Farmers Insurance Review: Auto, Homeowners, and Life Insurance – Business Insider
Bottom line: Farmers offers auto, homeowners, and life insurance. It’s been around since 1928 and generally has good marks for customer satisfaction. While its
auto insurance
may be an expensive option for some customers, Farmers offers a number of discounts to curtail the cost.
Farmers insurance pros and cons
Farmers auto insurance review
John C. Tyler and Thomas E. Leavy founded Farmers in 1928. It was exclusively an auto insurance carrier for farmers and ranchers, but later expanded to offer life and homeowners insurance to the general public.
Farmers auto insurance operates in every state except Alaska, Delaware, Hawai’i, Maine, New Hampshire, Rhode Island, Vermont, the District of Columbia, and West Virginia. Farmers ranked #5 in J.D. Power’s auto claims satisfaction survey.
Farmers auto insurance may be an expensive option for some customers. When we collected sample rates, Farmers auto insurance cost about $1,501 for a 30-year-old female with a clean driving record. This is about $280 more than Liberty Mutual and $480 more than Progressive. However, Farmers offers a variety of discounts from vehicle safety discounts to good driver discounts. Like most insurance companies, Farmers provides discounts for bundling your home and auto insurance.
There are four types of insurance coverage: liability insurance (required by most states), comprehensive, collision, and full car coverage. If you lease or finance your car, your lender may require comprehensive and collision coverage.
The difference between the various coverage types is outlined in the table below:
Farmers auto insurance features and discounts
Alternative fuel discount — Qualify for a discount if your vehicle uses alternative fuel. Alternative fuel vehicles include hybrid, electric, natural gas, methane, and propane. (Only available in California)Anti-theft discount — Get a discount if you own an anti-theft protection device. (Not offered in all states) Anti-lock brakes discount — Get a discount for a vehicle with factory installed anti-lock brakes. (Not offered in all states)Affinity discount— Receive a discount if you are a current or former member of a Framers approved professional group. Daytime running lights discount — Get a discount for vehicles with headlights that stay on while the engine is running. (Not offered in all states)Passive restraint discount — Receive a discount for vehicles with air bags or automatic seatbelts. (Not offered in all states)Honing device — Get a discount for vehicles with an approved tracking device. VIN etching — Receive a discount for vehicles with VIN etched on glass and other areas. Signal discount — Get up to 15% on your policy by using Signal, a smartphone app that monitors your driving habits. Multi-policy discount — Get a discount for bundling insurance products. ePolicy discount — Get a discount by enrolling in e-delivery of your policy documents. Electronic funds transfer discount (EFT) — Receive a discount if you pay your premium by automatic bank payment. Good student discount — Qualify for a discount if you are 16 to 24 years old, are a full-time high school or college student, and meet Farmer’s good student requirements.Homeownership discount — Get a discount if you own your home.Paid in full discount — Receive a discount if you pay your premiums in full. Safe driver discount — Qualify for a discount by having a clean driving record. Senior defensive driver discount — Qualify for a discount if you are 65 years old — in some states 55 — and have completed an approved defensive driving course. Good payer discount — Receive a discount if you have no late fees within the 12 months prior to renewal of your policy. (Not available in California)Distant student discount — Receive additional savings if your child is a student who is more than 100 miles away from college, and doesn’t have regular access to their vehicle. Shared family car discount — Qualify for savings if you live in a household with single drivers up to the age of 20. There must be more active drivers than vehicles in the household. Youthful drivers discount — Get a discount if you are under 25 and have parents or grandparents on a Farmer’s policy. On your own discount — Qualify for a discount if you are under the age of 29, are insured under Farmers, and will leave your current household for a new one.
Visit Farmers’ auto insurance website to learn more.
Farmers homeowners insurance review
Farmers ranked #14 for J.D. Power’s homeowners insurance customer satisfaction survey. Farmers also ranked #7 for J.D. Power’s renters insurance customer satisfaction survey, and it’s also a top pick in Insider’s guide to the best renters insurance companies.
Farmers homeowner insurance operates in all states except Alaska, Delaware, Hawai’i, Maine, New Hampshire, Rhode Island, Vermont, the District of Columbia, South Carolina, and West Virginia. Farmers renters insurance only offers coverage in North Carolina.
Farmers insurance offers homeowners, renters, condo, mobile home, and specialty home coverage. It gives discounts for home safety and home security as well as a discount for being a non-smoker. Farmers also offers additional savings for bundling insurance products.
