Farmers vs. Geico Auto Insurance (2024)
Choosing between Farmers vs. GEICO auto insurance is difficult, so start comparing auto insurance rates by age, driving record, and credit score to find the best policy for you. Overall, GEICO offers the cheapest rates, but Farmers insurance discounts can help qualify teen drivers and drivers with bad credit for lower rates.
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Kristen Gryglik
Licensed Insurance Agent
Kristen is a licensed insurance agent working in the greater Boston area. She has over 20 years of experience counseling individuals and businesses on which insurance policies best fit their needs and budgets. She knows everyone has their own unique needs and circumstances, and she is passionate about counseling others on which policy is right for them. Licensed in Massachusetts, New Hampshire,...
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UPDATED: Aug 6, 2024
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- Geico auto insurance is cheaper based on demographics, credit history, and driving record
- If you have a DUI, Farmers is cheaper
- Both companies offer many discounts to lower auto insurance rates
- Farmers and Geico both have good financial and customer satisfaction ratings, although Geico’s are slightly better
Both Farmers and Geico are on the list of the top 10 best auto insurance companies, but which is the best option based on your personal characteristics?
We’ll compare Farmers vs. Geico auto insurance based on age, driving record, and credit history to see which one better suits your needs.
We’ll also compare available discounts and ratings from agencies with a credible and trustworthy view of Farmers vs. Geico auto insurance companies. For information about the individual companies, check out our Farmers auto insurance review and our Geico auto insurance review.
Looking for affordable Farmers vs. Geico auto insurance quotes? Enter your ZIP code to start comparing quotes from multiple companies in your area.
Is Farmers Auto Insurance or Geico Auto Insurance Cheaper
You might be surprised to learn how auto insurance rates are determined. There are many factors that affect car insurance rates, including where you live, your age, driving record, and credit history.
These factors can determine how affordable Farmers vs. Geico auto insurance is for you.
Let’s compare Farmers vs. Geico auto insurance rates based on some of these criteria to see who can provide you with the best price.
Age is an important factor car insurance companies use. Auto insurance for teens and young drivers comes with the highest rates. This table displays the average annual auto insurance rates for both companies based on age, gender, and marital status.
Farmers vs. GEICO Average Annual Auto Insurance Rates by Age
Age, Gender, and Marital Status | Farmers Average Annual Rates | Geico Average Annual Rates |
---|---|---|
Single 17-year-old female | $8,666.24 | $5,431.46 |
Single 17-year-old male | $9,202.06 | $6,815.00 |
Single 25-year-old female | $2,672.81 | $2,431.91 |
Single 25-year old male | $2,791.21 | $2,739.66 |
Married 35-year-old female | $2,316.82 | $2,202.69 |
Married 35-year-old male | $2,306.44 | $2,214.18 |
Married 60-year-old female | $2,117.42 | $1,987.35 |
Married 60-year-old male | $2,179.61 | $2,005.06 |
You can see that Farmers is more expensive than Geico for every demographic.
Another important factor that auto insurance companies use to calculate your rates is your driving record. If you have accidents, tickets, or DUIs, you will spend a lot more on your insurance than if you have a clean driving record.
Farmers vs. GEICO Average Annual Auto Insurance Rates by Driving Record
Driving Record | Farmers Average Annual Rates | Geico Average Annual Rates |
---|---|---|
Clean record | $3,460.60 | $2,145.96 |
With 1 accident | $4,518.73 | $3,192.77 |
With 1 DUI | $4,718.75 | $4,875.87 |
With 1 speeding violation | $4,079.01 | $2,645.43 |
If you have a clean driving record, an accident, or a speeding ticket, Farmers is over $1,000 more expensive. If you need auto insurance after a DUI, however, your Geico quote will be higher.
Your credit score has an impact on your auto insurance rates as well. Insurance companies use credit scores because they think that if you have a good credit score, you’re less likely to file a claim and more likely to pay for damages yourself.
Farmers vs. GEICO Average Annual Auto Insurance Rates by Credit History
Credit History | Farmers Average Annual Rates | Geico Average Annual Rates |
---|---|---|
Good | $3,677.12 | $2,434.82 |
Fair | $3,899.41 | $2,986.79 |
Poor | $4,864.14 | $4,259.50 |
Geico is less expensive regardless of your credit score. In a few states, such as California and Michigan, auto insurance companies are not allowed to use your credit score to calculate your rates.
