Disclaimer: We are not Farmers Insurance Company. Rootfin is an independent rating agency. This is nothing more than a detailed, unbiased and honest Farmers Car Insurance review.
This review of Farmers Car Insurance is roughly a 5-min read.
Farmers car insurance company is one of the most reputable and longest-standing options in the country for auto insurance coverage.
Our review of Farmers Insurance Company will cover a wide range of topics.
Use any of the links below to jump straight to that area of this article:
- Our Farmers Car Insurance Review
- Farmers Car Insurance Company History
- Farmers Car Insurance Financial Strength
- Farmers BBB Rating and Complaints
- Farmers Car Insurance Coverages Offered
- Other Car Insurance Options with Farmers
- Rideshare Coverage with Farmers
- Farmers Car Insurance Cost
- Farmers Car Insurance Discounts Offered
- Who Should Consider Farmers Car Insurance?
- Pros of Farmers Car Insurance
- Cons of Farmers Car Insurance
- Farmers Car Insurance Vs. The Competition
- Final Thoughts on Farmers Car Insurance
However, if you are in a time crunch, we want to make sure to provide you a quick 1-minute, few paragraph overview of Farmers Car Insurance.
Farmers car insurance company is one of the most reputable and longest-standing options in the country for auto insurance coverage.
Farmers is one of the top 5 most competitive companies when it comes to overall premiums paid for auto insurance.
Additionally, Farmers Insurance Company offers 17 discounts that can help students and even individuals over the age of 55, secure potentially the lowest rates for car insurance possible.
On the flip side, Geico and even Progressive are known to offer overall more budget-friendly coverage options compared to Farmers.
Additionally, Geico and Progressive have perhaps the two best online platforms for purchasing coverage available.
Farmers also has more limited availability for specific discounts, home, and auto coverage, and even rideshare coverage compared to other auto insurance companies available to you.
Your best bet is to compare these auto insurance companies in-depth and use online platforms to compare rates with all auto insurance providers in your area.
That was the brief 1-minute overview of Farmers Insurance Company.
However, if you do have a few minutes to spare and are looking for the full review of Farmers Auto Insurance, we recommending you read the full review directly below.
Here are the details.
Our Farmers Car Insurance Company Review
Anytime you set out to change car insurance providers to lower your rates; it can seem confusing to understand who the best options in the marketplace may be.
Things can become more challenging during the research phase when you find unbiased reviews that don’t quite answer all the questions you may have about a car insurance company.
We know what phase you’re in currently, and we have no doubt that Farmers Insurance Company is one of the companies you have stumbled across during your search.
While comparing all angles of an insurance company is essential, we are primarily focused on Farmer’s car insurance coverages and products in this review only.
Farmers Insurance Company provides several different lines of insurance, and auto insurance is undoubtedly one of the best products they offer to consumers.
Farmers has been around since 1928 and even has catchy commercials that I’ll admit, can be quite humorous at times.
Farmers Insurance is currently headquartered in Los Angeles California and is currently the parent company of six subsidiaries companies and has a parent company themselves known as the Switzerland-based Zurich Insurance Group.
Here’s a quick look at Farmers Insurance Company history.
Farmers Insurance Company History
Farmers Insurance Group is an American based insurance company and currently offers auto insurance, homeowners’ insurance and provides insurance for small business owners.
In 2019, Farmers Insurance Company has more than 48,000 independent and exclusive (captive) agents working for the company in addition to roughly 21,000 employees.
Farmers Insurance has a unique background and history.
In 1922 John C Tyler and Thomas E Leavey met when Tyler moved to California.
Both Tyler and Thomas grew up with a “farmers” background in rural communities and realized that a big gap existed in the marketplace.
They believed that farmers and ranchers deserved to benefit from lower insurance premiums.
It wasn’t for nearly 5 more years that Tyler and Thomas received their first loan from the Bank of America founder to begin what is now known as Farmers Insurance Company.
In the year 2000, Farmers expanded into offering Mutual funds and other financial products to clients and consumers.
Farmers have always been known as a trustworthy insurance company to work with.
