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

Quick Facts

• Looking at the national averages for auto insurance, Farmers offers significantly less expensive premiums than Electric
• Farmers offers more affordable average rates for policyholders who drive fewer than 12,000 miles every year
• Farmers tends to be a much cheaper option for policyholders who live in rural neighborhoods

Electric or Farmers: Which Company has the Cheapest Car Insurance?

So, you're considering switching to a new insurance policy. You've probably seen commercials and billboards from companies offering big savings, but exactly how much money can you save by switching?

You've maybe even narrowed it down to Electric or Farmers, but which carrier will save you the most?

Looking at nationwide averages, Electric is around $63 more a month than Farmers.

However, that doesn't necessarily mean Farmers will be the more affordable option for each driver. Insurance carriers use a variety of complex algorithms to determine premiums, so depending on how good your credit score is or how old you are (among many other factors), you could see wildly different rates from the ones above.

Luckily, we've broken down average prices from both Electric and Farmers by lots of different rate factors, so read on to find out which carrier is the best for you.

Electric vs. Farmers: Average Car Insurance Rates by State

Electric and Farmers only compete against each other in one states, with Farmers offering cheaper rates to the average driver in all of them. Kansas has the most noticable difference, where Farmers prices are $39 less expensive than auto insurance premiums at Electric.

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

Which is the Best Company For Young Drivers?

Teen drivers will almost always have the most expensive auto insurance prices of any other group of drivers. The reason is that 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.

That being said, that doesn't mean that teen drivers have to just accept sky-high insurance premiums. For example, 18-year-old drivers pay an average of over 10% less per month by choosing Farmers over Electric.

But with both companies, you'll see your rates lower significantly by the time you turn 25. Farmers offers the steepest decrease, with 25-year-olds paying less than a third of what 18-year-old drivers are charged. Electric's average premiums reduce almost 55% during that same period.

Which is the Best Company for Retired Drivers?

When it comes to car insurance, patience and experience pay off, with drivers around retirement age paying some of the lowest prices you can find.

But who has the best rates for retired drivers between Electric and Farmers? Farmers gets the edge here, with average premiums coming in at about $143 monthly compared to Electric's $178.

Which is the Best Company for Married Drivers?

You may not be aware, but auto insurance prices tend to be more expensive for single drivers than they are for married policyholders. That's generally because married couples tend to own and insure more than one vehicle, which can often earn you a discount.

For single policyholders, the difference in average rates between these two carriers is significant, with Farmers prices coming in at a quarter less than Electric's. The advantage for married drivers with Farmers is also obvious, where drivers save around $55 a month.

Electric or Farmers: Average Rates by Gender

You may not know, but insurance is normally cheaper for women than it is for men. This is because men are statistically more likely than women to get into collisions and file an insurance claim, which leads to increased risk for insurers and, therefore, higher rates.

On average, men see premiums about 7% per month higher with Electric, and around 3% with Farmers.

Looking at the data for each company specifically, Farmers offers the most affordable average rates for both men and women. On average, male drivers save about $69 a month and women save about $57 with Farmers compared to the average Electric policyholder.

Electric 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.

It's no secret that car insurance can be pretty complicated. There are a bunch of different coverages that account for a range of different things. Some protect you and your car, while others only provide coverage for other people's property and health if you cause a collision.

The two most common policies that drivers look at fall into two categories -- liability coverage (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 -- collision and comprehensive -- in addition to liability coverage).

Looking specifically at state minimum limits for liability insurance, Farmers has the edge, with average monthly premiums coming in at $126. If you want a full coverage policy with the same state minimum limits, Farmers again has the edge, with policies averaging around $281 per month to Electric's $383.

Is Electric or Farmers Better for Drivers with Spotty Records?

It's no secret -- drivers with good records end up getting the best deals on their insurance. But that's not to say you can't save money if you don't have the best driving record, either.

It's no secret secret that at-fault accidents and speeding tickets lead to higher prices, but which carrier -- Electric or Farmers -- has the lowest premiums for drivers with less-than-perfect records?

Which Company is Best for Drivers with Speeding Tickets?

Policyholders who use Electric for their car insurance can usually expect their monthly bill to go up about 12% after getting a speeding ticket. Farmers policyholders can expect a bit more drastic of an increase of around 21%.

Even so, Farmers tends to offer the best prices for both drivers who have clean records and those with a recent ticket -- their rates are around 22% cheaper for drivers with clean records and 13% less expensive for those with a ticket.

Which Company is Best for Drivers After an Accident?

Electric drivers who get in a collision can expect to see their prices increase by just under $30, while those who have insurance through Farmers will see about a $60 increase.

