Farmers Insurance 2022: Review and Facts

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Farmers Insurance 2022: Review and Facts
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One of the largest insurers in the United States, Farmers Insurance Group — or just Farmers — employs over 21,000 people and 48,000 exclusive agents catering to seekers of auto, home, life, pet, and other insurance coverage.

But is Farmers Insurance better for you than other prominent U.S. insurers Allstate, The Hartford, Liberty Mutual, Nationwide, Progressive, State Farm, and USAA? Read on to find out.

History

Having started as a cheaper alternative to farmers’ and ranchers’ insurance in 1928, Farmers Insurance Group is one of the oldest insurance companies in the United States, comprising three reciprocal insurers – Farmers, Fire, and Truck.

The insurance company is known for its reliability, flexibility, and bonuses, serving more than 10 million households with over 19 million policies across all states. Enjoying high financial ratings from the world’s most credible credit rating agencies, including S&P, Moody’s, and A.M. Best, Farmers Insurance Group is worth researching as your potential insurer.

Farmers Insurance Products 2022

Farmers provides all types of insurance, excluding health insurance

The full list of products is as follows:

Farmers Auto Insurance 2022

Coverage Type What Is Covered
Liability Bodily injury and property damage caused to someone else in an at-fault accident
Collision Repair or replacement of your vehicle if it’s damaged in an accident, regardless of whether you are at fault for the accident
Comprehensive (“Other Than Collision”) Repair or replacement of your vehicle if it is damaged by flood, fire, vandalism, theft, and other named perils
Uninsured Motorist Bodily injuries sustained by you in an accident if the at-fault driver is uninsured or underinsured
Medical Payments Your and the passengers’ medical expenses, regardless of whether you are at fault for the accident
Personal Injury Protection (PIP) Your medical/rehabilitation expenses (medication, hospital bills, rehabilitation costs, etc.) and lost wages
Towing and Roadside Service Tire changing, towing, locksmiths, and jumpstart services
Rental Car Reimbursement Cost of renting a car while your car is repaired, up to 30 days
Rideshare Coverage for periods when you are not covered  by personal insurance or company
Loss of Use Transportation costs (flat sum) until your car is repaired
Guaranteed Value Pays an agreed-upon value if your car is declared a total loss
Customized Equipment Repair or replacement cost of aftermarket equipment (custom wheels, infotainment systems)
Personal Umbrella An extra layer of liability coverage (for example, if you don’t have enough coverage to pay for the at-fault accident)
Glass Deductible Payback Repair or replacement of windshield glass ($100 deductible)
Full Windshield and Glass Coverage Zero deductible on repair or replacement of windshield glass
Spare Parts Coverage Cost of spare parts replacement, up to $750
Original Equipment Manufacturer (OEM) Cost of using original parts in covered repairs
New Car Replacement Coverage Cost of replacing your car with a new one of the same make and model
Accident Forgiveness Forgives one at-fault accident for every 3 years of clean driving

Farmers Insurance 2022: Review and Facts - 1

In addition to auto insurance, Farmers also offers motorcycle, boat & watercraft, collectible auto, RV, ATV & Off-Road, RV & Motor home, 5th wheel, and travel trailer insurance. The full list of vehicle insurance services is available under the ‘Insurance’ tab on the insurance provider’s official website.

Farmers Auto Insurance Rates

The average rate for Farmers auto insurance is around $1,950, which is higher than the national average of around $1,500. However, the real cost of your auto insurance will depend on multiple factors, such as the type and amount of insurance, your age, driving record, safety features of your car, etc.

