GEICO
VS
GEICO
Verdict

GEICO is cheaper than Farmers for the average driver and has better ratings for customer satisfaction. Farmers auto insurance has more unique coverages for new cars and add-on coverages, plus better customer complaint ratios. GEICO is cheaper than Farmers in more states and for all driver types except those with a DUI.

GEICO is good for drivers with poor credit or a ticket or accident on their record and young drivers.

Farmers is good for drivers with a DUI on their driving record.

Is GEICO or Farmers Cheaper Overall?

0
0

GEICO is cheaper than Farmers overall. GEICO’s national annual average car insurance cost is $1,047, while Farmers is $1,578. However, because rates are determined by the state you live in, followed by your age, credit score and driving record, your quotes may be different.

The rates above are based on a sample driver who is a 40-year-old male with a clean driving history. The quoted policy includes full coverage, with 100/300/100 liability limits and a $1,000 deductible for comprehensive and collision coverages.

Is GEICO or Farmers Cheaper in Your State?

GEICO is cheaper than Farmers in most states, though car insurance pricing at the state level can be different from national rates.

MoneyGeek has sample insurance rates for both GEICO and Farmers insurance for 28 states. In 24, GEICO is cheaper than Farmers. Farmers is cheaper than GEICO in just four states. GEICO auto insurance offers coverage in all 50 states plus the District of Columbia. If you'd like to see which company may offer you a lower quote, use our car insurance cost calculator.

Average Cost Per State

Scroll for more

swipe icon

Is GEICO or Farmers Cheaper for Your Age and Driving History?

There are many factors used to calculate auto insurance premiums. Criteria that have the most significant effect on pricing are your age, credit score and driving record. GEICO is cheaper than Farmers for all types of drivers except drivers with a DUI on their record.

  • GEICO is cheaper for an 18-year-old student driver.
  • GEICO is cheaper for a driver with a ticket.
  • GEICO is cheaper for a driver with an at-fault accident.
  • Farmers is cheaper for a driver with a DUI.
  • GEICO is cheaper for a driver with poor credit.

The best way to find out which car insurance company offers the best rates for you is to get a personalized quote. Comparing the same coverage with multiple companies can help you find the cheapest and best rates for your driving profile, location and vehicle.

Average Car Insurance Rates by Driver Profile

Scroll for more

swipe icon
  • Driver Profile
    GEICO Annual Premium
    Farmers Annual Premium
  • 18-Year-Old Student
    $3,164
    Not Available
  • Driver With a Ticket
    $1,265
    $1,906
  • Driver With an Accident
    $1,494
    $2,186
  • Driver With a DUI
    $2,680
    $2,416
  • Driver With Poor Credit
    $1,681
    $3,303

GEICO vs. Farmers: Which Is Better for Discounts?

Most car insurance companies offer discounts, but your final quote matters more than how many discounts can be applied. Two of the largest discounts offered are the home and auto bundle and usage-based insurance discounts. Farmers is better than GEICO when it comes to the home and auto bundle, and both companies tie for usage-based programs.

The home and auto bundle discount is provided when you purchase home and auto coverage with the same company. The average discount offered is 17% among the largest insurance companies. Farmers home and auto discount is 19%, but GEICO doesn’t advertise how much consumers can save by bundling because the discount varies by the type of home policy and state you are in.

Drivers can earn a discount for allowing their provider to track their driving behaviors and usage data. GEICO and Farmers both have a combined behavior and usage-based insurance program. GEICO’s DriveEasy offers a variable discount depending on where you live. Farmer’s Signal provides an initial 5% discount with up to 15% additional, plus 10% for drivers under 25 and up to $100 in monthly rewards for an 80% or better score for focused driving habits.

Because Farmers provide more information about potential savings from their discounts, they win in this category.

Available Discount by Company

Scroll for more

swipe icon
  • Discount
    Available With GEICO?
    Available With Farmers?
  • Air bag
  • Anti-lock brakes
  • Anti-theft system
  • Daytime running lights
  • New vehicle
  • Safe driving
  • Seat belt use
  • Defensive driving
  • Driver's education
  • Good student
  • Emergency deployment
  • Federal employee discount
  • Affinity organization
  • Military discount
  • Multiple Car
  • Bundling
  • Paperless
  • Responsible payment
  • Distant student
  • Shared family car
  • Senior driver
  • Homeowners
  • Alternative energy
  • Automatic payment
  • Pay in Full
  • Honing device
  • VIN etching

GEICO vs. Farmers: Which Has Better Customer Service?

