Geico vs. Farmers: Car insurance comparison

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Geico is a 1936-founded company that holds 13.54% market share. Geico offers a wide variety of insurance products and has 16 million customers in the United States. The company’s headquarters are in Chevy Chase, Maryland. It has been a Berkshire Hathaway subsidiary since 1996.

Farmers Insurance is a Los Angeles-based insurance company that was established in 1928. With 3.98% of total market share, it is the seventh largest car insurance company. Farmers has 19 million customers insured and offers nine insurance products as well as financial, retirement and investment solutions. Farmers also has more than 48,000 agents.

Geico vs. Comparison of Farmers Insurance Rates

It is a good idea when comparing car insurance companies to check their third-party ratings as well as their average annual rates. Below is the table that includes the 2020 J.D. financial strength rating. The Power Claims Satisfaction Study rating, 2020 J.D. Rating and the average annual full- and minimum coverage premiums for Farmers vs. Geico are included in the table below.

Rates based on credit score

Your credit score is a key factor in determining your car insurance premium. California, Hawaii and Massachusetts are the only states where car insurance companies cannot use your credit score for determining your rate. Your premium will usually be lower if your credit score is higher than average. These are the average rates for Geico vs. Based on credit score, here are the average rates for farmers:

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Rates based on age

Because they have less road experience and are more likely get into an accident, younger drivers will pay higher rates. Below is a table comparing Farmers and Geico car insurance premiums by age group.

Driving record rates

When calculating your premium, car insurance companies take into account your driving record. Below is a table that shows the average Geico rates compared to other insurance companies. Farmers for drivers who have a clean driving record, one speeding ticket and one DUI conviction.

Geico vs. Discounts for Farmers

Geico and Farmers both offer car insurance discount that can be used to help drivers cut down on their car insurance premiums. Each company offers its own discounts with some overlap. Here’s a list of unique discounts on car insurance that Geico offers vs. Farmers

Geico

  • Discount for students – Full-time students who have strong academic records may be eligible for up to 15% off their premium.
  • Accident-free Discount – If there have been no accidents in the past five years, your rate could be reduced by up to 22%
  • Geico offers a discount for federal employees of up to 12 percent
  • Discount on air bag premiums – Your vehicle may be equipped with airbags.
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Farmers

  • Distant student discount: Young drivers who live at least 100 miles from the garage where their car is stored could be eligible for a discount.
  • Alternate fuel discount – Drivers with hybrid or electric vehicles could receive a discount from Farmers ( not applicable in California).
  • Signal program — Drivers who sign up for Farmers’ safe driver discount program called Signal can save up to 15% on the premium and an additional 10% when they insure a driver younger than 25 years.

Geico vs. Comparison of online and mobile experiences for farmers

Both Farmers and Geico offer great online experiences. They are simple to use, offer helpful tools and information. Prospective customers can also get an online rate quote. Geico’s website allows users to chat and contact a live agent 24 hours a day. Geico also offers a Spanish-language version that you can switch to, which Farmers doesn’t offer. Customers can access Farmers’ Spanish-language site.

Geico and Farmers also offer mobile apps for Android and iOS devices. Let’s take a look at each app’s capabilities:

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Geico

  • App Store (4.8 Stars) — Geico’s iOS mobile app is free and allows you to view your ID cards, pay premiums, request roadside assistance, file a claim, and much more. This app is getting great reviews. Customers seem to love the updated interface and regular updates.
  • Google Play — Geico’s Android app offers all the same features and functions as the iOS version. This app is highly rated, just like the iOS one, for its many capabilities and ease-of-use.

Farmers

  • AppStore (4.8 star) — The iOS app for Farmers has received great reviews from the App Store. It offers many of the same features as the Geico app including payment, claim reporting, ID cards, roadside assistance and customer service.
  • Google Play (4.7 star) — The Farmers Android App is comparable to the iOS version in terms ratings and has many of the same features. Customers report that the app is updated frequently and has rarely experienced crashes or freezing.

Questions frequently asked

Which are the top car insurance companies?

There are many best cars insurance companies. It all depends on your state, type of car, discounts available, how much coverage you need, and what you are willing to pay.

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What is the cost of car insurance?

The average cost of full coverage car insurance in the United States is $1,674 annually. The actual rate you pay will depend on many factors, including your credit score, claims history and ZIP code.

What amount of car insurance do you need?

In almost all states, car insurance is required. However, the minimum coverage requirements vary from one state to another. Personal liability insurance is a requirement. In a state with no fault, personal injury protection (PIP) will be required.