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Thread: State Farm - $2 billion premium cut

  1. #1
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    Default State Farm - $2 billion premium cut

    For those with State Farm insurance...expect some money back

    https://www.marketwatch.com/story/st...mic-2020-04-09


    The nation’s biggest car insurer, State Farm Mutual Automobile Insurance Co., is slashing $2 billion of premiums owed on 40 million vehicles, making it the latest carrier to offer a financial-relief program for consumers as auto claims have plunged under shelter-at-home restrictions.

    State Farm’s total brings the amount pledged by the top 10 sellers of personal car insurance to more than $7 billion as U.S. carriers are beginning to experience a financial windfall tied to Americans parking their cars to help fight COVID-19, the disease caused by the novel coronavirus.


    State Farm’s program, which will benefit approximately 21 million households, is on the high end of the relief being provided in consumer programs launched so far. The “Good Neighbor Relief Program” offers a 25% policy credit on premiums due from March 20 through May 31, or about $20 a month for each vehicle insured. The average annual State Farm auto premium is approximately $950 a year, the insurer said.
    Member of the Tenth Legion Since 2004

  2. #2
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    Like what $20???

    Shit, I can't even pitch a drunk on that. Keep my "refund" and apply it to next month's bill.

    FWIW, State Farm announces this - after their competition set the precedent. Anyone here pay $950 a year for their auto coverage?? I don't know anyone ( ANYONE) who only pays $950 a year. I'd love to see who does.
    F**K Cancer

    Just Damn.

  3. #3
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    oh I do, on a 17 year old daughter.. with a 4.8 gpa, driving classes, and liability on an older 4runner..



    *read the post wrong
    Last edited by Highstrung; 04-14-2020 at 09:13 AM.

  4. #4
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    Quote Originally Posted by nitro5x6's View Post
    Like what $20???

    Shit, I can't even pitch a drunk on that. Keep my "refund" and apply it to next month's bill.

    FWIW, State Farm announces this - after their competition set the precedent. Anyone here pay $950 a year for their auto coverage?? I don't know anyone ( ANYONE) who only pays $950 a year. I'd love to see who does.
    I pay around $1,500 a year for 2 vehicles (2017 and 2014).

  5. #5
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    Quote Originally Posted by nitro5x6's View Post
    Like what $20???

    Shit, I can't even pitch a drunk on that. Keep my "refund" and apply it to next month's bill.

    FWIW, State Farm announces this - after their competition set the precedent. Anyone here pay $950 a year for their auto coverage?? I don't know anyone ( ANYONE) who only pays $950 a year. I'd love to see who does.
    It is going to be a credit on the June bill most likely. You are correct we did announce it after other insurance companies but we also are allocating four times the amount of money so I would argue it was worth the wait.


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  6. #6
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    Average refund of $95 per household. Wow. That is something to be proud of. RIPOFF. It's a big nothing. A "refund" for what is surely over billing. Period. Dot.
    F**K Cancer

    Just Damn.

  7. #7
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    It's easy to be magnanimous with someone else's money.. Empty gesture. They are only doing this because they know they aren't paying out claims. Get in an accident or make a claim and see what a "Good Neighbor" you are insured by.
    F**K Cancer

    Just Damn.

  8. #8
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    It’s easy to look at the monthly bill and feel like you’re not getting any value. My guess is mindset will change if you were in an accident and we paid out $1 million liability claim. I try to tell people every day it’s not about the probability of something happen, it’s about the consequences if they do.


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  9. #9
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    Like a good neighbor, right?
    "They are who we thought they were"

    You can dress a fat chick up, but you cant fix stupid

  10. #10
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    Quote Originally Posted by Remy View Post
    I pay around $1,500 a year for 2 vehicles (2017 and 2014).
    That $950 is per vehicle. State Farm separates each vehicle and makes you have a different policy for each.
    "I swear if I found you in a marsh I don't know that I could keep myself from mud stomping you" -Griffin

  11. #11
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    Quote Originally Posted by DJA View Post
    That $950 is per vehicle. State Farm separates each vehicle and makes you have a different policy for each.
    I'm pretty sure every insurance company has separate policies for each vehicle. I just stated mine together because I pay them at the same time and know the cost off the top of my head

  12. #12
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    Quote Originally Posted by Remy View Post
    I'm pretty sure every insurance company has separate policies for each vehicle. I just stated mine together because I pay them at the same time and know the cost off the top of my head
    No, I'm an independent agent and none of my companies require us to write separate per vehicle policies and I even have captive writers like allstate and nationwide. I do understand though in theory why state farm does it if their goal is to prevent stacking liability.
    "I swear if I found you in a marsh I don't know that I could keep myself from mud stomping you" -Griffin

  13. #13
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    Quote Originally Posted by DJA View Post
    No, I'm an independent agent and none of my companies require us to write separate per vehicle policies and I even have captive writers like allstate and nationwide. I do understand though in theory why state farm does it if their goal is to prevent stacking liability.
    Well I learned something today.

  14. #14
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    Bobby- my wife finally got the first truck switched to you- the other 5 should follow soon.

  15. #15
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    Quote Originally Posted by Bad Habit View Post
    Bobby- my wife finally got the first truck switched to you- the other 5 should follow soon.
    Great! Glad to have you!


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  16. #16
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    Bobby has my business and I pay about $1200 per year for two cars (2016 & 2004). I choose not to drive one of the high priced pickups, yet.

  17. #17
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    Some of y’all would bitch if they gave you free insurance.

  18. #18
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    State Farm claims dept though.....
    "They are who we thought they were"

    You can dress a fat chick up, but you cant fix stupid

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