State Farm Might Go Bankrupt - Downgraded Financial Rating

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Опубликовано:

13 апр 2024

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Комментарии : 76

@thesmockinggunYT 3 месяца назад

Best advice I got from my father who was an independent insurance broker for 40 years. "Don't buy a policy from a company who has a celebrity\sports star that's paid millions to represent the insurance company..you're paying for it somehow."

@davidwilliams4498 3 месяца назад

Liberty mutual might be right behind them its insane the money these 2 spend on national tv commercials

@texan176 2 месяца назад

Part of the problem with insane insurance costs are the insane costs of ordinary vehicles and cost to repair them. A generation ago an F150 used a $40 taillight and had 2 bulbs that cost 80 cents each. Now a mid grade F150 with blind spot monitoring uses $1,000 taillight and non serviceable lighting system meaning there is no “bulb” type element. The whole lamp is junk and useless once it cracks, leaks, or just burns out. That kind of of parts pricing used to be for only exotic cars.

@sledge7583 3 месяца назад

How can they be going down, when all they have done is raised everybody's rates 🤔 😕 😐.

@robhartshorn6823 2 месяца назад

Frivolous law suits is one problem.

@lindanorris2455 Месяц назад

RIGHT ON - THE CEO NEED A 3RD BEACH HOUSE!!

@pctexas Месяц назад

Numerous claims over past few years and not enough premuiums being paid to offset the cost. Also, it is a factor of inflation due to Bidenomics which factors heavily in everything.

@marusholilac 2 месяца назад

Couldn't happen to a nicer bunch. I'm a Virginian and SF raised my rates, sending a notice of adverse decision, despite my never having made a homeowners claim to them or anyone else. When I confronted their underwriting department, they said the fact that I had not had an auto loan within 5 years made me risky, even though my FICO 9 score was 826. I enjoy disparaging bums like this.

@fleabag2mr.151 3 месяца назад

Jake got an amazing tan right after Floyd died of an overdose.

@williamwilson6499 2 месяца назад

Your mom failed you.

@ocnier 2 месяца назад

@@williamwilson6499 The statement is true, you have to give him that.

@DillyPutty 2 месяца назад

I think the Kevin Miles "Jake" commercials started around the February 2020 Super Bowl. Floyd died in May 2020.

@generator6946 3 месяца назад

Some splendid sunny day poor working people simply run out of money. When that happens this house of cards implodes. What a time to be alive! Wake up

@DaynaRose74 15 дней назад

State Farm has an AI company to fall back on.

@steveurbach3093 3 месяца назад

Well they refused to move my Renters policy 0.8 miles to my new place (not in a high risk area. So they lost that premium. Then my car policy came up for renewal, not only did they raise rates, but I lost my Mult-line discount. Nice way to treat someone with almost 40Y of my business. AFAIC they deserve what they reap

@mrsparex 3 месяца назад

We had home & auto with them... They only knew the word "no*. We dropped them and got Eerie.

@paulad6728 3 месяца назад

State farm has always paid my claims

@jasonlovell3934 2 месяца назад

Don’t know how they could be in trouble when my auto, umbrella and rv rates have gone way up.

@juliebommelman7335 Месяц назад

When you spend a billion dollars in advertising that would be a place to cut.

@manimaljack6368 3 месяца назад

Fantastic video! Always love to hear how drastic the changes are in our industry. State Farm being such a mainstay in insurance is definitely feeling the pressure from upcoming companies looking for that #1 spot.

@eugenefirebird8938 3 месяца назад

Poor management all the way down the line. They made plenty of money when they charged half the rates they do now. I never ever considered way way overpriced premiums of State Farm. And like a bad neighbor, they are broke.

@gscott32 2 месяца назад

State Farm have been heavy in the Financial game for years, literally operated Insurance at a small loss to compete since their profit was mainly from elsewhere. Insurance claims hit every company hard the past few years, most have increased rates to cover it. Good time to call around to see who's cheapest, especially those with State Farm insurance.

@robertkreamer7522 2 месяца назад

Are used to run a small auto liability operation in the insurance industry, especially program for leased vehicles so I even had a captive insurance operation in Bermuda . I will tell you that a bee rating is terrible. You were quite right in saying that there are many variations of a a plus a minus and so on going to a B is really really bad news. . I suspect that they’re underwriting has not been the best somewhere along the line they got out of sink and we’re going for volume premium, and not paying attention to their exposures

@innersceptre4786 3 месяца назад

TY. I'm glad I found your channel!

