Compare GEICO vs. Farmers: Quotes, Discounts (2023)

GEICO vs. Farmers: A Summary

With an average monthly premium of $47 and an Insurify Composite Score of 88, GEICO is one of the leading providers in the insurance industry. Farmers—the seventh-largest insurance provider in the nation—offers a higher average rate, $107 per month, and has a slightly lower Insurify Composite Score, 85. But is it right for you? Read this insurance review to find out.

ICS Score Explanation:

The Insurify Composite Score (ICS) is a proprietary rating calculated by a team of data scientists at Insurify, weighing multiple factors that reflect the quality, reliability, and health of an insurance company.

Inputs to the score include financial strength ratings from A.M. Best, Standard & Poor’s, Moody’s, and Fitch; J.D. Power ratings; Consumer Reports customer satisfaction surveys and customer complaints; mobile app reviews; and user-generated company reviews.

GEICO

GEICO is a popular insurance provider that offers low rates and different types of coverage, such as roadside assistance and accident forgiveness. It has fairly high claims satisfaction rankings, but drivers need to be aware that GEICO doesn’t offer gap insurance, which some financial institutions may require, and its telematics app is only available in 26 states.

Farmers

With a broad network of agents and multiple discounts available, Farmers offers a variety of policies to suit your individual needs at above-average rates. It also has a robust mobile app, but, like GEICO, Farmers doesn’t offer gap insurance coverage.

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Even though Farmers offers higher rates than GEICO, drivers who need rideshare coverage can benefit from a policy with Farmers. The provider offers robust coverage to Uber, Lyft, and other rideshare drivers at competitive rates. GEICO offers rideshare insurance as well. Use Insurify to find out which rideshare coverage is right for you.

Compare GEICO vs. Farmers: Which Is Cheaper?

Overall, GEICO offers cheaper rates than Farmers to most drivers. On average, you can expect to pay $60 more per month, or $720 more per year, for a policy with Farmers. However, for some low-risk driver categories, such as drivers with an excellent credit score, the difference in rates can be as low as $31 per month, or $372 per year.

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Some high-risk drivers, such as those with a poor credit score, will benefit the most from a policy with GEICO because it offers significantly lower average rates. For example, a driver with a poor credit score can expect to pay $71 more per month for a policy with Farmers. Drivers with DUIs pay only slightly more with Farmers—$39 more per month on average.

Compare GEICO vs. Farmers Car Insurance by Age

Teen drivers can expect the highest car insurance rates, $113 per month with GEICO and $343 per month with Farmers, $230 higher. This is because auto insurance providers assume that teen drivers are more likely to damage their vehicles and file a claim since they don’t have as much driving experience as more mature drivers.

Your insurance policy will get cheaper as you age. Drivers in their 20s pay significantly lower rates than teens, $46 per month with GEICO and $106 per month with Farmers. Drivers in their 50s can expect the lowest insurance costs, just $38 per month with GEICO and $82 per month with Farmers. Overall, all age groups will find better rates with GEICO.

Compare GEICO vs. Farmers Car Insurance by Gender

Your gender may play a role in how much your insurance coverage costs. According to the national average, men can expect to pay slightly higher auto insurance rates, just $3 per month more than women. This is because insurers believe that men are more prone to high-risk driving behaviors, such as speeding and driving under the influence, than women.

California, Hawaii, Massachusetts, Maine, Michigan, Montana, North Carolina, and Pennsylvania do not allow insurance providers to use your gender when calculating the cost of your car insurance policy. If you live in any of these states, you do not have to worry about your gender impacting your car insurance rates.

Which is cheapest for men?

On average, men pay $47 per month for GEICO insurance and $108 per month for Farmers insurance. The monthly $61 difference amounts to $732 more per year that you would spend on Farmers auto insurance.

Which is cheapest for women?

Women pay slightly less for their car insurance policy with both GEICO and Farmers than men. The average monthly quote for women is $46 per month with GEICO and $106 per month with Farmers, $60 higher.

Compare GEICO vs. Farmers Car Insurance by Mileage

According to Insurify data, drivers with a high annual mileage—over 15,000 miles per year—can pay slightly higher car insurance premiums than drivers with low annual mileage, especially if it is lower than 5,000 miles per year. This is because insurance providers assume that drivers with a high annual mileage have more opportunities to damage their vehicle since they drive a lot.

GEICO offers the same car insurance rates to drivers with high mileage and drivers with low mileage. However, drivers with low mileage—under 5,000 miles per year—pay less than drivers with high mileage for a policy with Farmers.