Farmers Auto Insurance Discounts

Discount* How to Qualify/Who Can Qualify
Multiline Bundle auto policy with home, life, small business, umbrella, or specialty policy
Multicar Drive safely for a specific amount of time
Affinity Belong to a specific group of customers (military, certain professional associations/occupational groups/businesses, etc.)
ePolicy Buy auto insurance online
Good Payer Pay on time for 12 months (no billing late fees)
Safe Driver For rated drivers with zero BI points
Distant Student For children having no regular access to a covered car and with school being at least 100 miles away
Youthful Driver For U-25 drivers who are children of the PNI on an FSPA policy that has been in force for at least 12 months
Good Student For students with  good grades (for example, 3.0 or better GPA)
Shared Family Car For all vehicles on the policy if there’s a U-20 driver in the household in which there are more active drivers than vehicles (vehicles on storage do not count)
Mature/Defensive/Senior Driver For 55+ drivers who completed state-approved safe driver training during the last 3 years
Alternative Fuel For electric, hybrid, natural gas, propane, and other vehicles not powered by gasoline.
EFT For using monthly automatic payments on Farmers.com
Pay in Full For paying the full premium when purchasing the policy
Anti-lock Brakes, Anti-Theft, and Passive Restraint For installing respective safety devices

*Some discounts also apply to other policies and vary depending on the state.

Farmers Life Insurance 2022

Farmers Insurance 2022: Review and Facts - 2

Insurance Type What’s Covered
Term Life Insurance for 10, 20, or 30 years, when you are paying a monthly premium in exchange for the death benefit provided to the beneficiaries upon your death. The premium remains level for the chosen time – 10 to 30 years – but then will increase
Whole Life Permanent insurance with a level premium as long as the policy is in force. Besides, whole life insurance accumulated a cash value that can be accessed during your lifetime
Universal Life Flexible permanent insurance that allows you to accumulate a cash value. Provides flexible premiums and face amounts, as well as more control over your cash value
Accidental Death Death coverage ranging from $37,500 to $200,000 and up to $1 million in some cases

 

Farmers Life Insurance Rates

There are many variables to the actual price of your life insurance with Farmers, including your age, health conditions, gender, occupation, way of life, bad habits, and the type and amount of coverage. For example, the same coverage for a 35-year-old healthy non-smoker may be three times less expensive than for a 60-year-old smoker of bad health.

Farmers Life Insurance Discounts

The only life insurance discount from Farmers is for bundling auto and life insurance policies.

Farmers Homeowners Insurance 2022

Insurance Type What’s Covered
Homeowners
  • Dwelling: costs of repairs or rebuilding your home
  • Personal property: costs of replacing or fixing your personal belongings
  • Liability: damage and injuries sustained by someone else on your property
  • Additional living expenses: costs of living in a rented home while your home is being repaired

Most policies cover damage caused by fire, lightning, hail, windstorm, smoke, water (some types of damage), ice, snow, sleet, falling objects, explosions, and vehicles.

Condo
  • Property coverage: fire damage to your interior (flooring and built-in appliances), which is not covered by your condo association’s insurance policy
  • Additional living expenses: costs of a temporary relocation if your condo is uninhabitable
  • Liability: lawsuits resulting from accidents on your property.
  • Medical payments: medical expenses when a guest is injured on your property

Other popular types of condo insurance are personal belonging coverage and jewelry coverage.

Renters
  • Property coverage: fire damage to your interior
  • Renters liability coverage: injury sustained by someone else outside your household, provided you are at fault
  • Medical payments: injury sustained by someone else on your property
  • Additional living expenses: costs of living in a renter house until your residence is repaired

Other popular types of renters insurance are replacement cost coverage and identity shield.

Farmers Insurance 2022: Review and Facts - 3

In addition to homeowners, condo, and renters insurance, Farmers also offers mobile & manufactured home, vacation home, vacant home, landlord, earthquake, and flood insurance. The full list of home insurance services is available under the ‘Insurance’ tab on the official Farmers website.

Farmers Homeowners Insurance Rates

The average premium for an HO-3 policy (includes dwelling, property, and liability coverage, with an insurance limit of $299,000) is around $1,115 per year. However, the real price of homeowners insurance will depend on the state, replacement cost of your home, history of claims, and other factors.

