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

Quick Facts

• In general, Farmers offers slightly cheaper prices than Hallmark Financial
• Farmers offers less expensive average rates for policyholders who have a short commute
• Hallmark Financial has more affordable prices in AR, NV, and OK

Farmers or Hallmark Financial: 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 large savings, but exactly how much money can you save by switching?

You might have narrowed it down to Farmers or Hallmark Financial as potential options, but which one has cheaper premiums for insurance?

As you can see, Hallmark Financial is around $8 more a month than Farmers when looking at the national average rates for auto insurance.

But that doesn't necessarily mean Farmers will be the less expensive option for every single driver. After all, car insurance carriers can offer drastically different rates to every driver depending on rating factors like your age, where you call home, your driving record, or even your credit score (among other things), so rates will differ quite a bit from person to person.

Wanting to know if Farmers or Hallmark Financial is really the right company for you? Keep on reading to see how average prices can change based on all of the factors we've mentioned above.

Farmers vs. Hallmark Financial: Average Car Insurance Rates by State

Farmers and Hallmark Financial only compete against each other in three states, with Farmers offering more affordable premiums to the average driver in all of them. If you live in Nevada, Hallmark Financial is the cheaper of the two companies when looking at the overall average rates. Farmers is the less expensive option in Arkansas and Oklahoma.

But there's more to calculating insurance prices than just your home state. Keep reading to find out more.

Which is the Best Company For Young Drivers?

Teen drivers will almost always have the most expensive car insurance premiums of any group out there on the road. It's usually because teen drivers are statistically much more likely to cause collisions and other accidents that will result in an insurance claim.

However, that doesn't mean that teen drivers have to just accept sky-high insurance prices. Just look at the table above -- where 18-year-old drivers who have Hallmark Financial for their auto insurance pay 10% less than those who use Farmers. It's worth noting that Farmers offers car insurance in 25 different states compared to Hallmark Financial's three, which can skew the average premiums a bit, but the difference here is still considerable.

Even so, with both carriers, you'll see your rates reduce significantly by the time drivers turn 25. For example, average prices for Farmers policyholders drop about $400 and Hallmark Financial's premiums decrease almost $300 over that time.

Which is the Best Company for Retired Drivers?

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

But who has the best rates for retired drivers between Farmers and Hallmark Financial? Farmers gets the slight edge here, with average premiums coming in at around $143 monthly compared to Hallmark Financial's $154.

Which is the Best Company for Married Drivers?

Single drivers tend to get offered slightly more expensive car insurance prices than married policyholders. That's because policies for married drivers normally cover multiple vehicles, which a lot of companies will give you a discount for.

If you're in the market for insurance, Farmers tends to have the most affordable average rates regardless of marital status, with prices about 4% more affordable for single policyholders and around 2% less expensive for married couples.

Farmers or Hallmark Financial: Average Rates by Gender

Men typically pay more for auto insurance than women. This is because men are statistically more likely than women to get into a collision or get pulled over for speeding, which leads to increased risk for insurers and, therefore, higher premiums.

With Farmers, men generally pay about 3% more per month than women., but with Hallmark Financial, the difference is closer to 9% a month.

Looking at overall affordability, Farmers comes out as the lowest option for both genders. On average, women save about $1 per month and men save around $14 with Farmers compared to the average Hallmark Financial policyholder.

Farmers vs. Hallmark Financial: 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 can be pretty complicated. Everyone needs auto insurance, but there are so many different coverages and terms that it can be hard to find the right policy for you.

That being said, most policies end up falling into two different types of coverage -- liability coverage (which provides property damage and bodily injury coverage for other drivers and their 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 coverage).

When it comes to state minimum limits for liability insurance, Hallmark Financial has the edge, while Farmers offers the cheapest average prices for full coverage policies with similar coverage limits. Policyholders looking for basic state minimum coverage can save around $10 with Hallmark Financial, while full coverage comes out to be about $25 more affordable with Farmers Insurance.

Is Farmers or Hallmark Financial Better for Drivers with Spotty Records?

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

Speeding tickets and at-fault collisions will most likely raise your premiums, but is Farmers or Hallmark Financial cheaper for drivers with less-than-ideal driving records?

Which Company is Best for Drivers with Speeding Tickets?

Drivers who use Farmers for their insurance can typically expect their monthly bill to go up around 21% after getting a speeding ticket. Hallmark Financial policyholders can expect a less drastic increase of about 7%.

But Farmers has less expensive rates for drivers in both categories, offering prices that are $32 and $2 more affordable, respectively, compared to Hallmark Financial.

Which Company is Best for Drivers After an Accident?

Farmers policyholders who get in a collision can expect to see their rates climb by over $60, while those who have insurance through Hallmark Financial will see around a $35 increase.

At the end of the day, drivers who use Farmers end up with the cheaper prices after an accident, with average premiums coming in at $224 compared to Hallmark Financial's $229.

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 -- usually a lot more than an accident or ticket. On average, Farmers will climb your rates about 27% after a DUI, while Hallmark Financial's average premiums rise by nearly 10%.

Hallmark Financial has the overall most affordable prices for drivers with a DUI on their records at $212 a month, but it's worth noting that Farmers's average rates come from 25 states compared to just three for Hallmark Financial, so the data may be skewed slightly.

How does Credit Score Impact Farmers and Hallmark Financial Rates?

