Compare State Farm vs. Farmers: Quotes, Discounts (2023)

State Farm vs. Farmers: A Summary

Comparing car insurance providers like State Farm and Farmers is the best way to determine which company is right for you. Farmers Insurance had the higher Insurify Composite Score, while State Farm was the cheaper of the two options.

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.

State Farm

State Farm currently holds the largest market share out of any insurance provider in the country. Millions of drivers choose the insurance company as their car insurance provider each year because of its cheap rates, flexible coverage, and large catalog of discounts.

In addition to the cheap car insurance rates, State Farm has developed a reputation for putting policyholders first—often scoring high customer satisfaction ratings.

Farmers

Farmers Insurance is one of the industry leaders for customer service. They continue to go the extra mile for policyholders and provide an enjoyable experience throughout the insurance process.

Along with an excellent customer service experience, Farmers Insurance offers a wide range of insurance products and add-ons to help customize your coverage. Drivers also have access to over 20 discounts when applying for coverage with Farmers.

As long as you are okay with a slightly higher monthly premium, you should consider requesting a quote from Farmers Insurance.

External Financial Strength Ratings

Both companies performed well on the financial strength review. However, State Farm had the better scores in most of the independent rankings.

The Best Car Insurance Companies in 2022

With so many insurance providers in the marketplace, it can be difficult for each company to stand out. However, Safeco has done an excellent job, offering competitive pricing for drivers with poor credit. State Farm has made its name by providing low rates across the board to all drivers.

It is common for insurance companies to become known for specific features or benefits to their policyholders. For example, State Farm has earned a reputation for providing affordable coverage to everyone, while Farmers is known for its excellent customer service.

Compare State Farm vs. Farmers: Which Is Cheaper?

If you’re considering purchasing a car insurance policy through State Farm or Farmers and want the cheapest rate, you should choose State Farm. Not only was it the cheapest for standard auto insurance, but it was also lower in every driver subgroup.

The Cheapest Car Insurance Companies in 2022

State Farm performed exceptionally well in nearly all subcategories of drivers when looking at rates. It also offered the cheapest rates for drivers with DUIs and drivers with excellent credit. On the other hand, Farmers Insurance did a great job combining affordable rates with excellent customer service.

Compare State Farm vs. Farmers Car Insurance by Age

Drivers can often improve certain factors to obtain a lower premium. For example, improving your credit score or cleaning up your driving record can result in cheaper auto insurance. However, age, which most insurance providers use, can’t be changed.

Many car insurance companies associate age with experience when assessing risk. The more experience a driver has, the less likely they are to be involved in a crash, which is why most young drivers pay more for a car insurance policy. Farmers and State Farm follow this pattern as 18-year-old drivers pay three to four times more for insurance coverage than 55-year-olds.

Compare State Farm vs. Farmers Car Insurance by Gender

Most drivers don’t consider gender as something that would affect their auto insurance rates, but the truth is that it can cause a fluctuation in rates. For example, female drivers often receive lower monthly premiums than male drivers due to statistics. Historically, male drivers are more likely to speed or have an accident on their driving record than female drivers.

State Farm and Farmers Insurance rank gender the same way and offer lower average monthly rates to female drivers. While it is only about a $3 difference, it is higher than the national average between male and female drivers.

Which is cheapest for men?

If your goal as a male driver is to find affordable car insurance rates, you should consider State Farm Auto Insurance over Farmers Insurance. With State Farm coming in $50 lower than Farmers and about $20 cheaper than the national average, it offers great coverage options at an affordable price.

Which is cheapest for women?

Female drivers who hunt for the best car insurance quotes should start with State Farm over Farmers insurance. On average, quotes for State Farm are around $600 cheaper per year and well below the national average.

Compare State Farm vs. Farmers Car Insurance by Mileage

In general, unless an insurance company offers a discount for low mileage, rates often stay the same whether you drive your vehicle 5,000 miles a year or 20,000 miles a year. For instance, drivers looking to purchase coverage with State Farm will notice that State Farm car insurance rates tend to remain the same.

On the other hand, Farmers Insurance offers better rates to drivers who plan to keep annual miles to a minimum. There is a $10 per month difference between driving a vehicle 5,000 miles per year and driving it 15,000 miles.

Which is cheapest for drivers with high mileage?

Drivers who commute to work and use their vehicle for frequent travel tend to have higher annual miles. If you plan on driving between 15,000 and 20,000 miles each year, it will make sense to choose State Farm over Farmers. Not only is it $55 cheaper than Farmers, but it also has lower rates than the national average.

Which is cheapest for drivers with low mileage?

Drivers who only use their vehicle for part of the year or only for work may fall into the low-mileage category. While Farmers Insurance offers an insurance discount for keeping annual miles around 5,000, it is still more expensive than State Farm.

Compare State Farm vs. Farmers Car Insurance by Credit Score

Most drivers aren’t aware that their credit scores could impact their monthly auto insurance rates. The difference between a good credit score and a bad credit score can often be upwards of $100 with some insurance providers.

The increase isn’t as drastic with State Farm and Farmers Insurance, but it’s still significantly more expensive for a driver with bad credit to obtain coverage.

Which is cheapest for good credit?

If you are a driver with good credit, you should choose State Farm over Farmers for your auto insurance. By choosing State Farm, you will save an average of $40 per month on coverage.

Which is cheapest for bad credit?

A bad credit score often means that your car insurance quotes will increase. This is true for State Farm and Farmers, where rates are well above the national average and around $60 higher than quotes for a driver with good credit.

Compare State Farm vs. Farmers Car Insurance by Driving Record

When you request a free quote from an insurance provider, many factors go into a rate—age, location, credit score, and gender. However, a motorist’s driving record is often the one piece of information that affects the overall rate the most.

If a driver has a clean driving record, they are likely to receive better rates than drivers with any incidents in their driving history. Although not all incidents are the same, some can impact your monthly premiums more than others. For instance, one speeding ticket may only increase your rates by $10, while a DUI can result in your premium doubling.

State Farm and Farmers Insurance have more lenient stances regarding driving records. While they reward drivers with a clean record, the penalties for drivers with speeding tickets, at-fault accidents, and DUIs aren’t as drastic as with other insurance companies.

Which is cheapest for good drivers?

State Farm offers cheaper rates for drivers with a clean driving record. Overall, a State Farm policyholder with a clean record can expect to pay $51 per month, while a Farmers policyholder will pay $91 for coverage.

Which is cheapest after a speeding ticket?

Drivers that have a speeding ticket on their driving record will find the cheapest rates with State Farm. Monthly premiums only tend to increase by $8, whereas rates on a policy provided by Farmers increase by almost $40 per month.

Which is cheapest after an accident?

Following an accident, insurance rates often increase unless your insurance company has accident forgiveness. Rates for both companies increase after an at-fault accident. However, State Farm remains the cheapest. The average monthly rate for a driver with an accident is only $64 per month compared to Farmers, which is more than double that.

Which is cheapest after a DUI?

Farmers Insurance has a more forgiving view on drivers with a DUI on their driving record compared to the national average. However, State Farm still has the lowest rates of the two companies, with a monthly average of $75 compared to the $127 average of Farmers Insurance.

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

Our Methodology and How We Compared State Farm 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: State Farm vs. Farmers