Farmers Insurance Group, commonly known as Farmers, is an American insurer that specializes in automobiles, homes, small businesses, and other insurance and financial services. The company is well known for claim management and outstanding customer service. Be mindful that you need to pay more for experiencing its superior customer service, as auto and homeowners insurance rates tend to be on the higher side. So, never be surprised to see high premium rates when you look for car insurance quotes. But Farmers will always be the perfect option if you wish to get an easy claim experience!
We at Way.com decided to weigh some of the pros and cons of Farmers Insurance company.
Pros
Cons
Farmers Insurance offers traditional auto coverage options as many other leading insurers.
| Unique Features | What does it do |
|---|---|
| New car pledge | This add-on feature guarantees you a new replacement vehicle. You can get the replacement car if the existing car gets totaled within two years of its model year before attaining 24,000 miles, whichever comes first. |
| Accident forgiveness | Typically, your insurance rate will rise after an accident. But, one accident will be forgiven if you purchase Farmers’ accident forgiveness and avoid accidents entirely for three years. |
| Towing and roadside assistance | If you want roadside assistance, make sure to add it when you buy your policy. The coverage includes towing, locksmith assistance, battery jump-starts, flat tire change, and winching. The services are available 24/7. |
| Loss of use coverage | Similar to rental car reimbursement, loss of use coverage means Farmers Insurance will pay for the cost of transportation while your car is under repair. |
| Customized equipment coverage | This optional coverage protects your vehicle’s custom parts if they get stolen or defective.Thiscoverage is helpfulas vehicle upgrades, such as infotainment systems and custom wheels, usually are not covered under a standard insurance policy. Buy a full coverage auto insurance policy from Farmers, which includes collision and comprehensive coverage to get this coverage. |
These are the standard auto insurance coverage offered by Farmers.
To know about the various types of auto insurance coverage in-depth, check https://www.way.com/blog/types-of-car-insurance-coverage/
Regardless of which company they choose, young drivers pay the most for insurance. Farmers Insurance company charges high rates for teen driverscompared to the other insurance companies with higher rates than the national average. Teen drivers can find lower insurance rateswith other companies like USAA or State Farm.
| Age Bracket and Gender | Average annual premium |
|---|---|
| <18 or 18-year-old female | $6,695 |
| <18 or 18-year-old male | $7,166 |
Drivers aged between 18 and 25 have little driving experience. Since younger people are more likely to take risks behind the wheel, insurance companies charge more.Farmers Insurance rates are higher than the national average. Companies like USAA, State Farm, or Travelers offer lower rates in this category.
| Age Bracket and Gender | Average annual premium |
|---|---|
| <25 or 25-year-old female | $1,840 |
| <25 or 25-year-old male | $1,933 |
Compared to other age groups, Farmers offer lower rates to senior citizens. However, companies like USAA provide lower rates for people aged above 60.
| Age Bracket and Gender | Average annual premium |
|---|---|
| <60 or 60-year-old female | $1,421 |
| <60 or 60-year-old male | $1,501 |
| Type of Drivers | Average annual premium |
|---|---|
| Good Drivers | $1,641 |
| Drivers with a speeding ticket | $2,053 |
| Drivers Who Caused an Accident with Injury | $2,416 |
| Drivers with a DUI | $2,291 |
Farmers Insurance provides safe, student, and military personnel discounts like other insurance companies. Be aware that Farmers currently doesn’t offer a loyalty discount. The insurance discounts differ in the cost and availability based on the policy type and where you live. Based on the state you livein,you may be suitable for the following discounts.
Overall, customers are happy with Farmers auto insurance. Most of the feedback suggests that the friendly agents of Farmers Insurance company are ready to handle claims professionally. The ease of Farmers auto claims is what the customers like most about them. Despite this, the company also offers an excellent mobile app rated highly by customers using Apple and Android platforms. The app lets you pay the bill and change payment methods, get your agent’s contact, file a claim and know its status, and more.
In terms of insurance rates, Farmers offer higher rates than most insurance companies and national average rates. Though customers are happy with their customer service and claims handling, the cost of the insurance policy remains a common issue. On the other hand, farmers provide a plethora of car insurance discounts that can help reduce annual costs. It is always better to compare the insurance rates of other companies and then decide on one. Their app also has good feedback from the customers. Farmers Insurance has a good reputation in the insurance sector. AM Best, a credit rating firm was specializing in the insurance industry, gave a rating of ‘A’ to the company their ability to meet its financial obligations.
Farmers run through several businesses across the country. Farmers Insurance Group of Companies is the leading property and casualty entity. Farmers Insurance has over 48,000 exclusive and independent agents and about 21,000 employees.
Farmers Insurance Company has been in operation for around 94 years. John C. Tyler and Thomas E. Leavey launched the company in 1928. Tyler was the president, and Leavey was the vice president of Farmers Automobile Inter-Insurance Exchange, launched in downtown Los Angeles, California.BATUS Inc., the US subsidiary of British company BAT IndustriesPlc, took over Farmers in 1988.They paid around $5.2 billion for Farmers Group, Inc. and became the sole stockholder of its 68 million common shares.
The auto insurance rates published in this guide are based on the results of research completed by Way.com’s data team. Using a mix of public and internal data, we analyzed millions of rate averages across U.S. ZIP codes.
Quotes are typically based on a full coverage policy average unless otherwise noted within the content.
These rates were publicly sourced from insurer filings and should be used for comparative purposes only — your own quotes will differ. Given this, it’s important to go through our insurance steps form to find how much you can save with way.com
Farmers auto insurance policies cover the majority of rental vehicles, including sedans, pickup trucks, and SUVs. You will receive the exact amount and types of coverage as you do under your policy.
Farmers do cover salvage cars. Farmers provide full coverage insurance if the vehicle is rebuilt and inspected after being salvaged.
Farmers auto insurance costs an average of $1,641 per year. It has one of the highest rates among the companies compared to national car insurance rates.
Yes. However, it is not the most affordable policy for an average driver. But, the company offers good customer service and claims handling experiences.
You’ve three options to cancel your insurance. You can cancel directly by going to a Farmers Insurance office and speaking with a local agent. The other two ways to cancel are by calling them over the phone or mailing the cancellation request.
NB: Haven’t included the Farmers Auto Insurance Coverages Limits and Farmers Average Insurance Cost by State as the data wasn’t available.
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