Cincinatti Financial vs. Farmers: Which Company is the Best Fit for You?

Quick Facts

• Based on national averages for auto insurance, Cincinatti Financial offers slightly more affordable premiums than Farmers
• Cincinatti Financial tends to be a much less expensive option for policyholders who have a short commute
• Farmers offers cheaper average rates for policyholders who live in suburban areas

Cincinatti Financial or Farmers: Which Company has the Cheapest Car Insurance?

Are you in the market for a new insurance policy? With so many ads from all sorts of companies offering large savings, you're probably wondering exactly how much you might be able to save.

You might have narrowed your search down to Cincinatti Financial or Farmers as potential options, but which carrier will save you the most?

As you can see, Farmers is around $3 more a month than Cincinatti Financial when looking at the national average rates for insurance.

However, that doesn't necessarily mean Cincinatti Financial will be the more affordable option for every single driver. Auto insurance carriers use a ton of complex algorithms to determine premiums, so depending on how clean your driving record is or how good your credit score is (among a wide array of other factors), you could see wildly different rates from the ones above.

So, if you want to find out which of Cincinatti Financial or Farmers is really the best for you, keep reading to see average prices for each carrier broken down by a variety of different rate factors.

Cincinatti Financial vs. Farmers: Average Car Insurance Rates by State

Cincinatti Financial and Farmers only compete against each other in three states, with Cincinatti Financial offering cheaper rates to the average driver in all of them. If you live in Tennessee, Farmers is the less expensive of the two companies when looking at the overall average premiums. Cincinatti Financial is the more affordable option in Alabama and Ohio.

There are plenty of other factors that go into your insurance bill than just the state you live in. Keep reading to learn more.

Which is the Best Company For Young Drivers?

You might already know that teen drivers normally pay a lot more for car insurance than any other group of drivers. It's because teen drivers are statistically much more likely to get into an accident that results in an auto insurance claim, making them much riskier to insure.

But that doesn't mean that teen drivers have to just accept sky-high auto insurance prices. As you can see above, teens who use Cincinatti Financial save over 7% per month compared to those who use Farmers.

That being said, both carriers will reduce premiums by the time you turn 25. For example, average prices for Cincinatti Financial policyholders drop more than 60% and Farmers's rates lower over 70% over that time.

Which is the Best Company for Retired Drivers?

Once you approach retirement age, you'll generally enjoy the cheapest car insurance prices you can find. You've been on the road for years, and all that experience pays off when it comes to your monthly rates for insurance.

But who has the best premiums for retired drivers between Cincinatti Financial and Farmers? Cincinatti Financial gets the edge, with rates for drivers 65 and older $21 less expensive than the national average for Farmers.

Which is the Best Company for Married Drivers?

Did you know that auto insurance premiums are typically cheaper for married policyholders than they are for single policyholders? That's usually because married drivers tend to own and insure multiple vehicles, which can often earn you a discount.

If you're in the market for insurance, Cincinatti Financial tends to have the most affordable average prices regardless of marital status, with prices about 3% less expensive for married couples and around 1% cheaper for single drivers.

Cincinatti Financial or Farmers: Average Rates by Gender

Because women are less likely to get into collisions and get speeding tickets, they run a lower risk of filing a claim with insurance. So, women normally pay less for car insurance than men.

Usually, men see rates about 6% a month higher with Cincinatti Financial, but with Farmers, the difference is closer to 3% per month.

Looking at the data for each company specifically, Cincinatti Financial comes out as the lowest option for both genders. On average, women save about $7 a month and men save around $1 with Cincinatti Financial compared to the average Farmers policyholder.

Cincinatti Financial vs. Farmers: Compare State Minimum vs. Full Coverage Rates

*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.

Insurance isn't the easiest topic to understand. There are so many different coverages and limits that it can make it pretty confusing to find the right policy for you.

Even so, the most common policies that drivers look at fall into two categories -- liability coverage (which covers the other party's injuries and property damage if you cause a collision) and full coverage (which typically refers to having collision and comprehensive coverages in addition to what you get with liability).

