Who owns State Farm? This question is about State Farm

Who owns State Farm?

Answer Question Report Abuse

This question is about State Farm

WalletHub, Financial Company

@WalletHub • 11/30/20 This answer was first published on 11/30/20. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

Permalink Report Abuse

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.).

Answer Question

Ways to Cancel State Farm Insurance Policies

Cancel by phone by calling 800-STATEFARM.

Cancel in person by taking your policy number, name, address, phone number, and plate forfeiture if you sold your car to your local State Farm agent.

Cancel by mail by writing a letter that includes your policy number, name, address, phone number, and plate forfeiture (if you sold your car), 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.

If you would like to switch agents instead of canceling your State Farm policy, you can email [email protected] or call 800-782-8332.

Key Things to Know Before You Cancel Your State Farm Policy

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.

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, you should have State Farm update your mailing address or vehicle information if you’re moving or buying a new car.

If you’re canceling your current policy in order to switch to another company, be sure to activate your new policy before canceling the old one. This prevents a lapse in coverage, which would lead to higher premiums in the future.

show less

What are the most popular car insurance companies?

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.

Most Popular Car Insurance Companies

…

read full answer

USAA

Liberty Mutual

Farmers

Nationwide

American Family

Travelers

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.

show less

Is State Farm a public or private company?

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

show less

WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.

WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. This question was posted by WalletHub. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.

Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.

Ask a Question

140

Ask Question

Ask Your Question

WalletHub Transparency

We are committed to being fully transparent with our readers. Opinions expressed here are the author’s and/or WalletHub editors'. WalletHub editorial content on this page is not provided, commissioned, reviewed, approved or otherwise endorsed by any company. In addition, it is not any company’s responsibility to ensure all questions are answered.