Good news for State Farm policyholders

#1
In a long-awaited win for consumers, State Farm Insurance agreed Friday to refund $352.5 million in excessive premiums to its Texas customers to settle a nearly 12-year-old legal battle over the company’s homeowner rates.
Refunds for long-time customers are projected to range between $200 and $300. An estimated 1.2 million Texas homeowners are expected to receive refunds in the case.
http://trailblazersblog.dallasnews....llion-in-overcharges-to-texas-customers.html/
 
#4
"She said actual refund amounts will be determined over the next few months and policyholders will be mailed refund checks over an 18-month period."

Did I get 18 months to pay my premiun?
 

pearceg

Diamond Member
#6
Refunds for long-time customers are projected to range between $200 and $300.
I guess that beats the typical class action settlement where the lawyers get $250,000,000 and the people who actually sustained the losses get a 30 cent credit on their next purchase from that business.
 

Tooleman

Diamond Member
#8
I disagree with that.. iv been with them for years.. and all this month I shopped around looking at rates.. and they were pretty much all about the same.. some were way higher..
 

TNVol

Silver Member
#9
I disagree with that.. iv been with them for years.. and all this month I shopped around looking at rates.. and they were pretty much all about the same.. some were way higher..
I am with you Toolie. I have been with SF since 1988 and I tried shopping my rates for everything last month.
I could save a few bucks this year but once the "New Customer Rate" went away I would pay more.

Not worth the change.
 
#10
Did anyone get their refund check from State Farm yet? A friend of mine got hers last week so I called my agent and was told the checks started going out in September and will continue being sent through the end of the year. He referred me to http://statefarm.com/texasratesettlement

I am expecting between $300-$700 according to my agent. Sure could use that right about now...
 

AGH

Gold Member
#13
State Farm is an absolute ripoff. Their premiums are not even close to the competition.
Completely disagree with that. I've been with them for 35 years and with 5 kids now driving and having accidents, I would have been cancelled by any other company. They have never hesitated to handle my claims timely and completely to my satisfaction.

I got my $400 check week before last.
 
#15
We dropped State Farm after 30+ years after being completely disappointed and dissatisfied with how they handled our hailstorm/roof fiasco. We consolidated our home insurance with our car insurance company and saved a lot of money. I still got a nice refund from SF which is icing on the cake.
 

hockeymom

Diamond Member
#18
We got ours last week....$648! Was a total surprise to us as we hadn't heard about the ruling & switched insurance co's a year or so ago.