State Farm vs. Farmers Auto Insurance
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UPDATED: Jan 30, 2020
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State Farm and Farmers Auto Insurance companies have both been around since the 1920s and are two of the largest insurers of automobiles in the country. Both offer similar types of coverage, and each company offers a couple of additional coverages that you have the option of adding to your policy.
Although both are reputable companies, you should look at how they differ and see which one seems to work better for your needs.
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Although many car insurance companies offer similar things when it comes to coverage, each one has their own strengths and weaknesses. State Farm and Farmers Insurance are no exception.
Looking at different aspects and seeing which one fits better with what you want will ensure that you choose the right company.
The 1920s was a big decade for both State Farm and Farmers, as this was the beginning of their auto insurance businesses. Since then, they have continued to insure autos around the country and have grown into a couple of the biggest insurers in regards to policies issued.
In 1942, State Farm became the number one insurer of automobiles in the United States and it has stayed on top ever since.
Farmers Insurance is not too far behind, having become the third largest provider of insurance for cars in the United States.
State Farm Consumer Ratings
Taking a look at how other consumers rate each insurance company is a good indication of how the companies perform in regards to different categories, such as those found through J.D. Power’s rating surveys.
If all you base your decision on is how each of the companies rate in the eyes of your peers, then you would probably end up choosing State Farm to insure your vehicles.
In California, State Farm received four out of five stars for overall satisfaction, and received five stars for policy offerings and ease of contacting the insurer. State Farm also got four stars in the Central region, with a perfect rating for insurer contact.
In the Mid-Atlantic and the Northeast, State Farm got a three-star rating for overall satisfaction.
State Farm is an award recipient in the West and the North Central regions. It received five stars in all categories except for pricing, in which it got three stars. In the Southeast it received five stars in every category except for pricing and billing.
State Farm also placed fairly high in the claims category. It received four stars overall and it got five stars for its service interaction.
Consumer Ratings of Farmers
In California, Farmers rated quite a bit lower than State Farm by receiving two stars out of five in every category. It also received all twos in the Central and North Central regions.
Farmers received a couple of higher ratings in the Southeast. It was the recipient of three stars in the pricing and contacting the insurer categories, while receiving two stars in the other categories.
In the West, it got all two stars except for its three-star rating for contacting the insurer.
In regards to claims, Farmers received two stars in every category except for the appraisal and repair processes, in which it got three stars.
When you are looking at insuring your vehicle, you will find that most car insurance companies offer the same basic kinds of coverage. These are the types of protection that will cover most of the possible mishaps on the road.
One of the basic types of insurance that is also the bare minimum needed is liability, which both State Farm and Farmers offer their customers.
They both offer property damage coverage in the form of collision and comprehensive. Medical payments, underinsured motorist, and uninsured motorist coverages round out the basic types.
To find out more about each type of coverage, contact the Insurance Information Institute.
In addition to basic coverage, which ironically is also referred to as full coverage if you purchase all of the types mentioned above, some insurance companies will offer other optional types of coverage or endorsements that you can add to your policy. Both Farmers and State Farm offer some additional coverages.
State Farm offers the option to add car rental coverage to your policy. With this coverage, if your car is in the shop getting repaired for a covered claim, you will be covered for the cost of renting a vehicle to help you get to work and other places.
Depending on where you live, there are total limits or daily allowances that apply.
State Farm also offers coverage for emergency road services. With this optional coverage you will be reimbursed for costs associated with a jump start, towing, flat tire repair, locksmith services, and more.
There are limits to reimbursement and you are only covered for amounts that are deemed to be fair.
Farmers Insurance also has roadside assistance coverage. Unlike with State Farm, which reimburses you for the services, Farmers is billed directly, in most cases, for any service that you need.
Rental coverage is also available through Farmers. With this coverage you will get free pickup, direct billing, and a deposit waiver. This covers not only you, but also any other party involved who has been affected by the accident.
Farmers offers Accident Forgiveness as well as New Car Pledge through their Farmers Flex program. With Accident Forgiveness, one accident every three years will be forgiven.
This is something to consider for good drivers who typically have stayed away from accidents and want to protect their rates from increasing in the small chance that an accident does happens.
With the New Car Pledge, Farmers helps new car owners. This optional coverage covers the first two years that you own a new vehicle. If you happen to lose your new car, it will be replaced without taking into consideration any depreciation.
Only the original parts from the manufacturer will be used for repairs as well.
Service for windshield is another optional coverage through Farmers.
Any small chip in your windshield will be fixed for free. Any other crack will be fixed at a lower deductible than your comprehensive deductible. The company fixing the glass will also visit your home or workplace if it is more convenient for you.
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State Farm Discounts
Insurance companies offer discounts to help safe drivers save money on their policies. State Farm offers a number of these. Discounts for multiple policies and multiple vehicles can garner you almost 20 percent in savings. A good student discount will save you 25 percent up to the age of 25.
If you go three years or more with no accidents, you are eligible for the good driving discount. Taking courses such as Steer Clear or defensive driving can save you up to 15 percent. Discounts will vary depending on which state you live in.
Farmers Insurance also offers discounts for insuring multiple vehicles and multiple policies, as well as for good students. Safety features such as air bags will also save you money.
Farmers also offers discounts for certain groups of people. If you are a part of an occupational group such as firefighters, police, teachers, dentists, RNs, or doctors, you will get a discount on your auto insurance. New parents and retired professionals may also receive a discount if they meet certain requirements.
Teenage drivers usually pay the most for car insurance, as the Administration for National Highway Traffic Safety reports that teenagers are the cause of three times as many fatal accidents while driving.
Farmers Insurance offers a safety program for teenagers known as Y.E.S. Teens who go through this program will usually get a discount because they have learned more about driving safety.
Financial Ratings Comparison
Financial ratings are a good way to determine how well insurance companies can meet financial obligations such as claims. It is always a good idea to check out how a company rates before you make a financial commitment to one.
Standard and Poors and A.M. Best are two good sources to use to research the financials of car insurance providers. You will gain a good amount of information.
State Farm rates high and has consistently since the company started. They currently have an A+ rating and a stable outlook, which indicates that there is little chance that the rating will change anytime soon.
Farmers Insurance has a rating of A, which is also considered to be a strong rating. Its outlook for the future is also stable.
Comparing State Farm and Farmers Insurance is a good idea if you are looking to insure your personal vehicles. Both are stable companies that will more than likely be around for many more years to come.
State Farm scores higher in the eyes of consumers and it has a slightly higher financial rating. Both companies offer similar types of coverage, although Farmers offers more optional types.
Both offer an assortment of discounts to help save you money on your policy. Your decision will probably come down to what is offered in your state, whether there is a particular coverage or discount you prefer more, and a policy price with which you are comfortable.
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