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

Quick Facts

• Based on national averages for car insurance, Travelers offers cheaper prices than Farmers
• Farmers may help you save more money -- they offer more discounts than Travelers
• Travelers tends to be a much less expensive option for drivers who have below-average credit

Farmers or Travelers: 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 big savings, but exactly how much money can you save by switching?

You might have narrowed your search down to Farmers or Travelers for your next policy, but between the two, which company will offer you more affordable premiums?

Looking at the national average rates for both carriers, Travelers is around $36 a month less expensive than Farmers.

But that doesn't necessarily mean Travelers will be the cheaper option for each driver. Insurance companies use all sorts of complex algorithms to determine prices, so depending on where you live or how old you are (among an array of other factors), you could see wildly different rates from the ones above.

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

Farmers vs. Travelers: Average Car Insurance Rates by State

Farmers and Travelers compete against each other in 16 states, with Travelers offering more affordable rates to the average driver in all of them. If you live in, undefined is the cheaper of the two carriers when looking at the overall average premiums, but Travelers is the cheaper option in most of the others.

That being said, there's a lot more that goes into your car insurance bill than just your home state. Keep reading to learn more.

Which is the Best Company For Young Drivers?

Young drivers -- especially teens -- generally pay a lot for auto insurance compared to older drivers. It's normally because teen 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 prices, teen drivers can still find ways to save money. As you can see above, teens who use Travelers save almost 35% per month compared to those who use Farmers.

However, with both companies, you'll see your premiums decrease significantly by the time you turn 25. Travelers offers the steepest decrease, with 25-year-olds paying less than a third of what 18-year-old drivers are charged. Farmers's average prices lower over 70% during that same period.

Which is the Best Company for Retired Drivers?

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

So, which company offers the best rates to retired drivers? Travelers gets the slight edge, with premiums for drivers 65 and older nearly 10% more affordable than the national average for Farmers.

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 usually because married drivers tend to own and insure more than one vehicle, which can often earn you a discount.

For single policyholders, the difference in average premiums between these two carriers is significant, with Travelers rates coming in at a quarter less than Farmers's. It's not quite so glaring for married couples, where drivers who use Travelers save almost 10% a month.

Farmers or Travelers: Average Rates by Gender

Because women are less likely to get tickets and get into accidents, they have a decreased chance of filing a claim with insurance. So, insurance companies will tend to offer women more affordable prices.

On average, men see premiums about 3% per month higher with Farmers, and around 6% more with Travelers.

Looking at the data for each carrier specifically, Travelers comes out as the cheapest option for both genders. On average, male drivers save about $35 a month and women save about $39 with Travelers compared to the average Farmers policyholder.

Farmers vs. Travelers: 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 a bunch of different coverages that account for lots 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.

That being said, most policies end up falling into two different types of coverage -- liability coverage (that covers property damage and bodily injury for other drivers and their passengers if you cause an accident) and full coverage (which includes two additional coverages -- collision and comprehensive -- in addition to liability coverage).

Looking specifically at state minimum limits for liability insurance, Travelers has the edge, with average monthly rates coming in at $108. If you want a full coverage policy with the same state minimum limits, Travelers again has the edge, with policies averaging around $225 per month to Farmers's $281.

Is Farmers or Travelers 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.

Collisions and speeding tickets will most likely raise your premiums, but is Farmers or Travelers less expensive for 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 about 21% after getting a speeding ticket. Travelers policyholders can expect a less drastic increase of around 20%.

Even so, Travelers has more affordable prices for drivers in both categories, offering rates that are 21% and 22% less expensive, respectively, compared to Farmers Insurance.

Which Company is Best for Drivers After an Accident?

Farmers drivers who get in a collision can expect to see their prices climb by just under 30%, while those who have insurance through Travelers will see about a 25% increase.

At the end of the day, Travelers offers the most affordable rates for drivers with an at-fault collision on their records, with average premiums coming in at $173 compared to Farmers Insurance's $224.

Which Company is Best for Drivers with a DUI?

If you get a DUI charge on your record, it's probably going to cost you more than a simple ticket or even an accident. Travelers drivers usually see a 38% climb in their auto insurance rates after a DUI charge, while Farmers will generally increase prices by around 27%.

But if you end up with a DUI charge and are looking for more affordable premiums, Travelers tends to be cheaper for the average driver, with monthly premiums coming in at about $205 to Farmers's $221.