@davidbartrand7231 3 месяца назад

I had contractor's liability through S Farm about 5 years. Onerously audited every year. No claims ever in my 40+ years. Finally quit them over audits & rates. Always treated better by every other insurer. Wife similarly treated poorly despite initial loyalty; eventually left disgusted. 1family each, in Idaho & CA , run off by S F in last year over homeowners insurance. Arbitrary new conditions and rates. Horrible company in MHO!

@vickiegay6005 2 месяца назад

State Farm was also a bank and gave loans for RVs and Auto. The State Farm Bank is gone! Who do I make payments to?

@alanbeckham9093 3 месяца назад

No more black Jake from state farm ? No more Andy Reid nuggies and painting players faces ? No more annoying Patrick Mahomes anything? IF ONLY!!!

@robertwrench1 Месяц назад

Just canceled two policies with there asses today. I also told them on the phone how corrupt they are. Good riddance

@bigedslobotomy 2 месяца назад

I didn’t like State Farm before, but when they race swapped “Jake from State Farm” I was really through with them.

@Ricko-hs3th 2 месяца назад

are you really that fragile?

@dmitryberman7334 Месяц назад

I spent 1.36 hours last night, speaking to the unbelievably incompetent, rude and vengeful State Farm Agent, about adding a second car on to my policy. The call was a horror show witnessed by 4 people sitting next to me. The Car Salesman had told me that He had never had an insurance agent carry on like that, All tat heard the conversation were questioning Your Agents Sanity. Can someone tell me, the 10+ years Customer, how can I get this information to Your Head office. I am checking my other options as we speak. You are not the Only Insurance around, play smart! (?) How Bad was the service the State Farm Agent provided ? Was it bad enough for me to take my Insurance needs to another competitor? My answer is : YES.

@08c6vette 21 день назад

Been with State Farm 38 years and how do they repay my loyalty, by jacking my auto rates 30% in one billing cycle, without any change in policy or claims. My homeowners was already nearly triple what it was 8 years ago, when I built my house. Then to rub salt into the wound they give their CEO a nearly $25 million dollar bonus after screwing over their customers. I was very happy with my SF agent, who has actually become a pretty good friend over the years but told him the time has come and even he said he understands completely and that it probably isn’t a bad idea because they aren’t done raising rates to make up for their bad business practices. Thankfully he could retire if they did go belly up. Who would you recommend for auto insurance in NYS?

@KingNothing0 3 месяца назад

i am surprised state farm is even kicking.... they quoted me like 100x more then my current insurance and said you should see what they quote younger people in their 20s. makes me believe they only have 60+ year olds with coke bottle glasses driving 20 mph in a 40 mph zone lol

@mostlyinterested1016 2 месяца назад

I'd say there's two factors in-play here. One, the tendency to force all of us to have "Jetsons" cars that can think and do for all the lazy so-and-sos out there who are happy to just pay through the nose for driver systems that protect the rest of us from the idiots who just can't stay off their phones for more than 5 minutes. Secondly, and we've all seen the constant commercials from Dewey, Sue-em and Howe, where attorneys are happily advertising multi-million dollar settlements for anyone who shows up in their offices with a "case". All those things do is jack up everyone else's insurance rates until we flee to the "cheapies" and, suddenly, we don't have meaningful automotive insurance just basic coverage that counts for nothing. Thus, people like State Farm don't have a client-base and thus don't have revenue.

@terrykissell1633 3 месяца назад

I'm sure the Arnold commercial wasn't cheap. It's actually a great spot....but ding ding ding!

@purplepenguin1024 2 месяца назад

Baghdad Bob says the banking industry is safe and secure.

@victor11172 3 месяца назад

When a compony scumming its customers that compony should go bankrupt! Insurance company keeps your policy open as long as you dont file a claim! I filed two claims in curtain period of time and they send me non renew notice! What it really tells me is that if i would not file second claim they would not cancell my policy, they would just take my money, there is no such thing as insurance! If there such thibg as insurance than it doesnt metter how many claims you make. Hje only thing metters. That you pay!

@richardguerrero8179 2 месяца назад

Auto insurance rates have shot up due to rise in AUTO THEFT claims since 2020. Major reason for premium increases. (Source: Valuetainment - PBD podcast)

@MikeD-tf7dk 2 месяца назад

Not crying a whole bunch of tears. These people were a holes over 20 years of being a customer with them and three issues later - I was dropped. Now mind you we’re talking small scale things that didn’t come close to the premiums that I had paid. I saw another comment and hear about don’t buy from companies that have expensive spokespeople. Amen. I couldn’t be happier with my Farm Bureau policy at this point. Not a whole lot of fancy schmancy advertising. But reasonable rates and when my car got stuck in a ditch, I got the roadside assistance I needed end of story. :)

@rickynorris1694 3 месяца назад

Then why are they using celebrities in their already very expensive multiple daily commercials?

