Bankers vs. State Farm: Which Company is the Best Fit for You?

Wondering if Bankers or State Farm is the best auto insurance company for you, your vehicle, and your wallet? We've broken down all the rates and discounts for both companies to help you make a more informed decision. Read on to learn more.
Newly insured car driving down the road
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Quick Facts

  • Looking at the national averages for car insurance, State Farm offers slightly cheaper prices than Bankers
  • Bankers offers more affordable premiums for residents of rural areas
  • State Farm has less expensive prices for people who are single and purchasing insurance by yourself

Bankers vs. State Farm: Which Company has the Cheapest Car Insurance?

Are you considering a new insurance policy? You've probably seen commercials and billboards from companies offering hefty discounts, but exactly how much money can you save by switching?

You've maybe even narrowed your search down to Bankers or State Farm for your next policy, but which company will offer you more affordable premiums?

Bankers State Farm

As you can see, State Farm is about $13 per month less expensive than Bankers when looking at the national average rates for car insurance.

But State Farm may not be the cheapest or best option for every driver out there. Insurance companies vary their rates depending on things like how old you are, where you live, how clean your driving record is, how good your credit score is, and all sorts of other factors, so premiums will change quite a bit from person to person.

Luckily, we've broken down average rates from both Bankers and State Farm by a variety of different rate factors, so read on to find out which carrier is the best for you.

Bankers or State Farm: Average Car Insurance Rates by State

State Bankers State Farm

Bankers and State Farm only compete against each other in two states, with Bankers offering more affordable prices to the average driver in all of them. Massachusetts has the most noticable difference, where State Farm rates are over 70% cheaper than auto insurance prices at Bankers.

That being said, there are plenty of other factors that go into your insurance payment than just the state you live in. Read on to find out more.

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Which is the Best Company For Young Drivers?

Bankers State Farm
18-year-old drivers$351$353
25-year-old drivers$160$142

Teen drivers will almost always have the most expensive auto insurance premiums of any other group of drivers out there on the road. That's usually because young, inexperienced drivers are statistically much more likely to cause collisions and other accidents that will result in an insurance claim.

That being said, that doesn't mean teen drivers can't still save money on their car insurance. Just look at the table above -- where 18-year-old drivers who have Bankers for their auto insurance pay $2 less than those who use State Farm.

Even so, both carriers will offer you dramatically lower rates once you turn 25. For example, average premiums for Bankers policyholders drop nearly 55% and State Farm's prices lower almost 60% over that time.

Which is the Best Company for Retired Drivers?

Bankers State Farm
65+-year-old drivers$132$111

When it comes to car insurance, patience and experience pay off, with drivers around retirement age paying some of the most affordable rates you'll ever find.

When looking at Bankers and State Farm specifically, which company is best for retired drivers? State Farm gets the edge here, with average premiums coming in at around $111 a month compared to Bankers's $132.

Which is the Best Company for Married Drivers?

Bankers State Farm

You may not be aware, but insurance prices tend to be more affordable for married policyholders than they are for single drivers. That's because policies for married couples generally cover more than one car, which several companies will offer you a discount for.

When it comes to relationship status, the two carriers are comparable for those who are single, with premiums only differing about $12 a month, on average. But for married drivers, the advantage is clear - State Farm has the edge when it comes to average rates.

Bankers vs. State Farm: Average Rates by Gender

Bankers State Farm

Because men are more likely to get into accidents and get speeding tickets, they have an increased chance of filing a claim with insurance. Therefore, insurance companies will tend to charge men more than women.

Women normally pay nearly 10% per month less than men with Bankers, while with State Farm, the difference is closer to 7% a month.

Looking at the data for each carrier specifically, State Farm comes out on top for both men and women, with average prices $15 less for men and $11 cheaper for women.

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Bankers or State Farm: Compare State Minimum vs. Full Coverage Rates

Bankers State Farm
State Minimum*$66$99
Full Coverage**$277$216

*State minimum value indicates liability-only policies at each state's minimum bodily injury and property damage (BI/PD) limits

**Full coverage indicates state minimum BI/PD limits with collision and comprehensive coverages added to policy.

For most people, car insurance can be pretty complicated. There are so many different terms and coverages that it can make it pretty confusing to find the right policy.

