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UPDATED: Apr 22, 2020
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Have you ever conducted in-depth research to know your auto insurance company better? Or, do you just go by reviews and rates to finalize your auto insurer?
With limited time in our hands and busy schedules, we rarely care to go into the details of how financially strong an auto insurer is or whether the company can meet its long-term insurance obligations. That’s why we are writing this comprehensive guide on Farmers Insurance Group to cover all the information that you might need to know about a carrier.
Farmers is the seventh-largest auto insurance carrier in the US. Famous amongst American consumers for its humorous ads featuring veteran actor J.K. Simmons, Farmers has come a long way from its humble beginnings as an insurance provider for rural drivers.
Farmers Insurance offers a wide array of insurance products such as auto, home, life, business, renters, and condo insurance.
Let’s get to know the company better.
Farmers Financial Ratings
Financial ratings are mighty important when it comes to insurance coverage — because your insurer’s financial strength determines its ability to pay damages in the event of an accident.
And, how can you actually assess the financial strength of an insurance company?
By checking the financial ratings from accredited rating agencies who have the knowledge and scale to analyze the complexities of financial statements. As individual auto owners, it wouldn’t be possible for us to actually understand an insurer’s financial state.
Since there are many rating agencies in the market, we can look at the financial ratings of Farmers from each one of them to get better clarity. Here’s a snapshot of the ratings.
|Better Business Bureau||A+|
|NAIC Complaint Index||0.79|
|JD Power||Claims Satisfaction 4/5|
AM Best Ratings
The best thing about AM Best is their unique focus on the insurance industry — this gives them an advantage over others as they thoroughly understand the nuances of the insurance industry.
They assign ratings to around 3,500 companies in over 90 countries globally. If AM Best downgrades a company, it surely leads to a loss in investor and consumer confidence.
AM Best offers an independent opinion on the ability of insurers to meet their long-term contractual obligations.
The scale of AM Best spans from A++ to D — where A++ means a superior ability to meet insurance obligations while D means a poor ability to meet ongoing obligations. Anything below B indicates that any adverse changes in economic or underwriting conditions will impact the insurer.
Farmers insurance group was assigned a financial strength rating of “A” by AM Best which solidifies its position as a trustworthy carrier.
Better Business Bureau Ratings
Better Business Bureau or BBB assigns ratings on the basis of information it collects about businesses through consumer complaint data and other public sources.
Rating elements that determine BBB ratings are:
- Complaint history
- Type of business
- Length of time a business has been in operation
- Failure to honor commitments
- Licensing and government actions
- Advertising issues
On the basis of these elements, BBB assigns ratings from A+ to F, using a 100-point scale, where the score decreases with each increasing alphabet in the order.
BBB has assigned a rating of A+ to Farmers which means a score between 97 and 100.
Moody’s is amongst the leading three credit rating agencies controlling a majority stake of the market in credit rating, research, and risk analysis.
The global long-term ratings of Moody’s range from Aaa (highest) to C (lowest) which indicate the credit risk involved with any obligation. To each generic rating, Moody’s assigns numeric modifiers – 1, 2, and 3 – which further indicate the strength of obligations where 1 means the highest ranking.
Farmers insurance was assigned a financial strength rating of A2 by Moody’s Investor Services and the rating rationale indicated a largely captive agency distribution system and an impressive investment portfolio.
Standard & Poors is another leading credit rating agency with a presence in 28 countries and a history of 150 years. S&P Global Ratings offers market intelligence through ratings, thought leadership, and research.
S&P’ credit ratings express an opinion on the ability of a firm to meet its financial commitments whenever they become due. It rates companies on a scale of AAA to D and also indicates whether a company is about to be upgraded or downgraded.
Farmers insurance was assigned an A by S&P which means its ability to meet its financial commitments is strong, however, it’s susceptible to changes in circumstances or economic conditions.
NAIC Complaint Index
Financial ratings matter a lot and also help you in deciding whether or not you should buy coverage from a particular insurance company. But, what about customer service?
Nobody wants to deal with an insurer who isn’t responsive whenever you need them. That’s why you must check the complaint data from the National Association of Insurance Commissioners to assess whether customers are satisfied with an insurer or not.
|Policy Type||Private Passenger|
|National Median Complaint Index||1.18|
|U.S. Market Share||0.96%|
|Total Premiums Written||$2,373,976,208|
Around 114 complaints were registered against Farmers Insurance and its complaint index was 0.98 in 2018 which was lower than the national complaint index of 1.18. This means that consumers are quite satisfied with the services of Farmers Insurance.
J.D. Power Customer Ratings
When you decide to buy car insurance, you always take feedback from your friends and colleagues about insurance companies to be sure about your purchase. Checking online customer reviews or seeking advice from friends is important because you need to buy car insurance from a reliable provider.
