Geico vs Farmers

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Geico was founded in 1936, and is currently the second-largest car insurance company in the country, with 13.54% of the total market share. Geico offers a wide variety of insurance products and has over 16 million customers across the United States. The company is headquartered in Chevy Chase, Maryland and has been a subsidiary of Berkshire Hathaway since 1996.

Farmers Insurance was founded in Los Angeles in 1928. It is the seventh-largest car insurance company with 3.98% of the total market share. Farmers insures about 19 million customers and sells nine insurance products, as well as retirement, investment and financial solutions. Additionally, the company employs more than 48,000 captive agents.

Geico vs. Farmers: Car insurance rates comparison

When comparing car insurance companies, it is usually a good idea to look at their third-party ratings, as well as their average annual premiums. In the table below, we included the financial strength rating, 2020 J.D. Power Claims Satisfaction Study rating and the average annual full and minimum coverage premium for Farmers vs. Geico:

Car insurance company Bankrate Score AM Best J.D. Power Average annual premium for minimum coverage Average annual premium for full coverage
Geico 4.6 A++ 871/1,000 $433 $1,405
Farmers 3.8 A- 872/1,000 $808 $2,000

Rates by credit score

Car insurance premiums are tied to your credit score. Currently, the only states that do not allow car insurance carriers to use your credit score to determine your rate are California, Hawaii, Massachusetts and Washington. The higher your credit score is, the lower your premium will typically be. Here are the average rates from Geico vs. Farmers based on credit score:

Car insurance company Poor Average Good Excellent
Geico $1,978 $1,505 $1,405 $1,312
Farmers $2,813 $1,987 $2,000 $1,694

Rates by age

Younger drivers can expect to pay higher rates than older individuals because they lack on-road experience and are more likely to get into an accident. In the table below, we included a comparison of Farmers vs. Geico car insurance premiums based on age group:

Car insurance company Age 16* Age 18 Age 25 Age 30 Age 40 Age 60
Geico $1,897 $3,672 $1,674 $1,465 $1,405 $1,326
Farmers $2,685 $6,488 $2,254 $2,023 $2,000 $1,700

Rates by driving record

Driving record is a major factor that car insurance companies consider when calculating your premium. In the table below, you can see the average rates from Geico vs. Farmers for drivers with a clean record, one speeding ticket, one accident and one DUI conviction:

Car insurance company Clean driving record Speeding ticket Accident DUI conviction
Geico $1,405 $1,734 $1,971 $3,064
Farmers $2,000 $2,378 $2,647 $2,760

Geico vs. Farmers: discounts

Both Geico and Farmers offer car insurance discounts that can help drivers save money on their car insurance premiums. However, each company offers different discounts, with some overlap. Below is a list of the unique car insurance discounts you can get from Geico vs. Farmers:

Geico

  • Good student discount – Drivers who are full-time students with strong academic records can qualify for a discount of up to 15% on their premium.
  • Accident-free discount – If you have no accidents on your record within the last five years, you could save up to 22% on your rate.
  • Federal employee discount – Geico offers a special discount of up to 12% for federal employees.
  • Air bag discount – If your vehicle is equipped with air bags, you could qualify for up to a 23% discount on your premium.

Farmers

  • Distant student discount – Young drivers who attend school at least 100 miles away from where their car is garaged could get a discount.
  • Alternative fuel discount – Drivers who have a hybrid or electric vehicle could get a discount on their policy from Farmers (not available in California).
  • Signal program — Drivers who enroll in Farmers’ safe driver discount program, called Signal, can save up to 15% on their premium, and another 10% when they insure a driver under 25 years old.

Geico vs. Farmers: online and mobile experience comparison

Geico and Farmers both have a great online experience. The websites are easy to navigate, they include helpful tools and information and prospective customers can get a personalized rate quote online. Geico’s site allows visitors to chat with and contact a live agent around the clock. Plus, you can easily switch over to a Spanish-language version of Geico’s website, which Farmers does not offer a toggle for. However, a Spanish-language version of Farmers’ site is available for customers.

Farmers and Geico also have mobile apps for iOS and Android devices. Here is a look at the capabilities of each mobile app:

Geico

  • App Store (4.8 stars) — Through Geico’s free iOS mobile app, you can view your ID cards, pay your premium, request roadside assistance, report a new claim and more. Overall, this app has great reviews and customers seem to be happy with the user interface and frequent updates.
  • Google Play (4.8 stars) — Geico’s Android mobile app has all the same features as the iOS version. Like the iOS app, this one is also highly rated for its wide variety of capabilities and overall ease of use.

Farmers

  • App Store (4.8 stars) — Farmers’ iOS mobile app has great reviews in the App Store. It has many of the same features of the Geico app, including payments, claim reporting, roadside assistance, ID cards and easy access to customer service.
  • Google Play (4.7 stars) — The Farmers Android app is on par with the iOS version in terms of ratings, and it has most of the same features. Customers have noted that the app gets updated regularly and rarely has issues crashes or freezing.

Frequently asked questions

What are the best car insurance companies?

The best car insurance company varies. It depends on factors like your state, the type of car you drive, what discounts you can qualify for, the amount of coverage you need and how much you want to pay.

How much does car insurance cost?

In the United States, the average cost of car insurance is $1,674 per year for a full coverage policy. However, the actual rate you will pay depends on factors like your age, credit score, claims history, ZIP code and more.

How much car insurance do I need?

Car insurance is a legal requirement in almost every state and the minimum coverage requirements are different everywhere. At a minimum, you will probably need personal liability insurance, and in a no-fault state, you will also need to carry personal injury protection (PIP).

Methodology

Bankrate utilizes Quadrant Information Services to analyze 2021 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on a 40-year-old male and female driver with a clean driving record, good credit and the following full coverage limits:

  • $100,000 bodily injury liability per person
  • $300,000 bodily injury liability per accident
  • $50,000 property damage liability per accident
  • $100,000 uninsured motorist bodily injury per person
  • $300,000 uninsured motorist bodily injury per accident
  • $500 collision deductible
  • $500 comprehensive deductible

To determine minimum coverage limits, Bankrate used minimum coverages that meet each state’s requirements. Our base profile drivers own a 2019 Toyota Camry, commute five days a week and drive 12,000 miles annually.

These are sample rates and should only be used for comparative purposes.

Credit: Rates were calculated based on the following insurance credit tiers assigned to our drivers: “poor, average, good (base), and excellent.” Insurance credit tiers factor in your official credit scores but are not dependent on that variable alone. The following states do not allow credit to be a factor in determining auto insurance rates: CA, HI, MA

Age: Rates were calculated by evaluating our base profile with the ages 18-60 (base: 40 years) applied. 16-year-old rates were factored as the added cost to their parents’ policy; 18-year-old rates were calculated as drivers who rent their primary residence.

Incident: Rates were calculated by evaluating our base profile with the following incidents applied: clean record (base), at-fault accident, single speeding ticket, single DUI conviction (BAC of >= .08) and lapse in coverage.

Written by
Elizabeth Rivelli
Insurance Contributor
Elizabeth has two years of experience writing for insurance domains such as Bankrate.com, The Simple Dollar, Coverage.com and NextAdvisor, among others. In addition to auto insurance, Elizabeth regularly writes about home insurance, renters insurance and life insurance. She also covers industry trends and general insurance education.
Edited by
Insurance Editor