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

Quick Facts

• Based on national averages for car insurance, Farmers Automobile offers significantly less expensive rates than GEICO
• Farmers Automobile has more affordable prices for policyholders who don't have any speeding tickets, DUIs, or at-fault collisions on their record
• GEICO may help you save more money -- they offer more discounts than Farmers Automobile Insurance Association

Farmers Automobile or GEICO: Which Company has the Cheapest Car Insurance?

Are you considering 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've maybe even narrowed it down to Farmers Automobile or GEICO, but which one will offer you cheaper premiums?

Looking at the national average rates for both carriers, Farmers Automobile is quite a bit cheaper than GEICO, with prices averaging $123 a month compared to $185 with GEICO.

That being said, that doesn't necessarily mean Farmers Automobile will be the less expensive option for every single driver. After all, insurance companies can offer drastically different rates to every driver depending on rating factors like your driving record, your credit score, where you call home, or even your age (among other things), so rates could change drastically from person to person.

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

Farmers Automobile vs. GEICO: Average Car Insurance Rates by State

Farmers Automobile and GEICO only compete against each other in three states, with Farmers Automobile offering more affordable rates to the average driver in all of them. Illinois has the most noticable difference, where Farmers Automobile premiums are $40 cheaper than auto insurance prices at GEICO.

But there's more to calculating insurance rates than just where you call home. 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 car insurance than any other group of drivers out there on the road. That's typically because teen drivers are statistically much more likely to get into accidents since they have less experience on the roads.

But still, even with seemingly sky-high premiums, teen drivers can still find ways to save money. As you can see above, teens who use Farmers Automobile save 25% per month compared to those who use GEICO.

But with both carriers, you'll see your rates lower significantly by the time drivers turn 25. GEICO offers the steepest drop, with 25-year-olds paying less than half what 18-year-old drivers are charged. That being said, Farmers Automobile still has the most affordable prices at $103 monthly.

Which is the Best Company for Retired Drivers?

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

But who has the best premiums for retired drivers between Farmers Automobile and GEICO? Farmers Automobile gets the edge, with rates for drivers 65 and older over 35% more affordable than the national average for GEICO.

Which is the Best Company for Married Drivers?

Single policyholders tend to get offered slightly more expensive auto insurance prices than married couples. This usually boils down to married drivers having more than one vehicle on their policy -- something many insurance companies will reward with discounts.

For single drivers, the difference in average premiums between these two carriers is significant, with Farmers Automobile rates coming in at a third less than GEICO's. For married policyholders, the advantage is clear again - Farmers Automobile has the edge when it comes to average prices.

Farmers Automobile or GEICO: Average Rates by Gender

Men are statistically more likely than women to get into a collision or get pulled over for speeding, which means they'll normally end up paying more for car insurance than women.

On average, men see premiums around $1 a month higher with Farmers Automobile, and about $10 with GEICO.

Looking at overall affordability, Farmers Automobile comes out as the most affordable option for both genders. On average, women save about $59 per month and men save around $66 with Farmers Automobile compared to the average GEICO policyholder.

Farmers Automobile vs. 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.

It's no secret that auto insurance can be pretty complicated. Everyone needs car insurance, but there are so many different terms and limits that it can be hard to find the right policy for you.

The two most common policies that drivers look at fall into two categories -- liability coverage (which provides bodily injury and property damage coverage for other drivers and their passengers if you cause an accident) and full coverage (which includes two additional coverages -- collision and comprehensive -- in addition to what you get with a liability policy).

Looking specifically at state minimum limits for liability insurance, Farmers Automobile has the significant edge, with average monthly rates coming in at $75. If you want a full coverage policy with the same state minimum limits, Farmers Automobile again has the edge, with policies averaging about $170 a month to GEICO's $269.

Is Farmers Automobile or GEICO 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 accidents and speeding tickets lead to higher prices, but which company -- Farmers Automobile or GEICO -- has the lowest premiums for drivers with less-than-ideal driving records?

Which Company is Best for Drivers with Speeding Tickets?

Policyholders who use Farmers Automobile for their auto insurance can usually expect their monthly bill to go up around 20% after getting a speeding ticket. GEICO policyholders can expect a bit more drastic of an increase of about 23%.

Even so, Farmers Automobile is typically the less expensive option for drivers both with a ticket and with a clean record, offering rates that are 24% and 27% cheaper, respectively, compared to GEICO.

Which Company is Best for Drivers After an Accident?

Farmers Automobile drivers who get in a collision can expect to see their premiums rise by $30, while those who have insurance through GEICO will see around a $85 increase.