However, the most common policies that many drivers look at fall into two categories -- liability only (which provides bodily injury and property damage coverage for other drivers and their passengers if you cause an accident) and full coverage (which includes comprehensive and collision coverages that protect your own vehicle, in addition to liability).

In this case, Bankers offers the lowest average rates for state minimum liability insurance, while State Farm has the edge for full coverage policies with similar coverage limits. Drivers looking for basic state minimum coverage can save around $35 with Bankers Insurance, while full coverage comes out to be around $60 cheaper with State Farm.

Is Bankers or State Farm Better for Drivers with Spotty Records?

You've probably seen plenty of commercials from insurance carriers offering great prices for good drivers, but that doesn't mean people with less-than-perfect driving records can't save money, too.

Tickets and accidents will most likely raise your premiums, but is Bankers or State Farm less expensive for drivers with spotty records?

Which Company is Best for Drivers with Speeding Tickets?

Bankers State Farm
Clean Record$121$134
1 Speeding Ticket$141$155

Bankers policyholders can expect their prices to go up an average of $20 per month if they get a ticket, while State Farm typically raises premiums about $21 a month, on average.

Even so, Bankers has cheaper rates for drivers in both categories -- their rates are around 10% less expensive for drivers with clean records and 9% more affordable for those with a ticket.

Which Company is Best for Drivers After an Accident?

Bankers State Farm
Clean Record$121$134
1 At-Fault Accident$186$163

Both companies will increase premiums pretty significantly if you get into an at-fault accident with Bankers climbing by $65. State Farm has a less extreme increase, but you can still expect to pay just under $30 more than you were prior to your first collision.

Overall, the less expensive rates come from State Farm, with monthly prices averaging $163 compared to Bankers Insurance's $186.

Which Company is Best for Drivers with a DUI?

Bankers State Farm
Clean Record$121$134
1 DUI$238$179

If you get a DUI charge, you can expect some pretty significant increases in your monthly auto insurance bill -- generally a lot more than a collision or speeding ticket. Bankers drivers usually see a 49% climb in their insurance rates after a DUI charge, while State Farm will usually raise prices by around 25%.

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How does Credit Score Impact Bankers and State Farm Rates?

In many cases, your credit score can be used as one of the factors to calculate your monthly auto insurance premiums. This isn't always the case (California, for example, has banned the use of credit score as a rating factor) but it does affect many policyholders out there.

Car insurance carriers argue that someone with bad credit is less likely to pay their bills on time, which makes them riskier to insure. Because of that, drivers with bad credit will often be forced to pay more.

So, which company offers the best prices for policyholders with good, average, or poor credit?

Which Company is Best for Drivers with Good Credit?

Bankers State Farm
Excellent Credit Score$121$80
Good Credit Score$132$105

Which Company is Best for Drivers with Bad Credit?

Bankers State Farm
Fair Credit Score$157$148
Poor Credit Score$194$300

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Is Bankers or State Farm Better for Drivers who Work from Home or Have Short Commutes?

Bankers State Farm
6,000 Annual Miles$170$151
12,000 Annual Miles$173$164

How much you drive can have a sizable impact on how much auto insurance companies will charge for coverage. That's because the more miles you drive, the more likely you are to get into an accident and cause an insurance claim.

State Farm tends to be the more affordable option for both drivers who put 6,000 miles on their vehicles annually, as well as those who average twice that figure. State Farm's average premiums for drivers with 6,000 annual miles come in about $19 cheaper than Bankers. Those who drive 12,000 miles each year can expect to pay around $9 less with State Farm over Bankers.

Bankers vs. State Farm: Compare Rates for Urban, Suburban, and Rural Drivers

Where you park your car can play a big role in how much you pay for car insurance. Typically, drivers who live in less densely populated rural areas will pay quite a bit less than urban policyholders because there are a lot fewer vehicles on the roads in those areas.

Bankers State Farm
Urban Areas$172$185
Suburban Areas$226$161
Rural Areas$114$127

When comparing these two carriers side-by-side, Bankers tends to offer the most affordable option for drivers in rural and urban areas, while State Farm wins in suburban areas.

If you live in a rural area, you can expect to save about 10% with Bankers compared to State Farm. Drivers in suburban ZIP codes pay around 29% less with State Farm compared to Bankers. In urban areas, Bankers Insurance's average rates are about 7% less than State Farm.

