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In Reply to: State Farm Customers be VERY AWARE!!!! posted by John on May 27, 2001 at 17:45:50:
Good post. I asked my State Farm agent about this 4 months ago when the news came out that State Farm had taken a big hit. She said that there was going to be an increase, no doubt, but that the company was doing all it could to keep the increase down. Several things cushioned the blow: 1) State Farm is financially stable and well-capitalized; 2) they are a mutual company and 3) they have had a number of very good years (claims-wise).
I actually have been getting dividends in cash here in California for the last two years, which have reduced my net outlay for insurance premiums. We've been with State Farm for three generations, and I can't say enough about how great their claims service is and how reliable our agents have been. Expensive? I'll pay the extra few bucks, thankyouverymuch.
On a negative note, State Farm agents are not the happiest in the land. I fear that they are going to lose some good people unless they take better care of their field force. Like all career and captive agents, they are getting squeezed to produce more and more with few additional incentives. The latest twist is that they are being "encouraged" to get series 7 licensed, promote State Farm's Bank venture, and sell mutual funds through the company. It may be just the final straw on the PC agent's back.