State Farm Bad Faith Insurance Practices in Colorado
Like all insurance companies, State Farm owes its policyholders and certain third parties the duty of good faith and fair dealing. This means that in handling and processing insurance claims, State Farm must refrain from acting dishonestly or with the intent to harm its customers and others.
If you believe that State Farm has acted in bad faith with respect to an auto accident insurance claim you filed, you may be able to bring a bad faith insurance lawsuit against the company. To learn more about which insurance company practices constitute bad faith, click here.
About State Farm Insurance
State Farm is a group of insurance and financial services companies headquartered in Bloomington, Illinois. State Farm is one of the most profitable corporations in the United States, and is currently ranked 44th on the Fortune 500 list. State Farm generated more than $65 billion in revenue in 2013.
State Farm’s main business is State Farm Mutual Automobile Insurance Company, a mutual insurance firm that is the parent company of the following wholly-owned State Farm subsidiaries:
- State Farm Fire and Casualty Company,
- State Farm Life Insurance Company,
- State Farm Life and Accident Assurance Company,
- State Farm International Life Insurance Company, Ltd., and
- State Farm Guaranty Insurance Company.
State Farm provides the following types of insurance:
- Auto insurance,
- Motorcycle insurance,
- Sport and leisure vehicle insurance,
- Home insurance,
- Property insurance,
- Identity protection,
- Life insurance,
- Liability insurance,
- Health insurance,
- Disability insurance, and
- Long-term care insurance.
Bad Faith Insurance Practices by State Farm
State Farm has been repeatedly criticized for its bad faith tactics by the media and other stakeholders. According to a report by the American Association for Justice, State Farm is the fourth-worst insurance company in America. The report details State Farm’s numerous bad faith denials of property insurance claims filed by policyholders who were victims of Hurricane Katrina.
After United States Senator Trent Lott publicly condemned State Farm for including misleading language in its policies that led many along the Gulf Coast to believe they would be covered in the event of a hurricane, State Farm agreed to reevaluate more than 3,000 property insurance claims connected to Hurricane Katrina, eventually paying an additional $30 million in settlements.
In Colorado, State Farm has been held liable for its bad faith practices in jurisdictions across the state. State Farm must abide by the Colorado bad faith insurance laws applicable to insurance companies operating in the state, and can be held legally responsible when they do not.
Filing a Bad Faith Insurance Lawsuit against State Farm After an Auto Accident
If you live in Colorado and are concerned that State Farm has acted in bad faith with respect to your auto accident insurance claim or claims, contact an experienced Colorado bad faith insurance lawyer to discuss your rights.
The skilled trial lawyers at McCormick & Murphy, P.C. have successfully handled dozens of insurance bad faith cases in Colorado courts. To speak with us about your situation, call 1 (888) 668-1182 or submit a question online.
Disclaimer: Information provided on this site is NOT formal legal advice. It is generic legal information. Under no circumstances should the information on this site be relied upon when deciding the proper course of a legal action. Always get a formal case evaluation from a licensed attorney if you think you might have a personal injury lawsuit.