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Geico vs. Farmers

Updated Apr 15, 2024

Geico has lower average rates and better customer satisfaction than Farmers, but Farmers may offer competitive coverage and discounts for family policies.

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Founded in 1936 to provide auto insurance for government employees, Geico now offers auto, home, renters, pet and commercial insurance to customers from all backgrounds. With over 18 million auto policies in force and just over 12 percent of market share for the private passenger auto industry, Geico is the third-largest auto insurance carrier in the U.S., known for its below-average pricing and convenient digital tools. 


With just 4.18 percent of the total market share, Farmers Insurance is the ninth-largest private passenger auto insurer in the U.S. Founded in Los Angeles in 1928, Farmers operates a network of tens of thousands of local agents across the country, offering auto, home and life insurance to customers. User-friendly digital tools and extensive coverage options could make Farmers an attractive choice for many drivers. 

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Our verdict

When comparing Farmers Insurance vs. Geico, Bankrate’s insurance editorial team found that Geico offers lower average rates for most drivers, including young and high-risk drivers. Geico also generally receives high scores for customer satisfaction. However, Geico’s business model prioritizes digital sales and policy management, and Geico lacks some key coverage options like gap insurance. For drivers seeking more robust coverage or those who prefer to work with a brick-and-mortar agency, Farmers’ more traditional approach might be a better fit. 

Geico vs. Farmers comparison

Every insurance company offers potential benefits and downsides to customers, which can be helpful to consider if you are trying to choose between two companies. When comparing Geico vs. Farmers, it’s helpful to weigh the pros and cons of each insurer to determine which might be more suitable for your needs.

Badge 1 Featured

Geico

Geico
Rating: 4.4 stars out of 5
4.4
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Cost & ratings

Rating: 4.7 stars out of 5
4.7

Coverage

Rating: 4 stars out of 5
4.0

Support

Rating: 4.4 stars out of 5
4.4

Farmers

Farmers
Rating: 3.8 stars out of 5
3.8
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Cost & ratings

Rating: 3.5 stars out of 5
3.5

Coverage

Rating: 4 stars out of 5
4.0

Support

Rating: 4 stars out of 5
4.0
OVERVIEW
Info
Policyholders who value customized car insurance and robust coverage options, like life or commercial insurance, might consider Farmers as their company of choice.
STANDOUT FEATURES
Info
Location
Local agents available
Auto Insurance
Robust coverage options
Badge
Great customer reviews
AVG FULL COV. AUTO RATE
Info
$2,838
AVG MIN COV. AUTO RATE
Info
$955
JD POWER AUTO SCORE
Info
882/1000
AM BEST RATING
Info
A(Excellent)

Geico pros and cons

Pros
  • Highly rated mobile app that offers numerous policy management features

  • Shares the 2024 Bankrate Award for Best Auto Insurance Company Overall

  • Average annual premiums below national average

  • Ranked second in 2023 J.D. Power U.S. Insurance Digital Experience Study

Cons
  • Brick-and-mortar access is limited

  • Uses third-party underwriting partners for non-vehicle policies

  • No gap insurance option available

  • Mixed rankings in 2023 J.D. Power auto customer satisfaction and claims satisfaction studies

Farmers pros and cons

Pros
  • Offers a range of policy types (9+), rideshare coverage and other related financial solutions

  • Access to a network of agents via thousands of brick-and-mortar locations

  • More unique auto insurance discounts than any major carrier

  • Scored above Geico in 2023 J.D. Power auto claims satisfaction study

Cons
  • More expensive premiums on average

  • Below-average digital insurance experience score from J.D. Power

  • Customer service not available 24/7

  • Below-average J.D. Power customer satisfaction scores

Is Geico cheaper than Farmers?

The table below compares the latest average rate data available from Quadrant Information Services for both Geico and Farmers across various driver profiles. Keep in mind, however, that multiple variables are always at work when a company sets the cost of a car insurance policy for any individual driver. While average rates can show general trends in carrier pricing, it’s important to compare personalized quotes from each company you’re interested in to see how they price insurance for your profile. 

