Farmers Auto Insurance Review

Farmers Insurance Group is a well-established, well-known name in the American insurance industry. Its history extends back nearly a century, and the company maintains a very large professional network that includes more than 48,000 exclusive and independent agents. The company offers a long list of insurance products, and this review will focus on its auto coverage.

Company background and information

Farmers traces its history back to 1928, when it first launched as the Farmers Automobile Inter-Insurance Exchange. The Farmers name was inspired by the founders’ initial focus on serving farmers, ranchers, and other rural residents during the early years of the automobile revolution. They believed drivers in these demographic groups deserved lower auto insurance rates, as they were statistically less likely to be involved in an accident or make a claim.

Over the ensuing decades, Farmers grew into an insurance juggernaut through a sustained expansion and acquisition campaign. It also branched out to offer many other forms of insurance. Today, the company’s product lineup includes auto, home, life, business, renters, and condominium coverage.

Types of auto insurance available through Farmers Insurance

Farmers offers every major type of auto insurance, including:

These forms of coverage address such risks as:

Farmers also offers umbrella insurance, which examines all your current insurance coverage and personal assets and closes off any gaps or risks to which you are still exposed.

Average rates

According to an analysis published by U.S. News & World Report in April 2020, the average annual cost of a Farmers auto insurance policy was $1,682 or $140.17 per month.

You may pay more or less than this, depending on factors such as:

In general, older customers and married customers with clean driving records and high credit scores qualified for the company’s best rates.

Compared to other major providers analyzed by the report, Farmers landed in the middle of the pack for pricing. However, it excels at customer service, and a large majority of Farmers clients report that they are satisfied with their policies. Farmers also offers 24/7/365 claims support, and its claims system is very easy to navigate.

Who qualifies for discounts with Farmers Insurance?

Many insurance companies offer discounts to customers whose lifestyles, professions, or affiliations mean they pose a lower statistical risk of filing a claim. Farmers is no different. You may qualify for a discount on your Farmers auto insurance if you:

Farmers also operates a voluntary discount program using an app known as Signal by Farmers (not to be confused with the eponymous encrypted messaging app). The app uses telematic technologies to monitor your driving habits. Farmers offers customers the option of using the app to monitor their driving habits for 10 car trips. Customers who show that they have good driving habits can save an additional 5%, which works out to about $84 a year based on the company’s average rates.

Pros and cons of Farmers Insurance

Like all insurance companies, large and small, Farmers shines in certain areas and shows room for improvement in others. Let’s take a look at the pros and cons of choosing Farmers as your auto insurance provider.

On the plus side:

On the downside:

What others are saying about Farmers

As of September 2020, here’s a snapshot of how major ratings agencies and organizations rank Farmers Insurance Group:

Multiple sources also report that Farmers generates complaints with state-level insurance regulators at lower-than-average rates. Customer satisfaction levels are generally very high, and a large majority of Farmers clients say they would recommend the company to others.

The takeaway

Many people prefer to source their insurance from major providers who have been around for a long time, as they have the financial stability to ensure they can honor their insurance contracts no matter what might happen. From this standpoint, Farmers Insurance Group is one of the strongest options on the market.

Its rates aren’t always of the rock-bottom variety, but Farmers understands how to reduce customers’ risk exposure and it provides excellent value for the money. If you’re looking for a new auto insurance provider, Farmers is certainly worth a close look.