Part of the car insurance customer experience is customer satisfaction, which MoneyGeek measures using third-party sources like J.D. Power and complaints filed with the National Association of Insurance Commissioners (NAIC). Overall, GEICO is better than Farmers with a score of 3.75 compared to 3.5.

GEICO vs. Farmers: Customer Satisfaction Rating

J.D. Power’s customer satisfaction rating is out of a possible 1,000 points. GEICO has a better score than Farmers — 843 compared to 816. GEICO’s score is higher in the satisfaction and affordability categories, while Farmers has a better complaints score.

GEICO
First Notice of Loss:
4/5
Estimation of Process:
4/5
Repair Process:
4/5
Claims Servicing:
4/5
Rental Experience:
5/5
Settlement:
4/5
Farmers
First Notice of Loss:
3/5
Estimation of Process:
4/5
Repair Process:
4/5
Claims Servicing:
4/5
Rental Experience:
4/5
Settlement:
4/5

GEICO vs. Farmers: Customer Complaint Ratio

The NAIC tracks how often consumers file complaints against an insurance company and calculates an index score against the average for the industry, which is 1.0. Farmers score is 1.31 while GEICO’s is 2.04, meaning that Farmers is better than GEICO receives nearly half the number of complaints as GEICO.

GEICO

Farmers

GEICO vs. Farmers: Coverage Options

Every car insurer offers standard coverages that may be required in your state. These coverages include liability, comprehensive, collision, uninsured motorist and personal injury protection.

Both GEICO and Farmers offer the standard coverages, though Farmers offers more add-on coverages you can include in your policy if needed. Drivers with a new car can benefit from additional coverages like original equipment manufacturer (OEM) parts, new car replacement and custom parts coverage with Farmers. Rideshare drivers can also purchase specialized add-on coverage with Farmers, but not GEICO.

Coverage Options by Company

Scroll for more

swipe icon
  • Coverage
    Available With GEICO?
    Available With Farmers?
  • Rental Car and/or Travel Reimbursement
  • Roadside Assistance
  • Mechanical Breakdown Insurance
  • Accident Forgiveness
  • New Car Replacement
  • Custom Parts Coverage
  • Glass Deductible Modification
  • Rideshare Insurance
  • Original Equipment Manufacturer (OEM) Coverage

GEICO vs. Farmers: Which Is More Financially Stable?

Most of the largest insurance companies have high financial stability ratings. These ratings indicate how easily an insurer can pay claims on time and in full based on their financial strength. GEICO is better than Farmers with an A++ rating, compared to Farmer’s A rating. Whether you choose GEICO or Farmers, both companies have high scores in this category and should not have an issue paying out legitimate claims.

GEICO vs. Farmers: Online Tools

Both GEICO and Farmers have online tools you can use to understand your insurance options and make decisions about the best coverage for your needs. Farmers and GEICO have extensive online resource libraries you can access for free 24/7 through their websites, even if you are not a current customer. Each insurer has a dedicated mobile app, which allows you to pay bills, manage and view policy details, file claims and request roadside assistance.

Methodology

Data on car insurance rates comparing GEICO and Farmers are for a 40-year-old male with a full coverage car insurance policy, unless otherwise noted. The policy includes:

  • $100,000 on bodily injury liability insurance per person
  • $300,000 on bodily injury liability insurance per accident
  • $100,000 on property damage liability insurance per person
  • Comprehensive and collision insurance with a $1,000 deductible

To evaluate available coverages, discounts and online tools, MoneyGeek collected information from insurer websites and quote tools. To score insurance companies on customer satisfaction and customer complaints, MoneyGeek referenced publicly available data from J.D. Power and the National Association of Insurance Commissioners (NAIC). Financial stability was measured using financial strength ratings from A.M. Best, a leading insurance credit rating agency.

About the Author


expert-profile

Mandy Sleight is a professional freelance writer and licensed insurance agent. She has her property, casualty, life, and health licenses and has been working in the industry since 2005. Mandy has worked for well-known insurance companies like State Farm and Nationwide Insurance, and most recently as the Operations Coordinator for a start-up employee benefits company.

Mandy earned her Bachelor of Science degree in Business Administration and Management from the University of Baltimore and her Master in Business Administration from Southern New Hampshire University. She uses her vast knowledge of the insurance industry and personal finance combined with her writing background to create easy-to-understand and engaging content to help readers make smarter choices with their budget and finances.


sources