Curious about what Farmers Insurance could offer you? With major national insurance companies competing for your business, choosing the best auto insurance can be confusing. What is worth sacrificing in a coverage plan? How much should you be paying for auto insurance? Could you get discounts or qualify for benefits? Which companies are the most expensive and are they worth the additional cost?
Knowing the factors that you should be paying attention to when determining the best auto insurance option for you helps demystify the process. Whether you go with Farmers or another insurance company, your coverage should give you peace of mind for a fair and reasonable price. Ready to find the best deal on your auto insurance? Here’s how to weigh the pros and cons of Farmers insurance.
Founded in 1928, California-based Farmers Insurance Group has served the American public for nearly 90 years as a major insurance provider. The Los Angeles-based company sits in the mid-range of insurers, currently ranked fifth largest home insurer and seventh-largest auto insurer in the United States.
Farmers offers a wide range of insurance products, from various types of homeowners insurance to life insurance to renters insurance and business insurance. They offer packages for everything from car insurance to motorcycle insurance to covering boats. In their words, “Whatever you drive, you know you need insurance for your car and assets.”
Farmers has proven to be especially attractive to families and young drivers due to their options for additional coverage. These include but are not limited to accident forgiveness, rideshare insurance, and new car replacement. Additionally, their discount programs for good students, teen drivers, and multiple vehicles incentivize both new drivers and families looking for a bundle deal. Plus, the company's strong base of agents and adjusters means your insurance claims will be quick and allow you to work with your own claims representative, show you ever need to file a claim.
How does Farmers auto insurance work?
Looking to sign up for Farmers auto insurance? You’ll need to create an account on their website and enter your personal information online to get started. If you need help with the process, you can contact a Farmers agent.
Browse auto insurance packages
Before signing up, look into which auto insurance plan makes the most sense for you. This will save you time and help you narrow down exactly what you’re expecting from your auto insurer. You can get an idea of the types of risks you’ll face while driving which require different types of coverage on the Farmers Auto Insurance page.
Create an account online
The first step to signing up for an insurance plan with Farmers is to create an account. After clicking on “Register” in the top right corner of the screen, it should be next to the magnifying glass, you’ll be prompted with a few short blanks to verify your identity.
Enter your personal information into the blanks and fill out the questions as prompted to successfully create an account.
Get an insurance quote
If you’re not sure you want to fully sign up for an account, you can also get a quote online for free. On the auto insurance page, there will be a red button near the top of the page which says “Get A Quote.”
After clicking the red “Get A Quote” button, you’ll be prompted to enter your zip code. Follow the instructions given to you by the website to get your quote. It will be based on factors including the number of vehicles, drivers, and applicable discounts.
Remember, you’ll need to have important personal information available — you might be asked for verification of your address or your social security number in addition to information about your education, profession, and driving history. Also be ready to provide the make, model, and year of your vehicle.
According to a recent study on car insurance companies, Farmers is on the expensive side of insurance plans, on average. Their average representative insurance rate is $1,682, which was surpassed only by Allstate ($1,880) and Nationwide ($1,864), out of companies included in the survey.
Here are some factors that can influence the cost of Farmers auto insurance:
On average, Farmers auto insurance premiums are higher for younger drivers. For example, a married 35-year-old female driver has a representative rate of $1,630.54 through Farmers. Meanwhile, a married 60-year-old female driver has a representative rate of $1,430.82. Consider the number of years you’ve been driving when assessing your auto insurance cost.
Are you looking for low, medium, or high coverage on your vehicle? Make sure you’re comparing the same coverage level when comparing auto insurance plans. Here is a chart of representative rates for Farmers insurance.
With a projected annual difference of only about $200 in cost, consider the benefits of opting for a high coverage plan. Paying for auto body repairs can add up fast, so it could be in your best interest to pay more upfront and avoid a headache down the line.
Do you have established credit and a good credit rating? Farmers insurance will use these factors to determine the cost of your plan. The difference in the average rate between a typical good and poor credit rating is about $1,000, so it will be a big factor in determining your total cost.
A good credit score is typically considered above 700 on a scale of 850. A poor score is usually around 580 or below.
Examples of premium costs
I received a quote from Farmers based on a single, college-educated male renting a home in Chicago driving an average of 11,000 to 13,000 miles a year in a 2018 Toyota Camry as of March 28, 2021. I received the minimum and full-coverage options.
Minimum coverage includes:
Bodily Injury: $25k/$50k
Property Damage: $20k
Uninsured Motorist Bodily Injury: $25k/$50k
Full coverage includes:
Bodily Injury: $100k/$300k
Property Damage: $50k
Uninsured Motorist Bodily Injury: $100k/$300k
Collision Deductible: $1k
Comprehensive Deductible: $1k
Farmers auto insurance features
Auto insurance tends to have areas of overlap between insurers. Many have tiered coverage plans and take similar factors into account when giving a quote. That being said, Farmers has a few unique and popular features that make them stand out.
Unique offers for new cars
Farmers offers a program called the “New Car Pledge,” which will replace your car with the exact make and model. The only requirements are that your car is under two years old and your vehicle has less than 24,000 miles on it.
Coverage for antique or collectible cars
If you’ve fallen for an antique car, you’ve probably faced obstacles when it comes to insuring it. Farmers has a specific program for collectible automobiles that specialty car owners often find appealing.
Coverage for Uber and Lyft drivers
Are you a rideshare driver? If so, you might want to look into the Farmers insurance plan for drivers. Rideshare apps often don’t offer auto insurance, or if they do they might not cover you for accidents that occur while you have the app on but before you’ve accepted a ride. Adding rideshare insurance to your personal Farmers plan might be an ideal plan for you.