When it comes to state minimum liability limits, Cincinatti Financial has the edge, while Farmers offers the most affordable average premiums for full coverage policies with similar coverage limits. Policyholders looking for basic state minimum coverage can save around $20 with Cincinatti Financial, while full coverage comes out to be about $10 more affordable with Farmers Insurance.

Is Cincinatti Financial or Farmers Better for Drivers with Spotty Records?

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

It's no secret secret that at-fault collisions and speeding tickets lead to higher premiums, but which carrier -- Cincinatti Financial or Farmers -- has the cheapest prices for drivers with spotty records?

Which Company is Best for Drivers with Speeding Tickets?

Drivers who use Cincinatti Financial for their auto insurance can usually expect their monthly bill to go up around 15% after getting a speeding ticket. Farmers policyholders can expect a bit more drastic of an increase of about 21%.

However, Cincinatti Financial tends to offer the best prices for both drivers who have clean records and those with a recent ticket, offering rates that are 25% and 31% less expensive, respectively, compared to Farmers Insurance.

Which Company is Best for Drivers After an Accident?

After an accident, drivers who have their insurance through Cincinatti Financial can expect to see around an $92 -- or about 43% -- rise in their auto insurance premiums. Drivers who use Farmers for their car insurance will see a monthly bill around $62 (or 28%) more expensive after reporting an accident to their auto insurance company.

At the end of the day, Cincinatti Financial offers the most affordable rates for drivers with an at-fault collision on their records, with average prices coming in at $214 compared to Farmers Insurance's $224.

Which Company is Best for Drivers with a DUI?

If you get a DUI charge, you can expect some pretty significant increases in your monthly car insurance bill -- generally a lot more than a collision or speeding ticket. For example, Cincinatti Financial increases average premiums by nearly $200 per month -- that's more than a 60% increase.

But if you end up with a DUI charge and are looking for more affordable prices, Farmers tends to be more affordable for the average driver, with monthly premiums coming in at about $221 to Cincinatti Financial's $320.

How does Credit Score Impact Cincinatti Financial and Farmers Rates?

Often times, your credit score can come into play when carriers calculate your monthly bill. This isn't true for everyone (for example, Massachusetts and California are two states that ban the practice entirely), but it does affect a lot of policyholders out there.

Insurance companies argue that those with good credit scores are more likely to pay their bills on time every month, which decreases the risk involved on their end, while the opposite is true for those with bad credit.

So, which carrier offers the best rates for drivers with good, average, or poor credit?

Which Company is Best for Drivers with Good Credit?

If you have solid credit, Cincinatti Financial will normally reward you the most. For policyholders with "excellent" credit scores, Cincinatti Financial comes in over 10.37 cheaper. Drivers with "good" credit scores usually save around 7% with Cincinatti Financial compared to average prices from Farmers.

Which Company is Best for Drivers with Bad Credit?

If you have less-than-stellar credit, it can be somewhat of a toss-up as far as which company offers you the best rates. Drivers with "fair" credit pay about 5% less with Cincinatti Financial than Farmers, but those whose credit is considered "poor" have it flipped -- saving around 9% a month with Farmers.

Is Cincinatti Financial or Farmers Better for Drivers who Work from Home or Have Short Commutes?

The amount of time you spend behind the wheel of your car plays a big role in your monthly premiums. Typically, the more milage you drive, the more you can expect to pay for car insurance.

In this case, neither Cincinatti Financial or Farmers report increasing prices for drivers with higher annual mileage figures. That being said, Cincinatti Financial comes out as the cheapest for drivers at both intervals, whether they put 6,000 or 12,000 miles on their car yearly, with average premiums of $200 per month for both.

Cincinatti Financial or Farmers: Compare Rates for Urban, Suburban, and Rural Drivers

Where you live can have a considerable impact on your monthly auto insurance payment. Generally, if you live in a rural area with fewer cars on the road, you'll pay a little less for insurance, while the opposite is true for people in urban areas.

