What\'s up with State Farm

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northidahotim

What's up with State Farm

Post by northidahotim »

Showed up for appointment today and customer had State Farm. I thought they quit waiving the deductible but called the agent anyway just to see what they were up to . She waived his deductible and let me fix it telling me that Mar 1 their new policy takes effect.
GlasWeldTech
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Re: What's up with State Farm

Post by GlasWeldTech »

I was told here that it depended on when the insured renewed his policy this year that the change took effect.
JAC

Re: What's up with State Farm

Post by JAC »

Anytime an Insurance Company makes a rate change, there can be a few different dates for the change. The first date is for any new business written from that point on, Jan 1st for example. The second date could be for any business that is currently in force. If you are currently in force, but in the middle of a term, your rates and policy rules can not be changed. So, if you just renewed your policy for 6 months on December 1st, your changes would not be effective on your policy until May 1st, even though others within the same Company have already had the changes before that.

That is why I think it's generally a good idea to go with a year term on anything you can. You are then "locked in" for that rate and policy language for that 1 year, even if the company makes changes during that time. 95% of the time the company makes a change it is to benefit them, not the insured, so being locked in for that year is better for you. Very rarely, but it does happen sometimes, will the rates go down or the policy language will be expanded or changed to benefit the insured. In that case, you would have to wait until the end of your term to benefit. But in the long run, over dozens of years or many decades of being insurred, you will benefit from having longer terms. Take the year if your company offers it...

JAC
trinsic

Re: What's up with State Farm

Post by trinsic »

I know that State Farm had started to phase it out in certain states, does anyone know which states? And if not, how can I get the news and up-dates from these insurance companies?
northidahotim

Re: What's up with State Farm

Post by northidahotim »

Thanks for the input guys. I'll jsut go case to case. I told the State Farm customer yesterday about the change and he was bothered by it. He's been a long term customer fo State Farm.
J.T.Window
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Re: What's up with State Farm

Post by J.T.Window »

Now or later, SF will pay for repairs or they won't. They got on-board big with repair when they thought it made them look good. When deductible-waived w/s repair started, SF acted like they invented paying for repairs. They’ve always been stingy on price.
I'd almost pay the Las Vegas buck to hear what their guy has to say about why they don't pay for repairs anymore, it’ll be some fancy spin. I think they're trying it out to see how many customers they'll lose.
Your SF customer is more likely to stay with SF than with you because of consumer inertia , but it can’t hurt to let him or her know that you’ll be around to do them good whatever their insurance situation may be.
northidahotim

Re: What's up with State Farm

Post by northidahotim »

Tried a State Farm customer today and was refused on the waiving of the deductible. State by state bassis. I gaurantee they lose business in this neck of the woods.
GlasWeldTech
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Re: What's up with State Farm

Post by GlasWeldTech »

I know in Loiusiana they are stopping this UNLESS the insured has "$0" deductible. I was told it was an experiment with 5 states and we were one of them.
dingmedic

Re: What's up with State Farm

Post by dingmedic »

We are in Nevada, and have NO problem, We have recieved Emails saying they plan to stop paying/waiving the deductables. But Have not had a problem as of yet....Anyone in the Western US have any problems? Dawn
Coachb

Re: What's up with State Farm

Post by Coachb »

State Farm in South Dakota, Iowa and Nebraska no longer waive deductible. Is this something that they want to do long term or is it an experimental thing?
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