We’ve all seen the commercials. Jake from State Farm is everyone’s favorite “good neighbor,” but how does State Farm stack up as a commercial truck insurance company? We decided to learn more about the company and its commercial truck insurance.
Company history and statistics
State Farm was founded in 1922, and the company has its headquarters in Bloomington, Illinois. The company began by selling single-line insurance policies for automobiles. State Farm has since expanded its insurance offerings to include approximately 100 coverages, including commercial auto and small business insurance. An estimated 80 million people in the United States have chosen State Farm as their insurance company.
State Farm commercial truck coverages
State Farm offers policies to protect the vehicles you use while actively doing business. The commercial truck policies include standard coverages that you can expect from most commercial auto insurance companies. Those coverages include liability, comprehensive and collision, personal injury and medical payments, and uninsured/underinsured motorists.
The company offers various policies for commercial trucks of all sizes. Some of the trucks they insure include the following:
- Box trucks – Learn more at box truck insurance cost and the best box truck insurance companies
- Farm vehicles
- Pick-up trucks – Learn more at the average cost of pickup truck insurance
- Dump trucks – Learn more at dump truck insurance cost and the best dump truck insurance companies
- Semi-trucks – Learn more at semi truck insurance cost and the best semi truck insurance companies
- Tow trucks – Learn more at tow truck insurance cost and the best tow truck insurance companies
- Refrigerated trucks
This list isn’t a comprehensive list of the vehicles they cover. For a more comprehensive list, one of the more than 19,000 agents around the country would be better able to help you.
Coverage availability varies from state to state, so contacting one of the agents or brokers offering the insurance coverage would be the best way to discover if coverage is provided in your area for your particular type of truck.
Does State Farm offer add-ons?
You might hear claims from some insurance companies regarding add-ons like accident forgiveness or gap coverage. State Farm doesn’t offer those add-on choices. However, they do have some general add-ons for your policy. They offer roadside assistance, rideshare insurance, and rental reimbursement.
State Farm premiums in comparison to other commercial truck insurance
Premium costs vary depending on several factors, including location and the coverage you need. Your claims history and driving record also factor into the calculation of premiums. However, on average, the State Farm premium rate is lower than the national average. The State Farm average premium for basic coverage, ie. trucking primary liability coverage only, is slightly over $1,200, while the national average is almost $1,400.
Remember that drivers with accidents or other issues on their driving records will have higher premiums. This is how the company helps to minimize its risks. The company also reserves the right not to offer a policy to those whose records aren’t satisfactory.
Check out our recommendation of the cheapest commercial truck insurance companies
Learn more at how much commercial truck insurance cost
State Farm commercial truck insurance discounts
Policyholders or potential customers can save a good amount on their premiums by taking advantage of the discounts that State Farm offers. They offer discounts for students that don’t apply to commercial truck policies and several accident-free driver discounts that can apply to commercial truck policies. Here is a list of the most common discounts State Farm offers:
- Multi-vehicle: If you need to insure several vehicles, even commercial vehicles, this discount helps save you money when you insure them all on one policy.
- Good driver: If you (or your drivers) have had no accidents for three years or more, consider this discount.
- New car/anti-theft/safety equipment: This discount is available to those with specific vehicle safety features.
- Tracking device program: If you use State Farm’s Steer Clear and Drive Safe or their Safe app, you could qualify for this discount.
- Low mileage: If your truck isn’t on the road a lot, or you only drive occasionally, you might qualify for this discount.
How well does State Farm pay claims?
State Farm is reported to have a quick turnaround for processed claims. Usually, you can expect one of their claims to be settled in 35-45 days. However, you must contact an agent to file a claim. There isn’t any online claims process other than the ability to track your claim after you’ve filed it.
If the company suspects something is wrong with the claim, it will take longer to settle than we previously mentioned. The turnaround times are only valid for those claims that the company deems genuine.
Company ratings
State Farm has an A++ rating from AM Best, meaning they are financially stable. They have also earned an A+ rating from the Better Business Bureau.
Wrapping up
State Farm is one of the largest insurers in the US. They offer a variety of different policies, including commercial truck insurance. Ratings from AM Best and the BBB indicate they are financially sound and provide good customer service. If you have questions regarding State Farm’s commercial truck insurance policies, contact one of the many agents and brokers across the country offering their products and services.
