance rider to your policy. But even if you don’t have the coverage, you can still use State Farm’s 24-hour emergency roadside service and simply pay out of pocket. The great thing is, they’ve negotiated rates with providers that are usually less than what you would pay otherwise, so you’re still saving money.
State Farm is the largest insurance provider nationally and is available in almost every state. This makes them highly accessible, whether you live in a large city or remote town. Plus, with over 19,000 agents, you should have no trouble getting personalized service.
Getting in contact with State Farm is simple; you can get in touch online, through the app, or by calling their 1-800 number. However, there is no live chat feature to speak to someone instantly via chat, but they do have a large number of offices if you want face-to-face service.
Ting Fire Safety
State Farm has partnered with Whisker Labs to provide Ting free of charge for three years to its clients. Ting is a smart plug that monitors your home for electrical faults that can lead to a fire, to help keep you and your family safer. Keep in mind that having Ting doesn’t give you a discount on your home insurance policy, and although it’s free for three years, you do have to pay for it after that if you want to continue the service.
If it’s important to you to buy from companies that give back, State Farm seems dedicated to its environmental, social and governance efforts. They donate significantly to the National Fire Protection Association, Red Cross, and other disaster relief programs. They have a focus on reducing their greenhouse gas emissions and overall environmental impact. Social impact is also a big focus, with over $55.5 million in 2021 alone to national and local philanthropic efforts.
State Farm Insurance Reviews & Satisfaction
State farm insurance reviews are overall positive across the board, which helps build confidence for consumers. Here are some highlights when it comes to State Farm insurance ratings:
- Ranked #1 in customer satisfaction in J.D. Power’s 2022 U.S. Individual Life Insurance Study.
- State Farm receives fewer complaints on average than its competitors, according to the NAIC.
- AM Best issued State Farm an A++ rating in financial strength, the highest rating possible. This means they have the funds to pay settlements if needed, but it doesn’t necessarily mean they pay out more claims.
- J.D. Power found that State Farm ranked #1 out of 8 companies for auto insurance shopping, but #7 out of 21 companies for claims satisfaction.
State Farm has been in the game for over a century, which gives it time to earn and maintain a great reputation. State Farm Insurance reviews are overall positive, so whether or not you choose a State Farm policy will likely come down to cost and policy availability.
Is State Farm the Right Insurance Provider for You?
The overall State Farm insurance rating is high, which means State Farm is a great contender for your home, life, and auto insurance needs. With their range of policies, including more unique options like personal mobility and identity restoration, State Farm may have exactly what you’re looking for.
Plus, since State Farm also offers financial services like banking and investing, consumers might enjoy the one-stop-shop option that State Farm offers.
If you’re considering State Farm, start by getting multiple insurance quotes so that you can do your due diligence and ensure you’re getting the best rate for your coverage. Or, have ConsumerCoverage do the work for you by getting you access to free quotes fast, so you can shop for insurance with confidence. Try us out today—it’s easy!