GEICO vs Farmers 2022 auto insurance comparison

GEICO and Farmers are two main carriers to consider when shopping for a new auto insurance policy. Ranked number 2 and 6, respectively, among the largest auto insurance companies, each carrier started out with a small customer base. GEICO was originally intended for government employees, and Farmers was created for, well, farmers and their vehicles.

Today, these popular companies offer policies with many coverage options to the general public. Read on to compare each company and learn more about their coverage options, prices, discounts, and more.

Check out our GEICO Auto Insurance Review and Farmers Car Insurance Review for more information on these companies.

Vehicle insurance coverage from GEICO and farmers

GEICO and Farmers both offer standard auto insurance coverage such as:

See our article on Common Types of Auto Insurance to learn more about basic coverage.

Additional coverage

Additional coverage from GEICO and Farmers may be available as add-ons to improve base coverage in some states.

  • Roadside assistance and towing
  • Rental car refund
  • Medical payments
  • Car replacement cover
  • Additional carpooling insurance

Average insurance rates of GEICO and farmers

There are many variables that will influence your auto insurance rates. Each person’s premium is unique due to factors such as their driving record, age, gender, location, type of vehicle and creditworthiness. The average annual mileage you drive is also taken into account.

GEICO is known to have inexpensive insurance rates. According to The Zebra, the average monthly premium cost with GEICO is less than $ 100. Farmer coverage is at the high end of the auto insurance cost spectrum. Its average monthly cost is $ 131.

This table compares the average annual premiums between GEICO and farmers by age group.

age range GEICO Farmers
Teens $ 3,508 $ 6,518
20s $ 1,438 $ 2,020
30s $ 1,218 $ 2,020
40s $ 1,189 $ 1,511
the 50’s $ 1,160 $ 1,507
60s $ 1,065 $ 1,402

Source: The Zebra

Premium discounts from GEICO and farmers

A typical discount offered by carriers is to bundle auto insurance with home, renters, boat, motorcycle or other insurance policies. Most insurers encourage customers to take advantage of the discount, but be sure to inquire about multiple policy and vehicle bundling options through GEICO and Farmers.

Policyholders with these companies may be eligible for a range of auto insurance discounts and benefits:

  • New car replacement
  • Accident forgiveness
  • Car / house groupage discount
  • Good student discount
  • Accident-free drivers
  • Discount anti-theft equipment

Other discounts may be offered to eligible customers. For example, GEICO offers members of the military a break and to drive a car with the latest safety technology. Farmers offers a discount on coverage for alternative fuel vehicles.

GEICO or do farmers have better customer satisfaction?

When shopping for auto insurance, you should consider more than the expense. Some drivers think you get what you pay for and that higher prices mean better service. Whatever the cost, your insurance company should provide good customer service, respond quickly when you need help, and pay off any claims submitted.

Insurance companies often receive mixed reviews for their service. A 2021 JD Power study on auto insurance in the United States provides key insights from responses from nearly 39,000 auto insurance customers. The survey measures vital customer satisfaction criteria:

  • Cost of auto insurance
  • Policy Offers
  • Billing process and policy information
  • Interactions with clients
  • Complaints

GEICO obtains “average” results in the customer satisfaction survey. JD Power ranked Farmers the top of the pack with an “excellent” rating for overall claims satisfaction in 2021.

Which one has a better financial situation, GEICO or farmers?

AM Best assesses the ability of insurance companies to meet their current contractual and political obligations. According to The Zebra, GEICO’s rating is “superior” and Farmers has an “excellent” rating.

Although the companies ‘ratings are slightly different, the two carriers have the financial strength to cover their customers’ claims.

GEICO vs. Farmers: What’s Right For You?

Choosing the best auto insurance company for you is a personal matter. Your needs are unique and the decision requires many considerations. You need to request quotes from GEICO, farmers, and other insurance companies to get the exact cost of a policy that provides the coverage you need.

Farmers and GEICO both offer standard coverage that will likely be suitable for your situation. GEICO generally offers lower rates. However, farmer customer satisfaction with claims is higher among the major insurers.

The cost of insurance is the number one concern for many drivers, but there are many factors that you need to consider. First and foremost, make sure you understand the details of the coverage before renewing or signing a new insurance policy. Make sure you feel comfortable that it meets all of your needs before signing a policy when purchasing a new vehicle or renewing your existing coverage.

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Justin D. O'Neill