Another trustworthy source that could provide insight into an insurance company is the customer ratings offered J.D. Power, a global marketing services company. J.D. Power conducts annual reviews to assess customer satisfaction in the auto insurance industry.
In the 2019 J.D. Power U.S. Property Claims Satisfaction Study, Farmers Insurance scored 880 on a 1,000-point scale in the overall customer satisfaction index.
This survey intends to offer an analysis of how consumers perceive an insurer’s performance throughout the claims process, starting from the first notice of loss to their property’s repair.
The key components that are assessed in the claim process are – first notice of loss, repair process, estimation process, claim servicing, and settlement.
Consumer Reports Ratings
Consumer Reports is an independent consumer rating organization that intends to help consumers with their purchasing decision, drive fair practices in the market, and improve the services delivered by businesses.
As evident from the company’s description, Consumer Reports releases ratings for insurance companies to assess the satisfaction of consumers during their claims settlement process.
|Ease of Reaching an Agent||Excellent|
|Simplicity of the Process||Very Good|
|Promptness of Response||Very Good|
|Damage Amount||Very Good|
|Agent Courtesy||Very Good|
|Timely Payment||Very Good|
|Freedom to Select Repair Shop||Very Good|
|Being Kept Informed of Claim Status||Very Good|
As most of the ratings are positive, consumers seem to be satisfied with varied components of the claims process at Farmers.
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Farmers Insurance Company History
Can you believe that the founders of Farmers thought about offering preferential rates to rural drivers, that was lower than the rates for urbanites because they are less risky back in the 1920s? And, maybe, that’s why the company was called Farmers to imply that it was meant for rural drivers.
We often talk about preferential rates based on driver profiles these days but Farmers started with that basic principle. The company’s founders, John C. Tyler and Thomas E. Leavey, went from farm to farm to make people buy their insurance.
The company initiated operations as Farmers Automobile Inter-Insurance back in 1927 when it was established as an inter-insurance exchange and subscribers to the coverage exchanged contracts to provide protection against losses.
1928: The first policy sold by Farmers Insurance provided coverage to a 1928 Cadillac Phaeton.
1932: Within the first couple of years, the company established offices in nine states and accumulated assets worth $1.08 million. The company’s net written premiums were $1.43 million by this time.
1943: Unaffected by World War II, Farmers Insurance expanded operations to 19 states with direct written premiums of $8.82 million.
1958: Written premiums reached a whopping level of $158 million for the whole Exchange which had added a few companies to its portfolio. During the early 60s, Farmers introduced new programs such as drive-in claims offices, comprehensive commercial packages, and monthly payment plans.
1968: By the end of the 60s, Farmers registered massive growth with written premiums reaching $400 million while the company introduced more innovative coverage options for auto owners.
1978: This decade saw the death of both the founders but the company wrote 7.5 million policies and the premiums exceeded beyond $2 billion.
1987: In-force policies grew to more than 10 million and written premiums were $5 billion with operations in 26 states.
The 1980s and 1990s: Farmers faced many challenges during these two decades, including legal battles, acquisitions, and major earthquakes leading to massive premium payouts. The company was acquired by British American Tobacco (B.A.T.) Industries in 1988. Almost a decade later, a merger between B.A.T. and Zurich Insurance Company was initiated creating the fifth largest insurance company globally.
Market Share of Farmers Insurance
A company’s market share determines where it stands compared to other companies and how much influence it has over the market.
The top insurance carriers in terms of their market share are – State Farm, Geico, Progressive, and Allstate,
In 2018, Farmers Insurance was ranked the seventh largest insurer as per its market share data from the National Association of Insurance Commissioners.
Though Farmers retains its rank from the previous year, its market share is going downwards over the last four years.
Online Presence of Farmers Insurance
Farmers Insurance makes its online presence quite impactful by way of an intuitive website, helpful YouTube videos, interactive Facebook page, and how-to e-guides for consumers. Their content strategy is touted as one of the best in the insurance industry.
The landing page of Farmers Insurance aptly captures what a consumer might look for – there are categories for each type of insurance and their focus on auto, home, and life insurance is evident from the first page itself.
What stands out in their content strategy is that they always try to bring out something interesting that people can easily connect with. For instance, their recent partnership with Seasame Street to celebrate 50 years of the ultra-popular show clearly indicates their efforts in making an emotional connect with people.
Insurance isn’t an uber interesting topic, but having commercials like these can increase the viewership by millions.
Farmers also makes it quite easy for people to find an agent near them on their website. They also offer a “Learn from Experience” section for insurance buyers to understand more about their coverage options and how to handle claims under different scenarios.
Farmers Insurance Commercials
Who doesn’t remember the brand slogan of Farmers – “We know a thing or two because we’ve seen a thing or two?”
After being in business for 90 years, Farmers surely has earned that slogan. In a nutshell, they want to tell people that because of their decades of experience, they are capable of handling claims of any kind.
