Special Report

Farmers Insurance Is the Most Hated Insurance Company in America

courtneyk / E+ via Getty Images

Farmers Insurance is well known for its TV commercials that feature widely acclaimed actor J.K. Simmons. He appears as a kindly insurance company executive who wants people to have better insurance for less money. If the reason for the marketing is to get people to think better of Farmers, it has not worked.

According to the American Customer Satisfaction Index’s Insurance and Health Care Study 2021-2022, Farmers got the lowest score in the industry in 2022, as it did in 2021, and its score has not improved. (Also see, 21 states where the most people don’t have health insurance.)

Farmers Insurance was indeed founded to help farmers. Founders John C. Tyler and Thomas E. Leavey, who came from rural areas, started the company in 1928, believing farmers experienced fewer risks with their vehicle and therefore deserved better rates. The company, which currently sells home, life, and car insurance, has settled at least five lawsuits that range from discrimination to acting in bad faith since 2005.

Farmers was acquired by Swiss-based Zurich Insurance in 1998. Zurich is a financial behemoth with 56,000 employees. It does business across 210 countries and territories. (These are America’s most hated industries.)

To come to the conclusion that Farmers is so poorly regarded, the ACSI surveyed 12,841 people between October 2021 and September 2022. Customers were asked about different aspects of their experience with their insurance companies.

The categories with the lowest rate of customer satisfaction were availability and range of policy discounts and rewards, ease of understanding billing statements, speed of most recent claim processing and completion, and courtesy and helpfulness of representatives and agents. For these categories, around 75% to 78% of customers were satisfied.

Here is 24/7 Wall St.’s list of the most hated insurance companies in America.

The #1 Thing to Do Before You Claim Social Security (Sponsor)

Choosing the right (or wrong) time to claim Social Security can dramatically change your retirement. So, before making one of the biggest decisions of your financial life, it’s a smart idea to get an extra set of eyes on your complete financial situation.

A financial advisor can help you decide the right Social Security option for you and your family. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.

Click here to match with up to 3 financial pros who would be excited to help you optimize your Social Security outcomes.

 

Have questions about retirement or personal finance? Email us at [email protected]!

By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.

By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.