@charlesdtrost4706 3 месяца назад

No worries they'll get a bailout.

@Ultrajamz 3 месяца назад

I wonder how much of the raised prices is factoring in increased future inflation, rather than take today’s profits and invest them and take those risks, they just want more from subscribers today to account for the value of the dollar when they eventually make claims.

@IamCaleum 2 месяца назад

I have USAA for car insurance but since I have a mobile home and the only company around me that insures mobiles is state farm... I have state farm. If I can ever get myself off of the medical merry go round and buy a house, it would 100% be insured through USAA, I stay with state farm because I have to.

@JeanneKinland 2 месяца назад

I wonder if it could affect their employees retirement plans?

@fuffoon 2 месяца назад

I wonder if there is a better way than for profit insurance. It can't keep up anymore.

@2000spqr 25 дней назад

STRETCH THE RUBBER BAND..... STRETCH THE RUBBER BAND... STRETCH THE RUBBER BAND.... OH SNAP!

@bruceweissberg8644 2 месяца назад

Terrible company ripped me off

@juliebommelman7335 Месяц назад

Pay your claims with advertising budgets.

@zeekettete 2 месяца назад

Annoyed by the way that they constantly send "Friendly reminder" unsolicited text messages that we didn't opt in for... it's worse than a bill collector... Haven't had to deal with any bill collectors in decades but SF is definitely acting like them. That's why I googled this btw lol

@RandenMontalvo 22 дня назад

State Farm sadly was by far the worst insurance i have experienced. Their policy increases are quite frankly stunning.

@mikeking-lc3vl 2 месяца назад

As far as I'm concerned they're a vriminal organization. I got lowballed by them twice on collisiond caused by their st fault drivers, totalling both cars. Nothing much that I could do.

@user-jn9gv9ve6e 2 месяца назад

state farm doubled my car insurance in 2 years.

@chrissharkey9644 2 месяца назад

Good! They bankrupt Me!

@johnireland6301 2 месяца назад

They will be just fine.

@ericgardner5548 2 месяца назад

not going bk, largest insurer in the country.

@douglasscovil3447 Месяц назад

would love to see SF go bankrupt, then i wouldn't have to watch all of their KC Chiefs commercials that they have been running forever.

@NormanSilver 23 дня назад

State Farm Policy holders attention. Call your local INDPENDENT INSURANCE BROKER NOW. Bail from State farm immediately. Let your independent broker help you.

@lindanorris2455 Месяц назад

ONLY THE EMMPLOYEES WILL GO BANKRUPT NOT THE CEO!

@eugenefirebird8938 3 месяца назад

I hope the state never lets them back in. The want more profit... more more more. They want another skyscraper.

@robertcox8994 2 месяца назад

They should not have gotten rid of the original Jake

@Vinny8El611 2 месяца назад

Time to get puts 😂

@lfkatzke 2 месяца назад

They're a mutual company. No stock to place your puts.

@captain54526 2 месяца назад

The Company went completely " WOKE", in the name of diversity and poor choices for their new agents that are sub-par. Thus the Company service they once had for customers is gone and when ones files a claim one doesn't deal with your agent but a computer in Florida with a paperwork jungle to wade through. Their deductibles are outrageous. Deductibles should be a fixed rate for homes like a vehicle is. At 3% deductible on a home that means $3,000 per hundred thousand evaluation X $400,000 home = to a $12,000 deductible. If your shingles blow off your home that means you are paying for the new shingles installation or 90% of it ! The Company is not what it once was !!!

@PAS2010D 2 месяца назад

I LITERALLY just got way better rates from them. Needed 600k in home owners. Allstate 637 a month Farm Bureau 475 a month State Farm 238 a month. Im okay with that for now. I only have insurance for the one payout if the house burns or a tornado gets it.

@bobjoatmon1993 2 месяца назад

Watch out, have you CONFIRMED IN WRITING you're covered for wind damage? Many companies require a seperate rider policy for flood or wind which costs more. Cheap insurance is cheap for a reason.

@lfkatzke 2 месяца назад

@@bobjoatmon1993 IIRC, flood insurance is only available from FEMA. Doesn't matter which company you're with... it's an additional policy.

@bobjoatmon1993 2 месяца назад

@@lfkatzke since I lived in the flood plain on the Texas Coast for 40 years I knew that BUT it's probably too complex for most people, so following the KISS principle I stand by what I said. Also, I could type an 8 thousand word explication of the insurance industry to dot every i and cross every t but no one would read it OR if they did retain most/much of it. Consider the audience here