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

Quick Facts

• Looking at the national averages for insurance, Pekin offers significantly less expensive premiums than Farmers
• Farmers offers more discounts than Pekin Insurance
• Pekin tends to be a much more affordable option for couples purchasing car insurance together

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

So, you're thinking about switching your auto insurance. After all, you've seen ads from all sorts of companies offering big discounts. But exactly how much can you save by switching?

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

As you can see, Farmers is quite a bit more expensive than Pekin, with rates averaging $203 per month compared to just $74 with Pekin when looking at the national average rates for insurance.

However, Pekin may not be the most affordable or best option for every single driver out there. Auto insurance companies use a variety of complex algorithms to calculate prices, so depending on how good your credit score is or where you live (among quite a few other factors), you could see wildly different premiums from the ones above.

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

Farmers or Pekin: Average Car Insurance Rates by State

Farmers and Pekin only compete against each other in Indiana, where Pekin offers the cheaper average premiums. For Indiana residents, Pekin offers car insurance for $74 a month on average. Farmers's average rates come out to be over 70% more expensive, at $160 monthly.

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 carriers determine your prices. Keep reading to find out more.

Which is the Best Company For Young Drivers?

You might already know that teen drivers typically pay a lot more for car insurance than any other group of drivers. Normally, that's because young, inexperienced 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 rates, teen drivers can still find ways to save money. Just look at the table above -- where 18-year-old drivers who have Pekin for their insurance pay more than $350 less than those who use Farmers. It's worth noting that Farmers offers auto insurance in 25 different states compared to Pekin's one, which can skew the average prices a bit, but the difference here is still considerable.

Even so, both companies will offer you dramatically lower premiums once you turn 25. For example, average rates for Farmers policyholders drop nearly $400 and Pekin's prices decrease over $100 over that time.

Which is the Best Company for Retired Drivers?

When it comes to car insurance, patience and experience pay off, with drivers around retirement age paying some of the cheapest premiums you can find.

When looking at Farmers and Pekin specifically, which carrier is best for retired drivers? Pekin gets the edge, with rates for drivers 65 and older almost 60% cheaper than the national average for Farmers.

Which is the Best Company for Married Drivers?

You may not be aware, but auto insurance prices tend to be more expensive for single drivers than they are for married drivers. This usually boils down to married policyholders having more than one car on their policy -- something several insurance carriers will reward with discounts.

When it comes to relationship status, Pekin is the clear winner for single policyholders, with premiums about $157 a month more affordable than Farmers, on average. For married couples, the advantage is clear again - Pekin has the edge when it comes to average rates.

Farmers vs. Pekin: Average Rates by Gender

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

Men generally pay around 3% more per month than women with Farmers, and about 1% more with Pekin.

Looking at overall affordability, Pekin offers the most affordable average premiums for both men and women. On average, male drivers save about $132 a month and women save around $126 with Pekin compared to the average Farmers policyholder.

Farmers or Pekin: 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.

Insurance isn't the easiest topic to understand. There are many different coverages that account for lots 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.

But most policies that many drivers look at fall into two categories -- liability only (that covers bodily injury and property damage for other drivers and passengers if you cause a collision) and full coverage (which includes two additional coverages -- comprehensive and collision -- alongside what you get with a liability policy).

If you're looking for state minimum liability limits, Pekin usually offers significantly cheaper prices of $46 compared to Farmers's $126. When it comes to full coverage policies with similar limits, Pekin again has the edge, with policies about $200 per month less expensive than Farmers, on average.

Is Farmers or Pekin 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 collisions on your record, but which of these two companies offers the lowest premiums to drivers with less-than-perfect records?

Which Company is Best for Drivers with Speeding Tickets?

Farmers policyholders can expect their prices to go up an average of $44 a month if they get a ticket, while Pekin normally raises rates around $13 per month, on average.

That being said, Pekin has cheaper prices for drivers in both categories. Drivers with a clean record can save about $108 a month and drivers with a speeding ticket can save around $139 per month with Pekin Insurance.

Which Company is Best for Drivers After an Accident?

Farmers drivers who get in an accident can expect to see their premiums rise by over $60, while those who have insurance through Pekin will see about a $20 increase.

Overall, drivers who use Pekin end up with the cheaper prices after an accident, with monthly rates averaging $73 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 accident or ticket when it comes to your insurance bill. Farmers drivers usually see a 27% increase in their auto insurance premiums after a DUI charge, while Pekin will generally raise prices by around 48%.

Pekin has the overall cheapest rates for drivers with a DUI on their records at $104 per month, but it's worth noting that Farmers's average rates come from 25 states compared to just one for Pekin, so the data may be skewed slightly.

How does Credit Score Impact Farmers and Pekin Rates?