Car insurance company Geico avg. full coverage premium Farmers avg. full coverage premium
Young driver (age 25) $2,063 $3,535
Senior driver (age 70) $1,852 $2,712
Good driver, good credit $1,741 $2,838
Good driver, poor credit $2,447 $5,917
Speeding ticket with good credit $2,112 $3,548
At-fault accident with good credit $2,535 $4,430
DUI conviction with good credit $4,182 $6,201
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Bankrate's take

If you’re shopping for auto insurance after a DUI/DWI conviction, you may need to compare rates from multiple providers. Not every insurance company is willing to insure drivers with DUIs, and you may receive considerably higher rates from some carriers. Comparison shopping, especially with companies that specialize in high-risk auto insurance, can help to reduce your costs. 

Overall, our research shows that Geico is the cheaper auto insurance company for most drivers, especially young drivers and those with high-risk driving records. However, average trends can’t predict every individual quote: while most drivers are more likely to see low rates with Geico, some people might find lower quotes from Farmers.

Geico vs. Farmers: discounts

Both Geico and Farmers offer car insurance discounts that can help drivers save money on their car insurance premiums. Like many other car insurance companies, both Geico and Farmers offer discounts for multiple vehicles, multiple insurance policies (bundling), and various vehicle safety features, but each company sets its own discount percentage. Additionally, both Geico and Farmers offer discounts that are unique to the company, which may benefit drivers who qualify for a specific discount.

Discounts available from both carriers

Geico and Farmers share a large number of discounts in common, including: 

  • Bundling discounts: Both companies offer multi-line discounts for customers who also purchase home insurance from the same carrier, although Farmers also offers bundling discounts for life and small business insurance. 
  • Multi-vehicle discount: Both carriers advertise discounts for customers who insure multiple vehicles. 
  • Vehicle equipment discount: Both Farmers and Geico offer discounts for vehicles equipped with anti-lock brakes, anti-theft devices, daytime running lights and/or passive restraints like airbags and seat belts — but eligibility and availability vary from both carriers. 
  • Good driver discount: Geico’s good driver discount applies to drivers who stay accident-free for at least five years, while Farmers’ is assigned to rated drivers with no bodily injury (BI) points. 
  • Good student discount: Full-time students with strong grades (a B average, 3.0 GPA, Honor Roll or other criteria) may be eligible for discounts from both providers. 
  • Defensive driving discount: Drivers aged 55 or older may be eligible for discounted rates from both companies after completing a defensive driving course, though discount names vary. 
  • Military discount: Geico and Farmers both offer discounts to active duty military members, along with active reserves, veterans and retired service members. 
  • Affinity discounts: Both companies offer discounts to members of certain professional and alumni associations, but only Geico lists eligible organizations on its website. 

Geico unique discounts

  • Eagle discount: Both active and retired federal employees may be able to save up to 12 percent on their auto insurance premium in most states.
  • New vehicle discount: Vehicles three model years old or newer could earn a discount of up to 15 percent on certain coverages. 
  • Driver’s education discount: Policyholders may be eligible for discounted rates if a young driver in the family has completed an approved driver’s ed course. 
  • Emergency deployment discount: On top of its 15 percent standard military discount (applicable only to certain coverages), Geico offers discounts of up to 25 percent off for service members being deployed to imminent danger zones. 

Farmers unique discounts

  • Distant student discount: Families with a young driver on their policy who is attending school at least 100 miles from their home, and is therefore not regularly driving, could receive a discount.
  • Alternative fuel discount: California policyholders with hybrid or electric vehicles may qualify for an alternative fuel discount, but this discount is not currently available in other states.
  • ePolicy discount: Policyholders who enroll in Farmers’ ePolicy and Go Paperless options may qualify for an additional discount.
  • Good payer discount: Paying your bill on time and avoiding late fees for 12 months could earn you a discounted rate at renewal in most states outside California. 
  • EFT discount: Turning on monthly electronic funds transfers can earn you a discounted rate. 
  • Pay in full discount: Paying your annual bill in full — via EFT or otherwise — could earn you a discount. 
  • Anti-theft discounts: In addition to generic anti-theft discounts for car alarms and other protective devices, Farmers offers discounts for homing devices and VIN etching. 
  • Homeowner discount: Policyholders who own their own home could get a discounted auto insurance rate, whether or not the home is insured by Farmers. 
  • Shared family car discount: For families with a single driver up to age 20 who have more active drivers than vehicles, Farmers offers a potential discount in most states. 
  • Family loyalty: There are two discounts available for young drivers whose parents have auto insurance through Farmers — a youthful driver discount for drivers under age 25 and the On Your Own discount for drivers under 29 who split to a new household with a standalone Farmers policy. 