You may not have known, but your credit score can be used as one of the variables to determine your monthly car insurance premiums. Certain states and carriers do not allow for credit score to be used as a car insurance factor, but it will come into play for lots of drivers.

Insurance companies argue that someone with bad credit is less likely to pay their bills on time, which makes them riskier to insure. Because of that, policyholders with bad credit will often be forced to pay more.

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

Which Company is Best for Drivers with Good Credit?

If you have a solid credit score, Farmers will normally reward you the most. For policyholders with "excellent" credit scores, Farmers comes in just under NaN cheaper. Drivers with "good" credit scores usually save around 5% with Farmers compared to average prices from Hallmark Financial.

Which Company is Best for Drivers with Bad Credit?

Farmers typically offers lower rates than Hallmark Financial when it comes to drivers with a below average credit score. Drivers with "fair" credit pay about 0% a month less with Farmers compared to Hallmark Financial, and those with "poor" scores generally save an average of around 1% per month.

Is Farmers or Hallmark Financial Better for Drivers who Work from Home or Have Short Commutes?

How much you drive can have a substantial impact on your monthly car insurance cost. That's because the more milage you put on your vehicle, the more likely you are to be in a collision and file an insurance claim.

In this case, neither Farmers or Hallmark Financial report increasing prices for drivers with higher annual mileage figures. Farmers comes out as the lowest for drivers at both intervals, whether they put 6,000 or 12,000 miles on their car annually, with average premiums of $203 per month for both.

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

Where you live can have a pretty big impact on your monthly auto insurance payment. Normally, if you live in a rural area with fewer cars on the road, you'll pay a little less for insurance, while the opposite is true for people in urban areas.

When comparing these two carriers side-by-side, Farmers tends to offer the most affordable option for drivers in rural and suburban areas, while Hallmark Financial wins in urban areas.

For drivers in urban ZIP codes, Hallmark Financial's average prices are about 10% less than Farmers Insurance. People who live in suburban areas pay around 17% less with Farmers compared to Hallmark Financial. Those in rural areas can expect to save about 4% with Farmers compared to Hallmark Financial.

Farmers vs. Hallmark Financial Discounts

No matter why you might be in the market for a new car 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 auto insurance discounts as possible.

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 carrier that has the most discounts for your unique driver profile.

Luckily, we did the hard work for you and compared all of the different discounts offered by Farmers and Hallmark Financial so that you can see which carrier can save you the most money each month.

Farmers blows Hallmark Financial away when it comes to the sheer amount of discounts available, offering 24 more discounts than Hallmark Financial.

There are a couple discounts both companies offer, but Farmers also offers discounts for ABS, advance quote, alternative fuel, and more.

On the other hand, Hallmark Financial has a few proprietary discounts of their own like education discounts and foreign license discounts.

Final Thoughts: Is Farmers or Hallmark Financial Best for You?

So, you've seen how different factors can affect your insurance premiums. We've broken down the different discounts each company offers, too. That's all well and good, but when it comes down to it, which carrier is the best company for you and your specific needs?

Farmers might be best for you if....

• You have received a ticket within the last few years.
• You're worried about the impact your credit score will have on your rates.
• You drive fewer than 6,000 miles yearly.

Hallmark Financial might be best for you if...

• Your driving record includes a DUI charge.
• You want to save money while purchasing auto insurance for a teenager.

Hopefully, this guide helps you get a good idea of the differences between Farmers and Hallmark Financial and that you can now make a more informed decision when it comes to your car insurance.

At the end of the day, the best way to make sure you're getting the best deal on your insurance policy is to compare quotes from several carriers, not just Farmers and Hallmark Financial. Luckily, Compare.com does all the hard work for you. Just enter your ZIP code below and get multiple free quotes from some of the best car insurance companies in your area, all in just a few minutes.

Farmers vs. Hallmark Financial FAQs

Is Farmers or Hallmark Financial cheaper?

Farmers is the less expensive of the two carriers when looking at national average prices, with policies averaging $203 a month with Farmers and $211 for Hallmark Financial. Even so, that doesn't mean Farmers will be the lowest company for everyone, since there are a variety of different variables (things like age, gender, driving record, etc.) that play a role in how much you pay.

Who is better, Farmers or Hallmark Financial?

Sadly, the only answer we can give you is "it depends.". No one carrier is necessarily "better" for everyone -- it all depends on what your unique auto insurance profile looks like. For example, Farmers is cheaper for drivers with excellent credit, while Hallmark Financial offers more affordable premiums for drivers with a recent DUI.

Why do Farmers and Hallmark Financial offer me different rates?

Car insurance companies use quite a few different factors when determining the prices they charge. Variables such as your driving record, where you park your vehicle, gender, age, and sometimes even things like your credit score can all be used. Both Farmers and Hallmark Financial calculate premiums using different formulas, so it's likely they'll offer different rates. The best way to determine which company is the most affordable for you is by comparing personalized quotes from many different carriers.

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

The only way to find the auto insurance carrier that's right for you is by getting quotes from a handful of companies and finding the one best suited for your individual budget. Luckily, Compare.com makes it easy for you to do just that. Just enter your information once and you'll get quotes from dozens of your local top insurance carriers for free. With those, you can guarantee you're getting the lowest price. And maybe you'll find that the best company for you isn't Farmers or Hallmark Financial 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.