Farmers and GEICO are both large car insurance companies that hold significant shares of the auto insurance market.1 GEICO has cheap average monthly auto insurance rates but a limited network of local insurance agents, while Farmers offers highly customizable coverage but more expensive average rates.
GEICO and Farmers are similar in many ways, but comparing their rates, customer service experience, discounts, and coverage will help you determine which one is the best insurance company for you.
GEICO stands out for its above-average J.D. Power score in many regions and solid financial strength rating.2 It offers lower average rates on auto insurance than Farmers and many auto insurance discounts for drivers to take advantage of.
While Farmers has more expensive average car insurance rates, it offers more discounts and more customizable car insurance policy options than GEICO.
GEICO is available to drivers in all 50 states, while Farmers auto insurance is only available in 42 states. Both companies have positive AM Best ratings, which demonstrates their ability to pay out future claims.
Farmers offers highly customizable auto insurance coverage and has a network of more than 48,000 insurance agents available in all 50 states.
GEICO is known for its affordability, various car insurance discounts, and highly rated mobile app.
To help good drivers save even more on car insurance, Farmers and GEICO offer telematics programs that can reduce rates when you demonstrate safe driving habits.
Farmers Signal is a smartphone app that monitors your driving behavior and encourages safer driving habits. When you sign up for the Signal app, you’ll earn an initial discount on your premiums.
As you use the app, it monitors your driving for behaviors like braking suddenly, speed, and phone usage. If you demonstrate that you’re a good driver, you could earn another discount when your auto policy renews. But poor driving habits could cause your rates to increase.
GEICO DriveEasy is also a mobile app that monitors your driving habits. As you use the app, it provides insights and stats about your driving behavior.
If you demonstrate good driving habits using DriveEasy, you could earn a discount of up to 25% on your insurance. But the program isn’t available in every state.
GEICO is the cheapest car insurance company overall, according to Insurify data. Its coverage costs an average of $97 per month liability-only insurance and $136 per month for full coverage.
Farmers car insurance costs an average of $110 per month for liability insurance and $215 per month for full coverage — nearly twice as much as GEICO.
Your car insurance rates depend on personal factors like your age, ZIP code, vehicle, and even credit score, in some states. Here’s how GEICO’s and Farmers’ average rates compare for various driver profiles.
People with a good driving history typically pay the lowest rates for auto insurance. GEICO is the cheapest option for drivers with a clean driving record for both liability and full-coverage insurance.
Speeding tickets can increase car insurance rates because they increase your risk of filing a claim. GEICO is the cheapest option for drivers with a speeding ticket on their record. On average, Farmers charges more than twice as much as GEICO.
Teens pay the highest rates for car insurance because they’re at higher risk for car accidents.3 This increased risk can make it expensive for parents adding children to their policies. But GEICO is cheaper than Farmers for teen drivers.
Insurance companies believe drivers with poor credit are more likely to file an insurance claim, so they charge these drivers more for car insurance.4 Most states allow insurance companies to use credit-based insurance scores when underwriting policies, but GEICO is the cheaper insurer for drivers with poor credit.
Car insurance premiums tend to decrease as drivers age and gain more experience driving, but rates can increase again around age 70. Age-related health issues can affect driving capabilities and increase risk.
Compared to Farmers, GEICO is the cheaper car insurance company for senior drivers.
Farmers and GEICO offer standard insurance coverages that meet state requirements, like liability, collision, comprehensive, and personal injury protection. And both companies offer a variety of additional coverage options, like rideshare insurance and accident forgiveness.
Farmers offers new-car replacement coverage, which will pay to replace your vehicle with a new one of the same make and model. This coverage is available if your car is totaled with the first two model years and 24,000 miles.
Meanwhile, GEICO is missing important optional coverages like gap insurance and new-car replacement. Here’s how the two insurance companies’ coverages compare.
Drivers pay more on average with Farmers than GEICO, but Farmers offers slightly more car insurance discounts. It offers discounts that GEICO doesn’t, such as low-mileage, auto pay, and student away-at-school discounts. These extra discounts could help make up for Farmers’ more expensive rates.
If you’re still unsure whether Farmers or GEICO offers the best auto insurance, the answers to the following questions may help you decide.
GEICO is a better choice for drivers who want cheaper rates. Farmers offers more car insurance discounts than GEICO, but its average monthly rates are nearly twice as high. But Farmers is the better choice for anyone who wants more coverage options.
The companies have many similarities, but GEICO is cheaper than Farmers and has better J.D. Power customer satisfaction ratings. But Farmers has a larger network of local insurance agents and offers more discounts and coverage options.
Almost anyone is eligible for a GEICO policy, as the company doesn’t restrict or require membership. But insurance companies can deny high-risk drivers coverage.5
GEICO and Farmers offer other types of insurance in addition to car insurance. Farmers offers life insurance, home insurance, pet insurance, and business insurance. GEICO has homeowners insurance, renters insurance, commercial auto insurance, and travel insurance.
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Over 3 years of experience producing content on insurance and personal finance.
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7+ years experience in data analysis
Ph.D. in Computational Biology
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