Farmers insurance review 2023

Farmers car insurance

Farmers Insurance earned a Bankrate Score of 3.8 out of 5. Although the company offers robust coverage options that may not be found with other carriers, it fell short due to its lower-than-average digital service score from J.D. Power. Still, based on Bankrate’s assessment, Farmers may be a good choice for drivers who want to personalize their car insurance policy.

Farmers may be among the best car insurance companies when it comes to coverage options. On top of standard coverage types, drivers may also be able to add options like new car replacement, accident forgiveness and full windshield and glass coverage. If your car insurance policy includes optional collision and comprehensive coverage, Farmers even provides an add-on option for customized equipment coverage to insure any vehicle additions, like aftermarket stereos and custom wheels.

Farmers insurance is sold through a national network of nearly 50,000 exclusive and independent agents. While Farmers insurance products are available in most areas of the U.S., they are not available in every state. For information regarding life insurance availability, you may contact a Farmers agent.

Pros and cons of Farmers car insurance

When requesting car insurance quotes, you may find it helpful to compare perks and drawbacks for each provider. This practice may help you differentiate one carrier from another, and it may be an easy way to evaluate a company holistically. Here are some of the pros and cons we identified with Farmers auto insurance.

Farmers car insurance cost

Based on Bankrate’s study of average annual premiums from Quadrant Information Services, the average cost of car insurance with Farmers is $1,598 per year for full coverage and $534 for minimum coverage. This is 21 percent lower than the national average cost of car insurance, which is $2,014 per year for full coverage, and 14 percent lower than the national average for minimum coverage at $622 per year.

Farmers car insurance rates by driving history

Car insurance companies may use several rating factors to calculate how much you pay for car insurance. Your driving history may be one of the most significant, and some incidents are typically weighed more heavily than others. For example, the table below demonstrates how your Farmers car insurance premium could be impacted by an at-fault accident compared to the increase you may experience after receiving a speeding ticket.

Please note that we have not included DUI rates in this average premium study, as not all insurance companies will offer a policy to a driver with this type of incident on their record. For more information regarding Farmers insurance DUI rates, please reach out to Farmers directly. Average 2023 rates for driving incidents are not available yet; the numbers below are 2022 data.

Farmers car insurance quotes by age

When comparing car insurance rates, age is another rating that may impact your premium. Drivers aged 15 to 20 make up nearly 8 percent of all fatal car accidents. To offset the higher risk that young drivers carry, car insurance companies typically charge them a higher premium.

However, how much more a young driver pays for car insurance may depend on if they are listed on their parents’ policy as an additional driver or if they purchase a policy on their own, as demonstrated by the tables below. Please note that these average premiums are based on a clean driving record.

Average cost of car insurance for drivers on their parents’ policy

Average cost of car insurance for drivers on their own policy

Farmers car insurance discounts

Although Farmers’ average premium may be higher than the national average, the company does offer many discounts that may help you save on car insurance. Please note that discount availability and savings amount may vary depending on your state.

Farmers car tools and benefits

Personal auto insurance isn’t the only kind of vehicle coverage that Farmers offers. The company also offers insurance policies for motorcycles, boats, watercraft and collectible cars, as well as larger vehicles like RVs, motorhomes and travel trailers.

Farmers has also partnered with TrueCar, a service that connects car buyers with certified auto dealers across the country. By shopping with TrueCar, buyers are able to view a vehicle’s price and see if it is currently higher or lower than its current market value in their area. Buyers who use TrueCar may also receive Buyer’s Bonus Benefits, which could earn them up to $2,000 in rewards that could cover car repair expenses and deductible reimbursements.

Farmers home insurance

Our insurance editorial team took an in-depth look at Farmers home insurance and due in part to its higher-than-average rates and lack of 24/7 customer service, the company homeowners Bankrate Score of 2.9 out of 5.0.

Farmers offers three packages for its Farmers Smart Plan insurance policy, which could be a good choice for homeowners who don’t want to go through the process of selecting each individual coverage of their policy. The Standard package is designed for new homeowners prioritizing affordability and basic coverage, while the Enhanced and Premier packages may be a good option for a homeowner wanting higher policy limits and more policy options.

Although you can choose from one of these three packages, it’s still possible to modify your Farmers home insurance policy limits and add or change coverage through the Farmers Flex Personal Home program. The program's coverage options include extended replacement cost coverage and emergency mortgage assistance, which may cover up to three months’ worth of mortgage payments (up to $10,000) while your home is uninhabitable and being repaired after a claim.

