State Farm Auto Insurance coverage Evaluation 2023
In the case of selecting your auto insurance coverage, evaluations truly matter. In case you’re buying round for automotive insurance coverage, prioritize excessive buyer satisfaction as one of many prime qualifiers. It is because a very good ranking could make submitting a declare a way more clean and hassle-free course of.
The truth is, we already did the legwork for you. State Farm — the most important automotive insurance coverage firm within the U.S. primarily based on market share — made the rating because the “greatest for buyer satisfaction” on CNBC Choose’s record of the highest automotive insurance coverage firms for a couple of causes: State Farm has one of many highest common J.D. Energy scores, its full-coverage premiums are among the lowest round and it has an A++ ranking from AM Finest, indicating superior monetary well being. (Learn extra on our methodology of how we selected the very best automotive insurance coverage firms.)
Under, we evaluation State Farm to offer you all the main points on its choices, options and charges so you possibly can resolve if it is the precise insurance coverage selection for once you hit the highway.
State Farm automotive insurance coverage evaluation
State Farm Auto Insurance
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Cost
The best way to estimate your costs is to request a quote
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App available
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Policy highlights
State farm is one of the largest auto insurers based on market share and has an excellent reputation for customer satisfaction. It offers 13 discounts, including ones for safe driving and young drivers.
Pros
- High customer satisfaction
- Largest car insurance company in the U.S.
- Accident forgiveness for good drivers
Cons
- High NAIC complaint index score
- Doesn’t offer gap insurance
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State Farm overview
As mentioned above, State Farm has one of the highest average J.D. Power scores, a ranking by the market intelligence firm that analyzes consumer data. In other words, State Farm’s customers are quite satisfied with their service. According to the National Association of Insurance Commissioners (NAIC) Complaint Index, State Farm also receives significantly fewer complaints when compared to other companies of its size.
Like with all car insurance companies, rates and one’s overall policy cost depend on their driving history, credit score, type of coverage, deductibles and discounts. CNBC Select calculated State Farm’s average annual premiums with data based on a 40-year-old driver with a clean driving record and good credit (more on this calculation in our methodology below). We found that State Farm’s average annual premium for minimum coverage is $464, while the average annual premium for maximum coverage is $1,480.
Features
And State Farm’s mobile app (available on the App Store and Google Play) makes it easy to file a claim or get roadside assistance for towing, jumpstarting or a locksmith when you’re out and about. The app also allows users to access their ID cards, view all their insurance policies in one place, pay bills and connect with a State Farm agent directly.
The Simple Insights® from State Farm section also has auto-specific advice on auto insurance, driving and maintenance tips. For example, there are articles covering how to stay safe while driving, tips for buying or selling a car, plus driving tips for bad weather.
Discounts
- Good drivers can save up to 30% with the Drive Safe & SaveTM app
- Drivers under age 25 without any at-fault accidents or moving violations within the past three years can save as much as 15% with the Steer Clear® app
- Teen drivers (up to age 25) with good grades can save up to 25%
- Students away at school can save if they only drive while home during school breaks
- Safe vehicle discounts, including: an up to 40% passive restraint discount on medical-related coverage for 1993 and older vehicles equipped with a factory-installed air bag or other passive restraint systems; an anti-theft discount if your vehicle has an alarm or some other approved anti-theft device
- Families with multiple household vehicles can save as much as 20% when they insure more than one family-owned car with State Farm
- 1994 and newer-model-year vehicles may receive a vehicle safety discount
- Bundling discount
Other insurance offered
Other State Farm insurance products include homeowners, renters, condo, life insurance, pet medical insurance and more — adding one of these policies to your auto insurance policy can save you up to 17%. When you bundle auto and home insurance, State Farm’s website claims you can save on average up to $1,127 per year.
How it compares
State Farm’s auto insurance offerings are pretty competitive with other companies in the market. You may find lower-cost policies with an auto insurer like GEICO, which seems to have the lowest average premiums for both minimum and comprehensive coverage. And Farmers Insurance takes the cake with potential savings, offering 22 types of discounts on car insurance, which is the most of any company we reviewed for our “best car insurance company” ranking.
Geico Auto Insurance
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Cost
The best way to estimate your costs is to request a quote
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App available
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Policy highlights
Geico coverage and services are available in all 50 states and the District of Columbia and there are 16 different types of discounts available. In addition to the standard coverage options, Geico offers various optional add-ons, such as emergency roadside assistance, rental car reimbursement and mechanical breakdown insurance.
Farmers Auto Insurance
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Cost
The best way to estimate your costs is to request a quote
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App available
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Policy highlights
Farmers sells car insurance in every state except Alaska, Delaware, Hawaii, Maine, New Hampshire, Rhode Island, Vermont, Washington, D.C., and West Virginia and offers a whopping 22 discounts.
Bottom line
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Our methodology
To find out the very best automotive insurance coverage firms, CNBC Choose analyzed dozens of U.S. insurance coverage firms that include insurance policies to swimsuit an array of wants.
When narrowing down and rating the very best automotive insurance coverage firms, we targeted on common value, protection, availability, ease of use and buyer satisfaction utilizing information from the Nationwide Affiliation of Insurance coverage Commissioners, AM Finest, J.D. Energy rankings and automotive insurance coverage premium information from Bankrate.com.
The common annual premium information is predicated on a 40-year-old driver with a clear driving file and good credit score. The motive force insures a 2020 Toyota Camry, commutes 5 days every week and drives 12,000 miles yearly, with the next full-coverage limits:
- $100,000 bodily damage legal responsibility per particular person
- $300,000 bodily damage legal responsibility per accident
- $50,000 property injury legal responsibility per accident
- $100,000 uninsured motorist bodily damage per particular person
- $300,000 uninsured motorist bodily damage per accident
- $500 collision deductible
- $500 complete deductible
After reviewing the above options, we sorted our suggestions by greatest general, greatest for extensive protection, greatest for buyer satisfaction, greatest for reductions and greatest for army members and veterans.
Notice that the premiums and coverage constructions marketed for automotive insurance coverage firms are topic to fluctuate in accordance with the corporate’s insurance policies.
Editorial Notice: Opinions, analyses, evaluations or suggestions expressed on this article are these of the Choose editorial employees’s alone, and haven’t been reviewed, accredited or in any other case endorsed by any third get together.