Especially after 2005, when Farmers Insurance Company provided 300 insurance adjusters, a 100,000 donation to help provide relief after the damages caused by Hurricane Rita.
Farmers Insurance Company Financial Strength
Farmers Insurance Company shows no reason to be concerned when it comes to financial strength ratings.
Currently, Farmers has been given the following financial strength grades from the top rating agencies:
A.M. Best- A+ (Excellent)
Moody’s- A2 (Good)
Standard and Poor’s- AA- (Very Strong)
In 2018, Farmers Insurance wrote a total of 10.3 billion dollars in insurance premiums and held a 4.81% market share.
Farmers Auto Insurance BBB Rating
Farmers car insurance has a long-standing record with the BBB.
Currently, Farmers is backed by an A+ rating with the BBB and has been accredited since 1951.
In the last 3 years, Farmers has closed 720 complaints filed with the BBB.
While this may seem like a large number of complaints, it’s not at all.
Especially when using this relevant data and holding side by side with how many policyholders Farmers currently has.
With a group of individuals as large as Farmers policyholders, it’s not uncommon to have complaints filed with the BBB.
Overall the number of complaints with Farmers is nothing we would get hung up on.
Farmers Car Insurance Coverages Offered
Farmers Auto Insurance offers the typical car insurance coverages that you will find with most auto insurance providers.
Other Auto Insurance Offered by Farmers
In addition to the coverages listed above, Farmers also offers different forms of car insurance coverage.
Below is a look at other coverages currently offered by Farmers:
New Car Replacement- This coverage helps individuals get full sticker value for their vehicle instead of depreciated value if your vehicle is under 24,000 miles and within the first 2 years of ownership.
This is very similar to how GAP coverage would work with auto insurance companies.
It’s simply a different name for the same coverage.
Accident Forgiveness-This is a car insurance coverage growing in popularity and being offered by other auto insurance companies as well such as Allstate Insurance Company.
Accident forgiveness allows for one at-fault accident to occur without inflating your car insurance premiums.
Loss of Vehicle Use- This is much like rental car insurance but with a different name.
This coverage will cover rental cars while your car is in a shop or provide money to help with public transportation while you are not able to use your primary vehicle.
Customized Equipment Coverage- This coverage allows to protect additional equipment you have added to your primary vehicles such as custom wheels, stereo equipment, and other upgrades.
Rideshare Coverage with Farmers Insurance Company
Rideshare coverage is becoming more important for car insurance companies to offer every year.
Uber and Lyft drivers are provided less protection while operating as a rideshare driver than many consumers likely believe.
Having the ability to expand protection for rideshare drivers is something Farmers supports.
With Farmers, you rideshare coverage will kick in when your Uber or Lyft app is on and fill all the gaps and coverage holes to ensure that you don’t end up being underinsured.
For any of you who currently drive for Uber, Lyft or other rideshare providers, this is something that’s imperative you look into and purchase to protect yourself.
Cost of Farmers Car Insurance
Farmers car insurance is not necessarily the cheapest option you can choose for coverage.
When comparing Farmers against some of the big top ten car insurance providers, here is out it pans out.
These numbers are based on average annual rates.
- Geico Insurance Company- 1st or Cheapest Option
- Progressive Insurance Company- 2nd
- Farmers Insurance Company- 3rd
- State Farm Insurance Company-4th
- Allstate Insurance Company– 5th
Keep in mind that these rates are based on averages and not taking into consideration your specific background or needs, such as driving history or even credit score.
Therefore, it remains imperative to always shop for the best possible car insurance rates in your area before deciding on car insurance coverage.
Discounts Available with Farmers
Discounts available with Farmers Insurance company is one of their bright spots.
Currently, Farmers offers 17 total discounts, which is the 3rd most compared to some of the other big auto insurance companies available in the U.S.
When you go to Farmer’s website, you select your state of residence before being able to view your available discounts.
For this illustration, we selected Illinois as our resident state.
Here’s a look at the discounts available with Farmers:
Multi-Policy Discount- This discount can be applied for just car insurance as long as more than 1 family vehicle is insured.
This discount can also be applied if you have other lines of insurance on your policy, such as homeowner’s insurance or renter’s insurance.
