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

State Farm vs. Safeco: A Summary

There are many ways to compare insurance companies, but what makes a great provider?

If you’re choosing between State Farm and Safeco for your auto insurance policy, read Insurify’s report comparing the two to make sure you make the right choice for your insurance needs.

Insurify Composite Score

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

As the largest auto insurance company in the country, State Farm currently provides coverage for millions of drivers each year. Its low rates, extensive list of discounts, and flexible coverage options make it the number one choice for motorists in every state.

Along with competitive pricing and bundling opportunities, State Farm also has an excellent reputation for providing great customer service to its customers. Overall, it is easy to see why drivers keep coming back to State Farm for auto insurance.

Safeco

Safeco is one of the top choices in the country for auto insurance. The company is currently backed by another large provider, Liberty Mutual, making it financially strong. Along with strong financial ratings, the company is also available in almost every state.

Another unique feature offered by Safeco is its 24/7 claims-reporting service. Customers have the option of reporting a claim by phone or online and tracking it throughout the claims process. Safeco also offers drivers the opportunity to participate in the RightTrack program, which rewards good driving behaviors.

External Financial Strength Ratings

One way to determine the health of an insurance company is to look at its external financial strength ratings. While both Safeco and State Farm performed well, State Farm had the better numbers. With excellent ratings from A.M. Best and J.D. Power, policyholders should feel confident choosing State Farm.

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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.

Compare State Farm vs. Safeco: Which Is Cheaper?

If you are price-conscious and looking for a company that offers the cheapest rates, State Farm is the best choice. It consistently came in well below Safeco in every subgroup category’s overall average premium.

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Even though Safeco doesn’t have the lowest rates for any subgroup, it is still competitive in insuring drivers with poor credit. On the other hand, State Farm scores extremely well for most categories and is the lowest for drivers with DUIs and drivers with excellent credit.

Compare State Farm vs. Safeco Car Insurance by Age

Of all the factors that can impact monthly insurance rates, age can cause premiums to fluctuate by hundreds of dollars. The main reason for the large gap between the auto insurance rates an 18-year-old pays and the rates a 55-year-old pays has to do with experience. As drivers gain more time behind the wheel, they are less likely to be involved in an accident.

State Farm and Safeco both address a driver’s age in the same manner, with older motorists receiving lower rates. For both insurance companies, drivers in their 50s pay the lowest rates for an insurance policy.

Compare State Farm vs. Safeco Car Insurance by Gender

Even though gender doesn’t affect rates drastically, there is still a noticeable difference in how much a male driver pays for insurance coverage each month compared to a female driver. Generally, a woman will pay $5 to $10 less per month for car insurance than a man with the same driving record.

This trend is true for both State Farm and Safeco, where women pay $3 and $13 less than men, respectively, for auto insurance each month.

Which is cheapest for men?

Men considering State Farm and Safeco as their insurance providers will find lower rates with State Farm. On average, the insurance company is $130 less per month compared to Safeco.

Which is cheapest for women?

Women looking for the cheapest coverage should consider going with State Farm over Safeco. Generally, women pay $119 less per month on average for coverage with State Farm compared to Safeco.

Compare State Farm vs. Safeco Car Insurance by Mileage

Depending on the insurance company you decide to purchase your auto insurance through, you might get lower rates based on the number of miles you drive. Some companies have unique insurance products for policyholders who drive 5,000 miles or less per year.

Safeco is the better option if you are looking to take advantage of a low-mileage discount. State Farm’s rates are consistently the same regardless of whether a motorist drives 5,000 miles or 20,000 miles annually. On the other hand, Safeco has an average rate of $167 per month for 5,000 miles and $196 per month for 20,000 miles.

Which is cheapest for drivers with high mileage?

Driving for work, taking road trips, and just everyday travel can account for thousands of miles each year. If you plan to drive 15,000 to 20,000 miles annually, you will find that State Farm offers more affordable coverage than Safeco. Drivers save over $140 per month with State Farm.

Which is cheapest for drivers with low mileage?

If you only plan to use your vehicle sparingly throughout the year, you will want to choose an insurance company that offers a low-mileage plan. Even though Safeco has a specific plan for low-mileage drivers, it is still over $100 more than State Farm’s coverage.

Compare State Farm vs. Safeco Car Insurance by Credit Score

Most drivers associate credit score with securing a loan, but the truth is that a good credit score can also save you money on your auto insurance. Most insurance companies will offer lower annual premiums to drivers with good credit history. The main reason is that there is often a correlation between a high credit score and paying monthly premiums on time.

The difference in rates between a good credit score and a bad credit score can be seen in the pricing that State Farm and Safeco offer. For example, State Farm’s rates increased by nearly $80 for drivers with poor credit, and Safeco’s rates increased by almost $90.

Which is cheapest for good credit?

Drivers that have built their credit and currently have a good rating should consider State Farm over Safeco for affordable coverage. On average, motorists with good credit scores pay $43 per month at State Farm, while drivers pay more than four times as much at Safeco.

Which is cheapest for bad credit?

Many things can lead to poor credit scores, which is why it is essential to find an insurance company that offers affordable coverage options to drivers with less-than-stellar credit ratings. Between State Farm and Safeco, State Farm has the lowest prices, with an average of $116 per month compared to Safeco’s $284 monthly rate.

Compare State Farm vs. Safeco Car Insurance by Driving Record

A person’s driving record is often one of the first places insurance companies look when determining monthly premiums. If a driver has maintained a clean driving record, they will usually receive better rates than a driver with a DUI or a speeding ticket.

Insurance companies like State Farm and Safeco reward drivers with clean driving histories by offering low auto insurance rates. From there, a policyholder’s monthly premium can increase for each incident that occurs on their driving record.

Which is cheapest for good drivers?

For a driver with a clean driving record and good driving habits, State Farm offers the most affordable coverage. With an average rate of $50 per month, State Farm is the cheapest option, coming in at $114 less than Safeco.

Which is cheapest after a speeding ticket?

Generally, speeding tickets are one traffic violation that insurance providers often look at less harshly than incidents such as DUIs and at-fault accidents. Even with a $9 increase, State Farm is still the cheapest option, beating Safeco by $150 per month.

Which is cheapest after an accident?

Motorists with an at-fault accident in their driving history will notice their rates are a little higher than drivers with a clean record. On average, an auto policy through State Farm will cost a driver with an accident $150 less per month than it would with Safeco.

Which is cheapest after a DUI?

Both State Farm and Safeco see DUIs as major offenses and a sign that a driver could be high-risk to insure. Still, State Farm offers affordable coverage for this subgroup of drivers, with average rates of around $75 per month, which is more than four times cheaper than Safeco’s $321 a month average.

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

Our Methodology and How We Compared State Farm and Safeco

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