Their commercials usually follow a theme intending to raise awareness about what kind of accidents or mishaps you can face. And, there’s always a fun undertone to their message.
This commercial above talks about multiple scenarios that a person can encounter while driving or leaving their car at a parking lot.
Farmers Insurance in the Community
Farmers has a dedicated page for corporate giving on their website where they talk about their motivations and work in the communities around their agents, employees, and customers.
Specifically, they focus on three areas – civic engagement, education, and disaster resilience. Annually, Farmers hosts a school supply program to enable employees at different locations to donate in their communities. Employees also participate in programs to help teachers and students with specific projects in schools.
John C. Tylor, the company’s co-founder, once famously said: “the measure of our worth is not what we have done for ourselves, but what we have done for others.”
Farmers Insurance Employees
Farmers Insurance employs around 21,000 people and has a network of around 48,000 independent and exclusive agents.
Let’s look at how it is working for Farmers Insurance by looking at information from Glassdoor.
- Out of 408 employee ratings, Farmers has a workplace satisfaction rating of 3.4 from 5. Some of the happy employees raved about their health insurance plan, vacation days, and 401k plan matching.
- Farmers Insurance was also named among the 2019 FORTUNE “100 Best Companies to Work For.”
Some of the benefits that employees at Farmers Insurance enjoy are:
- Employees can maintain a good work-life balance at Farmers with eligible employees getting 19-34 days of paid holidays every year.
- Farmers offers a comprehensive benefits package to its employees that include healthcare, disability, and life & accident coverage.
- Employees can also participate in the 401(k) Savings Plan with a match from Farmers to better plan for their retirement.
- Farmers also actively encourages employees to give back to society through volunteering.
Cheap Car Insurance Rates
We understand that more than anything you would like to know the rates offered by an auto carrier and how they compare with other companies of similar size. Comparing rates should be your priority, but you shall never forget to check the reviews and ratings before committing to a policy.
To make your life easier, we have sourced auto premiums data from Quadrant Information Services to give you an idea about what you might have to pay for coverage with Farmers.
Farmers Insurance takes pride in serving over 10 million households across all the 50 states in the US through their network of independent agents and employees.
Rates by State
In each state, the rates for auto insurance are different because they are dependent on various factors such as zip codes, fatality rates, population density, car thefts, and much more.
|State||Average Premiums by State||Average Annual Premiums (Farmers)||Change from State Average (+/-)||Percentage Change (+/-)|
In the table below, we have collated the average rates for Farmers auto policies in different states along with each state’s average rates so that you can get an idea about whether buying from Farmers would be cheaper or expensive.
In Hawaii and New Jersey, Farmers is significantly expensive than the state average by almost $2,000 annually. If you’re on a budget, then Farmers may not be the best choice for you in these states.
But, if you’re in Michigan where auto insurance premiums are massively high, Farmers can help you in saving quite a lot. The average annual premium in the state is $10,498 and Farmers can offer you a policy at $8,503 – that’s a saving of almost $2,000.
Note: Auto insurance rates shouldn’t be the only criteria for finalizing your policy as lower premiums might mean less value at times.
Comparing Farmers Insurance Rates with other Leading Insurance Providers
In case you’re considering one of the leading insurance providers along with Farmers, you can look at the table below to compare their average rates.
|State||Average by State||Allstate||American Family||Farmers||Geico||Liberty Mutual||Nationwide||Progressive||Travelers||USAA|
|Alaska||$3,421.51||$3,145.31||$4,153.07||Data Not Available||$2,879.96||$5,295.55||Data Not Available||$3,062.85||Data Not Available||$2,454.21|
|Alabama||$3,566.96||$3,311.52||Data Not Available||$4,185.80||$2,866.60||$4,005.48||$2,662.66||$4,450.52||$3,697.80||$2,124.09|