Geico and Farmers telematics programs

Many drivers are opting to allow insurance companies to track and analyze their driving habits as part of a usage-based insurance program. These types of insurance programs utilize telematics technology through vehicle devices or mobile applications to track your driving habits, and if you display good habits behind the wheel, you may be eligible to receive lower rates or discounts on your car insurance. The table below compares Geico’s DriveEasy program to Farmer’s Signal program.

Geico DriveEasy Farmers Signal
Device Mobile app Mobile app
Can it raise your rate? Yes Yes
Availability 37 states and Washington, D.C. 46 states; not all policies are eligible. Monthly sweepstakes not available in all states.
Discount Varies based on driving habits Initial enrollment discount; variable renewal discount possible for safe driving. Monthly high driving scores make you eligible to earn rewards of up to $100.
What it monitors GPS location, phone use, date and time of day, braking, cornering, speed, smoothness, distance traveled Date and time of day, mileage, routes, acceleration, hard stops, speeding, cornering, phone use

Geico vs. Farmers: customer experience comparison

Both Geico and Farmers offer user-friendly websites and mobile apps that allow customers to get insurance quotes, manage their policies and check claim status as needed. However, it can also be helpful to review other customer experience factors, like rankings on the 2023 J.D. Power Auto Claims Satisfaction Study or AM Best ratings, to see how each company stacks up and determine which is best for your needs.

Geico Farmers
Apple store 4.8 of 5 4.8 of 5
Google play 4.6 of 5 4.6 of 5
J.D. Power claims satisfaction 874 / 1,000 882 / 1,000

Customer complaints

The National Association of Insurance Commissioners (NAIC) tracks customer complaints for U.S. insurance companies and compares each carrier’s number of complaints to their share of the market. The resulting number, known as an NAIC Complaint Index score, indicates whether a company receives more or fewer complaints than expected based on its size. Scores above the baseline of 1.00 indicate a high rate of complaints, while lower scores suggest that a company’s customers are more satisfied than the industry average. 

Geico auto customer complaints

Geico’s NAIC complaint index scores have stayed fairly constant in the past few years, with a 2023 score of 0.55. 

Farmers auto insurance customer complaints

Farmers’ 2023 NAIC index for private passenger auto insurance was lower than in past years, but still higher than Geico’s at 0.75.

Frequently asked questions

Methodology

Bankrate utilizes Quadrant Information Services to analyze April 2024 rates for all 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 a single, 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 coverage that meets each state’s requirements. Our base profile drivers own a 2022 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-based insurance scores: 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 or limit the use of credit as a rating factor in determining auto insurance rates: California, Hawaii, Massachusetts and Michigan. 

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

Age: Rates were calculated by evaluating our base profile with the ages 25-70 (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.

Bankrate Scores

Our 2024 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.

5
Rating: 5 stars out of 5
Overall Score
  • Cost & ratings 50%
  • Coverage & savings 30%
  • Support 20%

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. Our scoring model provides a comprehensive view, indicating when companies excel across several key areas and highlight where they fall short.

Written by
R.E. Fulton
Senior Writer, Insurance

R.E. Fulton is a senior writer for Bankrate. Prior to joining Bankrate’s insurance editorial team in 2024, they worked as senior writer for a popular car ownership and insurance comparison app, leading a team of over a dozen writers in creating customer-focused financial advice content on topics ranging from insurance to vehicle reliability and auto loan refinance. R.E. holds a personal lines insurance license in the state of New York.

Edited by Editor II, Insurance