Did you know that Barry Manilow is responsible for the State Farm’s jingle?
“Like a good neighbor, State Farm is there”
Founded in 1922 by a retired farmer (George Mecherle), State Farm originally specialized in automobile insurance.
Over the years their scope expanded to include most types of insurance and financial products.
State Farm Insurance whose main division is State Farm Mutual Automobile Insurance Company is headquartered in Bloomington Illinois, and is a mutual company. They cover the United States and Canada, and were ranked as 34th in 2010’s Fortune 500.
Similar to most automobile insurance companies, State Farm offers discounts on
- Multiple policies
- Safe driving record
- Safety features of the car
- Senior Citizen
Unlike most car insurance companies, State Farm has partnered with many US highway authorities and offer free roadside assistance to many of their policy holders.
In 2007, CNN investigated the processing of claims, and reported that State Farm along with several other well known companies are increasingly combating claims and in one case in particular a State Farm representative tried to bribe a Mississippi judge to adjudicate in favor of the company.
In 2009, following a state ruling which refused to approve a nearly 50% rate increase, State Farm threatened to pull out of Florida.
They have not followed through on that threat, however they have significantly reduced the amount of policies they write in the state.
Parallel to other large automobile insurance companies, State Farm remains one of the largest and most stable companies.