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

Quick Facts

• Looking at the national averages for insurance, GEICO offers slightly more affordable prices than Farmers
• Farmers offers more affordable premiums for drivers with a DUI charge on their record
• GEICO has less expensive prices for residents of urban areas

Farmers vs. GEICO: Which Company has the Cheapest Car Insurance?

So, you're thinking about switching your auto insurance. After all, you've seen ads from all sorts of companies offering huge discounts. But exactly how much can you save by switching?

You've maybe even narrowed it down to Farmers or GEICO, but between the two, which carrier will offer you cheaper rates?

Looking at nationwide averages, GEICO is about $18 per month more affordable than Farmers.

Even so, GEICO may not be the lowest or best option for each driver out there. After all, auto insurance companies can offer drastically different rates to each driver depending on rating factors like your age, your credit score, where you call home, or even your driving record (among other things), so premiums could change drastically from person to person.

Wanting to know if Farmers or GEICO is really the right carrier for you? Keep on reading to see how average prices can change based on all of the factors we've mentioned above.

Farmers or GEICO: Average Car Insurance Rates by State

Farmers and GEICO compete against each other in 24 states, with GEICO offering cheaper rates to the average driver in all of them. If you live in, undefined is the less expensive of the two carriers when looking at the overall average premiums, but GEICO is the cheaper option in most of the others.

That being said, there's a lot more that goes into your car insurance payment than just the state you live in. Read on to learn more.

Which is the Best Company For Young Drivers?

You might already know that teen drivers generally pay a lot more for insurance than any group on the road. Typically, that's because young, inexperienced drivers are statistically much more likely to get into an accident that results in a car insurance claim, making them much riskier to insure.

But that doesn't mean teen drivers can't still save money on their car insurance. For example, 18-year-old drivers pay an average of more than $150 less a month by choosing GEICO over Farmers.

That being said, both companies will offer you dramatically lower rates by the time you turn 25. For example, average prices for Farmers policyholders decrease over 70% and GEICO's premiums drop more than 55% over that time.

Which is the Best Company for Retired Drivers?

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

When looking at Farmers and GEICO specifically, which company is best for retired drivers? Farmers gets the slight edge here, with average rates coming in at around $143 a month compared to GEICO's $148. However, the difference is only about 5%, so other factors (such as your driving record is or your credit score) will likely come into play when determining which carrier has the cheapest premiums for you.

Which is the Best Company for Married Drivers?

Did you know that auto insurance prices are usually more expensive for those who are single than they are for married couples? This usually boils down to married drivers having several cars on their policy -- something lots of insurance carriers will reward with discounts.

When it comes to relationship status, GEICO is the clear winner for single policyholders, with rates around $37 per month more affordable than Farmers, on average. It's not quite so glaring for married policyholders, where drivers who use Farmers save about 4% a month.

Farmers vs. GEICO: Average Rates by Gender

Men normally pay more for car insurance than women. This is because women are less likely to get speeding tickets and get into collisions, which decreases the chances of an insurance claim.

Generally, women see premiums around 3% per month less with Farmers, and about 4% less with GEICO when compared to their male counterparts.

When it comes to the lowest rates for each gender, GEICO comes out on top for both men and women, with average prices 9% less for men and 10% cheaper for women.

Farmers or GEICO: 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.

For most people, auto insurance isn't the easiest topic to understand. There are so many different terms and coverages that it can make it pretty confusing to find the right policy.

But the most common policies that many drivers look at fall into two categories -- liability only (that covers property damage and bodily injury for other drivers and passengers if you cause an accident) and full coverage (which includes two additional coverages -- comprehensive and collision -- in addition to liability).

If you're looking for state minimum liability limits, GEICO usually offers less expensive premiums of $101 compared to Farmers's $126. When it comes to full coverage policies with similar limits, GEICO again has the edge, with policies around $10 a month cheaper than Farmers, on average.

Is Farmers or GEICO Better for Drivers with Spotty Records?

You've probably seen plenty of commercials from insurance companies offering great rates 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 prices, but is Farmers or GEICO more affordable for drivers with less-than-perfect records?

Which Company is Best for Drivers with Speeding Tickets?

Farmers policyholders can expect their rates to go up an average of $44 per month if they get a ticket, while GEICO typically raises prices about $35 a month, on average.

However, GEICO tends to offer the best prices for drivers both with a speeding ticket and with a clean record, offering premiums that are $47 and $56 less expensive, respectively, compared to Farmers Insurance.

Which Company is Best for Drivers After an Accident?

Both carriers will increase prices pretty significantly if you get into an at-fault accident with GEICO raising by $85. Farmers has a less extreme rise, but you can still expect to pay over $60 more than you were prior to your first collision.

Overall, GEICO offers the cheapest rates for drivers with an at-fault accident on their records, with monthly premiums averaging $200 compared to Farmers Insurance's $224.

