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

Quick Facts

• In general, Farmers offers significantly cheaper premiums than Meemic
• Farmers may help you save more money -- they offer more discounts than Meemic Insurance Company
• Meemic has more affordable prices in MI

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

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

You might be considering Farmers or Meemic as your top options, but which carrier will offer you less expensive rates?

As you can see, Meemic is quite a bit more expensive than Farmers, with prices averaging $281 a month compared to just $203 with Farmers when looking at the national average rates for insurance.

That being said, that doesn't mean Farmers will necessarily be cheaper than Meemic for every driver. Car insurance carriers vary their premiums depending on things like where you live, how good your credit score is, how clean your driving record is, how old you are, and tons of other factors, so rates will vary quite a bit from person to person.

Luckily, we've broken down average premiums from both Farmers and Meemic by a variety of different rate factors, so read on to find out which company is the best for you.

Farmers vs. Meemic: Average Car Insurance Rates by State

Farmers and Meemic only compete against each other in Michigan, where Meemic offers the cheaper average prices. Meemic drivers tend to pay about $333 per month less on average compared to drivers who use Farmers for their insurance.

That being said, there's a lot more that goes into your auto insurance bill than just where you call home. Read on to find out more.

Which is the Best Company For Young Drivers?

Teen drivers will almost always have the most expensive car insurance rates of any group out there on the road. That's generally because teen drivers are statistically much more likely to get into accidents since they have less experience on the roads.

But that doesn't mean teen drivers can't still save money on their auto insurance. Just look at the table above -- where 18-year-old drivers who have Meemic for their insurance pay over 25% less than those who use Farmers. It's worth noting that Farmers offers car insurance in 25 different states compared to Meemic's one, which can skew the average premiums a bit, but the difference here is still considerable.

Even so, both companies will offer you dramatically lower prices once you turn 25. Meemic offers the steepest drop, with 25-year-olds paying a third less what 18-year-old drivers are charged. That being said, Farmers still has the lowest rates at $155 per month.

Which is the Best Company for Retired Drivers?

When it comes to auto insurance, patience and experience pay off, with drivers around retirement age paying some of the cheapest prices you'll ever find.

So, which carrier offers the best premiums to retired drivers? Farmers gets the edge here, with average rates coming in at around $143 a month compared to Meemic's $279.

Which is the Best Company for Married Drivers?

Single drivers tend to get offered slightly more expensive insurance prices than married drivers. That's because policies for married policyholders typically cover several vehicles, which many carriers will give you a discount for.

For single policyholders, the difference in average premiums between these two companies is significant, with Farmers rates coming in at about 20% less than Meemic's. For married couples, the advantage is clear again - Farmers has the edge when it comes to average premiums.

Farmers or Meemic: Average Rates by Gender

Women normally to pay less for car insurance than men. That's because women are less likely to get into accidents and get speeding tickets, which decreases the chances of filing a claim with insurance.

Men usually pay around $7 a month more than women with Farmers; and with Meemic, both genders end up paying the same monthly rate.

Looking at the data for each company specifically, Farmers comes out on top for both men and women, with average prices 26% less for men and 29% cheaper for women.

Farmers vs. Meemic: 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 insurance can be a complicated subject for most people. 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.

However, the most common policies that drivers look at fall into two categories -- liability coverage (which provides bodily injury and property damage coverage for other drivers if you cause an accident) and full coverage (which includes collision and comprehensive coverages that protect your own car, in addition to liability).

Looking specifically at state minimum liability limits, Farmers has the significant edge, with average monthly rates 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 about $281 per month to Meemic's $361.

Is Farmers or Meemic Better for Drivers with Spotty Records?

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

You'll probably end up paying more with speeding tickets and at-fault collisions on your record, but which of these two carriers offers the most affordable prices to drivers with spotty records?

Which Company is Best for Drivers with Speeding Tickets?

Policyholders who use Farmers for their car insurance can typically expect their monthly bill to go up around 21% after getting a speeding ticket. Meemic policyholders can expect a bit more drastic of an increase of about 36%.

But Farmers is generally the more affordable option for both drivers who have a recent ticket and those with clean records, offering premiums that are $14 and $70 less expensive, respectively, compared to Meemic Insurance Company.

Which Company is Best for Drivers After an Accident?

Farmers drivers who get in a collision can expect to see their prices increase by just under 30%, while those who have insurance through Meemic will see around a 30% increase.

At the end of the day, the cheaper premiums come from Farmers, with average rates coming in at $224 compared to Meemic Insurance Company's $250.

