Geico was founded in 1936, and is currently the second-largest auto insurance company by market share at 14.4%. Headquartered in Chevy Chase, Maryland, Geico is perhaps best known for its personal auto insurance, although the company also offers a variety of other products as well, such as homeowners, pet, event insurance and more. Geico does not have as many in-person locations as other insurers, with a majority of customers managing their policies either online or over the phone.

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Farmers Insurance was founded in Los Angeles in 1928. It is the seventh-largest car insurance company with 4.8% 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 local agents to assist customers in addition to its online and mobile phone policy management tools.

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 in addition to their average annual premiums. In the table below, we included the financial strength rating, 2021 J.D. Power Claims Satisfaction Study rating and the average annual full and minimum coverage premium for Farmers vs. Geico, gathered from Quadrant Information Services.

These third-party ratings and premium data are also considered in calculating each company’s Bankrate Score, which comprises a total look at a company’s policy options, discounts, state availability and mobile app accessibility. The better a company performed in each of these categories, the higher its overall Bankrate Score, with a maximum score of 5 out of 5. This could be a helpful comparison tool when evaluating different insurers.

Car insurance company Bankrate Score AM Best J.D. Power Average annual premium for minimum coverage Average annual premium for full coverage
Geico 4.7 A++ 881/1,000 $433 $1,405
Farmers 3.8 A- 893/1,000 $808 $2,000

Rates by credit score

Car insurance premiums are impacted by your credit score in most states. 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 Michigan. The higher your credit score is, the lower your premium will typically be, as seen by the differences in premium cost based on poor, average, good and excellent credit ratings.

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. However, the use of age as an insurance rating factor is banned in Hawaii and Massachusetts. In the table below, we included a comparison of Farmers vs. Geico car insurance premiums based on age group, showing a trend of decreasing average premium as drivers get older:

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. The more incidents on your record, the more likely a car insurance company will consider you a higher risk to insure and charge you a higher rate. In the table below, you can see the average rates from Geico vs. Farmers for drivers with a clean record, one speeding ticket conviction, one at-fault accident and one DUI conviction, showing that having a clean driving record is one of the best ways to manage your car insurance premium:

Car insurance company Clean driving record Speeding ticket conviction At-fault 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 may 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.
  • DriveEasy – Geico’s telematics program rewards drivers with savings based on tracking safe driving habits. While this could be strong encouragement to drive more safely, some drivers may see an increase in their premium if they have risky driving behaviors.

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, could save up to 15% on their premium, and another 10% when they insure a driver under 25 years old.
  • Affinity discount — Members of specific businesses, professional or occupational groups and military members may be eligible for an additional discount.

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 (4.7 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 (4.6 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

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. Four states prohibit the use of credit-based insurance scores as a rating factor in determining auto insurance rates: California, Hawaii, Massachusetts and Michigan.

Age: Rates were calculated by evaluating our base profile with the ages 18-60 (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 due to state regulations.

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