At the end of the day, Farmers Automobile offers the cheapest prices for drivers with an at-fault collision on their records, with average rates coming in at $117 compared to GEICO's $200.

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. For example, GEICO increases average premiums by more than $150 per month -- that's nearly a 60% increase.

How does Credit Score Impact Farmers Automobile and GEICO Rates?

Did you know many insurance companies take into account your credit score when determining rates? This isn't true for everyone (for example, Hawaii and Massachusetts are two states that ban the practice entirely), but it does affect a lot of policyholders out there.

Auto 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, drivers with good credit will often be rewarded with more affordable prices.

So, which carrier offers the best premiums for policyholders 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 Farmers Automobile 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 prices. That's because the fewer miles you put on your car, the less likely you are to be in a collision and file an insurance claim.

For both remote workers and those taking short commutes, Farmers Automobile offers cheaper rates than GEICO. GEICO's average prices for drivers with 6,000 annual miles come in just under 40% more expensive than Farmers Automobile. Those who drive 12,000 miles yearly can expect to pay nearly 30% more with GEICO over Farmers Automobile.

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

Where you live can play a substantial role in how much you pay for car insurance. Generally, drivers who live in less densely populated rural areas will pay quite a bit less than urban policyholders since there are a lot fewer vehicles on the roads where they live.

When comparing these two companies side-by-side, Farmers Automobile normally comes out as the most affordable option for drivers in all types of areas, no matter if they're urban, suburban, or rural.

In urban areas, Farmers Automobile's average rates are about $192 while GEICO offers premiums around $211. Drivers in suburban ZIP codes pay about $92 with Farmers Automobile compared to GEICO's $185 per month. Those in rural areas can expect to pay around $84 a month with Farmers Automobile and $159 with GEICO.

Farmers Automobile vs. GEICO Discounts

You want to save as much money as you can, right? The best way to do that is by taking advantage of as many 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 Farmers Automobile and GEICO so that you can see which carrier offers the most discounts and see which ones you might be able to take advantage of.

GEICO blows Farmers Automobile away when it comes to the sheer amount of discounts available, offering 28 different discounts to Farmers Automobile's 11.

A couple of those are overlapping for things like anti-theft discounts, EFT discounts, group discounts, and paid in full discounts. GEICO also offers discounts for ABS, commercial drivers license, COVID-19 relief, and more.

On the other hand, Farmers Automobile has a few proprietary discounts of their own like advance quote discounts and hybrid vehicle discounts.

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

So, we've broken down the average prices for many of the variables auto insurance carriers look at, and walked through the different discounts each company offers, too. That's all well and good, but when it comes down to it, which insurance carrier is the best company for you and your specific driver profile?

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

• You have received a ticket within the last few years.
• You have above-average credit.
• Your neighborhood is in a rural area.

GEICO might be best for you if...

• You are considering moving to another state -- undefined is only available to residents.
• You're looking for discounts -- GEICO has the most.

Hopefully, this guide helps you get a good idea of the differences between Farmers Automobile and GEICO and that you can now make a more informed decision when it comes to 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 Farmers Automobile and GEICO. Luckily, sites like Compare.com make it easy for you to do just that. Simply enter your ZIP codes below and get free quotes from dozens of top auto insurance carriers in your area, all in just a few minutes.

Farmers Automobile vs. GEICO FAQs

Is Farmers Automobile or GEICO cheaper?

Farmers Automobile is the less expensive of the two companies when looking at national average rates, with policies averaging $123 a month with Farmers Automobile and $185 for GEICO. However, that doesn't mean Farmers Automobile will be the lowest company for each policyholder, since there are a bunch of different factors that are considered when it comes to your car insurance cost.

Who is better, Farmers Automobile or GEICO?

Unfortunately, the real answer is "it depends.". One carrier is not "better" for every policyholder -- it all boils down to your unique insurance profile.

Why do Farmers Automobile and GEICO offer me different rates?

Auto insurance carriers use quite a few different variables when calculating the premiums they charge. Things such as gender, where you park your car, your driving record, age, and sometimes even things like your credit score can all be taken into consideration. Both Farmers Automobile and GEICO calculate rates differently, so it's likely they'll offer different prices. The best way to determine which company is the cheapest for you is by comparing personalized quotes from many different companies.

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

The only way to find the car insurance carrier that's right for you is by getting quotes from multiple carriers and finding the one best suited for your individual budget. Luckily, sites like Compare.com do all the hard work for you. Just enter your area information and you'll get quotes from dozens of your local top auto insurance companies for free. That way, you can guarantee you're getting the most affordable premium. And maybe you'll find that the best company for you isn't Farmers Automobile or GEICO 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.