Pros and cons of Farmers homeowners insurance

Comparing home insurance quotes may be challenging, but a visual representation of a company’s benefits and drawbacks may provide some guidance.

Farmers home insurance cost

A homeowners insurance policy with Farmers for $250K in dwelling coverage costs an average of $1,664 per year, according to Bankrate’s study of annual homeowners insurance premiums. This is 15 percent higher than the average cost of homeowners insurance in the nation, which is $1,428 per year for the same level of coverage. Your actual rates may vary significantly depending on your location and several other individual rating factors, such as proximity to a local fire station, your claims history, credit-based insurance score, coverage limits, deductibles and qualifying discounts.

Farmers home insurance discounts

Although Farmers may not be the cheapest homeowners insurance company, it does offer several discounts that could help decrease your premium, including:

Farmers home tools and benefits

Farmers homeowners policyholders concerned about water conservation may save 20 percent on Flume’s water-leak detection device. This monitoring system can be installed without a plumber and comes with a mobile app to help monitor your home’s water usage and alert you of any issues. Farmers home policyholders in Michigan or Minnesota who have a Flume device may receive an additional discount on their home policy.

Farmers may also be among one of the best homeowners insurance companies if you’re looking for policy perks. You may be able to choose a variety of extras to accompany your Smart Plan Home policy including declining deductibles, a claims-free discount and claim forgiveness.

How to file a claim with Farmers

Although you might feel some stress when filing an insurance claim, knowing what to expect could help make the process a little easier. Farmers insurance will typically ask for some basics when you report a car accident, such as the vehicle and driver information for everyone involved in the incident. Additionally, the claims representative may ask you to describe what happened and, in some instances, provide a police report.

When you’re ready, you can file a claim with Farmers by:

• Calling 1-800-435-7764, or 1-877-732-5266 for Spanish speakers
• Reporting the claim on the company’s online claims portal
• Filing the claim through the mobile app

Farmers availability

Farmers insurance is available in most of the country, but not all. You can find Farmers car and home insurance in all states except for:

• Alaska
• Delaware
• Hawaii
• Maine
• New Hampshire
• Rhode Island
• Vermont
• Washington, D.C.
• West Virginia

Additionally, Farmers offers car insurance in South Carolina, but not homeowners.

Farmers life insurance is not available in Florida and New York. The company does not explicitly list the states where this product is unavailable, so you may need to contact a Farmers agent for more information regarding life insurance availability.

Other Farmers perks worth considering

Farmers offers a wide variety of other insurance products beyond home, auto and life. These include:

• Pet insurance: Farmers has partnered with Pets Best to provide pet insurance. They offer two levels of coverage: Accident-Only and BestBenefit Accident and Illness. The latter also has the option to add wellness routine care.
• Landlord insurance: Landlords renting out their own property to tenants may have unique liability exposure that a standard homeowners insurance policy won’t cover. In most policies, this includes increased liability and wrongful eviction coverage.
• Commercial insurance: Farmers provides businesses with a wide array of coverages including property, liability, commercial auto, workers’ compensation, commercial umbrella and group life plans.
• Financial products: In addition to its life insurance policies, Farmers offers customers an opportunity to invest through mutual funds, IRAs, college savings plans and annuities.

Farmers corporate sustainability

Social responsibility is a core part of Farmers’ Insurance culture, both to its employees and the wider community. The Farmers Family Fund was established in 2012 to help Farmers employees experiencing financial hardship, and has since provided nearly $2.5 million in grants. The company also encourages diversity and inclusion efforts, including sponsoring employee groups for a wide range of identities, backgrounds and ethnicities.

Outside of the company, Farmers focuses its efforts on supporting communities that have been impacted after natural disasters. Each of the four nonprofits that Farmers has partnered with — SBP, Team Rubicon, Operation BBQ Relief and National First Responders Fund — share a purpose in responding quickly to communities that have been affected by catastrophes. Farmers also often organizes its own giving campaigns and even matches employee donations to these efforts.

Not sure if Farmers is right for you?

After reading this Farmers insurance review, you might not feel that Farmers is the best fit for your insurance needs. If so, you might want to consider requesting quotes from the companies below:

Farmers vs. The Hartford

Individuals who are 50 or older may find that The Hartford offers specialized policy options and discounts for their demographic. However, you must be a member of the American Association of Retired People (AARP) to be eligible. The Hartford did score lower than Farmers in J.D. Power's claims satisfaction study.