Homeowners insurance protects your dwelling, personal belongings, and offers personal liability coverage for injuries that happen on your property. Standard homeowners insurance looks like the table below, but coverage varies depending on your provider:
*Available as add-on coverage if not part of policy
**Flood insurance is available through the NFIP and approved insurers
***If you live in hurricane or tornado areas, additional windstorm rider may be required
Farmers homeowners insurance discounts and features
Affinity discount— Receive a discount if you are a member or are retired from an approved professional group. Multi-policy discount — Get a discount for bundling insurance products. ePolicy discount — Get a discount by enrolling in e-delivery of policy documents. UL-approved roof discount — Receive a discount if your roof has an Underwriting Laboratories impact resistance rating of UL 3 or UL 4. New home discount — Qualify for a discount if your home is less than 14 years old. Protective devices discount — Receive a discount if your home is equipped with protective devices such as fire alarms, security systems, and internal sprinklers. Home safety discount — Get a discount if your windows, walls, roof, or foundation is strengthened against natural disaster. Additionally, get savings if your home is equipped with automatic gas and water shutoffs. Green certification discount — Receive a discount if your home is certified with Energy Star, LEED, and EPA. Claims free discount — Get a discount for being claim free for three consecutive years. Connected home discount — Get a discount if you install a smart home system.Rent to own discount — Qualify for a discount if you had a Farmer’s renters insurance policy for over a year, then switch to a Farmer’s home insurance policy after you buy a home. Preferred payment or EFT discount — Receive a discount if you pay in full, pay with a 2-plan, or sign up for automatic bank payment. Good payer discount — Get a discount if you pay your bill on time. Non-smoker discount — Get additional savings if you are a non-smoker.
Visit Famers’ homeowner insurance website to learn more.
Farmers life insurance review
Farmers didn’t make the list for J.D. Power’s life insurance customer satisfaction survey.
Farmers offers term and permanent life insurance products. The only
term life insurance
product offered by Farmers is level term. If you opt to apply for level term, your premiums and death benefits remain the same throughout the duration of your policy. The permanent life insurance products offered are whole life and universal life.
The two types of life insurance are permanent life and term life. Term life insurance only cover a specific period of time. When your policy is up, you can reapply for coverage. However, the premiums will most likely increase as you age.
Permanent life insurance never expires, has a death benefit for your beneficiaries, and a cash value that you can use during your lifetime. Some financial advisors recommend a combination of term and permanent life insurance.
Farmers life insurance features
Term life — Coverage with level premiums based on the term length you select — generally for 10, 20, or 30 years. Whole life — A permanent life insurance policy that offers cash values and death benefits. Universal life — A permanent life insurance policy with cash values that earns interest based on money market rates. This policy also allows for flexible premiums and death benefits.
Visit Farmers’ life insurance website to learn more.
Farmers insurance vs. the competition
Is Farmers trustworthy?
We checked the NAIC Complaint Index for complaints against Farmers Insurance. Farmers has significantly more complaints filed against it compared to other top insurers.
Farmer’s financial stability is strong, with an A.M. Best’s rating of A (Excellent).
Frequently asked questions
How do I get a quote from Farmers insurance?
Get a quote from Farmers by using its online “get a quote” tool. The process will take anywhere from 5-10 minutes and requires basic information about you, your vehicles, and drivers under your insurance.
Where is Farmers insurance coverage available?
Farmers insurance is offered in all 50 states except the District of Columbia.
Does Farmers insurance cover rental cars?
Farmer’s auto insurance covers most rental vehicles including passenger cars, pickup trucks, and SUVs. However, recreational vehicles (RV) require special RV coverage.
How do I file a claim with Farmers insurance?
You can report a claim online using the Farmers Mobile app. Alternatively, you can get in touch with your Farmer’s agent, or call the Farmers Claim team.
How do I pay my bill at Farmers Insurance?
You can pay your bill by phone, by mail, and online with or without a Farmers account.
What happens if I miss a payment at Farmers Insurance?
There is a late fee payment of up to $15 and a returned payment charge of $25.
How do I cancel my policy with Farmers insurance?
To cancel your policy with Farmers insurance, you must contact your agent or call customer service. The cancellation process will require your name, policy number, and the date you want your policy to end.
Alani Asis
Personal Finance Reviews Fellow