How does Credit Score Impact Farmers and Travelers Rates?

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

Car insurance carriers argue that someone with good credit is more likely to pay their bills on time, which makes them less risky to insure. Because of that, drivers with good credit will often be rewarded with less expensive rates.

So, which company offers the lowest premiums for policyholders with good, average, or poor credit?

Which Company is Best for Drivers with Good Credit?

If you have great credit, Travelers will usually reward you the most. For drivers with "excellent" credit scores, Travelers comes in more than 27.44 cheaper. Drivers with "good" credit scores normally save around 23% with Travelers compared to average rates from Farmers.

Which Company is Best for Drivers with Bad Credit?

Travelers typically offers lower premiums than Farmers when it comes to drivers with less-than-perfect credit. Drivers with "fair" credit pay about 17% a month less with Travelers compared to Farmers, and those with "poor" scores usually save an average of around 10% monthly.

Is Farmers or Travelers 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 your monthly insurance cost. Normally, the more milage you put on your car, the more you can expect to pay for coverage.

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 small difference in monthly prices for Travelers, with policyholders who drive the least paying about $5 less every month compared to those who drive 12,000 miles yearly. Still, for drivers in both categories, Travelers is the more affordable carrier.

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

Where you call home can have a considerable impact on your monthly car insurance payment. Typically, if you live in an urban area with more cars on the road, you'll pay a little more for auto insurance, while the opposite is true for people in rural areas.

When comparing these two companies side-by-side, Travelers generally comes out as the lowest option for drivers in all areas, regardless of if they're urban, suburban, or rural.

Those in rural areas can expect to save around $34 with Travelers compared to Farmers. People who live in suburban areas pay about $29 less with Travelers compared to Farmers. For policyholders in urban ZIP codes, Travelers's average rates are around $47 less than Farmers Insurance.

Farmers vs. Travelers 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 taking advantage of as many insurance discounts as possible.

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 compared all of the different discounts offered by Farmers and Travelers so that you can find the carrier that has the most discounts and, therefore, the largest savings.

Overall, Farmers has advantage when it comes to total number of discounts. Travelers offers a grand total of 25 discounts, while Farmers has 28.

A couple of those are overlapping for things like advance quote discounts, anti-theft discounts, discounts for being a defensive driver, and EFT discounts. Farmers also offers discounts for ESC, homeowner, life policy, and more.

On the other hand, Travelers has a few proprietary discounts of their own for things like continuous insurance discounts, COVID-19 relief discount, DRL discounts, and more.

Final Thoughts: Is Farmers or Travelers Best for You?

So, you've seen how different variables can affect your auto insurance prices. We've broken down the different discounts each company offers, too. But, when it comes down to it, is Farmers or Travelers the right one for you and your specific needs?

Travelers might be best for you if....

• Your credit is less-than-stellar.
• Your neighborhood is in the suburbs.
• You and your spouse are buying insurance together.

Farmers might be best for you if...

• You care about discounts (Farmers offers the most).

Hopefully, this guide has ben a valuable resource as you compare Farmers and Travelers and that it aids in making a more informed decision about your car insurance.

At the end of the day, the sure-fire way to make sure you're getting the best deal on your auto insurance policy is to compare quotes from a handful of carriers, not just Farmers and Travelers. Luckily, sites like Compare.com do all the hard work for you. Simply enter your ZIP codes below and get free quotes from dozens of top car insurance companies in your area, all in just a few minutes.

Farmers vs. Travelers FAQs

Is Farmers or Travelers cheaper?

Travelers is the less expensive of the two carriers when looking at national average rates, with policies averaging $167 per month with Travelers and $203 for Farmers. However, that doesn't mean Travelers will be the most affordable carrier for each driver, since there are a variety of different factors (things like driving record, age, gender, etc.) that play a role in how much you pay.

Who is better, Farmers or Travelers?

Sadly, the real answer is "it depends.". No single company is necessarily "better" for everyone -- it all depends on the makeup of your unique auto insurance profile.

Why do Farmers and Travelers offer me different rates?

Insurance companies use lots of different variables when calculating the premiums they charge. Things such as where you park your vehicle, gender, where you live, age, and sometimes even things like your credit score can all be taken into consideration. Both Farmers and Travelers calculate prices differently, so it's likely they'll offer different premiums. The best way to determine which carrier is the cheapest for you is by comparing personalized quotes from several different carriers.

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

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