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

Quick Facts

• In general, Farmers Automobile offers less expensive rates than Depositors
• Depositors offers more discounts than Farmers Automobile Insurance Association
• Farmers Automobile tends to be a much more affordable option for drivers who have received a ticket within the last few years

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

Are you in the market for a new insurance policy? You've probably seen commercials and billboards from companies offering pretty big discounts, but exactly how much money can you save by switching?

You might have narrowed it down to Depositors or Farmers Automobile as potential options, but between the two, which carrier will save you the most?

Looking at nationwide averages, Depositors has average rates that are about 17% per month more expensive than those from Farmers Automobile.

That being said, Farmers Automobile may not be the lowest or best option for each driver out there. After all, insurance companies can offer drastically different rates to each driver depending on rating factors like your age, your driving record, your credit score, or even where you call home (among other things). So, at the end of the day, prices from every company will differ quite a bit from person to person.

Luckily, we've broken down average rates from both Depositors and Farmers Automobile by many different rate factors, so read on to find out which carrier is the best for you.

Depositors or Farmers Automobile: Average Car Insurance Rates by State

Depositors and Farmers Automobile only compete against each other in one states, with Farmers Automobile offering cheaper premiums to the average driver in all of them. Iowa has the most noticable difference, where Farmers Automobile prices are over 30% less expensive than car insurance premiums at Depositors.

There's a lot more that goes into your insurance payment than just where you call home. Keep reading to find out more.

Which is the Best Company For Young Drivers?

Teen drivers will almost always have the most expensive auto insurance rates of any other group of drivers. It's normally because young, inexperienced drivers are statistically much more likely to get into an accident that results in an insurance claim, making them much riskier to insure.

But still, even with seemingly sky-high prices, teen drivers can still find ways to save money. For example, 18-year-old drivers pay an average of more than $35 less a month by choosing Farmers Automobile over Depositors.

But both carriers will lower rates once you turn 25. For example, average prices for Depositors policyholders reduce nearly $200 and Farmers Automobile's premiums decrease over $150 over that time.

Which is the Best Company for Retired Drivers?

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

But who has the best prices for retired drivers between Depositors and Farmers Automobile? Farmers Automobile gets the edge here, with average premiums coming in at around $96 monthly compared to Depositors's $111.

Which is the Best Company for Married Drivers?

You may not be aware, but car insurance prices tend to be more expensive for those who are single than they are for married couples. That's because policies for married policyholders usually cover more than one car, which quite a few companies will offer you a discount for.

When it comes to relationship status, Farmers Automobile is the clear winner for single drivers, with rates about $27 per month cheaper than Depositors, on average. The advantage for married drivers with Farmers Automobile is also obvious, where drivers save around $20 a month.

Depositors vs. Farmers Automobile: Average Rates by Gender

Women tend to pay less for auto insurance than men. This is because men are statistically more likely than women to cause a collision and get into accidents, which leads to increased risk for insurers and, therefore, higher prices.

Women generally pay about $10 per month less than men with Depositors, and around $1 with Farmers Automobile.

When it comes to the most affordable premiums for each gender, Farmers Automobile comes out on top for both men and women. On average, male drivers save about $29 a month and women save about $21 with Farmers Automobile compared to the average Depositors policyholder.

Depositors or Farmers Automobile: 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 can be a complicated subject for most people. Everyone needs auto insurance, but there are so many different limits and terms that it can be hard to find the right policy.

Even so, the most common policies that many drivers look at fall into two categories -- liability only (which provides property damage and bodily injury coverage for other drivers and their passengers if you cause an accident) and full coverage (which typically refers to having comprehensive and collision coverages in addition to what you get with liability).

If you're looking for state minimum liability limits, Farmers Automobile normally offers more affordable rates of $75 compared to Depositors's $84. When it comes to full coverage policies with similar limits, Farmers Automobile again has the edge, with policies around $40 per month less expensive than Depositors, on average.

Is Depositors or Farmers Automobile Better for Drivers with Spotty Records?

You've probably seen plenty of commercials from car 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.

It's no secret secret that at-fault accidents and tickets lead to higher rates, but which company -- Depositors or Farmers Automobile -- has the cheapest premiums for drivers with spotty records?

Which Company is Best for Drivers with Speeding Tickets?

Depositors policyholders can expect their prices to go up an average of $24 a month if they get a ticket, while Farmers Automobile usually raises premiums about $22 per month, on average.

However, Farmers Automobile has more affordable rates for drivers in both categories. Drivers with a clean record can save around $19 a month and drivers with a speeding ticket can save about $21 per month with Farmers Automobile Insurance Association.

Which Company is Best for Drivers After an Accident?

Depositors drivers who get in a collision can expect to see their premiums rise by over 30%, while those who have insurance through Farmers Automobile will see around a 25% increase.

Overall, the cheaper rates come from Farmers Automobile, with monthly prices averaging $117 compared to Depositors Insurance Company's $157.

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 auto insurance bill -- generally a lot more than an accident or ticket. For example, Depositors increases average rates by over $90 a month -- that's over a 45% increase.

If you have a DUI on your record and are looking for more affordable premiums, Farmers Automobile tends to be the much more affordable option with average prices of $178 a month compared to $198 from Depositors.

How does Credit Score Impact Depositors and Farmers Automobile Rates?