You may live in a state where basing auto insurance on credit score is illegal. Be sure to read up on your state auto insurance laws before judging Farmers vs. Geico auto insurance rates based on credit score alone.
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Farmers or Geico: Which has Better Auto Insurance Discounts
Auto insurance discounts are a great way to save money on your rates. Most companies provide discounts based on a range of factors, including the number of vehicles you own, your occupation, and even the safety features of your vehicle.
This table shows you the discounts offered by Farmers and the discounts offered by Geico. If the amount of the discount is known, it is included. See which company can offer you the most discounts.
Farmers vs. GEICO Auto Insurance Discounts
Auto Insurance Discounts | Farmers (%) | Geico (%) |
---|---|---|
Adaptive Headlights | x | N/A |
Anti-lock Brakes | x | 5 |
Anti-Theft | x | 25 |
Claim Free | x | 26 |
Continuous Coverage | x | x |
Daytime Running Lights | x | 1 |
Defensive Driver | x | x |
Distant Student | x | x |
Driver's Ed | x | x |
Driving Device/App | N/A | x |
Early Signing | x | x |
Electronic Stability Control | x | N/A |
Emergency Deployment | N/A | 25 |
Family Legacy | N/A | x |
Family Plan | x | N/A |
Farm Vehicle | x | x |
Federal Employee | x | 8 |
Full Payment | x | x |
Further Education | N/A | x |
Garaging/Storing | x | N/A |
Good Student | x | 15 |
Green Vehicle | 5 | N/A |
Homeowner | x | x |
Low Mileage | x | x |
Loyalty | N/A | x |
Membership/Group | N/A | x |
Military | x | 15 |
Multiple Policies | x | 10 |
Multiple Vehicles | x | 25 |
Newer Vehicle | x | x |
Occupation | x | x |
Paperless Documents | x | N/A |
Paperless/Auto Billing | x | N/A |
Passive Restraint | x | 40 |
Safe Driver | x | 15 |
Seat Belt Use | N/A | 15 |
Senior Driver | x | N/A |
Students & Alumni | N/A | x |
Switching Provider | x | N/A |
Utility Vehicle | x | x |
Vehicle Recovery | x | 15 |
VIN Etching | x | N/A |
The majority of the discounts are offered by both companies. However, there are some differences. For example, Farmers provides paperless discounts and Geico does not. Geico, on the other hand, provides discounts for continuing education and customer loyalty you won’t find with Farmers.
When comparing Farmers vs. Geico auto insurance quotes, make sure to ask about all available discounts.
Furthermore, in evaluating Farmers Auto Insurance Group and Geico for the best auto insurance discounts, Geico often comes out ahead. This is partly because Farmers Auto Insurance Group has the lowest rating compared to Geico.
The competition between Geico vs. Farmers auto insurance highlights Geico’s strengths in offering competitive pricing and a variety of discounts. The core values of Geico focus on affordability and customer satisfaction, which greatly contribute to its success. The voice behind Geico has effectively communicated these values, helping it to become the most trusted car insurance company.
How do Farmers and Geico Compare in Financial Strength and Customer Satisfaction
You may be wondering, “Is Geico insurance good?” “Is Farmers insurance good?” Let’s take a look at company ratings.
Companies are ranked by A.M. Best based on their financial stability.
Farmers Insurance earned an “A” grade, indicating that it has an excellent ability to meet its financial obligations. Geico earned an “A++” grade, which represents a superior ability to meet obligations.
Farmers and Geico both have “A+” scores from the Better Business Bureau, and both companies are accredited.
J.D. Power rated both businesses for customer satisfaction based on factors such as what is offered, billing, price, and the claims process. Farmers received an average rating, while Geico received a slightly higher rating.
Each company has an easy-to-use website and mobile app where customers can access their accounts, make payments, and even file Farmers insurance claims or Geico claims easily. Usually, in both the general app and the driving app, your Farmers insurance login or Geico login would be the same.
Both companies also offer additional insurance products. For example, you can get Farmers or Geico home insurance, as well as business and life insurance.
If you aren’t happy with your choice, it should be easy to cancel Farmers auto insurance or to cancel Geico auto insurance.
Furthermore, when evaluating life insurance products offered by Northwestern Mutual, it’s helpful to understand how different companies perform in the insurance market. Geico’s competitive advantage comes from its ability to offer affordable car insurance through various discounts and an efficient online platform.
