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

Quick Facts

• Based on national averages for car insurance, State Farm offers significantly more affordable prices than Meemic
• State Farm offers more affordable rates for drivers with a DUI
• State Farm may help you save more money -- they offer more discounts than Meemic Insurance Company

Meemic or State Farm: Which Company has the Cheapest Car Insurance?

So, you're thinking about switching to a new insurance policy. With so many ads from all sorts of companies offering hefty savings, you're probably wondering exactly how much you might be able to save.

You've maybe even narrowed your search down to Meemic or State Farm for your next policy, but which company has less expensive premiums for auto insurance?

Looking at the national average rates for both carriers, State Farm is quite a bit cheaper than Meemic, with prices averaging $158 a month compared to $281 with Meemic.

However, State Farm may not be the lowest or best option for each driver out there. After all, car insurance companies can offer drastically different rates to every driver depending on rating factors like your driving record, your age, your credit score, or even where you call home (among other things). So, at the end of the day, rates from each company will differ quite a bit from person to person.

Wanting to know if Meemic or State Farm is really the right carrier for you? Keep on reading to see how average prices can change based on all of the factors we've mentioned above.

Meemic vs. State Farm: Average Car Insurance Rates by State

Meemic and State Farm only compete against each other in Michigan, where Meemic offers the cheaper average rates. Undefined drivers tend to pay about undefined per month less on average compared to drivers who use undefined for their auto insurance.

That being said, there are plenty of other factors that go into your insurance payment than just your home state. Read on to learn more.

Which is the Best Company For Young Drivers?

Teen drivers will almost always have the most expensive auto insurance premiums of any group out there on the road. The reason is that 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 car insurance. As you can see above, teens who use State Farm save over 15% a month compared to those who use Meemic.

That being said, with both carriers, you'll see your rates decrease significantly by the time you turn 25. State Farm offers the steepest drop, with 25-year-olds paying less than a third of what 18-year-old drivers are charged. Meemic's average premiums lower almost 40% during that same period.

Which is the Best Company for Retired Drivers?

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

When looking at Meemic and State Farm specifically, which company is best for retired drivers? State Farm gets the edge, with rates for drivers 65 and older more than 60% cheaper than the national average for Meemic.

Which is the Best Company for Married Drivers?

Did you know that car insurance prices are normally more affordable for married policyholders than they are for single policyholders? That's because policies for married couples generally cover several vehicles, which quite a few companies will give you a discount for.

For single drivers, the difference in average premiums between these two carriers is significant, with State Farm rates coming in at a third less than Meemic's. For married drivers, the advantage is clear again - State Farm has the edge when it comes to average prices.

Meemic or State Farm: Average Rates by Gender

Because women are less likely to get speeding 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 premiums.

With Meemic, everyone ends up paying the same monthly prices regardless of gender, but with State Farm, the difference is closer to 7% per month.

Looking at the data for each carrier specifically, State Farm offers the most affordable average rates for both men and women. On average, women save about $129 a month and men save around $117 with State Farm compared to the average Meemic policyholder.

Meemic vs. State Farm: 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 so many different coverages and terms that it can make it pretty confusing to find the right policy for you.

Even so, most policies that drivers look at fall into two categories -- liability coverage (which covers the other party's injuries and property damage if you cause a collision) and full coverage (which typically refers to having collision and comprehensive coverages in addition to liability).

Looking specifically at state minimum liability insurance, State Farm has the significant edge, with average monthly premiums coming in at $99. If you want a full coverage policy with the same state minimum limits, State Farm again has the edge, with policies averaging about $216 per month to Meemic's $361.

Is Meemic or State Farm 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.

At-fault collisions and speeding tickets will most likely raise your prices, but is Meemic or State Farm less expensive for drivers with less-than-ideal driving records?

Which Company is Best for Drivers with Speeding Tickets?

Policyholders who use Meemic for their insurance can generally expect their monthly bill to go up around 36% after getting a speeding ticket. State Farm policyholders can expect a less drastic increase of about 14%.

That being said, State Farm tends to offer the best prices for drivers both with clean records and with a ticket -- their rates are around 24% cheaper for drivers with clean records and 44% less expensive for those with a ticket.

Which Company is Best for Drivers After an Accident?

Meemic drivers who get in an accident can expect to see their rates climb by just under 30%, while those who have insurance through State Farm will see around a 20% increase.

At the end of the day, drivers who use State Farm end up with the cheaper prices after an accident, with average prices coming in at $163 compared to Meemic Insurance Company's $250.