Farmers Homeowners Insurance Discounts

Discount How to Qualify/Who Can Qualify
Affinity Members of certain businesses, professional associations, and occupational groups
Multiline Bundle homeowners and auto, life, small business, umbrella, or specialty policy
ePolicy Buy homeowners policy online
UL-Approved Roofing Materials Asphalt or fiberglass shingles approved by UL
New Home Home less than 14 years old
Protective Devices Install security systems, internal sprinklers, and fire alarms
Home Safety Fortified roof/walls/windows and automatic water/gas shutoffs
Green Certifications
  • EPA.
  •  LEED.
  • ENERGY STAR.
Claims Free Be claims-free for at least 3 years
Connected Home Install a remote home monitoring system
Rent to Own Buy a home and switch to Farmers homeowners policy
Preferred Payment or EFT Pay in full or with a recurring electronic fund transfer
Good Payer Pay your premium on time

 

Also, there are several state-specific homeowners insurance discounts, such as California Earthquake Authority Discount (CA), Retirement Community (AZ), HOA Gated Community (NV), and Fortified Home (AL).

Farmers Pet Insurance 2022

Insurance Type What’s Covered
The Best Benefit Accident and Illness
  • Car accidents, lacerations, and broken bones
  • Prescription medicine, surgery, physical rehabilitation, and cancer treatments
  • Diabetes, allergies, arthritic, ear and skin infections, cancer, and other illnesses
Accident-Only Costs related to accidents (illnesses are not covered).
Wellness Routine Care: two-tier coverage that can be added to The Best Benefit Accident and Illness 
  • Routine care veterinary visits: vaccinations, annual checkups, etc.
  • Does not cover preexisting conditions.

Farmers Pet Insurance Rates

The average price for Accident-Only coverage is $9 for dogs and $6 for cats. The actual price of your pet insurance will depend on the pet’s breed, age, state, and other factors.

Farmers Pet Insurance Discounts

You are eligible for a 5% discount on pet insurance with Farmers if you own more than one pet and another 5% if you own a Best Benefit Plan.

Pros & Cons of Farmers Insurance

Farmers Insurance 2022: Review and Facts - 4

Pros Cons
Broad choice of auto insurance coverage through a wide network of agents Expensive auto insurance (higher than the market average)
Plenty of auto and home insurance discounts Some discounts are unavailable in some states
Personal and business coverage No health coverage
High ratings No timeframe for claims response

Farmers Insurance Ratings 2022: Moody’s, J.D. Power, AM Best, and Standard & Poor

Company Rating
AM Best A: Excellent
Moody’s A2: Good
J.D. Power Third-best provider in the property claims satisfaction study after The Hartford and America Mutual
Standard & Poor’s AA-: Very strong

Farmers Insurance Customer Service Review

As with many other insurers, Farmers’ customer service reviews are controversial, with ratings from 4.4 to 8 out of 10. This points to the fact that the quality of customer service is not the same for all clients.

Working at Farmers Insurance

Farmers scored an overall 3.6 out of 5 on Indeed.com according to over 5,100 reviews:

Average salaries at Farmers are:

Visit this webpage to see open vacancies by state.

How to Become a Partner?

To start or work for an agency, visit this webpage.

How to Get a Quote?

  1. Click on ‘Get a Quote’ on the official website.
  2. Select Auto, Home, Life, Business, Renter, or Condo coverage and enter your ZIP Code.
  3. Click ‘Start My Quote.’

Alternatively, you can get a quote by phone: 1-800-974-6755.

How to File a Claim?

  1. Click on ‘Claims->Report a Claim’ on the official website. You can file a claim under your or someone else’s policy.
  2. Fill out the three-step form: ‘Start Claim -> Claim Details -> Claim Summary.’
  3. Submit your claim. To view the status of your claim, click on ‘Claims->View Claim Status’ and log in to the website using your email and password.

For claims-related info, visit the respective section on the website: Auto Claims, Home Claims, or Business Claims.

Contacts

The customer care center is available by phone: 1-888-327-6335, this request form, and website messaging for registered users.

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Date added: September 7, 2022

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