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

Quick Facts

• Based on national averages for insurance, First Chicago offers significantly less expensive premiums than Farmers
• Farmers tends to be a much cheaper option for drivers with a DUI charge on their record
• First Chicago offers more affordable rates for residents of suburban areas

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

So, you're thinking about switching your auto insurance. You've probably seen commercials and billboards from companies offering big discounts, but exactly how much money can you save by switching?

You might have narrowed your search down to Farmers or First Chicago for your next policy, but which one has more affordable premiums for auto insurance?

Looking at the national average rates for both companies, Farmers has average rates that are about 23% per month more expensive than those from First Chicago.

Even so, that doesn't necessarily mean First Chicago will be the cheaper option for each driver. Insurance carriers vary their rates depending on things like where you live, how good your credit score is, how clean your driving record is, how old you are, and a ton of other factors, so prices could differ drastically from person to person.

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

Farmers or First Chicago: Average Car Insurance Rates by State

Farmers and First Chicago only compete against each other in Illinois, where First Chicago offers the cheaper average prices. For Illinois residents, First Chicago offers car insurance for $156 monthly on average. Farmers's average premiums come out to be over 40% more expensive, at $232 per month.

But there's more to insurance than just where you call home. As we mentioned above, there's a lot of things that go into how auto insurance companies calculate your rates. Continue reading to learn more about how other factors will affect your rates.

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. It's usually because young, inexperienced drivers are statistically much more likely to cause collisions and other accidents that will result in an insurance claim.

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 nearly $200 less a month by choosing First Chicago over Farmers. It's worth noting that Farmers offers auto insurance in 25 different states compared to First Chicago's one, which can skew the average premiums a bit, but the difference here is still considerable.

That being said, both carriers will lower prices once you turn 25. For example, average premiums for Farmers policyholders reduce more than 70% and First Chicago's rates decrease almost 60% over that time.

Which is the Best Company for Retired Drivers?

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

When looking at Farmers and First Chicago specifically, which company is best for retired drivers? First Chicago gets the edge here, with average premiums coming in at around $114 a month compared to Farmers's $143.

Which is the Best Company for Married Drivers?

Single drivers tend to get offered slightly more expensive car insurance rates than married policyholders. That's normally because married drivers tend to own and insure several cars, which can often earn you a discount.

When it comes to relationship status, First Chicago is the clear winner for single policyholders, with prices about $62 per month more affordable than Farmers, on average. The advantage for married couples with First Chicago is also obvious, where drivers save nearly $30 a month.

Farmers vs. First Chicago: Average Rates by Gender

Because men are more likely to get into accidents and get tickets, they have an increased chance of filing a claim with insurance. Therefore, men tend to pay more for insurance than women.

Usually, women see premiums around $7 per month less expensive with Farmers, and over $10 with First Chicago.

Looking at the data for each carrier specifically, First Chicago offers the lowest average prices for both men and women, with average rates $45 less for men and $50 cheaper for women.

Farmers or First Chicago: 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 can be pretty complicated. There are lots of different coverages that account for a range of different things. Some protect you and your vehicle, while others only provide coverage for other people's property and health if you cause an accident.

The two most common policies end up falling into two different types of coverage -- liability only (which covers the other party's property damage and injuries if you cause a collision) and full coverage (which usually refers to having comprehensive and collision coverages in addition to what you get with a liability policy).

If you're looking for state minimum limits for liability insurance, First Chicago normally offers significantly more affordable premiums of $73 compared to Farmers's $126. When it comes to full coverage policies with similar limits, First Chicago again has the edge, with policies about $40 a month less expensive than Farmers, on average.

Is Farmers or First Chicago Better for Drivers with Spotty Records?

It's no big secret that drivers who are accident-free get better deals on their car insurance. But even if you have a spotty record, you can still find plenty of ways to save some cash on your monthly bill.

You'll probably end up paying more with tickets and at-fault accidents on your record, but which of these two companies offers the cheapest rates to drivers with spotty records?

Which Company is Best for Drivers with Speeding Tickets?

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

But First Chicago has cheaper premiums for drivers in both categories, offering prices that are 33% and 30% less expensive, respectively, compared to Farmers Insurance.

Which Company is Best for Drivers After an Accident?

Both carriers will increase rates pretty significantly if you get into an at-fault accident with Farmers climbing by over $60. First Chicago has a less extreme increase, but you can still expect to pay more than $35 more than you were prior to your first collision.

Overall, First Chicago offers the lowest prices for drivers with an at-fault accident on their records, with monthly premiums averaging $146 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 speeding ticket when it comes to your insurance bill. For example, First Chicago increases average rates by over $100 per month -- that's over a 50% increase.

Farmers has the overall cheapest premiums for drivers with a DUI on their records at $221 per month, but it's worth noting that Farmers's average rates come from 25 states compared to just one for First Chicago, so the data may be skewed slightly.