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

For drivers in urban ZIP codes, Cincinatti Financial's average rates are about $31 less than Farmers Insurance. People who live in suburban areas pay around $8 less with Farmers compared to Cincinatti Financial. Those in rural areas can expect to save about $12 with Farmers compared to Cincinatti Financial.

Cincinatti Financial vs. Farmers Discounts

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

But with what seems like a million different discounts out there, it can be hard to nail down the carrier that has the most discounts for your unique driver profile and to find all the discounts you can take advantage of.

Luckily, we did the hard work for you and broke down all of the different discounts offered by both Cincinatti Financial and Farmers so that you can easily see which company offers the most discounts and see which ones you might be able to take advantage of.

Farmers knocks Cincinatti Financial out of the park when it comes to the sheer number of discounts available, offering 18 more discounts than Cincinatti Financial.

There are a couple discounts both companies offer, but Farmers also offers discounts for ABS, alternative fuel, distant student, and more.

On the other hand, Cincinatti Financial has a few proprietary discounts of their own like COVID-19 relief discount and special large ded discounts.

Final Thoughts: Is Cincinatti Financial or Farmers Best for You?

You've seen the effect certain variables have on your insurance and the different discounts carriers offer. That's all well and good, but when it comes down to it, is Cincinatti Financial or Farmers the right one for you, your vehicle, and your wallet?

Cincinatti Financial might be best for you if....

• You have a speeding ticket on your driving record.
• You're looking for the best prices on liability only coverage.
• You're of retirement age and want to take advantage of lower rates.

Farmers might be best for you if...

• Your driving record includes a DUI charge.
• You want the most robust protection via a "full coverage" policy.
• You live in a rural neighborhood.

Hopefully, this guide helps you get a better idea of the difference between Cincinatti Financial and Farmers. We also hope we've given you the information you need to make the best decision when it comes to your car insurance.

At the end of the day, the sure-fire way to make sure you're getting the best deal on your insurance policy is to compare quotes from a handful of companies, not just Cincinatti Financial and Farmers. Luckily, sites like Compare.com do all the hard work for you. Just enter your ZIP code below and get multiple free quotes from some of the best car insurance carriers in your area, all in just a few minutes.

Cincinatti Financial vs. Farmers FAQs

Is Cincinatti Financial or Farmers cheaper?

Cincinatti Financial is the more affordable of the two companies when looking at national average premiums, with policies averaging $200 a month with Cincinatti Financial and $203 for Farmers. That being said, that doesn't mean Cincinatti Financial will be the lowest company for each driver, since there are many different factors (things like age, driving record, gender, etc.) that play a role in how much you pay.

Who is better, Cincinatti Financial or Farmers?

Sadly, the real answer is "it depends.". No one carrier is "better" for everyone -- it all depends on what your unique auto insurance profile looks like. For example, Farmers is cheaper for drivers who have less-than-stellar credit scores, while Cincinatti Financial offers less expensive prices for policyholders with an at-fault accident on their record.

Why do Cincinatti Financial and Farmers offer me different rates?

Car insurance carriers use many different variables when determining the premiums they charge. Factors such as age, your driving record, gender, where your home is, and sometimes even things like your credit score can all be taken into consideration. Both Cincinatti Financial and Farmers calculate prices using different formulas, so it's likely they'll offer different rates. The best way to determine which company is the cheapest for you is by comparing personalized quotes from lots of different companies.

How do I know if Cincinatti Financial or Farmers is right for me?

The only way to find the auto insurance carrier that's right for you is by getting quotes from several carriers and finding the one best suited for your individual budget. Luckily, sites like Compare.com make it easy for you to do just that. Just enter your information once and you'll get quotes from dozens of your local top insurance companies for free. That way, you can guarantee you're getting the lowest premium. And maybe you'll find that the best company for you isn't Cincinatti Financial or Farmers at all, but another you hadn't even thought of!

Methodology

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.