Alyssa Lane
Farmers Insurance is one of the largest auto insurers in the country, offering a wide range of coverage options and add-ons, including rideshare insurance, accident forgiveness, and new car replacement coverage. The company also provides a variety of discounts for safe drivers, good students, and first responders, among others. However, Farmers' rates tend to be higher than the national average, especially for young and senior drivers. While it receives fewer customer complaints than some competitors, it has a higher level of auto insurance complaints compared to the industry average. Overall, Farmers is a solid choice for those seeking comprehensive coverage but may not be the most cost-effective option, especially for budget-conscious drivers.
| Characteristics | Values |
|---|---|
| Average annual rate for good drivers | $3,169 |
| Average annual rate for drivers with a speeding ticket | $1,600 more per year than the national average |
| Average annual rate for drivers with a DUI | $900 above the national average |
| Average annual rate for drivers with poor credit | $1,000 per year more than the national average |
| Average annual rate for young drivers | $1,500 above the national average |
| Average annual rate for senior drivers | $1,050 above the national average |
| Customer complaint level | Lower than average |
What You'll Learn
Farmers auto insurance is more expensive than competitors for young drivers
Farmers Auto Insurance is more expensive than its competitors for young drivers. The company's rates for young drivers are higher than the national average and are more expensive than those offered by competitors like USAA, Erie, and State Farm.
Farmers Insurance is known for its high customer satisfaction scores and strong performance in claims handling. However, its insurance rates, especially for young drivers, tend to be much higher than the national average. For example, the average annual rate for a 17-year-old female driver with Farmers Insurance is $3,478, while the national average is $2,026. Similarly, the rate for a 17-year-old male driver is $4,351, which is significantly higher than the national average.
In comparison, USAA, which offers insurance exclusively to military members, veterans, and their families, has an average annual rate of $1,335. Erie, another insurance provider, offers more affordable rates for young drivers, with annual rates of $3,478 for 17-year-old female drivers and $4,351 for males. State Farm, another competitor, also offers lower rates for young drivers, with their rates being among the cheapest available.
Farmers Insurance also falls behind in terms of customer loyalty, with lower percentages of customers stating that they are very likely to renew their policies compared to competitors like State Farm.
While Farmers Insurance excels in customer service and claims handling, its rates for young drivers are considerably higher than those of its competitors and the national average. This makes Farmers Auto Insurance a more expensive option for young drivers when compared to other insurance providers.
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Farmers auto insurance is pricier for senior drivers
Farmers Insurance is a popular option for auto insurance, but how do its premiums compare to other providers, especially for senior drivers?
According to a review by U.S. News, Farmers Insurance is ranked 8th overall among the best car insurance companies. While the company performs well in terms of customer loyalty and the likelihood of policy renewal, its sample premiums are significantly higher than the national average across all driver categories. This is especially true for teen drivers, those with poor driving records, and senior drivers.
For senior drivers, Farmers Insurance offers sample rates that are much higher than the national average. For a 60-year-old female driver, the annual premium is $2,683, which is 53% more than the national average. For a 60-year-old male driver, the premium is even higher at $2,948, which is 63% higher than the national average. These rates are based on survey responses from motorists aged 55 and older.
Farmers Insurance also has a safe driving program called Signal®, which rewards drivers for practicing safe driving behaviours. The program offers a 5% discount on auto insurance policies for those who complete 10 trips while using the app. However, it's important to note that Farmers reserves the right to increase a driver's insurance premiums if their performance on the app is not satisfactory.
In summary, while Farmers Insurance may be a good option for some drivers due to its strong customer loyalty and positive claims resolution, it is pricier for senior drivers compared to other insurance providers. The company's sample rates for senior drivers are significantly higher than the national average, and there may be more affordable options available from other insurers.
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Farmers offers a wide range of coverage options
Farmers Insurance offers a wide range of coverage options, including the six standard types of car insurance coverage, along with additional options. These include rideshare insurance, accident forgiveness, and new car replacement coverage.
Farmers also offers the following optional coverage choices and policy add-ons:
- Collision insurance
- Comprehensive coverage
- Emergency roadside assistance
- Rental car insurance
- Rideshare insurance
- Glass and windshield coverage
- Accident forgiveness
- New car replacement coverage
- Personal umbrella insurance
- Loss of use coverage
- Customized equipment coverage
Farmers also offers a usage-based telematics program called Signal, which rewards drivers for safe driving behaviours.
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Farmers has a good reputation and low customer complaint level
Farmers Insurance has a good reputation and a low level of customer complaints. According to the National Association of Insurance Commissioners (NAIC), Farmers receives fewer customer complaints than the industry average.
The company has a good reputation among auto collision professionals, too. In the CRASH Network survey, Farmers scored better than competitors such as Safe Auto, Allstate, and Geico.
Farmers also has a good reputation for customer loyalty and satisfaction. In a survey, 44% of respondents said they were very likely to renew their Farmers policy, and 36% said they were very likely to recommend the company to others.
In another survey, 46% of respondents were completely satisfied with the customer service provided by Farmers.
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Farmers offers a long list of discounts
Farmers Insurance offers a long list of discounts to help you lower your rate, particularly if you’re a good driver.
Discounts range from multi-car and multi-policy (bundling auto and home insurance) to military, paperless and alternative fuel discounts (in California only).
Students and young drivers can qualify for a number of discounts as well, including the youthful driver discount and the good student discount.
With the usage-based Signal app, drivers can lower their premiums for safe driving (and be entered to win a drawing for rewards up to $100 every month if they have focused driving scores of 80% or higher). Additionally, the Signal app and discount are not available in Florida, California, Hawaii, New York or South Carolina.
- Anti-lock brakes discount
- Anti-theft discount
- Daytime running lights discount
- Defensive driver discount
- Distant student discount
- EFT discount
- EPolicy discount
- Good payer discount
- Good student discount
- Homeowner discount
- Homing device discount
- Military discount
- Multi-car discount
- Multi-policy discount
- On your own discount
- Passive restraint discount
- Pay-in-full discount
- Safe driver discount
- Shared family car discount
- VIN etching discount
- Youthful driver discount
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Frequently asked questions
Yes, Farmers auto insurance is expensive. Farmers car insurance rates are more expensive than the national average across every driver profile we analysed.
Farmers is among the most expensive car insurance companies. Good drivers can expect to pay $3,093 a year for full coverage. Drivers of the same profile can save a significant amount of money with some of our top-rated car insurance companies, like USAA, Nationwide and Auto-Owners.
No, Farmers auto insurance does not offer an extended warranty. However, Farmers does offer customised equipment insurance, spare parts coverage and original equipment manufacturer insurance.
Yes, Farmers has a good reputation. According to the National Association of Insurance Commissioners (NAIC), Farmers receives a low volume of customer complaints compared to the average car insurance provider, scoring better than companies like Geico and USAA.
Farmers offers an abundance of car insurance discounts to help you lower your rate, particularly if you're a good driver. Discounts range from multi-car and multi-policy (bundling auto and home insurance) to military, paperless and alternative fuel discounts (in California only).
