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State Farm Fined for Auto Practices

October 2nd, 2007 by Mike Vasilinda

State Farm Mutual Auto Owners will pay a one point five million dollar fine to the state of Florida for failing to let auto insurance customers know they had a less expensive alternative without leaving State Farm. As many as 200 thousand auto policy holders could benefit from the change. Office of Insurance Regulation spokesman Ed Domansky says the savings amount to a hundred to 200 dollars per year. What State Farm should have been doing is letting their policy holders know that they could have moved to the less expensive mutual company rather than remain in what is the more expensive fire company or standard company. says Domansky.

State Farm will begin notifying auto policy holders of their options immediately under the settlement.

Posted in Business, Insurance, State News | No Comments »

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