State Farm is owned by State Farm policyholders. The fact that State Farm is a mutual insurance company means the company is privately owned by the people who purchase its insurance policies, and shares in the company are not available to investors on the public market. Among the 10 largest insurance companies in the United States, four companies, including State Farm, are private.
Michael Tipsord is State Farm’s chairman, president and CEO. The board of directors consists of a broad group of business and community leaders. Some notable members include Dan E. Arvizu (chancellor of the New Mexico State University System), Allan R. Landon (former CEO of the Bank of Hawaii), and Kenneth J. Worzel (COO of Nordstrom, Inc.).
To cancel State Farm insurance, the policyholder must call 800-STATEFARM, mail a cancellation letter, or cancel at a local State Farm office. You will need to provide basic information about yourself, your State Farm policy number, and the date you would like your policy to end. State Farm may also ask for the details of your new car insurance policy to verify you won’t be … read full answerdriving without insurance.
How to Cancel State Farm Insurance Policies
Cancel by phone by calling your agent or 800-STATEFARM (1-800-782-8332).
Cancel my mail by writing a letter that includes your State Farm policy number, name, address, phone number, plus the date and time you want your policy to end. Sign, date, and mail your letter to: Corporate Headquarters of State Farm Insurance / One State Farm Plaza / Bloomington, IL 61710.
Cancel in person by visiting your nearest State Farm insurance office and speaking with an agent.
If you’ve sold your vehicle, you may be asked to provide a bill of sale. If you’ve already paid your premium for the policy period in full, State Farm will refund the unused portion. State Farm does not impose a cancellation fee or penalty for early termination.
Finally, it’s important to remember that you don’t need to cancel your policy just because you’re going through some life changes. For example, if you’re moving or buying a new car you can just have State Farm update your mailing address or vehicle information.
The most popular car insurance companies are State Farm, Geico and Progressive, which service more than 120 million policies and have a combined market share of 43.1%. These companies are available in all 50 states and the District of Columbia.
Together, these insurance providers were responsible for auto policies totaling nearly $185 billion in premiums during 2019, according to the Insurance Information Institute. They have been among the most used car insurance companies for at least the past five years.
State Farm is a private company. This means that State Farm shares are not available to purchase on the public market, and instead the company is classified as a mutual insurance company because it is owned by its policyholders.
The company was founded in 1922 by retired farmer and insurance salesman George Jacob Mecherle and is on the Fortune top 100 list of largest companies. Originally, State Farm was only selling auto insurance policies. Over the years the company has grown to sell over 100 products and services, in five different lines of business.… read full answer
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