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 insurance bill -- normally a lot more than an accident or speeding ticket. Meemic drivers usually see a 58% increase in their auto insurance premiums after a DUI charge, while Farmers will usually climb rates by about 27%.

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

How does Credit Score Impact Farmers and Meemic Rates?

Did you know many car insurance companies take your credit score into account when determining rates? Certain states and carriers do not allow for credit score to be used as a car insurance factor, but it might come into play for lots of policyholders.

The reasoning auto insurance companies use is that drivers with good credit will be more likely to pay their bills on time; so they'll reward them with cheaper prices, while those with poor credit will typically be forced to pay more.

Looking specifically at Meemic and Farmers, which company has the best premiums for policyholders at different credit levels?

Which Company is Best for Drivers with Good Credit?

Michigan is one of a few states that does not allow insurance carriers from using credit scores to determine rates. And since Meemic is only available in Michigan, there is no data available on how credit score impacts premiums because it's not a factor at all. This may be a good thing, since Farmers and other companies tend to raise prices quite a bit in other states if you don't have excellent credit.

Which Company is Best for Drivers with Bad Credit?

If you have less-than-stellar credit and live in Michigan, the good news is it won't cost you extra when it comes to car insurance. As you can see, poor credit can really cost Farmers drivers in other states, but no need to worry if you live in Michigan.

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

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

In this case, neither Farmers or Meemic report increasing rates for drivers with higher annual mileage figures. Even so, Farmers comes out as the most affordable for drivers at both intervals, whether they put 6,000 or 12,000 miles on their vehicle annually, with average prices of $203 a month for both.

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

Where your home is can have a large impact on your monthly auto insurance cost. Usually, 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 normally comes out as the lowest option for drivers in every type of area, no matter if it's urban, suburban, or rural.

If you live in a rural area, you can expect to pay around $170 per month with Farmers and $248 with Meemic. Drivers in suburban ZIP codes pay a monthly premium of about $189 with Farmers compared to $273 with Meemic. In urban areas, Farmers's average premiums are around $251 while Meemic offers rates about $322.

Farmers vs. Meemic 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. That's where car insurance discounts comes into play.

The hard part is finding all of the discounts you're eligible for, since it can feel sometimes like every carrier has different discounts and each one is advertised differently.

Luckily, we did the hard work for you and looked at all of the different discounts Farmers and Meemic offer their customers so that you can see which one can save you the most money each month.

Farmers knocks Meemic out of the park when it comes to the sheer number of discounts available, offering 20 more discounts than Meemic.

A couple of those are overlapping for things like anti-theft discounts, discounts for being a defensive driver, and group discounts. Farmers also offers discounts for ABS, advance quote, alternative fuel, and more.

On the other hand, Meemic has a few proprietary discounts of their own like employee discounts and prior carrier discounts.

Final Thoughts: Is Farmers or Meemic Best for You?

So, you've seen how different variables can affect your auto insurance premiums. We've broken down the different discounts each company offers, too. But, at the end of the day, which carrier is the right company for you, your vehicle, and your wallet?

Farmers might be best for you if....

• You have a speeding ticket on your driving record.
• You care about discounts (Farmers offers the most).
• You're of retirement age and want to take advantage of lower prices.

Meemic might be best for you if...

• You're looking for the best rates in MI.
• You want to save money while purchasing car insurance for a teenager.

Hopefully, this guide helps you get a better idea of the difference between Farmers and Meemic. We also hope we've given you the information you need to make the best decision when it comes to your insurance.

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

Farmers vs. Meemic FAQs

Is Farmers or Meemic cheaper?

Farmers is the less expensive of the two companies when looking at national average rates, with policies averaging $203 per month with Farmers and $281 for Meemic. However, that doesn't mean Farmers will be the cheapest company for everyone, since there are lots of different factors (things like driving record, age, gender, etc.) that play a role in how much you pay.

Who is better, Farmers or Meemic?

Unfortunately, the real answer is "it depends.". One carrier is not "better" for everyone -- it all depends on what your unique auto insurance profile looks like.

Why do Farmers and Meemic offer me different rates?

Car insurance carriers use quite a few different variables when calculating the premiums they charge. Factors like gender, your driving record, age, where you park your car, and sometimes even things like your credit score can all come into play. Both Farmers and Meemic calculate prices using different formulas, so it's likely they'll offer different rates. The best way to determine which company is the lowest for you is by comparing personalized quotes from multiple different companies.

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

The only way to find the auto 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 information once and you'll get quotes from dozens of your local top insurance companies for free. With those, you can guarantee you're getting the best price. And maybe you'll find that the best company for you isn't Farmers or Meemic 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.