State Farm® and Ford team up to introduce usage-based insurance to new vehicle owners
State Farm® and Ford are excited to announce the launch of Drive Safe & Save™ Connected Car for customers with eligible connected Ford or Lincoln vehicles, to benefit from usage-based insurance (UBI). State Farm customers with eligible connected vehicles can opt into the State Farm UBI program, Drive Safe & Save, which adjusts premiums to an individual vehicle’s mileage and customer driving behavior.
State Farm will debut Drive Safe & Save Connected Car in Alaska, Idaho, Montana and Oregon, for policies effective on or after Feb. 27, 2022, followed by a rollout across more states (excluding Calif., Mass. and R.I.).
As a result, State Farm customers that drive an eligible Ford or Lincoln vehicle can better manage their overall vehicle ownership costs, by benefiting from their good driving behaviors or learning to improve their driving habits and in turn, reducing their premium. Eligible 2020 Model Year and newer connected Ford vehicles, with the consent of the vehicle owner, can share information directly with State Farm to enable Drive Safe & Save. The more customers improve their driving behaviors, the greater the insurance discount they may obtain.
“Customers can better manage their car insurance premium because their rate will be more closely associated with their personal driving characteristics,” says State Farm SVP Property and Casualty Chris Schell. “Drive Safe & Save represents a significant auto discount opportunity, including an initial 10% participation discount off major coverages. Discounts average between 10 and 15%, with even higher discounts possible depending on individual driving behaviors.”
“Connected vehicles have the potential to deliver great benefits to Ford customers, including the ability to help lower their car insurance premiums through good driving behaviors,” said Alex Purdy, Director of Business Operations, Enterprise Connectivity, Ford Motor Company. “We’re excited about State Farm’s approach of using Ford’s built-in connectivity to offer Ford and Lincoln customers new ways to save money. This agreement further builds on our strong and long-standing relationship with State Farm to continue to deliver value for our mutual customers.”
About Ford Motor Company
Ford Motor Company (NYSE: F) is a global company based in Dearborn, Michigan, that is committed to helping build a better world, where every person is free to move and pursue their dreams. The company’s Ford+ plan for growth and value creation combines existing strengths, new capabilities and always-on relationships with customers to enrich experiences for and deepen the loyalty of those customers. Ford designs, manufactures, markets and services a full line of connected, increasingly electrified passenger and commercial vehicles: Ford trucks, utility vehicles, vans and cars, and Lincoln luxury vehicles. The company is pursuing leadership positions in electrification, connected vehicle services and mobility solutions, including self-driving technology, and provides financial services through Ford Motor Credit Company. Ford employs about 184,000 people worldwide. More information about the company, its products and Ford Motor Credit Company is available at corporate.ford.com.
For 100 years, the mission of State Farm has been, and continues to be, to help people manage the risks of everyday life, recover from the unexpected, and realize their dreams. State Farm and its affiliates are the largest providers of auto and home insurance in the United States. Its more than 19,400 agents and approximately 53,400 employees serve over 87 million policies and accounts – which includes auto, fire, life, health, commercial policies and financial services accounts. Commercial auto insurance, along with coverage for renters, business owners, boats and motorcycles, is available. State Farm Mutual Automobile Insurance Company is the parent of the State Farm family of companies. State Farm is ranked No. 39 on the 2021 Fortune 500 list of largest companies. For more information, please visit http://www.statefarm.com.