Bankers vs. State Farm Discounts

You want to save as much money as possible, right? The best way to do that is by utilizing as many insurance discounts as you can.

But with what seems like a million different discounts out there, it can be difficult to find all the ones you're eligible for or to nail down the carrier that has the most discounts for your unique driver profile.

In the section below, we've broken down all of the different discounts offered by both Bankers and State Farm so that you can easily see which company offers the most discounts and see which ones you might be able to take advantage of.

Bankers State Farm
ABS Discount
Annual Mileage Discount
Anti-Theft Discount
Continuous Insurance Discount 
Defensive Driver Discount
Distant Student Discount
Drive Safe & Save Discount 
Driver Training Discount
DRL Discount 
Employers Subject to MA Worker Discount 
Excess Vehicle Discount 
Farm Discount 
Good Driving Discount
Good Student Discount
Goverment Employee Discount 
Group Discount 
Homeowner Discount 
Low Income Discount 
Mature Driver Discount 
Military Discount 

State Farm knocks Bankers out of the park when it comes to the sheer number of discounts available, offering 23 different discounts to Bankers's 23.

Both companies offer lots of the same discounts -- like annual mileage discounts, discounts for being a defensive driver, distant student discounts, and discounts for being a good student -- but State Farm also offers drive safe & save discounts, DRL discounts, farm discounts, and more that Bankers does not.

On the flip side, Bankers has a couple unique discounts of its own -- continuous insurance discounts, employers subject to ma worker discounts, excess vehicle discounts, and more.

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Final Thoughts: Is Bankers or State Farm Best for You?

So, you've seen how different variables can affect your car insurance premiums. We've broken down the different discounts each company offers, too. That's all well and good, but when it comes down to it, which carrier is the best carrier for you and your specific driver profile?

State Farm might be best for you if....

  • Your driving record contains an at-fault accident.
  • Your credit score is high.
  • You are over 65 years old and want to save some money on your insurance.

Bankers might be best for you if...

  • You have a clean record.
  • You want basic auto insurance coverage at the state minimum limits.
  • You live in a rural area.

We hope this guide helps you get a better idea of the difference between Bankers and State Farm and that you can now make a more informed decision when it comes to your car insurance.

At the end of the day, the best way to make sure you're getting the best deal on your auto insurance policy is to compare quotes from multiple carriers, not just Bankers and State Farm. Luckily, makes it easy for you to do just that. Simply enter your ZIP code below and get free quotes from dozens of the top insurance companies in your area, all in just a few minutes.

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Bankers vs. State Farm FAQs

Is Bankers or State Farm cheaper?

Looking just at the national average rates, State Farm is the more affordable of the two carriers, offering average rates of $158 per month compared to $171 for Bankers. But State Farm won't necessarily be the lowest company for everyone, since there are many different factors (things like age, gender, driving record, etc.) that play a role in how much you pay.

Who is better, Bankers or State Farm?

Unfortunately, the real answer is "it depends.". No single carrier is necessarily "better" for everyone -- it all depends on the makeup of your unique car insurance profile. For example, State Farm offers cheaper prices for drivers with an at-fault collision on their record, while Bankers is less expensive for drivers who have less-than-stellar credit scores.

Why do Bankers and State Farm offer me different rates?

Auto insurance companies take a look at quite a few different variables when calculating the rates they charge policyholders. Things such as age, your driving record, gender, where you live, and sometimes even things like your credit score can all be used. Both Bankers and State Farm use different formulas, so each one will most likely offer different prices. The only real way to see which company is the cheapest for you is by comparing personalized quotes from lots of different carriers.

How do I know if Bankers or State Farm is right for me?

The only way to find the insurance carrier that's right for you is by getting quotes from several companies and finding the one best suited for your individual budget. Luckily, does all the hard work for you. Just enter your ZIP code and you'll get free quotes from dozens of the best auto insurance carriers in your area. With those, you can guarantee you're getting the lowest premium. And who knows, the best company for you might not be Bankers or State Farm at all!


All of the data referenced in this article has been gathered in collaboration with Quadrant Information Services. We analyzed more than 2.5 million rows of carrier-reported data to calculate the average rates referenced above. All rates are based on an insurance profile of a single-vehicle policy for a driver that owns a 2016 Honda Accord. For more information on how we calculate rates, please reference our data methodology.

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