|Arkansas||$4,124.98||$5,150.03||Data Not Available||$4,257.87||$3,484.63||Data Not Available||$3,861.79||$5,312.09||$5,973.33||$2,171.06|
|Arizona||$3,770.97||$4,904.10||Data Not Available||$5,000.08||$2,264.71||Data Not Available||$3,496.08||$3,577.50||$3,084.74||$3,084.29|
|California||$3,688.93||$4,532.96||Data Not Available||$4,998.78||$2,885.65||$3,034.42||$4,653.19||$2,849.67||$3,349.54||$2,693.87|
|Colorado||$3,876.39||$5,537.17||$3,733.02||$5,290.24||$3,091.69||$2,797.74||$3,739.47||$4,231.92||Data Not Available||$3,338.87|
|Connecticut||$4,618.92||$5,831.60||Data Not Available||Data Not Available||$3,073.66||$7,282.87||$3,672.34||$4,920.35||$6,004.29||$3,190.00|
|District of Columbia||$4,439.24||$6,468.92||Data Not Available||Data Not Available||$3,692.81||Data Not Available||$4,848.98||$4,970.26||Data Not Available||$2,580.44|
|Delaware||$5,986.32||$6,316.06||Data Not Available||Data Not Available||$3,727.29||$18,360.02||$4,330.21||$4,181.83||$4,182.36||$2,325.98|
|Florida||$4,680.46||$7,440.46||Data Not Available||Data Not Available||$3,783.63||$5,368.15||$4,339.60||$5,583.30||Data Not Available||$2,850.41|
|Georgia||$4,966.83||$4,210.70||Data Not Available||Data Not Available||$2,977.20||$10,053.44||$6,484.90||$4,499.22||Data Not Available||$3,157.46|
|Hawaii||$2,555.64||$2,173.49||Data Not Available||$4,763.82||$3,358.86||$3,189.55||$2,551.83||$2,177.93||Data Not Available||$1,189.35|
|Idaho||$2,979.09||$4,088.76||$3,728.79||$3,168.28||$2,770.68||$2,301.51||$3,032.19||Data Not Available||$3,226.29||$1,877.61|
|Indiana||$3,414.97||$3,978.81||$3,679.68||$3,437.55||$2,261.07||$5,781.35||Data Not Available||$3,898.00||$3,393.75||$1,630.86|
|Kentucky||$5,195.40||$7,143.92||Data Not Available||Data Not Available||$4,633.59||$5,930.97||$5,503.23||$5,547.63||$6,551.68||$2,897.89|
|Louisiana||$5,711.34||$5,998.79||Data Not Available||Data Not Available||$6,154.60||Data Not Available||Data Not Available||$7,471.10||Data Not Available||$4,353.12|
|Maine||$2,953.28||$3,675.59||Data Not Available||$2,770.15||$2,823.05||$4,331.39||Data Not Available||$3,643.59||$2,252.97||$1,930.79|
|Maryland||$4,582.70||$5,233.17||Data Not Available||Data Not Available||$3,832.63||$9,297.55||$2,915.69||$4,094.86||Data Not Available||$2,744.14|
|Massachusetts||$2,678.85||$2,708.53||Data Not Available||Data Not Available||$1,510.17||$4,339.35||Data Not Available||$3,835.11||$3,537.94||$1,458.99|
|Michigan||$10,498.64||$22,902.59||Data Not Available||$8,503.60||$6,430.11||$20,000.04||$6,327.38||$5,364.55||$8,773.97||$3,620.00|
|Minnesota||$4,403.25||$4,532.01||$3,521.29||$3,137.45||$3,498.54||$13,563.61||$2,926.49||Data Not Available||Data Not Available||$2,861.60|
|Missouri||$3,328.93||$4,096.15||$3,286.90||$4,312.19||$2,885.33||$4,518.67||$2,265.35||$3,419.14||Data Not Available||$2,525.78|
|Mississippi||$3,664.57||$4,942.11||Data Not Available||Data Not Available||$4,087.21||$4,455.94||$2,756.53||$4,308.85||$3,729.32||$2,056.13|
|Montana||$3,220.84||$4,672.10||Data Not Available||$3,907.55||$3,602.35||$1,326.11||$3,478.26||$4,330.76||Data Not Available||$2,031.89|
|North Carolina||$3,393.11||$7,190.43||Data Not Available||Data Not Available||$2,936.69||$2,182.71||$2,848.03||$2,382.61||$3,132.66||Data Not Available|
|North Dakota||$4,165.84||$4,669.31||$3,812.40||$3,092.49||$2,668.24||$12,852.83||$2,560.35||$3,623.06||Data Not Available||$2,006.80|
|Nebraska||$3,283.68||$3,198.83||$2,215.13||$3,997.29||$3,837.49||$6,241.52||$2,603.94||$3,758.01||Data Not Available||$2,330.78|
|New Hampshire||$3,151.77||$2,725.01||Data Not Available||Data Not Available||$1,615.02||$8,444.41||$2,491.10||$2,694.45||Data Not Available||$1,906.96|
|New Jersey||$5,515.21||$5,713.58||Data Not Available||$7,617.00||$2,754.94||$6,766.62||Data Not Available||$3,972.72||$4,254.49||Data Not Available|
|New Mexico||$3,463.64||$4,200.65||Data Not Available||$4,315.53||$4,458.30||Data Not Available||$3,514.38||$3,119.18||Data Not Available||$2,296.77|
|New York||$4,289.88||$4,740.97||Data Not Available||Data Not Available||$2,428.24||$6,540.73||$4,012.93||$3,771.15||$4,578.79||$3,761.69|
|Oklahoma||$4,142.33||$3,718.62||Data Not Available||$4,142.40||$3,437.34||$6,874.62||Data Not Available||$4,832.35||Data Not Available||$3,174.15|
|Pennsylvania||$4,034.50||$3,984.12||Data Not Available||Data Not Available||$2,605.22||$6,055.20||$2,800.37||$4,451.00||$7,842.47||$1,793.37|
|Rhode Island||$5,003.36||$4,959.45||Data Not Available||Data Not Available||$5,602.63||$6,184.12||$4,409.63||$5,231.09||$6,909.45||$4,323.98|