At the end of the day, the more affordable rates come from Farmers, with average prices coming in at $224 compared to Electric Insurance Company's $236.

Which Company is Best for Drivers with a DUI?

If you get a DUI charge on your record, it's probably going to cost you more than a simple speeding ticket or even an accident. On average, Electric will climb your premiums around 46% after a DUI, while Farmers's average rates climb by more than 25%.

How does Credit Score Impact Electric and Farmers Rates?

You may not realized it, but your credit score can come into play when companies calculate your monthly bill. Certain states and carriers do not allow for credit score to be used as an insurance factor, but it will come into play for a lot of policyholders.

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

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

Which Company is Best for Drivers with Good Credit?

Which Company is Best for Drivers with Bad Credit?

Is Electric 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. That's because the more milage you drive, the more likely you are to be in a collision and file an insurance claim.

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 pretty significant difference in monthly rates for Electric, with drivers who put 6,000 miles on their car annually paying about $33 less every month compared to those who drive 12,000 miles yearly. Still, for drivers in both categories, Farmers is the less expensive carrier.

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

Where your home is can play a sizable role in how much you pay for car insurance. Typically, if you live in an urban area with more cars on the road, you'll pay a little more for auto insurance, while the opposite is true for people in rural areas.

When comparing these two carriers side-by-side, Farmers normally comes out as the cheapest option for drivers in all areas, regardless of if they're urban, suburban, or rural.

For drivers in urban ZIP codes, Farmers's average rates are around $251 a month compared to Electric's $304. People in suburban areas pay a monthly premium of about $189 with Farmers compared to $234 with Electric. Those in rural areas can expect to pay around $170 per month with Farmers compared to Electric's $262.

Electric vs. Farmers Discounts

No matter why you might be in the market for a new insurance policy, you're always going to want to save as much money as you can, and the best way to do that is by taking advantage of as many auto insurance discounts as possible.

But where do you even start? With what seems like a million different discounts out there, it may be challenging to find all the ones you qualify for.

Luckily, we did the hard work for you and broke down all of the different discounts offered by both Electric and Farmers so that you can see which one can save you the most money each month.

Farmers knocks Electric out of the park when it comes to the sheer number of discounts available, offering 11 more discounts than Electric.

Both companies offer lots of the same discounts -- like advance quote discounts, discounts for being a defensive driver, discounts for getting driver training, and group discounts -- but Farmers also offers discounts for alternative fuel, distant student, EFT, and more.

On the other hand, Electric has a few proprietary discounts of their own for things like COVID-19 relief discount, electric vehicle discounts, hybrid vehicle discounts, and more.

Final Thoughts: Is Electric 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, which carrier is the best company for you and your specific profile and needs?

Farmers might be best for you if....

• You haven't received any speeding tickets or been in an accident in the last few years.
• You're looking for the company with the most discounts.
• You drive fewer than 12,000 miles annually.

Electric might be best for you if...

• You have a more unique driver profile than those we mentioned above.

Hopefully, this guide has ben a valuable resource as you compare Electric and Farmers and that it aids in making a more informed decision about your car insurance.

But, at the end of the day, there's only one way to know for sure that you're getting the best possible deal on insurance -- comparing quotes from a handful of companies, not just Electric and Farmers. Luckily, sites like Compare.com make 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 carriers in your area, all in just a few minutes.

Electric vs. Farmers FAQs

Is Electric or Farmers cheaper?

Farmers is the more affordable of the two companies when looking at national average premiums, with policies averaging $203 per month with Farmers and $266 for Electric. However, that doesn't mean Farmers will be the most affordable carrier for everyone, since there are multiple different factors (things like driving record, age, gender, etc.) that play a role in how much you pay.

Who is better, Electric or Farmers?

Unfortunately, the answer truly is "it depends.". One company is not "better" for everyone -- it all depends on the makeup of your unique car insurance profile. For example, Electric is cheaper for drivers with excellent credit, while Farmers offers more affordable rates for drivers with a recent DUI.

Why do Electric and Farmers offer me different rates?

Insurance carriers use many different variables when determining the prices they charge. Things like your driving record, where you live, gender, age, and sometimes even things like your credit score can all be used. Both Electric and Farmers calculate rates using different factors, so it's likely they'll offer different prices. The best way to determine which carrier is the lowest for you is by comparing personalized quotes from a variety of different companies.

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

The only way to find the auto insurance company that's right for you is by getting quotes from multiple carriers and finding the one best suited for your individual budget. Luckily, Compare.com does all the hard work for you. Just enter your ZIP code and you'll get quotes from dozens of your local top car insurance companies for free. That way, you can guarantee you're getting the cheapest price. And maybe you'll find that the best carrier for you isn't Electric 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.