How does Credit Score Impact Farmers and First Chicago Rates?

Did you know that many auto insurance companies take into account your credit score when calculating rates? Certain states and carriers do not allow for credit score to be used as a rating factor, but it might come into play for several drivers.

Insurance companies argue that those with poor credit scores are less likely to pay their bills on time each month, which increases the risk involved on their end, while the opposite is true for those with good credit.

Looking specifically at Farmers and First Chicago, which carrier has the most affordable prices for policyholders at different credit levels?

Which Company is Best for Drivers with Good Credit?

If you have a great credit score, you'll usually find a better deal with First Chicago. Drivers with "excellent" credit can save just under 20% compared to Farmers, and those with "good" scores can also expect to see savings -- about $46 or 25% more affordable every month.

Which Company is Best for Drivers with Bad Credit?

First Chicago typically offers lower rates than Farmers when it comes to drivers with bad credit. Drivers with "fair" credit pay around $54 a month less with First Chicago compared to Farmers, and those with "poor" scores generally save an average of about $57 monthly.

Is Farmers or First Chicago 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 your monthly auto insurance bill? That's because the fewer miles you drive, the less likely you are to get into an accident and cause an insurance claim.

In this case, neither Farmers or First Chicago report increasing prices for drivers with higher annual mileage figures. Still, First Chicago comes out as the cheapest for drivers at both intervals, whether they put 6,000 or 12,000 miles on their vehicle annually, with average premiums of $156 per month for both.

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

Where you park your car can have a large impact on your monthly car insurance payment. 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 lowers the chances of an accident.

When comparing these two carriers side-by-side, First Chicago usually comes out as the most affordable option for drivers in all areas, regardless of if they're urban, suburban, or rural.

In urban areas, First Chicago Insurance's average rates are around $55 less than Farmers Insurance. Drivers in suburban ZIP codes pay about $61 less with First Chicago compared to Farmers. If you live in a rural area, you can expect to save around $25 with First Chicago compared to Farmers.

Farmers vs. First Chicago Discounts

Regardless of why you might be in the market for a new insurance policy, you're always going to want to save as much money as possible. That's where car insurance discounts comes into play.

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

In the section below, we've compared all of the different discounts offered by Farmers and First Chicago so that you can find the company that has the most discounts and, therefore, the biggest savings.

Farmers knocks First Chicago out of the park when it comes to the sheer number of discounts available, offering 28 different discounts to First Chicago's nine.

There are a couple discounts both companies offer, but Farmers also offers alternative fuel discounts, distant student discounts, EFT discounts, and more that First Chicago does not.

On the flip side, First Chicago has a unique discount of its own -- a renewal discounts.

Final Thoughts: Is Farmers or First Chicago 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 carrier offers, too. That's all well and good, but when it comes down to it, which insurance company is the right fit for you?

First Chicago might be best for you if....

• You've been pulled over for speeding recently.
• You want basic car insurance coverage at the state minimum limits.
• You are over 65 years old and want to save some money on your insurance.

Farmers might be best for you if...

• You're thinking about moving to another state -- First Chicago Insurance only offers policies to Illinois residents.
• You have a DUI charge on your record.
• You want to save extra money with discounts.

We hope this guide has ben a valuable resource as you compare Farmers and First Chicago. We also hope we've given you the information you need to make the best decision when it comes to your auto 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 several companies, not just Farmers and First Chicago. Luckily, Compare.com makes it easy for you to do just that. Just enter your ZIP code below and get free quotes from dozens of the top car insurance carriers in your area, all in just a few minutes.

Farmers vs. First Chicago FAQs

Is Farmers or First Chicago cheaper?

Looking just at the national average premiums, First Chicago is the cheaper of the two companies, offering average rates of $156 a month compared to $203 for Farmers. However, First Chicago won't necessarily be the lowest carrier for each driver, since there are a variety of different factors (things like gender, age, driving record, etc.) that play a role in how much you pay.

Who is better, Farmers or First Chicago?

Unfortunately, the answer truly is "it depends.". Neither company is "better" for every driver -- it all depends on what your unique auto insurance profile looks like. For example, Farmers offers more affordable prices for drivers with a recent DUI, while First Chicago is cheaper for drivers with excellent credit.

Why do Farmers and First Chicago offer me different rates?

Car insurance carriers take a look at many different variables when determining the premiums they charge drivers. Things like age, your driving record, gender, where you call home, and sometimes even things like your credit score can all be used. Both Farmers and First Chicago calculate rates using different formulas, so each one will most likely offer different prices. The only real way to see which carrier is the cheapest for you is by comparing personalized quotes from several different companies.

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

The only way to find the auto insurance company 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, sites like Compare.com do all the hard work for you. Just enter your area information and you'll get free quotes from dozens of the best insurance companies in your area. With those, you can guarantee you're getting the best price. And who knows, the best carrier for you might not be Farmers or First Chicago 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.