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 speeding ticket when it comes to your car insurance bill. For example, Meemic increases average rates by nearly $250 a month -- that's nearly a 60% increase.

How does Credit Score Impact Meemic and State Farm Rates?

Did you know many auto insurance carriers take into account your credit score when determining premiums? This isn't true for everyone (for example, California and Michigan are two states that ban the practice entirely), but it does affect many policyholders out there.

The reasoning 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 usually be forced to pay more.

Looking specifically at State Farm and Meemic, which carrier has the best rates for policyholders at different credit levels?

Which Company is Best for Drivers with Good Credit?

Which Company is Best for Drivers with Bad Credit?

Is Meemic or State Farm 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 premiums. Typically, those who drive fewer miles will end up with cheaper prices since there's less of a chance of causing a collision and filing an insurance claim.

As you can see in the table above, annual mileage doesn't have much of an impact on how much Meemic charges. However, there's a small difference in monthly rates for State Farm, with policyholders who drive 6,000 miles yearly paying about $13 less every month compared to those who drive 12,000 miles annually. Still, for drivers in both categories, State Farm is the more affordable company.

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

Where your home is can play a pretty big role in how much you pay for car insurance. Normally, those who live in rural areas will pay less than drivers in urban areas due to the small number of cars that are on the roads where they live.

State Farm tends to offer the most affordable prices for drivers in all areas, regardless of if they're urban, suburban, or rural.

Those in rural areas can expect to save around $121 with State Farm compared to Meemic. People who live in suburban areas pay about $112 less with State Farm compared to Meemic. For policyholders in urban ZIP codes, State Farm's average premiums are around $137 less than Meemic Insurance Company.

Meemic vs. State Farm Discounts

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

But with what seems like a million different discounts out there, it can be difficult to nail down the company that has the most discounts for your unique driver profile and to find all the discounts you qualify for.

Luckily, we did the hard work for you and broke down all of the different discounts offered by both Meemic and State Farm so that you can find the company that has the most discounts and, therefore, the largest savings.

State Farm knocks Meemic out of the park when it comes to the sheer number of discounts available, offering 15 more discounts than Meemic.

A couple of those are overlapping for things like anti-theft discounts, discounts for being a good student, and multi-policy discounts. State Farm also offers discounts for ABS, annual mileage, distant student, and more.

On the other hand, Meemic has a few proprietary discounts of their own for things like employee discounts, group discounts, paid in full discounts, and more.

Final Thoughts: Is Meemic or State Farm Best for You?

So, we've broken down the average rates for many of the variables car insurance carriers look at, and we've shown you all the discounts each carrier offers. But, when it comes down to it, which insurance company is the best carrier for you, your vehicle, and your wallet?

State Farm might be best for you if....

• You have received a ticket within the last few years.
• You want the most robust protection via a "full coverage" policy.
• Your neighborhood is in a rural area.

Meemic might be best for you if...

• You have a more unique driver profile than those we mentioned above.

Hopefully, this guide helps you get a good idea of the differences between Meemic and State Farm and that you can now make a more informed decision when it comes to your auto insurance.

But, at the end of the day, there's only one way to know for sure that you're getting the best possible deal on insurance -- comparing quotes from multiple companies, not just Meemic and State Farm. Luckily, Compare.com makes it easy for you to do just that. Just enter your ZIP code below and get free quotes from dozens of the top car insurance carriers in your area, all in just a few minutes.

Meemic vs. State Farm FAQs

Is Meemic or State Farm cheaper?

State Farm is the cheaper of the two companies when looking at national average premiums, with policies averaging $158 per month with State Farm and $281 for Meemic. But that doesn't mean State Farm will be the cheapest carrier for each policyholder, since there are a bunch of different factors (things like age, driving record, gender, etc.) that play a role in how much you pay.

Who is better, Meemic or State Farm?

Unfortunately, the only answer we can give you is "it depends.". No one company is "better" for everyone -- it all boils down to your unique auto insurance profile.

Why do Meemic and State Farm offer me different rates?

Insurance carriers use a lot of different variables when calculating the prices they charge. Factors such as your driving record, where you live, gender, age, and sometimes even things like your credit score can all be used. Both Meemic and State Farm use different formulas, so it's likely they'll offer different rates. The best way to determine which carrier is the lowest for you is by comparing personalized quotes from many different companies.

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

The only way to find the car insurance company that's right for you is by getting quotes from a handful of carriers 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 quotes from dozens of your local top auto insurance companies for free. That way, you can guarantee you're getting the best premium. And maybe you'll find that the best carrier for you isn't Meemic or State Farm 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.