Signal Discount- This app is like what State Farm classified as the Drive Safe and Save Discount.
It tracks driving habits and behaviors to help potentially save you money on your car insurance.
Business Discount- With Farmers, specific professional groups or retirees are offered discounts.
Student Away from Home- Many car insurance companies offer this discount.
This discount can be applied if you are a student and live more than 100 miles from home.
Alternative Fuel- This discount can be applied to any hybrid or elective vehicle.
EFT Discount- This discount can be applied if you elect to have your premiums auto-deducted from your bank account.
Good Student Discount- For this discount to applied with Farmers, you need to maintain a 3.0 GPA or be in the top 20% of your class.
Additionally, the good student discount can be applied to individuals who are on the Dean’s List.
Pay in Full Discount- This discount can be applied if you pay your full premium in either semi-annual or annual amounts.
Homeowners Discount- If you are a homeowner and Use Farmers for your home insurance, you can receive a price reduction for your auto insurance premiums.
Mature Driver Discount- This is a unique discount that not all car insurance companies offer.
If you are over 55 years of age and take a state-approved driving course, Farmers will provide you with a discount on your car insurance premiums.
Defensive Driving Discounts- This discount only applies to vehicles that are currently equipped with anti-theft devices.
Farmers also offers other various discounts for individuals who purchase other lines of insurance.
The easiest way to view discounts through Farmers is to go directly to their website.
Who Should Purchase Farmers Auto Insurance?
Farmers insurance makes a lot of sense of individuals who need discounts for young drivers, drivers over 55 years of age, or individuals who have other lines of insurance through Farmers.
When it comes to a price comparison only, you may have a few cheaper options but overall, if you are a student with good grades or a driver over the age of 55, you have a good chance of applying for enough discounts to make your auto insurance amongst the cheapest possible compared to other companies.
Pros of Farmers Car Insurance
Anytime you opt to work with one car insurance company opposed to another, unique pros and cons will present themselves.
Here’s a look at the top 3 pros of working with Farmers.
- Top 5 in overall pricing for auto insurance
- Strong reputable company with solid financial strength
- Offers 17 discounts which is one of the industry-leading numbers of discounts available for car insurance.
Cons of Farmers Car Insurance
As stated previously, you don’t often get the pros of working with a company without the disadvantages.
Here’s a look at a few significant cons of choosing Farmers for your auto insurance coverage.
- Geico and Progressive May Offer Cheaper Rates
- Poor Reviews for Car Rental Car Services
- Farmers May Be More Expensive or Offer Limited Availability in Certain Regions or States
Farmers Vs. The Competition
Some individuals reading unbiased car insurance reviews may want to view Farmers in a head to head battle with another top car insurance company.
For the sake of this review, we will compare Farmers Insurance to Geico Car insurance.
Geico likely has cheaper rates for most drivers seeking coverage.
However, depending on your unique situation, you may be able to bundle coverages or apply for enough discounts to make Farmers the cheaper option for coverage.
Additionally, Geico has an extremely easy to use online platform for purchasing car insurance.
On the flip side, Farmers can undoubtedly cater to individuals looking for an in-person relationship.
This is strictly due to Farmers still having thousands of agents that work specifically for Farmers with local offices.
It’s often difficult to compare two companies such as Farmers and Geico head to head because everyone has unique preferences and circumstances when purchasing car insurance.
Our advice is to use each platform with your specific needs and preferences and see which company ultimately offers you the better rates and the most bang for your buck.
Final Thoughts on Farmers Car Insurance
Anytime you set out to change car insurance providers or locate the best rates; you have some initial homework to do.
We get that, and we understand the importance.
However, in most situations, it will take more than a simple, unbiased review such as this to ultimately locate and secure the best car insurance coverage for you.
Too many unique factors apply to each consumer such as credit rating, driving history, and budget to make blanket statements or judgments about one car insurance company over another company.
The best thing you can do is use reviews such as this Farmers car insurance review to compare options independently.
In fact, you can do so on this page by using the car insurance rate tool.
At the end of the day, completing independent research and analysis on each company is the best and most advised path you can take.
Always ensure you are getting the best bang for your buck and the cheapest car insurance possible.