How much is State Farm car insurance? That depends on several factors, including where you live, what kind of car you drive, and how old you are. Like every insurance company, State Farm uses these factors to calculate a rate that’s a custom fit for you.
State Farm: The Basics
While State Farm is the largest private passenger auto insurer in the country, it also offers other insurance products, including homeowners policies, renters insurance, and recreational vehicle insurance. State Farm sells all of its products exclusively through its agents. If you’re looking for an insurance company that offers a great selection of products at reasonable prices, State Farm is an excellent option. According to NerdWallet, State Farm employs 18,000 agents and offers products in all 50 states and Washington, D.C.
According to QuoteWizard, State Farm was founded in 1922 by George Jacob “G.J.” Mecherle. A farmer by trade, Mecherle turned to his knowledge of insurance when the farm stopped bringing in a steady income. Initially focused on providing car insurance for farmers, State Farm had written one million policies by 1944. It eventually expanded its business to include all sorts of insurance products.
As ValuePenguin points out, State Farm’s rates for auto and home insurance products are often pricier than some of its competitors. However, the company offsets its higher rates by offering several generous discounts. In general, State Farm is an excellent option for:
- Customers who prefer to interact with local agents
- Customers who need multiple forms of insurance coverage
State Farm may not be the best option for:
- Customers who are looking for the cheapest rates
- Drivers who don’t qualify for discounts
What Types of Car Insurance Does State Farm Offer?
State Farm’s most popular products include liability, collision, and comprehensive coverage for personal passenger vehicles. However, State Farm also offers more specialized forms of car insurance catering to customers’ specific needs. According to QuoteWizard, State Farm’s auto insurance offerings include:
- Commercial Auto Insurance: Commercial insurance protects business owners if they or an employee are in an accident while driving a company-owned vehicle. Business owners can also purchase Employers Non-Owned Liability coverage, which covers employees who use their own vehicles for business purposes.
- Classic Car Insurance: A classic car insurance policy protects drivers who own classic or antique cars. This type of policy includes standard coverage such as liability, collision, and comprehensive. You can consult State Farm’s website to see if your vehicle qualifies as a classic car.
- Roadside Emergency Service: This coverage pays for battery jump-starts, tire changes, locksmith services, and other emergency repairs.
- Rental Car and Travel Expenses Coverage: While most major insurance companies provide rental car coverage, State Farm goes above and beyond by paying for lodging if you’re stranded because your car is undrivable as a result of a collision or natural disaster.
- Rideshare Insurance: State Farm’s ride-sharing insurance policy is an extension of your personal insurance policy. This extension provides you with coverage while you’re working for a company like Uber or Lyft.
How Much Does State Farm Car Insurance Cost?
According to U.S. News & World Report, the average annual cost for a State Farm car insurance premium is $1234. That’s below the national average of $1320. Of course, that average varies when applied to different demographics. The following is what drivers in specific demographics can expect to pay, on average, for a State Farm policy:
- Single 25-Year-Old Male: $1468.63 annually
- Single 25-Year-Old Female: $1330.05 annually
- Married 35-Year-Old Male: $1204.67 annually
- Married 35-Year-Old Female: $1204.67 annually
- Married 60-Year-Old Male: $1098.01 annually
- Married 60-Year-Old Female: $1098.01 annually
Keep in mind that these rates will vary depending on what state you live in and what type of vehicle you drive. U.S. News & World Report also analyzed the average rates drivers can expect to pay for different levels of coverage. Here are the average rates you can expect to pay depending on how much coverage you buy:
- Low Level of Coverage: $1143.10 annually
- Medium Level of Coverage: $1234.01 annually
- High Level of Coverage: $1325.66 annually
Again, these rates will vary according to your personal driver profile.
What Kind of Discounts Does State Farm Offer?
Even if your State Farm insurance policy ends up costing more than the estimated average, the company offers several discounts that will help offset the price. According to NerdWallet, these discounts include:
- Drive Safe & Save: Drivers who participate in State Farm’s Drive Safe & Save program use a phone app to track mileage and driving habits. Drivers with safe driving habits can save up to 30 percent on their premiums.
- Steer Clear Driver Program: Drivers under the age of 25 can participate in the Steer Clear program, which requires completion of a driver training refresher course. Participants can complete the course in person or through a mobile app. Drivers must also have had no at-fault accidents or moving violations within the last three years.
- Accident-Free Discount: If you purchase a State Farm insurance policy and go without having an at-fault accident for three years, you’ll see a reduction in rates.
- Defensive Driving Discount: You can save even more by taking a defensive driving course.
- Student Away At School Discount: If you have a student in your household who only uses the vehicle when they’re visiting home, they’ll qualify for this discount.
- Driver Training Discount: This discount is for drivers under the age of 21 who complete a State Farm-approved driver education course.
- Good Student Discount: To qualify for this discount, high school students and college students under 25 must maintain a 3.0 GPA or higher.
- Safe Vehicle Discount: If your vehicle comes with air bags or other passive restraint equipment, you can qualify for additional savings.
- Bundling Discounts: You can receive a significant discount if you insure multiple vehicles with State Farm. Bundle your car insurance with your homeowners or renters policy, and you’ll also save.
As you can see, there are many benefits to purchasing a car insurance policy from State Farm. Not only will you receive many excellent discounts, but you can rest assured that you’ll have adequate coverage for your vehicle and access to excellent in-person service.
Check this out if you need additional information, resources, or guidance on car insurance.
Sources:
State Farm Car Insurance Review
State Farm Auto Insurance Review 2021
State Farm Auto & Home Insurance Review: Quality Service and Lots of Coverage Options
What Is Commercial Auto Insurance?
How Much Car Insurance Do I Need?
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