Which Company is Best for Drivers with a DUI?

On average, a DUI offense is going to cost you much more than a single collision or ticket when it comes to your car insurance bill. For example, GEICO increases average prices by more than $150 per month -- that's just under a 60% increase.

How does Credit Score Impact Farmers and GEICO Rates?

Did you know that many auto insurance companies take into account your credit score when calculating rates? This isn't always the case (for example, California and Massachusetts are two states that ban the practice entirely), but it does affect many drivers out there.

Car insurance carriers argue that someone with good credit is more likely to pay their bills on time, which makes them less risky to insure. Because of that, policyholders with good credit will often be rewarded with cheaper premiums.

Looking at Farmers and GEICO specifically, which company has the most affordable rates for drivers at different credit levels?

Which Company is Best for Drivers with Good Credit?

Which Company is Best for Drivers with Bad Credit?

Is Farmers or GEICO 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. Normally, the more miles you put on your vehicle, the more you can expect to pay for coverage.

As you can see in the table above, annual mileage doesn't have much of an impact on how much Farmers charges. However, there's a small difference in monthly prices for GEICO, with policyholders who drive 6,000 miles yearly paying around $8 less every month compared to those who drive 12,000 miles annually. Still, GEICO is the more affordable option for drivers in both categories.

Farmers vs. GEICO: Compare Rates for Urban, Suburban, and Rural Drivers

We've already mentioned how your home state can play a role in how much you pay for auto insurance, but the type of area you live in can have a considerable impact as well. 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.

GEICO tends to offer the most affordable prices for drivers in all types of areas, no matter if they're urban, suburban, or rural.

Policyholders in rural ZIP codes see the cheapest rates from both companies, but GEICO comes out on top with average premiums about $159 monthly. GEICO also has cheaper average prices for drivers in urban and suburban ZIP codes -- a 16% and 2% a month respective difference when compared to Farmers policyholders in similar areas.

Farmers vs. GEICO Discounts

Regardless of why you might be in the market for a new auto insurance policy, you're always going to want to save as much money as possible, and the best way to do that is by utilizing as many insurance discounts as you can.

But where do you even start? With so many discounts out there, it may seem challenging to find all the of the ones you can take advantage of.

In the table below, we've broken down all of the different discounts offered by both Farmers and GEICO so that you can see which one offers the most discounts and see which ones you might be able to take advantage of.

Anti-theft discounts, distant student discounts, discounts for getting driver training, and discounts for being a good student are offered by both carriers.

Final Thoughts: Is Farmers or GEICO Best for You?

So, you've seen how different variables can affect your car insurance rates. We've shown you all the discounts each carrier offers, too. But, when it comes down to it, is Farmers or GEICO the best company for you and your specific profile and needs?

GEICO might be best for you if....

• You don't have any speeding tickets, DUIs, or at-fault collisions on your record.
• You have less-than-stellar credit.
• You don't spend much time in your car.

Farmers might be best for you if...

• You have a DUI charge on your record.
• You are over 65 years old and want to save some money on your auto insurance.
• You're married and plan to have both of your names on the vehicle's insurance policy.

We hope this guide helps you get a good idea of the differences between Farmers and GEICO and that you can now make a more informed 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 auto insurance policy is to compare quotes from multiple companies, not just Farmers and GEICO. Luckily, sites like Compare.com do all the hard work for you. Simply enter your ZIP codes below and get free quotes from dozens of top car insurance carriers in your area, all in just a few minutes.

Farmers vs. GEICO FAQs

Is Farmers or GEICO cheaper?

Looking just at the national average premiums, GEICO is the less expensive of the two companies, offering average rates of $185 per month compared to $203 for Farmers. Even so, GEICO won't necessarily be the lowest company for each driver, since there are lots of different factors (things like gender, age, driving record, etc.) that play a role in how much you pay.

Who is better, Farmers or GEICO?

Sadly, the answer truly is "it depends.". No one carrier is necessarily "better" for every driver -- it all comes down to what your unique insurance profile looks like. For example, Farmers offers more affordable rates for drivers with a recent DUI, while GEICO is cheaper for drivers with excellent credit.

Why do Farmers and GEICO offer me different rates?

Auto insurance carriers take a look at several different variables when determining the prices they charge drivers. Factors such as age, your driving record, where your home is, gender, and sometimes even things like your credit score can all be taken into consideration. Both Farmers and GEICO calculate premiums differently, so each one will most likely offer different prices. The only real way to see which company is the most affordable for you is by comparing personalized quotes from several different companies.

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

The only way to find the insurance carrier that's right for you is by getting quotes from a handful of carriers and finding the one best suited for your individual budget. Luckily, Compare.com makes it easy for you to do just that. Just enter your area information and you'll get free quotes from dozens of the best car insurance companies in your area. With those, you can guarantee you're getting the cheapest premium. And who knows, the best company for you might not be Farmers or GEICO at all!

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.