|South Carolina||$3,781.14||$3,903.43||Data Not Available||$4,691.85||$3,178.01||Data Not Available||$3,625.49||$4,573.08||Data Not Available||$3,424.77|
|South Dakota||$3,982.27||$4,723.72||$4,047.47||$3,768.80||$2,940.29||$7,515.99||$2,737.66||$3,752.81||Data Not Available||Data Not Available|
|Tennessee||$3,660.89||$4,828.85||Data Not Available||$3,430.07||$3,283.42||$6,206.69||$3,424.96||$3,656.91||$2,738.52||$2,739.28|
|Texas||$4,043.28||$5,485.44||$4,848.72||Data Not Available||$3,263.28||Data Not Available||$3,867.55||$4,664.69||Data Not Available||$2,487.89|
|Utah||$3,611.89||$3,566.42||$3,698.77||$3,907.99||$2,965.57||$4,327.76||$2,986.57||$3,830.10||Data Not Available||$2,491.10|
|Virginia||$2,357.87||$3,386.80||Data Not Available||Data Not Available||$2,061.53||Data Not Available||$2,073.00||$2,498.58||Data Not Available||$1,858.38|
|Vermont||$3,234.13||$3,190.38||Data Not Available||Data Not Available||$2,195.71||$3,621.08||$2,128.21||$5,217.14||Data Not Available||$1,903.55|
|Washington||$3,059.32||$3,540.52||$3,713.02||$2,962.00||$2,568.65||$3,994.73||$2,129.84||$3,209.52||Data Not Available||$2,262.16|
|West Virginia||$2,595.36||$3,820.68||Data Not Available||Data Not Available||$2,120.80||$2,924.39||Data Not Available||Data Not Available||Data Not Available||$1,984.62|
|Wisconsin||$3,606.06||$4,854.41||$1,513.27||$3,777.49||$3,926.20||$6,758.85||$5,224.99||$3,128.91||Data Not Available||$2,975.74|
|Wyoming||$3,200.08||$4,373.93||Data Not Available||$3,069.35||$3,496.56||$1,989.36||$3,187.20||$4,401.17||Data Not Available||$2,779.53|
In most of the states, USAA offers the cheapest rates but it only offers coverage to military personnel and their families.
Males vs Female Car Insurance Rates at Famers Insurance
Gender is one of the factors that play a role in the calculation of your auto insurance rates.
Though there are seven states that have barred auto insurance companies to charge different rates from men and women, insurers do factor in the gender of auto-owners for rate calculations in other states.
For younger men who’re just starting out to drive, this practice results in significantly higher premiums.
You can also see in the table below that the rates for men and women are different across all age groups. The gap is higher in the initial driving years, but it tends to taper down later in life when auto owners gain more driving experience.
At Farmers, women pay lower premiums than men as evident from the data. For drivers above the age of 25, the difference in rates is minor.
|Group||Married 35-year old female||Married 35-year old male||Married 60-year old female||Married 60-year old male||Single 17-year old female||Single 17-year old male||Single 25-year old female||Single 25-year old male|
Average Rates by Make & Model at Farmers Insurance
Your car’s make and model is going to impact your insurance rates. So, before you set your eyes on a bright red luxury coupe, think twice.
Some makes and models are considered risky by auto insurance companies, more often because the cost to repair some models might be extremely high. But there are certain perceptions attached to specific types of cars.
For instance, owners of sports cars might indulge in dangerous driving which may or may not be true but owning a sports car does raise your premiums. Sports cars are also more likely to be stolen so if you’re thinking of buying a highly popular sports car, be prepared to pay a bomb in premiums.
|Make And Model||USAA||Geico||State Farm||American Family||Nationwide||Progressive||Farmers||Travelers||Allstate||Liberty Mutual|
|2015 Ford F-150||$2,551.56||$3,092.11||$3,204.23||$3,447.30||$3,571.01||$3,914.05||$4,093.50||$4,023.47||$4,429.74||$5,830.16|
|2015 Honda Civic Sedan LX||$2,409.67||$3,092.58||$3,024.24||$3,178.82||$3,547.84||$4,429.56||$4,405.21||$4,420.37||$4,753.69||$5,869.32|
|2015 Toyota RAV4 XLE||$2,454.58||$3,090.89||$3,226.02||$3,326.18||$3,517.03||$3,647.22||$3,728.22||$4,383.78||$4,324.99||$5,825.33|
|2018 Ford F-150||$2,855.69||$3,338.40||$3,497.17||$3,487.91||$3,373.64||$3,962.58||$4,390.19||$4,412.42||$5,491.12||$5,988.85|
|2018 Honda Civic Sedan LX||$2,422.66||$3,338.87||$3,189.99||$3,721.32||$3,361.93||$4,528.90||$4,779.51||$4,661.22||$5,380.28||$6,682.63|
|2018 Toyota RAV4|
When you see the rates for different makes, you would notice that newer cars cost more to insure because of the high cost of repair or replacement.
