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How Much is State Farm Car Insurance? Cost & Rates

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State Farm is one of America's oldest insurance providers. It was founded in 1922 by G.J. Mecherle, a former farmer who decided that he was going to start his own insurance company dedicated to providing fellow farmers with low-cost insurance for their homes, farm equipment, and automobiles.

Today, State Farm is the fourth-largest car insurance company in the United States in terms of overall market share and how many policyholders the company has enrolled. You've probably heard their slogans on television:

State Farm's primary selling point is its customer service and trustworthiness. The company markets itself as the insurance company that policyholders can rely on "like a good neighbor."

However, how does State Farm stand up to the competition? How much is State Farm car insurance? What does State Farm's full-coverage policy cover? How easy is it to cancel your existing policy?

In this article, we're going to take an in-depth look at State Farm auto insurance rates, customer reviews, and different factors that contribute to higher or lower premium costs. Let's dive in!

How Much is State Farm Car Insurance: Cost & Rates

As you'll be able to see on our average car insurance cost per month research, State Farm full coverage cost is $104 per month or $1,250 per year on average.

State Farm car insurance cost for minimum coverage is $52 per month or $625 per year, which makes State Farm car insurance rates the third most expensive on our shortlist.

Coverage TypeCost Per MonthCost Per Year
Full coverage$104$1,250
Minimum coverage$52$625

Cheap Auto Insurance Near Me

Although State Farm doesn't exactly market itself as a discount auto insurance company, their average car insurance policy prices are actually quite affordable, especially compared to some of the other top-rated insurers on the market.

According to our recently conducted car insurance quotes study, State Farm policyholders’ average national insurance premiums were between $1,098 and $1,468, with an average car insurance cost of $1,250 a year for full coverage and $625 per year for the minimum coverage. The wide margin of variance is typically attributed to age differences. The average senior driver (65 or older) paid closer to $1,100, while the average adult driver (25-years-old or older) paid a slightly higher rate due to lack of driving experience.

If you compare quotes offered by other insurance companies such as USAA or GEICO, you'll find that these rates are competitive and aren't too much higher than the industry standard. In fact, according to our research, the average annual cost for a full-coverage policy (across all insurance companies) was around $1,700 per year

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How Much Does State Farm Car Insurance Cost Per Month?

Coverage TypeCost Per Month
Full coverage$104
Minimum coverage$52

While State Farm gives new policyholders the option to pay off their entire policy upfront with one payment (and typically provides a discount for doing so), most drivers pay for their coverage monthly.

Depending on your individual needs, State Farm usually provides coverage on a six-month or a twelve-month basis. Twelve-month plans are typically a bit more affordable since the insurer benefits from having you locked into a contract, while six-month plans may be slightly more expensive (but they'll also give you more flexibility to negotiate your premium).

So, assuming that you're a 25-year-old with a typical $1,450 per year policy and a twelve-month coverage plan, then your monthly payments would be around $121 per month. When you first sign up, you'll likely put this amount as a down payment and then make recurring monthly payments every 30 days.

That being said, however, this is just an average rate. Your personal rate may differ considerably, depending on your age, credit score, driving record, the type of car you're driving, and the city and state you receive coverage in.

What Does Full Coverage Car Insurance Cover With State Farm?

Full-coverage insurance is a broad term that's used to describe a policy that goes above and beyond the coverage limits of the minimum liability coverage options. A standard State Farm full coverage insurance policy would include all of the following coverage options:

Within each of these coverage options, you'll be able to select exactly how much damage you want to be covered for. For example, suppose you have a $30,000 bodily injury liability coverage policy. In that case, your insurer will cover up to $30,000 worth of the medical bills for the other driver who was injured in the accident.

In general, the more expensive your car is, the higher the amount of coverage you should purchase to ensure that all of your costs are taken care of in the event of an accident.


Basic Liability Coverage Vs. Full-Coverage Auto Insurance

Most states require all drivers to maintain basic liability coverage if they own a registered vehicle in the state. This basic coverage level is the most affordable, but it only covers bodily injury liability coverage and property damage liability. It's designed to cover other drivers, not you. Essentially, it protects you from a lawsuit.

If you want to ensure that you're fully-protected and that your personal car repair costs and medical bills are covered by your car insurance, then you may want to select State Farm's full-coverage insurance policy.

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How To Add A Car To State Farm Insurance Online

Most states give drivers a 30-day grace policy to add a newly purchased vehicle to their insurance policy. However, if you go beyond this period, then the state can issue you a fine for each day that your vehicle is uninsured.

Thankfully, State Farm's mobile app and online platform make it easy to add your new vehicle to your policy. Simply log into your account, look at your existing auto policies, and select the option to 'Add New Vehicle.' You'll have to enter some basic information about your vehicle, including safety features, the unique VIN number, color, engine size, trim, mileage, etc.

Once you enter all of the information, you'll be able to select the amount of coverage that you want for that particular vehicle, make your downpayment for the policy, and then you'll be billed monthly along with your other auto policies.

How To Cancel Your State Farm Car Insurance

Like most major insurance providers, State Farm is actually pretty fair when it comes to cancelling your coverage. You can either cancel in person, by mail or by phone - and tell them that you wish to cancel your policy. They'll usually ask for a reason, try to sell you on an extension, and will ultimately cancel your policy unless you say otherwise.

Cancellation is free, and State Farm does not charge any additional early cancellation fees. 

For more guidance on State Farm cancelling your auto insurance, follow the instructions on their website.




Sources:

  1. https://www.youtube.com/watch?v=tEaTrmlZUgw
  2. https://www.iii.org/fact-statistic/facts-statistics-auto-insurance
  3. https://www.statefarm.com/customer-care/faqs/insurance
  4. https://www.statefarm.com/customer-care/manage-your-accounts/cancel-my-policy

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