Compare Farmers vs. Liberty Mutual: Quotes, Discounts (2023)

Farmers vs. Liberty Mutual: A Summary

If you’re looking to buy a car insurance policy, two of the companies you might evaluate in your search are Farmers and Liberty Mutual. These are both financially strong companies with great coverage options. To help you find the best deal, we’ve put the two side by side, so you can compare car insurance and find a policy that works for you.

ICS Score Explanation:

The Insurify Composite Score (ICS) is a proprietary rating calculated by a team of data scientists at Insurify, weighing multiple factors that reflect the quality, reliability, and health of an insurance company.

Inputs to the score include financial strength ratings from A.M. Best, Standard & Poor’s, Moody’s, and Fitch; J.D. Power ratings; Consumer Reports customer satisfaction surveys and customer complaints; mobile app reviews; and user-generated company reviews.

Farmers

Farmers Insurance was founded in 1928 in Los Angeles, California. The company offers a variety of insurance products, including homeowners insurance, life insurance, business insurance, and more across all 50 states. Farmers has excellent financial strength ratings from both A.M. Best and S&P Global.

Farmers has a well-rated mobile app and also maintains extended customer service hours with a live chat. In addition to standard coverage options, Farmers offers many unique add-ons, including new car replacement coverage, loss of use coverage, and rideshare coverage. Farmers also offers a usage-based program with a discount for enrolling.

Liberty Mutual

Liberty Mutual Insurance was founded in 1912 and is one of the largest property and casualty insurers in the U.S. The company offers several types of insurance coverage, including auto insurance, home insurance, business insurance, and more, to customers across all 50 states. Liberty Mutual has excellent financial strength ratings from several independent rating agencies.

In addition to comprehensive and collision coverage, Liberty Mutual offers additional coverages, such as new car replacement coverage, roadside assistance, rental car reimbursement, and even teachers auto insurance. Although Liberty Mutual charges exorbitant rates relative to the industry average, you can save up to 30 percent with the company’s telematics program, RightTrack.

The Best Car Insurance Companies in 2022

Both Farmers and Liberty Mutual made our list of the best car insurance companies for 2022. With its robust options for rideshare drivers, Farmers is a great option for anyone looking to use their car to earn money. Liberty Mutual’s accident forgiveness program means you won’t have to worry about increased rates after an accident.

Compare Farmers vs. Liberty Mutual: Which Is Cheaper?

Farmers is much cheaper than Liberty Mutual for all types of drivers. In most cases, average premiums at Farmers are less than half the cost of coverage at Liberty Mutual. Regardless of age, credit score, and driving history, premiums are cheaper at Farmers.

The Cheapest Car Insurance Companies in 2022

Neither Farmers nor Liberty Mutual made the list of the cheapest insurance companies. In fact, both companies charge more than the industry average for every type of driver. However, remember that car insurance quotes are individual and also based on where you live.

Compare Farmers vs. Liberty Mutual Car Insurance by Age

Age is an important pricing factor to car insurance companies because it indicates how much experience you have driving and how likely it is that you’ll cause an accident. For example, teen drivers are more likely to be in an accident than any other age group, so they pay the highest rates. Drivers in their 50s and 60s, on the other hand, tend to pay the lowest premiums.

Sometimes, a good student discount or driver training discount can help with the high cost of car insurance for teens. Here’s what you can expect, on average, from Farmers and Liberty Mutual based on your age.

Farmers offers cheaper premiums than Liberty Mutual for drivers at any age. Though prices are closer for older drivers, Farmers still beats Liberty Mutual. And for most age groups, Liberty Mutual charges more than double what Farmers charges.

Compare Farmers vs. Liberty Mutual Car Insurance by Gender

Most auto insurance companies consider your gender when deciding on your monthly payment. Women tend to pay slightly less than men. The difference is more significant at younger ages because teen males are more than twice as likely to die in a crash as teen females. Here’s what Farmers and Liberty Mutual are charging men and women on average.

Which is cheapest for men?

Farmers charges men less than half what Liberty Mutual charges for car insurance on average. Both companies charge more than the industry average. For example, Farmers is $27 more expensive than the industry average. By contrast, State Farm is $26 cheaper than the industry average.

Which is cheapest for women?

Farmers is significantly cheaper than Liberty Mutual for women. In fact, Liberty Mutual charges more than double what Farmers charges women. But both companies are more expensive than the industry average. Farmers’ premiums are $28 higher than the industry average. By contrast, GEICO charges women $32 less than the industry average.

Compare Farmers vs. Liberty Mutual Car Insurance by Mileage

Car insurance providers ask for your estimated annual mileage when you apply for a car insurance policy. While this has a minimal effect on your premiums, some companies offer lower rates for low-mileage drivers. You can typically realize greater savings by enrolling in a usage-based program if you don’t drive frequently.

