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

Quick Facts

• Looking at the national averages for car insurance, Farmers offers slightly more affordable prices than Gainsco
• Farmers has less expensive rates for policyholders who haven't received any speeding tickets or been in a collision in the last few years
• Gainsco tends to be a much cheaper option for residents of suburban areas

Farmers or Gainsco: 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 might have narrowed your search down to Farmers or Gainsco for your next policy, but which carrier will save you the most?

Looking at nationwide averages, Gainsco is around $2 more a month than Farmers.

Even so, Farmers may not be the most affordable or best option for each driver out there. Auto insurance carriers use all sorts of complex algorithms to determine prices, so depending on how old you are or how good your credit score is (among a range of other factors), you could see wildly different rates from the ones above.

So, if you want to find out which of Farmers or Gainsco is really the best for you, keep reading to see average premiums for each carrier broken down by a range of different rate factors.

Farmers vs. Gainsco: Average Car Insurance Rates by State

Farmers and Gainsco only compete against each other in Arizona, where Gainsco offers the cheaper average rates. Gainsco drivers tend to pay about $14 per month less on average compared to drivers who use Farmers for their car insurance.

But there's more to insurance than just your home state. As we mentioned above, there's a lot of things that go into how auto insurance companies calculate your premiums. Keep reading to find out more.

Which is the Best Company For Young Drivers?

You might already know that teen drivers normally pay a lot more for insurance than any other group of drivers. It's because teen drivers are statistically much more likely to get into accidents since they have less experience on the roads.

That being said, 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 almost 15% less a month by choosing Gainsco over Farmers. It's worth noting that Farmers offers auto insurance in 25 different states compared to Gainsco's one, which can skew the average prices a bit, but the difference here is still considerable.

However, with both carriers, you'll see your premiums decrease significantly by the time you turn 25. Gainsco offers the steepest decrease, with 25-year-olds paying less than a third of what 18-year-old drivers are charged. That being said, Farmers still has the cheapest prices at $155 a month.

Which is the Best Company for Retired Drivers?

Drivers around retirement age usually enjoy some of the most affordable insurance rates out there. After all, they've likely been driving for quite some time, which typically decreases their chances of collisions and other infractions that can raise premiums.

But who has the best rates for retired drivers between Farmers and Gainsco? Farmers gets the slight edge, with prices for drivers 65 and older $15 less expensive than the national average for Gainsco.

Which is the Best Company for Married Drivers?

Did you know that car insurance premiums are generally more expensive for single policyholders than they are for married couples? That's because policies for married policyholders typically cover more than one vehicle, which lots of companies will give you a discount for.

When it comes to relationship status, Gainsco is the winner for those who are single, with prices about 0% per month cheaper than Farmers, on average.

Farmers or Gainsco: Average Rates by Gender

Men are statistically more likely than women to get into accidents and get speeding tickets, which means they'll usually end up paying more for auto insurance than women.

On average, men see rates around 3% a month higher with Farmers, and about 7% with Gainsco.

Looking at the data for each company specifically, Gainsco is the lowest carrier for women. Rates with Gainsco are $2 cheaper for women, while with Farmers, men can save around $2.

Farmers vs. Gainsco: 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, insurance isn't the easiest topic to understand. There are so many different coverages and limits that it can make it pretty confusing 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 passengers if you cause an accident) and full coverage (which includes collision and comprehensive coverages that protect your own car, in addition to what you get with liability).

When it comes to state minimum limits for liability insurance, Gainsco has the edge, while Farmers offers the cheapest average premiums for full coverage policies with similar coverage limits. Policyholders looking for basic state minimum coverage can save around $1 with GAINSCO, while full coverage comes out to be about $4 more affordable with Farmers Insurance.

Is Farmers or Gainsco 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 speeding tickets and at-fault accidents lead to higher rates, but which company -- Farmers or Gainsco -- has the lowest premiums for drivers with less-than-perfect records?

Which Company is Best for Drivers with Speeding Tickets?

Drivers who use Farmers for their auto insurance can generally expect their monthly bill to go up around 21% after getting a speeding ticket. Gainsco policyholders can expect a less drastic increase of about 9%.

If you have gotten a ticket, Gainsco tends to offer the best prices at around 1% cheaper, while Farmers has the edge for drivers with a clean record.

Which Company is Best for Drivers After an Accident?

Farmers policyholders who get in a collision can expect to see their rates rise by just under 30%, while those who have insurance through Gainsco will see about a 20% increase.

At the end of the day, Farmers offers the most affordable premiums for drivers with an at-fault collision on their records, with average prices coming in at $224 compared to GAINSCO's $227.

Which Company is Best for Drivers with a DUI?

On average, a DUI offense is going to cost you much more than a single accident or speeding ticket when it comes to your insurance bill. For example, Farmers increases average rates by nearly $60 per month -- that's more than a 25% increase.