Did you know that many car insurance companies take your credit score into account when calculating rates? This isn't always the case (for example, Hawaii and Massachusetts are two states that ban the practice entirely), but it might come into play for many policyholders.

The reasoning insurance carriers use is that drivers with bad credit will be less likely to pay their bills on time; so normally, they'll be asked to pay more, while those with good credit will be rewarded with cheaper premiums.

Looking specifically at Farmers Automobile and Depositors, which one has the lowest prices for policyholders at different credit levels?

Which Company is Best for Drivers with Good Credit?

If you have great credit, you'll usually find a better deal with Farmers Automobile. Drivers with "excellent" credit can save more than 30% compared to Depositors, and those with "good" scores can also expect to see savings -- about $35 or 26% less expensive each month.

Which Company is Best for Drivers with Bad Credit?

If you have less-than-perfect credit, it can be somewhat of a toss-up as far as which company offers you the best rates. Drivers with "fair" credit pay around $32 less with Farmers Automobile than Depositors, but those whose credit is considered "poor" have it flipped -- saving about $4 per month with Depositors.

Is Depositors or Farmers Automobile Better for Drivers who Work from Home or Have Short Commutes?

Did you know that the amount of time you spend in your car have a big impact on how much car insurance companies will charge for coverage? Usually, those who drive less will end up with cheaper premiums since there's less of a chance of getting into a collision and causing an insurance claim.

As you can see in the table above, annual mileage doesn't have much of an impact on how much Depositors charges. However, there's a significant difference in monthly prices for Farmers Automobile, with drivers who put 6,000 miles on their vehicle every year paying around $21 less each month compared to those who drive 12,000 miles annually. Still, Farmers Automobile is the more affordable option for drivers in both categories.

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

Where you park your car can play a large role in how much you pay for auto insurance. Typically, those who live in rural areas will pay less than policyholders in urban areas because there are a lot fewer vehicles on the road in those areas, which reduces the chances of an accident.

Farmers Automobile generally comes out as the less expensive option for drivers in rural and suburban areas, while Depositors wins in urban areas.

Those in rural areas can expect to pay about $84 per month with Farmers Automobile compared to Depositors's $130. Drivers in suburban ZIP codes pay around $92 with Farmers Automobile compared to Depositors's $139 monthly. For drivers in urban ZIP codes, Depositors's average rates are about $174 a month compared to Farmers Automobile's $192.

Depositors vs. Farmers Automobile Discounts

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

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

In the section below, we've broken down all of the different discounts offered by both Depositors and Farmers Automobile so that you can easily see which company offers the most discounts and, therefore, the biggest savings.

Depositors knocks Farmers Automobile out of the park when it comes to the sheer number of discounts available, offering six more discounts than Farmers Automobile.

A couple of those are overlapping for things like discounts for being a defensive driver, discounts for being a good student, and group discounts. Depositors also offers COVID-19 relief discount, distant student discounts, employee discounts, and more that Farmers Automobile does not.

On the flip side, Farmers Automobile has a couple unique discounts of its own -- anti-theft discounts, hybrid vehicle discounts, paid in full discounts, and more.

Final Thoughts: Is Depositors or Farmers Automobile Best for You?

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

Farmers Automobile might be best for you if....

• You've been pulled over for speeding recently.
• Your credit score is high.
• You and your spouse are buying auto insurance together.

Depositors might be best for you if...

• You're looking for the company with the most discounts.
• Your home is in a busy urban area.

We hope this guide helps you get a good idea of the differences between Depositors and Farmers Automobile and that it aids in making a more informed decision about your insurance.

At the end of the day, the best way to make sure you're getting the best deal on your car insurance policy is to compare quotes from a handful of carriers, not just Depositors and Farmers Automobile. Luckily, Compare.com makes it easy for you to do just that. Simply enter your ZIP codes below and get multiple free quotes from some of the best auto insurance companies in your area, all in just a few minutes.

Depositors vs. Farmers Automobile FAQs

Is Depositors or Farmers Automobile cheaper?

Looking just at the national average rates, Farmers Automobile is the cheaper of the two carriers, offering average rates of $123 per month compared to $148 for Depositors. But Farmers Automobile won't necessarily be the lowest carrier for everyone, since there are a bunch of different variables that are considered when it comes to your insurance cost.

Who is better, Depositors or Farmers Automobile?

Sadly, the answer truly is "it depends.". Neither company is "better" for everyone -- it all depends on what your unique auto insurance profile looks like. For example, Farmers Automobile offers more affordable premiums for drivers with an at-fault accident on their record, while Depositors is less expensive for drivers who have less-than-stellar credit scores.

Why do Depositors and Farmers Automobile offer me different rates?

Car insurance companies take a look at lots of different factors when determining the prices they charge policyholders. Variables like where you live, age, gender, where your home is, and sometimes even things like your credit score can all be taken into consideration. Both Depositors and Farmers Automobile calculate premiums differently, so each one will most likely offer different rates. The only real way to see which carrier is the cheapest for you is by comparing personalized quotes from multiple different carriers.

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

The only way to find the insurance company that's right for you is by getting quotes from multiple companies and finding the one best suited for your individual budget. Luckily, Compare.com does all the hard work for you. Just enter your information once and you'll get free quotes from dozens of the best car insurance carriers in your area. That way, you can guarantee you're getting the best price. And who knows, the best carrier for you might not be Depositors or Farmers Automobile 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.