Which is cheapest for drivers with high mileage?

Drivers with annual mileage between 15,000 and 20,000 miles can expect to pay $46 per month with GEICO and $106 per month with Farmers. Your quote will also depend on other factors as well as what coverage options you are looking for, the basic bodily damage and property damage liability coverage or full coverage with add-ons. Use Insurify to get your exact quote.

Which is cheapest for drivers with low mileage?

Drivers with 10,000 annual mileage can expect the same rates as drivers with high annual mileage, $46 per month with GEICO and $106 per month with Farmers, $60 more. However, Farmers drivers who drive less than 5,000 miles per year pay less, $96 per month on average. Overall, you will still find cheaper rates with GEICO.

Compare GEICO vs. Farmers Car Insurance by Credit Score

Your credit score can also significantly impact your car insurance rates. Drivers with excellent credit scores pay the lowest rates with both GEICO and Farmers, $37 per month and $68 per month, respectively. Drivers with a poor credit score can expect to pay $27 more per month, or $324 more per year, with GEICO and $67 more per month, or $804 more per year, with Farmers.

California, Hawaii, Massachusetts, and Michigan do not allow car insurance agents to use your credit history when determining your auto insurance quote.

Which is cheapest for good credit?

According to Insurify data, drivers with an excellent credit score pay only $37 per month with GEICO and $68 per month with Farmers, $31 more. Those with a good credit score pay slightly more, $43 per month with GEICO and $85 per month with Farmers. This monthly $42 difference amounts to a $504 annual difference.

Which is cheapest for bad credit?

According to Insurify data, drivers with an average credit score pay $46 per month with GEICO and $91 per month with Farmers. The difference between the rates with these two providers is more significant for drivers with a poor credit score. They can expect to pay $64 per month with GEICO and $135 per month with Farmers, $71 more.

Compare GEICO vs. Farmers Car Insurance by Driving Record

Your driving history is one of the most important factors for your car insurance quote. Drivers with a clean driving record pay significantly lower rates than drivers with violations such as speeding tickets, accidents, and DUIs on their record.

A DUI on your record has the greatest impact on your car insurance quote with both GEICO and Farmers. On average, drivers with a DUI can expect to pay $48 more per month for a policy with GEICO and $42 more per month for a policy with Farmers than drivers with a clean driving record.

Which is cheapest for good drivers?

Good drivers with a clean driving record that proves their safe driving habits pay $46 per month with GEICO and $91 per month with Farmers, $45 more. Qualifying for car insurance discounts, such as a good student discount or bundling your car insurance policy with home insurance, can help you keep your insurance premiums down even more.

Which is cheapest after a speeding ticket?

A speeding ticket on your driving record increases your average quote to $57 per month with GEICO and $129 per month with Farmers. On average, you will pay $72 more per month, or $864 more per year, for a car insurance policy with Farmers.

Which is cheapest after an accident?

An at-fault accident on your record can significantly increase your car insurance quote. On average, drivers with an accident on their record pay $72 per month with GEICO and $127 per month with Farmers, $55 more.

Which is cheapest after a DUI?

A DUI on your driving record raises your quote to $94 per month with GEICO and $133 per month with Farmers, $39 more. The difference in rates for Farmers vs. GEICO is the lowest for this driving violation.

GEICO vs. Farmers Car Insurance: What discounts does each offer?

Our Methodology and How We Compared GEICO and Farmers

The car insurance quotes provided in Insurify’s insurance company comparison guides are based on the analysis of over 50 thousand insurance quotes from 500 ZIP codes nationwide. Insurify’s data science team performs a comprehensive analysis of factors car insurance providers weigh to calculate rates, including driver demographics, driving record, credit score, desired coverage level, and more to give representative samples.

Insurify’s analysis also incorporates the Insurify Composite Score (ICS) assigned to each insurance provider. The ICS is a proprietary rating calculated by weighing multiple factors that reflect the quality, reliability, and health of an insurance company.

Ratings used to calculate the ICS include Financial Strength Ratings from A.M. Best, Standard & Poor’s, Moody’s, and Fitch; J.D. Power ratings; Consumer Reports customer satisfaction surveys and customer complaints; mobile app reviews; and user-generated company reviews.

With the above insights and ranking methods, Insurify is able to offer car insurance shoppers a window into how insurance providers compare to one another in terms of both cost and quality.

Frequently Asked Questions: GEICO vs. Farmers