This advantage significantly contributes to Geico’s success in the auto insurance industry. A comparison of Farmers Insurance and Geico reveals that Geico often leads in offering competitive rates, while Farmers Insurance may emphasize personalized service and coverage options.
In the insurance industry, Geico stands out as one of the largest auto insurance providers. The company’s Geico’s competitive advantage is largely due to its streamlined services and customer-friendly technology.
For example, checking the status of a Geico insurance quote online is part of how Geico uses technology to improve customer experience. This contrasts with car insurance quotes from Farmers Insurance, which might offer different benefits or service styles.
For both Farmers Insurance and Geico offer strong financial stability and customer satisfaction, with Geico holding a superior A++ rating from A.M. Best compared to Farmers’ A grade.
While both companies have A+ ratings from the Better Business Bureau and similar customer service scores, Geico often stands out for its competitive rates and efficient online services, making it a popular choice for cheapest auto insurance in California.
However, the auto insurance company with the highest claim denial rate may differ, and for those seeking comprehensive options, Northwestern Mutual offers a range of life insurance products.
In terms of overall performance, Geico is among the highest earners in the insurance industry and is widely considered one of the most popular auto insurance in the U.S., whereas Farmers might be noted for its personalized service but is not the most expensive insurance company.
Ultimately, your choice between Farmers Insurance and Geico will depend on your specific needs and preferences.
Farmers vs. Geico Auto Insurance: The Bottom Line
When choosing between Farmers auto insurance and Geico auto insurance, Geicotypically stands out for its insurance company with the highest customer satisfaction ratings. This is largely due to its competitive pricing, often providing the lowest car insurance rates in the USA.
The majority shareholder of Geico, Berkshire Hathaway, has contributed to the value of Geico, bolstering its financial stability and allowing it to offer attractive rates and comprehensive services. Geico’s reputation for affordability and a user-friendly experience makes it a compelling choice for many drivers.
The difference between Geico Advantage and Geico Choice plans also plays a role in customer satisfaction, as these offerings cater to diverse coverage needs, with Geico Advantage typically being more cost-effective and Geico Choice offering more customizable options.
In contrast, while Farmers Insurance offers robust coverage and personalized service, it might not always be the most cost-effective option. For instance, Farmers Insurance has faced challenges such as Farmers Insurance leaving California, which could impact its availability and pricing.
For those in search of the cheapest car brand insurance and the top car insurance options in the USA, Geico is frequently highlighted as a top choice. It is known for being a company that offers the best insurance in terms of value and customer satisfaction.
As the largest auto insurance company in market share, Geico consistently delivers competitive rates and comprehensive coverage, often making it a preferred option over other providers like Farmers Insurance, especially for drivers seeking the lowest car insurance rates.
Before you choose between Farmers vs. Geico auto insurance, do your research. Googling “auto insurance near me” will get you started, but you can always use our FREE comparison tool to compare auto insurance quotes in your area.
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Frequently Asked Questions
What are Farmers and GEICO?
Farmers and GEICO are both prominent insurance companies that offer auto insurance coverage. They provide a range of policies and services to protect drivers and their vehicles.
How do I decide between Farmers and GEICO for my auto insurance?
Choosing between Farmers and GEICO will depend on your specific needs and preferences. It’s recommended to consider factors such as coverage options, pricing, customer service, and discounts to make an informed decision.
What types of coverage options do Farmers and GEICO offer?
Both Farmers and GEICO offer similar types of coverage, including liability coverage, comprehensive coverage, collision coverage, uninsured/underinsured motorist coverage, and personal injury protection (PIP) or medical payments coverage.
Are there any notable differences in coverage options between Farmers and GEICO?
While the basic coverage options are similar, there may be differences in the specific details and additional coverage options offered by Farmers and GEICO. It’s important to review each company’s policy documents to understand the exact terms and conditions.
How can I compare pricing between Farmers and GEICO?
To compare pricing, you can request quotes from both Farmers and GEICO. Provide accurate information about your vehicle, driving history, and desired coverage limits to get an accurate estimate. Remember to review the coverage details along with the pricing.
What discounts are available with Farmers and GEICO auto insurance?
Farmers and GEICO offer various discounts to help policyholders save on their auto insurance premiums. These discounts may include safe driver discounts, multi-policy discounts, good student discounts, and discounts for certain safety features installed in your vehicle.
Which company has better customer service, Farmers or GEICO?
