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Honest Truth About Insurance and State Farms $7 Billion greenback loss

The truths of insurance revealed. Types of brokers: unique, direct, and hybrid (mutli-line / captive). What’s extra necessary to you? Price or Service? Is it price it?

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13 Comments

  1. I had State farm for 5 years. I have a Commercial Policy. Recently, they refused to cover all 4 out of the 5 bobtail trucks. Do they not cover commercial trucks any more? If so, why are they covering only 1 truck? I deliver home furniture.

  2. Run from the State Farm opportunity!! If you are walking into a book of business then you have a slim chance of making it but if it is a "scratch" or start-up agency then you are surely doomed. As the clear question how many scratch agents have been in this region in the last five years and how many of them are still around. Get that answer in writing because they will lie. Also get a layout of the cost of your first year and then double it if you want to try and stay open. The worst part of this experience is that the management is the worst. My so-called manager came in the first day I opened my doors and she starts to raise her voice that I" haven't sold enough of the financial products and I need to get on it". It really went downhill from there. After 10 months I knew that no matter how much I sold it would not keep me afloat. $137,000 later I closed my doors and had to admit that the game was rigged against me from the beginning. I spent all my resources and they walked away with all of the policies and new clients to State Farm that I prospected and developed. I got to know the competitors and they say the same thing about startup agents. Run, don't walk, away from this type of scam.

  3. I worked for State Farm for 10 years (to the day!), both in auto claims and agency management. My grandfather, father and I were all life-long customers. About four years ago I left State Farm for GEICO. Long story, easy decision. GEICO is cheaper and the customer service is better. Their underwriting is reasonable. If I had stayed with SF, I would be paying about 25% more for their auto insurance. The homeowner's insurance pricing wasn't even close! I still have a personal articles policy (mostly camera equipment), but that's it.

  4. My renewal rate with State Farm will go up 12% come Jan 2018. I called around and went with Geico and saved 30% off of my premium. Thank you for this very informative video about State Farm $7 Billion dollar loss. It was very Helpful.

  5. The truth of insurance!! What I would like to see and prove is the history of Insurance, their profit and loss, the way they really make their money, claims vs payouts over a history and how they act right now and to the future of claims via Irma. Mark I like the way you have broken the insurance business down. Not many look at how the company acts and find ways to legalise their behavior as opposed to the much publicized scam again insurance. I think a complete and thorough investigation needs to be done as how they do their business and how they benefit or detract from society-

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