You may not have known, but your credit score can be used as one of the factors to calculate your monthly car insurance premiums. Certain states and carriers do not allow for credit score to be used as a rating factor, but it does affect lots of policyholders out there.

The reasoning auto insurance companies use is that drivers with bad credit will be less likely to pay their bills on time; so typically, they'll be asked to pay more, while those with good credit will be rewarded with less expensive prices.

Looking specifically at Farmers and Pekin, which one has the lowest rates 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 Pekin. Drivers with "excellent" credit can save over 70% compared to Farmers, and those with "good" scores can also expect to see savings -- about $125 or 68% more affordable each month.

Which Company is Best for Drivers with Bad Credit?

Pekin typically offers lower prices than Farmers when it comes to drivers with bad credit. Drivers with "fair" credit pay around $133 a month less with Pekin compared to Farmers, and those with "poor" scores usually save an average of about $142 monthly.

Is Farmers or Pekin 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 insurance carriers will charge for coverage. Normally, the more miles you put on your vehicle, the more you can expect to pay for car insurance.

As you can see in the table above, annual mileage doesn't have much of an impact on how much Farmers charges. However, there's a significant difference in monthly premiums for Pekin, with policyholders who drive 6,000 miles annually paying around $13 less every month compared to those who drive 12,000 miles each year. Still, Pekin is the cheaper option for drivers in both categories.

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

Where you call home can have a considerable impact on your monthly auto insurance bill. Generally, those who live in rural areas will pay less than policyholders in urban areas because there are a lot fewer cars on the roads in those areas.

Pekin boasts the cheapest average premiums for drivers in every type of area, no matter if it's urban, suburban, or rural.

Those in rural areas can expect to pay about $70 a month with Pekin and $170 with Farmers. People in suburban areas pay a monthly price of around $68 with Pekin compared to $189 with Farmers. For drivers in urban ZIP codes, Pekin's average rates are about $85 while Farmers offers premiums around $251.

Farmers vs. Pekin Discounts

You want to save as much money as possible, right? The best way to do that is by utilizing as many insurance discounts as you can.

The challenging 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.

In the section below, we've compared all of the different discounts offered by Farmers and Pekin so that you can see which company can save you the most money each month.

Farmers knocks Pekin out of the park when it comes to the sheer number of discounts available, offering 18 more discounts than Pekin.

Both companies offer lots of the same discounts -- like advance quote discounts, discounts for being a defensive driver, discounts for being a good student, and multi-policy discounts -- but Farmers also offers ABS discounts, alternative fuel discounts, distant student discounts, and more that Pekin does not.

On the flip side, Pekin has a unique discount of its own -- a hybrid vehicle discounts.

Final Thoughts: Is Farmers or Pekin Best for You?

So, you've seen how different variables can affect your car insurance rates. We've shown you all the discounts each company offers, too. But, at the end of the day, which carrier is the best one for you and your specific profile and needs?

Pekin might be best for you if....

• You're single and purchasing insurance by yourself.
• You have above-average credit.
• You have a short drive to work everyday.

Farmers might be best for you if...

• You already have plans to move to another state -- Pekin Insurance only offers policies in Indiana.
• You care about discounts (Farmers offers the most).

We hope this guide helps you get a better idea of the difference between Farmers and Pekin and that you can now make a more informed decision when it comes to your auto 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 carriers, not just Farmers and Pekin. Luckily, sites like Compare.com make it easy for you to do just that. Simply enter your ZIP codes below and get multiple quotes from some of the best insurance companies in your area, all for free.

Farmers vs. Pekin FAQs

Is Farmers or Pekin cheaper?

Looking just at the national average prices, Pekin is the less expensive of the two carriers, offering average rates of $74 per month compared to $203 for Farmers. However, Pekin won't necessarily be the lowest company for every driver, since there are a variety of different factors that are considered when it comes to your auto insurance cost.

Who is better, Farmers or Pekin?

Sadly, the only answer we can give you is "it depends.". Neither carrier is "better" for each driver -- it all depends on the makeup of your unique car insurance profile.

Why do Farmers and Pekin offer me different rates?

Auto insurance companies take a look at a lot of different variables when calculating the rates they charge drivers. Factors such as age, where your home is, your driving record, gender, and sometimes even things like your credit score can all come into play. Both Farmers and Pekin calculate prices using different variables, so each one will most likely offer different premiums. The only real way to see which company is the most affordable for you is by comparing personalized quotes from several different carriers.

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

The only way to find the car 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 does all the hard work for you. Just enter your ZIP code and you'll get free quotes from dozens of the best insurance carriers in your area. With those, you can guarantee you're getting the cheapest premium. And who knows, the best company for you might not be Farmers or Pekin 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.