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State Farm Boat Insurance Review


ConsumersAdvocate.org Rating: 3.7 / 5 (Very good)
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Founded in 1922 in Bloomington, Illinois, State Farm Insurance is an association of insurance and financial services companies that offer boat insurance under its Sports & Leisure Vehicles category. The association is the largest commercial and private auto insurer by market share in the United States.
 
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How is State Farm rated?

Breakdown

4.0/5
Coverage & Benefits
0.0/5
Discounts
4.0/5
Customer Experience
3.5/5
Financial Strength & Reputation

Overall Rating: 3.7 / 5 (Very good)

State Farm is a group of well-established insurance and financial services companies servicing policyholders throughout the United States. In business since 1992, the group holds strong financial ratings from two major U.S. credit rating agencies. It is has a "B+" rating with the Better Business Bureau, yet there doesn't appear to be any reviews regarding its boat insurance product. Compared to its competitors, State Farm's website offers limited information on its boat insurance coverages, benefits, and discounts.

State Farm Coverage & Benefits

Coverage & Benefits - 4 / 5

State Farm offers an agreed value policy that covers a variety of watercraft against common risks such as physical damages to the hull, motor, or trailer caused by sinking, fire, storms, theft, and collisions. It also affords liability protection in the event of injury to other boaters or their property. The company extends several additional coverages that can be purchased along with their standard boat insurance, including newly acquired watercraft, reasonable repairs, emergency services, and wreck removal.
Policy Type
Agreed Value
Coverages
Comprehensive
Collision
Bodily Injury Liability
Property Damage Liability
Personal Effects
Boat Engine
Additional Boat Equipment
Boat Trailer
Personal Watercraft
Type of Boat
Speedboat
Personal Watercraft
Yacht
Fishing
Sailboats
House Boat
Discounts
Boat Education Course
Benefits
Wreckage Removal
Exclusions & Limitations
State Farm insures watercraft against the following perils: theft, fire, collision, sinking, storms, capsizing, explosion, and stranding.

State Farm Customer Experience

Customer Experience - 4 / 5

State Farm offers free quotes and online accounts as well as informative articles on boat safety and tips through its Simple Insights® product page. Although its site doesn't feature a live chat option, they company does provide a 24/7 claims processing service.
Online Quotes
Live Chat
Online Account
Additional Resources
Articles

State Farm Financial Strength & Reputation

Financial Strength & Reputation - 3.5 / 5

State Farm holds superior ratings with all major U.S. credit rating agencies, including A.M. Best. In 2017, it earned $40 billion in direct premiums and held 14.57% of the market, according to the NAIC. The group has a "B+" rating with the Better Business Bureau based on 167 negative reviews, none of which are related to its boat insurance product. It also has a low Trustpilot score based only on seven reviews.
Company Type
Underwriter
Year Founded
1922
NAIC Marketshare (2017)
14.57%
NAIC Complaint Ratio (2017)
0.33
NAIC Total Complaints (2017)
425
NAIC Direct Premiums Earned (2017)
$40,077,551,346
AM Best Financial Rating
A++
Standard & Poor's Financial Rating
AA
BBB Rating
B+
Number of BBB Positive Reviews
5
Number of BBB Negative Reviews
167
Trustpilot Rating
4.2 out of 10
Date Collected
2018-04-13

Company Profile

Full Name
State Farm Boat Insurance
Company Website
https://www.statefarm.com/
Headquarters
One State Farm Plaza, Bloomington, IL, 61710

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Customer Comments & Reviews

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Genny H
7/4/2023
I looked at their boat policy and nowhere does it mention agreed value. Can you tell me if it is in fact Agreed Value policy?

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