You can even compare rates with other providers to see what suits you the best because Farmers charges higher premiums than most of the other leading insurers.
Average Premiums by Commute Rate at Farmers Insurance
When you clock high miles on your car, it means you’re subjecting yourself to more risks on the road compared to another driver who works from home and rarely drives to any place by car.
Low mileage means lower exposure to the risks of accidents which is why auto insurance companies charge lower rates if you don’t drive much.
|Commute and Annual Mileage||Allstate||American Family||Farmers||GEICO||Liberty Mutual||Nationwide||Progressive||State Farm||Travelers||USAA|
|10 miles commute/6000 annual mileage||$4,841.71||$3,401.30||$4,179.32||$3,162.64||$5,995.27||$3,437.33||$4,030.02||$3,175.98||$4,399.85||$2,482.69|
|25 miles commute/12000 annual mileage||$4,934.20||$3,484.88||$4,209.22||$3,267.37||$6,151.63||$3,462.67||$4,041.01||$3,344.01||$4,469.96||$2,591.91|
Whenever you plan to buy auto insurance, don’t forget to ask for low mileage discounts from Farmers because they do offer lower rates if you don’t drive much.
Average Premiums by Coverage Level at Farmers Insurance
Auto owners have the option to buy the basic insurance coverage offered by insurers, however, it’s usually insufficient to pay off the expenses in a major accident.
When you increase your coverage, you would have to pay a much higher premium.
For a lower level of coverage, Farmers charges an average annual premium of $3,922 while for high coverage, the premiums are $4,494.
Average Premiums by Credit History at Farmers Insurance
Credit score is another factor that might sway your insurance rates either way. If you have maintained a good debt paying history, your premiums will be reasonable while a poor or fair credit record would raise your rates considerably.
There are a few states – California, Massachusetts, Hawaii, and Maryland – that don’t allow insurance companies to use credit history to determine rates.
Let’s see the rates charged by Farmers for auto owners with poor, fair, and good credit history.
Those who have a poor credit history pay over $1,000 extra than those with a good credit record at Farmers.
Average Premiums by Driving Record at Farmers Insurance
Car insurance is all about protecting motorists from risky drivers on the roads. So naturally your driving record influences your auto insurance rates.
Each violation on the road has its own impact on the rates, with driving under the influence of alcohol and accidents raising rates significantly.
At Farmers Insurance, if you have a record of DUI, you would have to pay almost $1,300 more than motorists with a clean record. The majority of the insurers penalize drivers with a DUI record with higher premiums than any other violation.
|Group||Clean record||With 1 speeding violation||With 1 accident||With 1 DUI|
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Coverages Offered by Farmers Insurance
You should choose an auto insurance company that offers you protection from any and every type of risk you can face while driving on the roads.
Farmers has options that provide coverage for varied types of accidents. In fact, Farmers famously creates ads that show multiple scenarios auto owners might come across.
Basic coverage options offered by Farmers:
- Liability coverage
- Collision coverage
- Comprehensive coverage
- Uninsured motorist coverage
- Medical payments coverage
- Personal Injury Protection (PIP)
Apart from the basic coverage options, Farmers also offers optional features.
- New car replacement coverage
- Customized equipment coverage
- Personal liability umbrella coverage
- Towing and roadside service coverage
- Accident forgiveness
- Loss of use
- Car rental reimbursement
- Glass buy-back
- Original equipment manufacturer
Your auto policy can be customized with any of the above features that can give you an extra cushion of protection.
Bundling Options at Farmers Insurance
If you bundle two or three policies from Farmers, you can receive discounts. Farmers offers discounts on auto insurance if you buy an additional policy from them such as life or renters or umbrella policy. You can either buy two policies or more than two policies to get discounts on auto insurance.
To qualify for bundling discounts, get one of these policies from Farmers along with auto insurance:
- Mobile Home-Specialty Dwelling
- Farmers Specialty (motorcycle, family boat, motor home, travel trailer, rec vehicle, etc.)
Discounts at Farmers Insurance
Auto insurers offer may types of discounts that auto owners must be aware of to get better rates. At Farmers, the discounts vary from state to state so always remember to check with your agent about all the discount options before buying a policy.
Here’s a list of discounts for auto insurance consumers.
- Distant student: If your children live more than 100 miles away from your home and don’t drive your car regularly, you may be eligible for discounts.
- Multi-car: If you have multiple cars at your home, you can get all the vehicles listed on one auto policy to get discounts from Farmers.
