Whether you are a policyholder who likes to “discount double check” or a policyholder who sleeps better at night because “you’re in good hands”, you can’t deny that State Farm and Allstate are both two of the heavyweights in the Auto Insurance division / industry. Both have been around forever it seems; both have large adverting budgets and both frequently have very funny, Super Bowl ads that keep the water cooler at work on Monday buzzing all week. However, what if these two insurance companies were put in a small room? Who would come out as the victor? Let’s examine the numbers and find out!
What is in this for you?
Both State Farm and Allstate are great companies and a policyholder really can do no wrong choosing either of these top-notch Auto Insurance providers. However, each company does have its very own rating system and for that, sometimes and depending on the coverage, one company could have lower rates than the other that could save you a few coins in your piggy bank.
- State Farm was established in 1922 by George Jacob “G.J.” Mecherle, which makes them 92 years old.
- Allstate was established in 1931 by the company Sears, Roebuck and Co. The company went solo in 1993 and are 83 Years old.
- Bloomington, Illinois (State Farm)
- Northfield Township, Illinois (Allstate)
- State Farm has $224 billion in total assets in 2013 and has 65,000 employees.
- Allstate has $123.5 billion in total assets in 2014 and has 25,900 employees.
- “Like a good neighbor, State Farm is there.” (State Farm)
- “You’re in good hands.” (Allstate)
State Farm’s Signature move
When State Farm started in 1922, they had only 1 product. Today, they have over 100 products and are ranked number 44 on the top 500 companies on Forbes. Size wise, they are the largest insurance company in the country and are also a leading insurance company in Canada.
Here are some of the signature discounts of a State Farm auto insurance policy:
- Good Student
- Steer clear safety course
- Defensive driving course
- Safe and save
Allstate’s Signature move
Allstate is not a “hole in the wall” insurance company either. They are the largest publicly held personal lines insurance company in the country. Forbes has them at number 92 of the top 500 companies.
Allstate is recognized as the first company to come out with a zero deductible offer which they call “vanishing deductible” and they were the first to come out with an accident forgiveness program. These two products have definitely kept Allstate ahead of the industry and a customer friendly company.
Here are some of the signature discounts of an Allstate auto insurance policy:
- Vanishing deductible
- Accident forgiveness
- Early signing
- Auto life
Side by side table comparison – State Farm Vs Allstate
|Company||AM Best Rate Rating for financial strength||Cost per month for auto policy on drivers over 30 years old||Employees||Total auto insurance premium written|
|State Farm||A++||$177 per month. This is the price for 2 autos, at 50/100/50 limits, with a $500 ded, and an excellent driving record.||65, 000||$58886598061|
|AllState||A+||$ 133 per month. This is the price for 2 autos, at 50/100/50 limits, with a $500 ded, and an excellent driving record.||25, 900||$30000000000|
State Farm Vs Allstate – The Winner is…
Bigger is not always better. Although State Farm has more employees, more assets, more revenue, more total written premium and more auto policies sold, their rates are much higher than Allstate’s auto insurance rates for the same coverage making AllState the winner.
Keep in mind that if a person wanted to lower their monthly premium from either of these companies, all they would have to do is raise their deductibles up higher and/or lower their limits of liability to their state’s minimum requirements.
However, proceed with caution whenever lowering your auto rates as this could come back and haunt you if you get into a major auto accident and get sued. Consult with an agent before deciding to drop coverages or limits down to save additional money
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