Customer service experiences can vary based on individual preferences and circumstances. It’s a good idea to research customer reviews and ratings for both Farmers and GEICO to get an idea of their respective customer service reputations.
Can I bundle other insurance policies with Farmers or GEICO?
Both Farmers and GEICO offer multi-policy discounts when you bundle multiple insurance policies together. This can include auto insurance, homeowners or renters insurance, and other coverage types. It’s recommended to inquire about bundling options when obtaining quotes.
How do I file a claim with Farmers or GEICO?
To file a claim with either Farmers or GEICO, you can typically do so online, through their mobile apps, or by contacting their claims department directly. They will guide you through the claims process and provide necessary assistance.
Can I switch my auto insurance from Farmers to GEICO or vice versa?
Yes, you can switch your auto insurance from Farmers to GEICO or vice versa. However, it’s important to consider any potential cancellation fees or terms in your current policy and ensure a smooth transition to your new provider.
Is Farmers insurance cheaper than Geico?
Geico is often noted for providing cheaper car insurance rates compared to Farmers Insurance. This is because Geico uses a variety of pricing strategies and discounts to offer lower premiums. Factors such as your driving record, location, and vehicle type will influence the final rate. Generally, Geico is recognized for its competitive pricing and affordability, making it a popular choice among cost-conscious drivers.
Is Farmers insurance better than Geico?
Whether Farmers Insurance is better than Geico depends on individual preferences and needs. Geico is highly regarded for its affordable rates and ease of managing policies online. On the other hand, Farmers Insurance offers more personalized customer service and a range of coverage options tailored to specific needs. If you value competitive pricing and a straightforward online experience, Geico might be preferable. If you seek personalized service and a variety of coverage options, Farmers Insurance could be a better fit.
What distinguishes Geico from other insurance companies?
GEICO distinguishes itself through its competitive rates and extensive discount offerings. The company’s emphasis on affordability, combined with a user-friendly online experience, makes it a standout choice. Geico is also known for its memorable advertising and strong brand presence. Its online tools and resources make managing policies convenient, setting it apart from other insurers that may offer less streamlined digital experiences.
Which car insurance company is the most popular?
The most popular auto insurance company in the U.S. is State Farm, which holds the largest market share in the industry. Geico also ranks highly in popularity due to its extensive advertising and reputation for affordability. Both companies are well-regarded for their broad range of coverage options and strong customer service, making them top choices for many drivers.
Who is the owner of Geico?
Geico is owned by Berkshire Hathaway, a major multinational conglomerate led by renowned investor Warren Buffett. This ownership provides Geico with significant financial backing and stability. Under Berkshire Hathaway, Geico benefits from resources and expertise that contribute to its competitive pricing and strong market presence.
Is Geico exiting the Florida market?
As of the latest information, Geico is not exiting the Florida market. However, insurance companies periodically review their market strategies and might make changes based on various factors such as financial performance or regulatory conditions. It is advisable to check directly with Geico for the most current information regarding their market presence and any potential changes.
What is the strongest insurance brand in the world?
The strongest insurance brands in the world include State Farm and Geico. State Farm is renowned for its extensive network and high customer satisfaction, making it a leading player in the insurance industry. Geico, known for its affordability and strong online presence, also ranks highly in terms of brand strength. Both companies have established themselves as leaders in the global insurance market through their extensive reach and positive customer experiences.
What are the top 3 auto insurance companies in the United States?
The top 3 auto insurance companies in the United States are State Farm, Geico, and Progressive. State Farm leads with the largest market share and is known for its comprehensive coverage options. Geico follows with its competitive pricing and strong online tools. Progressive rounds out the top three with its innovative coverage options and customer-centric approach. These companies are recognized for their large customer bases and extensive service offerings.
Which insurance company typically offers the lowest rates?
Geico is often noted for typically offering the lowest rates among major insurance providers. The company’s approach to pricing includes various discounts and cost-saving measures that help reduce premiums for many drivers. Geico’s focus on affordability and efficiency makes it a popular choice for those seeking the best rates available.
What is the highest cost of car insurance?
The highest cost of car insurance can vary widely based on individual factors such as location, age, driving history, and type of vehicle. Drivers with poor credit, multiple traffic violations, or high-risk vehicles often face significantly higher premiums. In general, the highest costs are associated with high-risk profiles, including those with a history of accidents or violations, and expensive or luxury vehicles that require more costly coverage.