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

Quick Facts

• In general, Indiana Farmers offers significantly cheaper rates than GEICO
• GEICO offers more discounts than Indiana Farmers Insurance
• Indiana Farmers tends to be a much less expensive option for drivers with a DUI charge on their record

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

So, you're considering switching your auto insurance. With so many ads from all sorts of companies offering huge discounts, you're probably wondering exactly how much you might be able to save.

You might have narrowed your search down to GEICO or Indiana Farmers as potential options, but between the two, which carrier has more affordable premiums for car insurance?

As you can see, GEICO is quite a bit more expensive than Indiana Farmers, with rates averaging $185 per month compared to just $81 with Indiana Farmers when looking at the national average rates for auto insurance.

But that doesn't mean Indiana Farmers will necessarily be less expensive than GEICO for every single driver. Insurance companies vary their premiums depending on things like where you live, how old you are, how clean your driving record is, how good your credit score is, and a variety of other factors, so prices will change quite a bit from person to person.

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

GEICO or Indiana Farmers: Average Car Insurance Rates by State

GEICO and Indiana Farmers only compete against each other in Indiana, where Indiana Farmers offers the cheaper average rates. For Indiana residents, Indiana Farmers offers car insurance for $81 a month on average. GEICO's average prices come out to be over 40% more expensive, at $116 per month.

But there's more to calculating insurance premiums than just the state you live in. Read on to find out more.

Which is the Best Company For Young Drivers?

You might already know that teen drivers usually pay a lot more for car insurance than any group out there on the road. The reason is that 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 prices, teen drivers can still find ways to save money. For example, 18-year-old drivers pay an average of nearly $250 less a month by choosing Indiana Farmers over GEICO. It's worth noting that GEICO offers auto insurance in 50 different states compared to Indiana Farmers's one, which can skew the average rates a bit, but the difference here is still considerable.

Even so, both carriers will reduce premiums by the time drivers turn 25. For example, average prices for GEICO policyholders drop more than $200 and Indiana Farmers's rates lower about $60 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 prices you can find.

When looking at GEICO and Indiana Farmers specifically, which carrier is best for retired drivers? Indiana Farmers gets the edge, with rates for drivers 65 and older almost 55% cheaper than the national average for GEICO.

Which is the Best Company for Married Drivers?

You may not be aware, but insurance premiums tend to be more expensive for single drivers than they are for married policyholders. That's normally because married couples tend to own and insure multiple cars, which can often earn you a discount.

When it comes to relationship status, Indiana Farmers is the clear winner for those who are single, with rates around $116 per month more affordable than GEICO, on average. The advantage for married drivers with Indiana Farmers is also obvious, where drivers save nearly $90 a month.

GEICO vs. Indiana Farmers: Average Rates by Gender

Because men are more likely to get speeding tickets and get into accidents, they run a larger risk of filing a claim with insurance. Therefore, insurance companies will tend to offer men more expensive prices.

Usually, men see premiums about 4% per month higher with GEICO, and almost 10% with Indiana Farmers.

Looking at the data for each company specifically, Indiana Farmers comes out on top for both men and women. On average, women save about $104 a month and men save around $105 with Indiana Farmers compared to the average GEICO policyholder.

GEICO or Indiana Farmers: 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 auto insurance can be a complicated subject for most people. There are lots of different coverages that account for many 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.

However, the most common policies that many drivers look at fall into two categories -- liability only (which covers the other party's property damage and injuries 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 limits for liability insurance, Indiana Farmers generally offers significantly cheaper prices of $44 compared to GEICO's $101. When it comes to full coverage policies with similar limits, Indiana Farmers again has the edge, with policies about $150 per month more affordable than GEICO, on average.

Is GEICO or Indiana Farmers Better for Drivers with Spotty Records?

You've probably seen plenty of commercials from insurance carriers offering great rates for good drivers, but that doesn't mean people with less-than-perfect driving records can't save money, too.

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

Which Company is Best for Drivers with Speeding Tickets?

GEICO policyholders can expect their rates to go up an average of $35 a month if they get a ticket, while Indiana Farmers typically raises premiums around $14 per month, on average.

That being said, Indiana Farmers tends to offer the best prices for both drivers who have a recent speeding ticket and those with clean records -- their rates are around 39% less expensive for drivers with clean records and 44% more affordable for those with a ticket.

Which Company is Best for Drivers After an Accident?

Both carriers will increase prices pretty significantly if you get into an at-fault accident with GEICO climbing by $85. Indiana Farmers has a less extreme raise, but you can still expect to pay just under $15 more than you were prior to your first collision.

Overall, Indiana Farmers offers the lowest premiums for drivers with an at-fault accident on their records, with monthly prices averaging $84 compared to GEICO's $200.

Which Company is Best for Drivers with a DUI?

On average, a DUI offense is going to cost you much more than a single collision or ticket when it comes to your car insurance bill. For example, GEICO increases average rates by over $150 a month -- that's just under a 60% increase.

Indiana Farmers has the overall most affordable prices for drivers with a DUI on their records at $84 monthly, but it's worth noting that GEICO's average rates come from 50 states compared to just one for Indiana Farmers, so the data may be skewed slightly.

