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State Farm: America's Number One Insurer

State Farm is the nations largest insurer, but are they really one of the best? How stable are they financially? How are they ranked by consumer products rating companies? What are their customers reporting as far as satisfaction?

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State Farm Ranking and Solvency

The carrier is a well ranked and financially stable company with more than 6 billion dollars in managed assets, so consumers can feel safe that they will have they will be around and have the ability to pay out claims should any damage occur to their person or vehicle. J.D. Powers and Associates, a leading consumer products rating firm offers reports about auto insurance companies. Their 2008 National Insurance Study, rates insurance companies on a scale of 1 to 5 in five different categories, with 1 being poor and 5 being Among the Best. This company is among the others that are rated in this report. Their score is summarized as follows:

  • Overall Experience: 4 out of 5.
  • Policy Offerings: 4 out of 5.
  • Pricing: 3 out of 5.
  • Biling and Payment: 4 out of 5.
  • Contacing Insurer: 5 out of 5

In comparison to others in the study, this is overall a good rating from J.D. Powers and Associates. The lowest of the company's numbers in the Pricing category translates to Avergage. The overall rating seems to place the provider in the above average category. This along with their status at the largest provider of insurance seems to illuminate them as a quality name in the business.

Customer Ratings and Complaints

While J.D. Powers and Associates and other official consumer product rating companies show State Farm Auto Insurance in a fairly positive light, a quick search for customer reviews reveals that not everyone has had a positive experience with this brand. Sites that allow consumers to post their own opinions are full with complaints about having their claims handled by the carrier. According to an unofficial poll of reader responses on the website, 35% of customers are unsatisfied. Of course, this could be true of almost any provider, of almost any product or service provider in general. If you are trying to choose an insurer, you might do well to look for some these complaints and read them yourself, but be sure to compare them to similar complaints about other companies. Disputes with customers have led to civil lawsuits including Class Action lawsuits in Florida, Michigan and California. This may be something to consider when thinking about this company as your insurer. These may be isolated incidents where there is a simple dispute of the facts, or they could be revealing of the way in which a company treats customers.