Gainsco has the overall cheapest prices for drivers with a DUI on their records at $203 monthly, but it's worth noting that Farmers's average rates come from 25 states compared to just one for Gainsco, so the data may be skewed slightly.

How does Credit Score Impact Farmers and Gainsco Rates?

Did you know many car insurance companies take your credit score into account when determining premiums? Certain states and carriers do not allow for credit score to be used as an insurance factor, but it does affect several drivers out there.

The reasoning insurance companies use is that policyholders 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 more affordable rates.

So, which carrier offers the best premiums for drivers with poor, average, or good credit?

Which Company is Best for Drivers with Good Credit?

If you have a great credit score, Farmers will generally reward you the most. For policyholders with "excellent" credit scores, Farmers comes in 20 less expensive. Drivers with "good" credit scores typically save around 10% with Farmers compared to average prices from Gainsco.

Which Company is Best for Drivers with Bad Credit?

Gainsco typically offers lower rates than Farmers when it comes to drivers with less-than-perfect credit. Drivers with "fair" credit pay about 2% a month less with Gainsco compared to Farmers, and those with "poor" scores normally save an average of around 20% per month.

Is Farmers or Gainsco 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 how much auto insurance carriers will charge for coverage. Usually, the more milage you put on your vehicle, the more you can expect to pay for coverage.

In this case, neither Farmers or Gainsco report increasing prices for drivers with higher annual mileage figures. That being said, Farmers comes out as the most affordable for drivers at both intervals, whether they put 6,000 or 12,000 miles on their car every year, with average premiums of $203 per month for both.

Farmers or Gainsco: 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 car insurance, but the type of area you live in can have a considerable impact as well. Generally, those who live in rural areas will pay less than drivers in urban areas since there are a lot fewer vehicles on the road where they live, which reduces the chances of an accident.

Looking at these companies side-by-side, Gainsco boasts the lowest average premiums in rural and suburban areas, while Farmers wins in urban areas.

For policyholders in urban ZIP codes, Farmers Insurance's average prices are about 16% less than GAINSCO. People who live in suburban areas pay around 5% less with Gainsco compared to Farmers. Those in rural areas can expect to save about 20% with Gainsco compared to Farmers.

Farmers vs. Gainsco Discounts

No matter 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 you can, and the best way to do that is by utilizing 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 difficult 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 and Gainsco so that you can see which one can save you the most money each month.

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

A couple of those are overlapping for things like advance quote discounts, discounts for being a homeowner, and paid in full discounts. Farmers also offers discounts for ABS, alternative fuel, anti-theft, and more.

On the other hand, Gainsco has a proprietary discount of their own -- a renewal discounts.

Final Thoughts: Is Farmers or Gainsco Best for You?

So, you've seen how different variables can affect your car insurance rates. We've broken down the different discounts each carrier offers, too. That's all well and good, but at the end of the day, is Farmers or Gainsco the best company for you and your specific needs?

Farmers might be best for you if....

• You're thinking about moving to another state -- GAINSCO is only available to Arizona residents.
• You want to save extra money with discounts.
• You're married and plan to have both of your names on the vehicle's insurance policy.

Gainsco might be best for you if...

• Your driving record includes a DUI charge.
• You have received a ticket within the last few years.
• Your neighborhood is in a rural area.

Hopefully, this guide helps you get a good idea of the differences between Farmers and Gainsco. We also hope we've given you the information you need to make the best decision about 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 car insurance -- comparing quotes from a handful of carriers, not just Farmers and Gainsco. Luckily, Compare.com makes it easy for you to do just that. Just enter your ZIP code below and get multiple free quotes from some of the best auto insurance companies in your area, all in just a few minutes.

Farmers vs. Gainsco FAQs

Is Farmers or Gainsco cheaper?

Farmers is the more affordable of the two carriers when looking at national average prices, with policies averaging $203 a month with Farmers and $205 for Gainsco. But that doesn't mean Farmers will be the cheapest company for each driver, since there are lots of different factors that are considered when it comes to your insurance payment.

Who is better, Farmers or Gainsco?

Sadly, the real answer is "it depends.". Neither carrier is necessarily "better" for every policyholder -- it all comes down to what your unique car insurance profile looks like. For example, Farmers is less expensive for drivers with excellent credit, while Gainsco offers cheaper rates for drivers with a recent DUI.

Why do Farmers and Gainsco offer me different rates?

Insurance companies use quite a few different variables when calculating the premiums they charge. Factors such as gender, age, where you call home, your driving record, and sometimes even things like your credit score can all be used. Both Farmers and Gainsco calculate rates using different formulas, so it's likely they'll offer different premiums. The best way to determine which company is the lowest for you is by comparing personalized quotes from several different carriers.

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

The only way to find the car insurance carrier that's right for you is by getting quotes from multiple companies 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 ZIP code and you'll get quotes from dozens of your local top auto insurance carriers for free. That way, you can guarantee you're getting the best price. And maybe you'll find that the best company for you isn't Farmers or Gainsco 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.