Farmers Insurance Claims

The high auto insurance premiums can be disadvantageous to farmers as they have better driving records and are generally a low-risk group. Luckily as a farmer, you have a choice of several insurance companies specializing in insuring farmers at lower premiums. One of these companies is Farmers Insurance Group.

But what exactly is Farmers Insurance Group? Below is a brief look at how the company has come to be one of the biggest insurance companies in the US. Additionally, there is a look at its market cap and the claims number to call for auto claims in Texas.

Claims Number

In case you are a policyholder and have had a vehicle-related loss, damage, or injury, you can report your claim via phone or online. The auto claims number in Texas is 1-800-435-7764. If you speak Spanish, you can use 1-877-732-5266. These numbers can be used for both reporting and viewing the status of claims.

Although the insurance company has your best interests at heart, you may run into the following challenges:

  • Delays in the process
  • In case of an accident, you may be focusing on the recovery of your health
  • The insurer may pay you much less than you deserve
  • The claim may be denied

An attorney can help you overcome these challenges as they know how to deal with insurance companies like Farmers Insurance Group. Our accident lawyer is ready to help you file the claim at no-out-of-pocket expenses.

Texas Car Accident Claim for
Auto Insurance Claim Form

Short History

Farmers Insurance is a company that has been around for almost a century now. It was founded in 1928 in downtown Los Angeles as Farmers Automobile Inter-Insurance Exchange by John C. Taylor and Thomas E. Leavey. John C. Taylor was a son of a South Dakotan farmer turned insurance salesman, while Thomas E. Leavey was a former Federal Farm Loan Bureau employee. They felt farmers deserved lower insurance premiums as they had better driving records as compared to urbanites.

Although the great depression in the 1930s made it challenging for insurance companies to pay their claims in cash, Farmers Insurance group remained among the few that did.

Reciprocals

Perhaps the most notable aspect of this company is its reciprocal inter-insurance exchange model. Currently, there are three reciprocals launched over the years as the company grew.

  • Farmers Insurance Exchange- original reciprocal which was in 1936 named the leading reciprocal in earned auto insurance premiums by National Underwriters
  • Truck Insurance Exchange- launched in 1935
  • Fire Insurance Exchange- the third reciprocal that began offering home insurance in 1942

Large Scale Disasters

Despite the steady growth, there have been disasters that have heavily impacted this insurance company’s financial standing. The largest ones include:

  • San Francisco earthquake in 1989
  • Oakland fire in 1991
  • Northridge, California earthquake in 1994

These significant disasters and many others have resulted in substantial losses for the Farmers Insurance Group. However, the company has seemed to always survive these financial challenges. In fact, it has often made a name for itself through its huge efforts to help those hit by these disasters.

Market Cap

Farmers Insurance Group is not a publicly-traded company. Nevertheless, it has remained one of the biggest companies in the US. The Farmers insurance Exchange is ranked at position 255 on the 2020 Fortune 500. In 2019, it had a revenue of $11.65billion. Therefore, this insurance company has enough financial strength to settle claims.

This insurance giant is owned by Zurich Insurance Group, which is one of the largest international insurance companies. Its market cap is $63.7billion as of March 2021. The figure had been steadily growing over the past years. The only exception was 2020, when the coronavirus pandemic hit, bringing the market cap to $43.17 from $60.7billion in 2019.

Conclusion

Farmers Insurance Group has had a long history of ensuring farmers get lower premiums when it comes to auto insurance. Their service to the community, especially during significant calamities, has allowed them to remain a favorite among farmers. As a policyholder, you can file your claim through 1-800-435-7764 or let us our injury attorney report it for you.