- Alternative fuel: Choosing an alternative fuel isn’t only good for the environment but also helps in reducing your premiums at Farmers. If you’re using alternative resources like electric/gasoline hybrid, electric, ethanol, methanol, compressed natural gas, or propane, you could get discounts.
- Electronic funds transfer: Setting up automatic payments electronically for your premium can also get you discounts.
- Full payment: Making a full payment of your insurance premium at the beginning of the auto policy will get you a discounted rate.
- Policy transfer: Farmers also rewards you if you transfer your policy from another carrier to Farmers without any lapses in coverage.
- Good students: Usually your premiums rise significantly when you add drivers under the age of 18. Farmers offers discounted rates for good students who meet the academic standards set by the insurer.
- Mature Drivers: Drivers who complete an approved safe driving program and are above the age of 55 are eligible for additional discounts.
- Safety features: If your vehicle comes installed with anti-lock braking systems or an anti-theft device, you’re eligible for discounts.
- Business and professional group: Motorists who are/were part of an approved occupational group are eligible for discounts
Farmers Insurance Programs
Every insurer has a unique selling point or programs that they focus on – something that they master in. Farmers strength lies in covering all types of auto accidents whether the damage was in control of the auto owner or not.
This value proposition is quite clear in their ads where they mainly show their expertise in knowing what all can happen to auto owners on the road.
Farmers also specializes in collectibles car insurance and ridesharing insurance which they highlight on their website.
Ridesharing coverage: Most of the states have enacted laws requiring ridesharing drivers, who are driving for either Uber or Lyft, to buy coverage while they are logged in the ridesharing app and when they’re engaged in a ride arranged through the app.
Farmers insurance covers ridesharing drivers through their coverage that would help them meet the legal requirement as well as protect them on rides.
Collectible auto coverage: It’s not always easy to find a coverage that’s suitable for classic cars, but Farmers make it quite simple for auto owners with their optional coverages and clauses.
- Farmers no-attendance clause in an auto policy can pay for the damages to your car when it was damaged in your absence
- You can even take your car to overseas rally tours by making special coverage arrangements with Farmers
- You can get a policy that replaces or repairs your car with original parts, whenever possible, after a damage
- In the event of a total loss, Guaranteed Value™/Agreed Value would ensure that you receive the current market value of your classic car
Get rewards with Signal®: With advancement in technology and the launch of telematics, most of the insurers are offering usage-based insurance programs to their customers.
So, how could Farmers lag behind?
Using the Signal app, auto owners can get discounts up to 15 percent on their premiums if their driving behavior meets the criteria set by Farmers.
In fact, you will receive a 5 percent discount for just using Signal.
What Stands Out
Farmers is well-known for its impeccable customer service and with a network of 48,000 independent agents, you can find an agent very close to your home. The company also offers many types of discounts to auto owners which helps in bringing down the cost of insurance.
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Canceling your Policy at Farmers Insurance
As a customer, you can cancel your auto insurance policy at any time of the year for any reason whatsoever.
Every insurer has a cancellation process and most of them refund the unused portion of your premiums. But, do check if your insurer charges a penalty for early cancellation.
Let’s see how you can cancel your policy at Farmers Insurance.
Refund and Cancellation Fee
Farmers doesn’t share any information on refund or cancellation fee for early termination, so do ask your agent about any fee or penalty that they might charge if you decide to cancel before the policy ends.
If you have paid up your insurance premium in advance, you should get back the unused amount on a pro-rated basis.
How to Cancel a Policy
To cancel your auto insurance policy with Farmers, you can connect with your local agent or call the customer service department.
- Local agent: To find an agent near you, you can use the search option on their website. Your local agent should be able to help you with cancellation and also provide you information about the process.
- Customer service: If you aren’t able to connect with an agent, you can call their customer service department at 888-327-6335 for the cancellation request.
When to Cancel your Policy
You can cancel your policy anytime, however, it’s best to cancel it before the payment of your next monthly installment. You can ask your agent to cancel your policy with immediate effect, but if you do so make sure that you have bought insurance from another carrier.
Even a 24-hour gap in insurance coverage can lead to a rise in rates as you can’t keep a car without auto insurance in most of the states.
Once your agent confirms policy cancellation, ask them to send a written confirmation on either e-mail or mail.
How to Make a Claim at Farmers Insurance
After a car accident, usually, most of the people are a little shaken and confused about what to do next. During the first notice of loss, the role of customer service representatives become instrumental in assuring an auto owner that their damages would be reimbursed.
Ease of Making a Claim at Farmers
To report a claim, you can call Farmers at 1-800-435-7764 or do it online. Since you need to report an accident as soon as possible, it would be best if you give them a call.
Farmers also helps auto owners with a few options that makes their claims process easier.
- Auto repairs: Farmers® Guaranteed Repair Program allows auto owners to get their damages repaired from auto repair facilities in their network.
