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Revision as of 17:25, 7 June 2006
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The Farmers Insurance Group of Companies was founded in 1928 as the Farmers Insurance Exchange in Los Angeles, CA. The company started out offering only automobile insurance but home and commercial insurance was added as the company grew. Farmers Group is the country's third-largest writer of both private passenger automobile and homeowners insurance. Farmers Group is managed but not owned by Zurich Financial Services. Farmers Insurance Group of Companies is based in Los Angeles, California, and operates in 41 states across the country through the efforts of approximately 18,000 employees. Foremost Insurance Company, located in Michigan, was acquired by Farmers in March 2000.
Praise
Farmers ranks 3rd behind Allstate and State Farm.
Criticism
Many people consider Farmers Insurance to be the worst insurance company in the USA. State Insurance Commissioner reports reflect that Farmers Insurance has the most complaints in California, Washington, Texas, Oregon, Kansas, Arizona, Colorado and more. In 2003, Consumer Reports rated Farmers Insurance Homeowners "Worse" for both "Problems with Claim" and "Delayed Payments". In March 2006, Consumer Reports considered Farmers Insurance one of the “Poorest Performers” amongst 27 insurance companies in terms of paying off (auto) claims in 30 days or less.
A number of consumers, agents, and claims adjusters have had disagreements with Farmers Insurance. Here are some of the more popular cases that have made it into the news.
- Claims Adjusters: In September 2004, Farmers Insurance claims adjusters won a lawsuit, Bell v. Farmers Insurance Exchange, which rewarded them for all their overdue overtime labor. At the time it was largest overtime pay class action ever tried in the United States.
- Insured Consumer: The Ballard v. Farmers Insurance case is one of the most prominent mold claim cases against an insurer. Ballard alleged that Farmers Insurance failed to adequately and swiftly cover repairs for a water leak, allowing the toxic mold Stachybotrys chartarum to overrun their home and damage their family's health.
- Insured Consumer: Barbara Martin did not understand why Farmers Insurance would not compensate Martin for "pain and suffering" -- her lost career, inability to have another child, continuing emotional and physical pain. Martin accused Farmers Insurance of fraudulently using a program called Colossus to rip off customers. Robert Dietz and Christy Klein, former Farmers claims adjusters, stated "There's so much pressure on you to settle for the least amount possible". Dietz and Klein claimed Farmers Insurance would offer monthly incentives to pay less. Typical prizes were $25 gift certificates or a pizza party for an adjuster and her team.
- Insured Consumer: Ethel Adams stated, "This is everybody's worst nightmare. You know you have insurance -- you've paid for it -- and you've got these massive injuries. Then to be told, 'No, you don't have coverage,' it was like someone punched me in the stomach. It makes you physically ill." Farmers Insurance denied Ethel's claim stating it was not "an accident". Washington State Insurance Commissioner Mike Kreidler told Farmers Insurance to pay.
External links
Company Web Sites
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