Learn more: The Hartford Insurance review

Farmers vs. Liberty Mutual

As the fifth-largest property and casualty insurer by market share, Liberty Mutual could be another option if you prefer a major national insurance company, especially if you reside in a state where Farmers does not offer your desired product type. Liberty Mutual also offers more advertised life insurance riders than Farmers. Liberty Mutual did score lower than Farmers in J.D. Power's claims satisfaction study.

Learn more: Liberty Mutual Insurance review

Farmers vs. American Family

AmFam could be a good option to explore if you prefer a premier regional insurance carrier and you live in one of the 19 states where AmFam offers home, auto and life insurance through its network of exclusive agents. AmFam scored above the national average in J.D. Power's auto claims satisfaction study, and it has a lower AM Best financial strength rating than Farmers.

Learn more: American Family Insurance review

Is Farmers a good insurance company?

Bankrate’s insurance editorial team includes four licensed agents who are committed to helping you evaluate a company on coverage offerings, price, availability and digital tools. We aim to use our real-world experience to bring you the information you may need to make an informed decision regarding your insurance policy.

Based on our assessment, Farmers insurance might be a good choice if you don’t mind spending a little extra for robust coverage options. With its wide array of insurance products, Farmers may also be best for shoppers who prefer to keep their policies with the same company. On the other hand, policyholders looking for the cheapest rates may want to look elsewhere, as Farmers tends to have higher-than-average premiums. Additionally, Farmers’ digital service may be lacking, according to the 2022 J.D. Power U.S. Insurance Digital Experience Study. The best way to determine if Farmers is a good company for you may be to request a quote. 

Methodology

Bankrate utilizes Quadrant Information Services to analyze 2023 rates for ZIP codes and carriers in all 50 states and Washington, D.C. Rates are weighted based on the population density in each geographic region. Quoted rates are based on 40-year-old male and female homeowners with a clean claim history, good credit and the following coverage limits:

Auto

• $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 coverage that meets each state’s requirements. Our sample drivers own a 2021 Toyota Camry, commute five days a week and drive 12,000 miles annually.

Age: Rates were calculated by evaluating our base profile with the ages 16-60 (base: 40 years) applied. Depending on age, drivers may be a renter or homeowner. Age is not a contributing rating factor in Hawaii and Massachusetts.

The rates for drivers ages 16–20 added to their parents’ policy reflect the good student and driver's training discounts applied. The rates for drivers aged 16-20 on their own policy do not include the good student and driver's training discounts. Additionally, 25-year-old rates are based on the driver as a renter and 30+ on the driver as a homeowner.

Incidents: Rates were calculated by evaluating our 2022 base profile with the following incidents applied: clean record (base), single speeding ticket and single at-fault accident.

Homeowners

• Coverage A, Dwelling: $150,000, $250,000, $350,000, $450,000, $750,000
• Coverage B, Other Structures: $15,000, $25,000, $35,000, $45,000, $75,000
• Coverage C, Personal Property: $75,000, $125,000, $175,000, $225,000, $375,000
• Coverage D, Loss of Use: $30,000, $50,000, $70,000, $90,000, $150,000
• Coverage E, Liability: $300,000, $300,000, $300,000, $300,000, $500,000
• Coverage F, Medical Payments: $1,000

The homeowners also have a $1,000 deductible and a separate wind and hail deductible (if required).

These are sample rates and should be used for comparative purposes only. Your quotes will differ.

Bankrate Scores

Our 2023 Bankrate Score considers variables our insurance editorial team determined impacts policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories.

Like our previous Bankrate Scores, each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. This year, our 2023 scoring model provides a more comprehensive view, indicating when companies excel across several key areas and better highlighting where they fall short.

• Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, 2023 quoted premiums from Quadrant Information Services (if available), as well as any of the latest third-party agency ratings from J.D. Power, AM Best and the NAIC, were analyzed.
• Tier 2 (Coverage & savings): We assessed companies’ coverage options and availability to help policyholders find a provider that balances cost with coverage. Additionally, we evaluated each company’s discount options listed on its website.
• Tier 3 (Support): To encompass the many ways an auto and home insurance company can support policyholders, we analyzed avenues of customer accessibility along with community support. This analysis incorporated additional financial strength ratings from S&P and Moody’s and factored a company’s corporate sustainability efforts.

Tier scores are unweighted to show the company's true score in each category out of a possible five points.