- Vehicle glass repairs: Farmers also assists auto owners in finding a glass repair company as per the convenience of consumers
- Rental cars: They can also provide a rental vehicle while your car is getting repaired through their partnerships with rental companies
- Total loss vehicles: If your vehicle was damaged beyond repair, you can use Farmers car shopping service for a vehicle replacement
Premiums Written and Loss Ratio
If an insurer is progressively writing more premiums each year, that means their business is growing. As per data from the National Association of Insurance Commissioners, Farmers direct written premiums are growing.
|PRIVATE PASSENGER AUTO||2015||2016||2017||2018|
Between State Farm and Farmers, there’s a huge gap in the amount of premiums written. Though the written premiums of Farmers are rising, their market share is witnessing a slow downfall from 2015 to 2018.
In the loss ratio table, you would notice that the loss ratio of Farmers is decreasing since 2016.
Loss ratio is the ratio of losses to premiums earned – which means that a loss ratio of 60 percent indicates premium payments of $60 from $100 of premium earned. A very high ratio means that an insurance company isn’t making enough profits or even going through losses if the ratio is higher than 100 percent.
In the four-year period (2015-18), Farmers written premiums have increased while the loss ratio has witnessed a downfall – both signs of a financially strong company.
How to Get an Online Quote at Farmers Insurance
Because of the ease of online access, most of the consumers prefer to get an online quote to compare rates or to even buy a policy.
We will cover the step-by-step process of getting a quote from Farmers Insurance.
When you visit the website of Farmers, you would see options to get a quote on the home page. On this page, you would be asked to choose the type of insurance and input your zip code to start a quote.
Once you enter your zip code, you would be directed to the next page where you will have to fill details about yourself – such as your name, address, and date of birth.
Once you have entered your personal information, you will be asked for the information about your vehicle. When you provide details about your vehicle, you will be asked if the vehicle is leased, financed, or owned.
Apart from the basic vehicle details, Farmers also asks questions like – where do you park your car and if you have any safety devices, such as anti-theft and anti-lock brakes, installed in your car.
After the vehicle details section, you will have to answer a few personal questions such as your marital status, occupation, if you have held insurance coverage previously and for how long, when does your existing policy expire, and whether you have completed a driver’s safety program.
If you’re married or live with someone who uses your car, you will be asked to enter their details as well in the next screen.
The personal questions and your driving history help to determine your rates & discounts for auto insurance. After you have added all drivers in your household, you will be asked a few more questions to see if you qualify for more discounts.
If you bundle your home or renter’s policy with auto insurance, you will receive discounts on your quote.
After entering all the details, you will be taken to the screen where you can see your quote and an itemized list of what coverage options are included along with which discounts were applied.
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Design of Website/Mobile App
We have already given you a sneak-peak into the website of Farmers which is quite sleek and user-friendly with information for all types of insurance buyers. In fact, their “Learn from Experience” section addresses the questions of insurance buyers and helps them understand all the coverage options.
What can you do with the Farmers mobile app:
- Access details about your auto policy, pay your monthly premiums, use your digital copy of insurance cards for proof and more.
- Even when you’re logged out, you can use the digital insurance cards as proof anywhere.
- You can reach out to a Farmers agent through your mobile app in an emergency or if you have any questions related to your policy.
On both the Apple and Android stores, their mobile app has garnered some great reviews with a rating of 4.8 out of 5.
Most of the users rave about the ease of use and convenience of accessing all their insurance details from the mobile app itself. The app loads super-fast and the features are extremely intuitive which makes it easy to use for people who have no knowledge of the app.
Pros and Cons
Now that we have covered a lot of information about Farmers, let’s look at what works and what doesn’t with them.
- Farmers has been in business for long so they understand the market well and are positioned among the leading insurers to offer you safety.
- The financial strength rating of Farmers from all the credit rating agencies places trust in the long-term stability of the company and its ability to meet its contractual obligations.
- Farmers offers a multitude of coverage options and ways to get discounts on auto policies that makes it easier for auto owners to choose coverage suitable for their needs.
- Customer satisfaction ratings of Farmers is also good across different sources on the web which ensures that they offer satisfactory customer service.
Though Farmers is a good option for auto insurance, it tends to be on the expensive side in most of the states. Also, when most of the insurers have already launched their usage-based programs to offer rewards for safe driving, Farmers was a little late in launching a similar program.
We have to wait and watch how much auto owners save with their Signal app.
Does Farmers offer accident forgiveness?
At Farmers, one at-fault accident is forgiven for driving three years without accidents. In their insurance policy clauses, you should be able to find this.
What car insurance discounts are available at Farmers?
Farmers offers many types of discounts which vary by state, so you can check their website to know about which discounts you’re eligible for.
Do you get discounts for buying collectible car coverage?
You can get multi-vehicle discounts when you insure two or more collectible vehicles from Farmers Insurance.