How does Credit Score Impact GEICO and Indiana Farmers Rates?

You may not realized it, but your credit score can come into play when companies calculate your monthly bill. This isn't always the case (Hawaii, for example, has banned the use of credit score as a rating factor) but it might come into play for many drivers.

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

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

Which Company is Best for Drivers with Good Credit?

If you have a great credit score, you'll usually find a better deal with Indiana Farmers. Policyholders with "excellent" credit can save nearly 55% compared to GEICO, and those with "good" scores can also expect to see savings -- about $96 or 59% cheaper each month.

Which Company is Best for Drivers with Bad Credit?

Indiana Farmers typically offers lower prices than GEICO when it comes to drivers with less-than-perfect credit. Drivers with "fair" credit pay around $118 per month less with Indiana Farmers compared to GEICO, and those with "poor" scores typically save an average of about $137 a month.

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

Did you know that the amount of time you spend in your car have a large impact on how much car insurance companies will charge for coverage? That's because the fewer miles you put on your vehicle, the less likely you are to get into an accident and cause an insurance claim.

Indiana Farmers tends to be the less expensive option for both drivers who put 6,000 miles on their vehicles annually, as well as those who average twice that figure. GEICO average rates for drivers with 6,000 annual miles come in around $101 more expensive than Indiana Farmers. Those who drive 12,000 miles every year can expect to pay about $107 more with GEICO over Indiana Farmers.

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

Where your home is can have a substantial impact on your monthly auto insurance bill. Generally, drivers who live in heavily-populated urban areas will pay quite a bit more than rural policyholders due to the number of cars that are on the roads in those areas.

Indiana Farmers boasts the most affordable average rates for drivers in all types of areas, no matter if they're urban, suburban, or rural.

Drivers in rural ZIP codes see the cheapest premiums from both carriers, but Indiana Farmers comes out on top with average prices around $72 monthly. Indiana Farmers also has more affordable average premiums for policyholders in urban and suburban ZIP codes -- a 58% and 55% a month respective difference when compared to GEICO drivers in similar areas.

GEICO vs. Indiana Farmers Discounts

Regardless of why you might be in the market for a new insurance policy, you're always going to want to save as much money as possible. That's where auto insurance discounts comes into play.

But where do you even start? With so many discounts out there, it may seem difficult to find all the of the ones you can take advantage of.

In the table below, we've compared all of the different discounts offered by GEICO and Indiana Farmers so that you can find the one that has the most discounts and, therefore, the biggest savings.

GEICO blows Indiana Farmers away when it comes to the sheer amount of discounts available, offering 20 more discounts than Indiana Farmers.

A couple of those are overlapping for things like discounts for being a defensive driver, discounts for being a good student, and multi-policy discounts. GEICO also offers ABS discounts, anti-theft discounts, commercial drivers license discounts, and more that Indiana Farmers does not.

On the flip side, Indiana Farmers has a couple unique discounts of its own -- advance quote discounts, renewal discounts, and select market discounts.

Final Thoughts: Is GEICO or Indiana Farmers Best for You?

You've seen the role certain factors have on your insurance and the different discounts companies offer. That's all well and good, but when it comes down to it, is GEICO or Indiana Farmers the best fit for you?

Indiana Farmers might be best for you if....

• You're looking for the best rates in IN.
• You want basic car insurance coverage at the state minimum limits.
• You don't spend much time in your car.

GEICO might be best for you if...

• You're planning on moving to another state soon -- Indiana Farmers Insurance only offers policies in IN.
• You're looking for discounts -- GEICO has the most.

We hope this guide helps you get a good idea of the differences between GEICO and Indiana Farmers. We also hope we've given you the information you need to make the best decision about your 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 several carriers, not just GEICO and Indiana Farmers. 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 car insurance companies in your area, all for free.

GEICO vs. Indiana Farmers FAQs

Is GEICO or Indiana Farmers cheaper?

Looking just at the national average rates, Indiana Farmers is the cheaper of the two carriers, offering average rates of $81 per month compared to $185 for GEICO. But Indiana Farmers won't necessarily be the most affordable carrier for everyone, since there are a variety of different variables (things like age, driving record, gender, etc.) that play a role in how much you pay.

Who is better, GEICO or Indiana Farmers?

Unfortunately, the answer truly is "it depends.". One company is not necessarily "better" for everyone -- it all depends on the makeup of your unique insurance profile.

Why do GEICO and Indiana Farmers offer me different rates?

Car insurance companies take a look at lots of different factors when calculating the prices they charge policyholders. Things like age, your driving record, gender, where you live, and sometimes even things like your credit score can all be used. Both GEICO and Indiana Farmers calculate premiums using different formulas, so each one will most likely offer different prices. The only real way to see which carrier is the cheapest for you is by comparing personalized quotes from several different carriers.

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

The only way to find the auto insurance company 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, sites like Compare.com make it easy for you to do just that. Just enter your ZIP code and you'll get free quotes from dozens of the best car insurance carriers in your area. With those, you can guarantee you're getting the lowest price. And who knows, the best carrier for you might not be GEICO or Indiana Farmers 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.