I was going through the old tax papers and cleaning out the documentation that the IRS no longer required us to maintain… I stumbled onto this old letter from my State Farm Insurance Agent, dating back to 2007, informing me of the Dividend that State Farm was paying me for my car insurance policy…
Now, I do not know about you all, but back then I often received a Dividend check, it may not have been for much, but it was a welcome letter verses a notice of payment due…
This was the last time I even received a Dividend from them and my last claim was 6-years previously in 2001 when I took the roof off my RV… so it is not my current driving record.
I might just call them and ask about the “missing” Dividend Checks. My wife says to let “sleeping dogs lie…” However, I like to “poke the sleeping giant…”
Any of you receive such a Bonus like this and are you still receiving them or only notices that “due to changes in the law,” they regretfully have to increase your premium?
When I lived in California I insured through the Auto Club. They rebated some of my premiums every year because I never made a claim. That’s not the same as a dividend.
Yes I received one at one point from State Farm. Don’t remember when or how much. The thing is, State Farm is a mutual company which means you had to pay a membership for each auto policy. You therefore can share in any dividends. Normally they just adjust rates or decide certain markets like California are too risky.
Because my insurance company (NJM) is a mutual insurance company, their policy is to pay an annual dividend–if their claims experience for the preceding year permitted it. Years ago, I used to get a check (usually in the range of $40-$50) from them. For the past few years, they have simply credited my account, and deducted the amount of the dividend from the next monthly installment.
I receive small dividend checks from insurance companies every once in a while.
State Farm still insures cars in Calif, but won’t issue any new homeowner policies here any more. They say part of the reason, the Calif building code requirements and the bizarre inspection enforcement policies make rebuilding damaged homes too expensive and takes too long. Perfection is expensive. So no more State Farm home insurance for new Calif homeowners. I think Allstate has stopped issuing new homeowner’s policies in Calif as well, same reasons. Those were the big two, until now, no more.
Florida too is having a problem with real estate coverage. There is also some issue with those with solar panels. Check pricing and availability before buying if you need a mortgage. If paying cash, you just self insure I guess. Gotta screw up liability and umbrella policies though.