Who is Farmers auto insurance best for?
Wondering if Farmers is right for your specific needs? Let’s take a look at a few demographics which benefit most from the Farmers auto insurance coverage.
If you’re looking to get coverage for a new driver, Farmers has benefits you might find appealing. Accident forgiveness, which forgives one at-fault accident for every three years gone without one, helps to keep premiums low. Additionally, their good student discount could help get young drivers insured for a reasonable price.
Farmers offers discounts for insuring multiple vehicles under one plan. For families with numerous cars, this benefit can be a make or break benefit. Ask about their multi-vehicle benefit as well as their multi-policy, or bundling, discount.
People with good credit scores
Since Farmers is already more pricey than some other auto insurers, it might not be the best option for those with poor credit scores. The difference between those with a Good and a Poor credit score is typically around $1,000 annually, so it’s worth considering different options if you fall into the lower credit score bracket.
Who shouldn’t use Farmers auto insurance?
Farmers auto insurance isn’t one-size-fits-all. Consider your priorities as a car owner before committing to a plan. Farmers auto insurance might not be ideal for a few specific groups of people.
Those looking for the most inexpensive insurance possible
Farmers isn’t known for being the most inexpensive auto insurance available, which is what some car owners are looking for—basic car insurance for as little expense as possible. If this is you, consider USAA or Geico based on their average annual rate instead.
Extremely high-risk drivers
If you have a history of being a high-risk driver, consider an auto insurance plan with gap coverage. Intended for people in accidents where the damage to their vehicle surpasses the value of the car itself, Farmers does not offer gap coverage. Consider going with State Farm or Progressive instead.
Farmers Auto Insurance pros & cons
Auto insurance and coverage options are varied for a reason—every policyholder has their own set of specific needs and wants in a plan. Do you value financial benefits and discounts? Are you a high-risk driver? Which specific coverage plans best apply to your vehicle?
You can begin addressing some of these questions with a simple list of pros and cons.
Low- to high-mileage drivers often only experience a small price increase, if any: Translation? If your car has a lot of miles under its belt, you won’t face unreasonable price increases when compared to those with low mileage vehicles.
Farmers offers perks and discounts: If you’re a homeowner, drive an alternative fuel vehicle, are part of a professional group, pay electronically, are a good student or plan to insure more than one vehicle, Farmers will give you a discount on your auto insurance bill. They offer customers opportunities to save through numerous discount programs.
Monitor your driving behavior through Signal: Farmers has a mobile app for Smartphones called Signal, which was designed to help drivers track their behavior on the roads. Completing ten trips with Signal means a 5% auto insurance policy discount and up to 15% at the time of your next renewal. This program isn’t available in every state, so be sure to check with your representative.
Online quotes ask for personal information: It can be uncomfortable, even a security concern for some, to give a company your personal information online. To get a quote from Farmers, you’ll need to input your full name, address, vehicle information, and Social Security number on their website. This is common for many auto insurers nowadays, but it if makes you nervous to give this information online you might be better suited to visit an insurance agent in person.
Lack of gap coverage: If you’re in an accident where you end up owing more than your car is worth, you could benefit from gap coverage. Companies like State Farm and Progressive offer gap coverage to help you pay off your car loans in the event it’s totaled, while Farmers does not.
Average reviews for the cost: While Farmers is on the pricier end of the auto insurance scale, their reviews don’t necessarily reflect exceptional service. It is among the most expensive auto insurers on average, surpassed only by Allstate and Nationwide. According to the J.D. Power 2019 Auto Satisfaction Study, Farmers fell below the industry average at a ranking of 11 out of 23 total insurance companies.
Farmers vs. competitors
Curious how Farmer’s auto insurance stacks up against competitors? Here’s what it looks like side-by-side with two other major auto insurance providers.
J.D. Power Rating
A.M. Best Rating
Farmers vs. GEICO
Farmers doesn’t usually try to compete with GEICO for the lowest rates, so if you’re looking for a bargain price for your auto insurance, GEICO will likely be the better match for you. Where Farmer’s does excel is their customer service, where they rank higher than GEICO — they’re close to a perfect score. Not just that, but they offer gap coverage. If you’re concerned about how much you owe on your car or lease, and how you might pay that if you total your car, gap coverage can protect you.
State Farm offers many options for customizing your coverage, which is something Farmer’s also does well. However, Farmers has State Farm beat when it comes to customer satisfaction. Also, just like GEICO, State Farm doesn’t offer gap coverage while Farmers does.
Have questions about Farmers that weren’t answered above? Here are answers to the most common questions people typically ask.
Is Farmers a good insurance?
With an A credit rating from A.M. Best and a 4.2 out of 5 J.D. Power rating, it’s safe to say that many people consider Farmers to be a good insurance.
Who is the parent company of Farmers Insurance?
Farmers is owned by Zurich Insurance Group, a global insurer that operates in 215 countries globally.
The bottom line
Farmers auto insurance is a viable option for car owners looking to insure their vehicles. The demographics it most benefits include families, young drivers, and those with established credit due to various discounts and bundling programs. Consider looking for another auto insurer if you value the lowest possible cost, as Farmers isn’t known for their low prices as a selling point.
Their unique offers for rideshare drivers and antique or collectible car owners can pull niche audiences, but Farmers is generally accepted as a reputable auto insurance company for everyday Americans looking to insure their cars.