Here are the average rates Farmers and Liberty Mutual charges drivers based on their estimated annual mileage.

Which is cheapest for drivers with high mileage?

Farmers is at least $166 cheaper than Liberty Mutual for high-mileage drivers. While Farmers is significantly cheaper than Liberty Mutual, the company’s rates still don’t beat the industry average. And Liberty Mutual charges almost four times the industry average. By contrast, the average rate at USAA is only $42 per month.

Which is cheapest for drivers with low mileage?

While both Liberty Mutual and Farmers reduce rates for low-mileage drivers, neither company beats the industry average. Farmers is cheaper than Liberty Mutual by at least $136 and more expensive than the industry average by at least $18.

Compare Farmers vs. Liberty Mutual Car Insurance by Credit Score

In most states, insurance companies consider your credit-based insurance score when establishing your car insurance rates. That score is based on information in your credit report, such as your payment history. Unlike lenders, auto insurance providers aren’t concerned about repayment. Instead, they’re accounting for risk.

That’s because research shows a link between poor credit and high claims-filing. Insurance companies charge higher rates to bad credit policyholders because there’s a higher likelihood that they’ll file a claim. But every company assesses credit score differently. Here’s what you can expect from Farmers and Liberty Mutual.

Which is cheapest for good credit?

Farmers is much cheaper than Liberty Mutual for drivers with good and excellent credit. In fact, for drivers with excellent credit, Liberty Mutual premiums are almost triple the cost of Farmers premiums. Still, both companies are more expensive than the industry average. Farmers rates exceed the industry average by at least $14.

Which is cheapest for bad credit?

Liberty Mutual charges exorbitant auto insurance rates to drivers with bad credit. Farmers is cheaper than Liberty Mutual but still more expensive than the industry average by at least $13. Lower rates are available from companies like State Farm, GEICO, and Allstate.

Compare Farmers vs. Liberty Mutual Car Insurance by Driving Record

Car insurance companies set your premiums in part based on your driving history. If you have infractions like speeding tickets or DUIs on your record, that shows insurance companies that you’re not taking the necessary driving precautions. Insurers charge higher rates to high-risk drivers. Drivers with a clean record, on the other hand, pay the lowest rates.

Discounts can help offset price hikes from violations on your record, particularly driving course completion discounts and telematics discounts based on your driving habits. Ask your insurance agent what you’re eligible for. If you’re curious what Farmers and Liberty Mutual charge drivers depending on their driving record, average rates are below.

Which is cheapest for good drivers?

Farmers is significantly cheaper than Liberty Mutual for drivers with a clean record, but the insurer still charges $13 more than the industry average. Liberty Mutual charges more than three times the industry average. Cheaper rates for good drivers are available from companies like GEICO and American Family.

Which is cheapest after a speeding ticket?

Farmers is much cheaper than Liberty Mutual for drivers who have been caught speeding, but the company still charges $25 more than the industry average. Liberty Mutual charges more than double the industry average to drivers with speeding tickets.

Which is cheapest after an accident?

Drivers who have caused crashes can expect much cheaper premiums from Farmers than Liberty Mutual. However, Farmers still charges $13 more than the industry average. By contrast, USAA charges $56 less than the industry average.

Which is cheapest after a DUI?

Farmers is much cheaper than Liberty Mutual for policyholders with a DUI. Liberty Mutual hikes up rates to $470 for DUI drivers, which is more than three times the industry average. Farmers premiums are $22 less than the industry average, but other companies offer even more generous rates for DUI drivers.

Farmers vs. Liberty Mutual Car Insurance: What discounts does each offer?

Farmers Discounts

• Multi-policy

• Multi-car

• Telematics

• Affinity

• Paperless

• Good payer

• Safe driver

• Good student

• Distant student

• Youthful driver

• Mature driver/defensive driver/senior driver

• Homeowner

• Autopay

• Full pay

• Safety features (antilock brakes, anti-theft devices, etc.)

Liberty Mutual Discounts

• Multi-policy

• Multi-car

• Autopay

• Online purchase

• Paperless

• Early shopper

• Homeowner

• Military

• Good student

• Distant student

• Good driver

• Claims-free

• Telematics

Our Methodology and How We Compared Farmers and Liberty Mutual

The car insurance quotes provided in Insurify’s insurance company comparison guides are based on the analysis of over 50 thousand insurance quotes from 500 ZIP codes nationwide. Insurify’s data science team performs a comprehensive analysis of factors car insurance providers weigh to calculate rates, including driver demographics, driving record, credit score, desired coverage level, and more to give representative samples.

Insurify’s analysis also incorporates the Insurify Composite Score (ICS) assigned to each insurance provider. The ICS is a proprietary rating calculated by weighing multiple factors that reflect the quality, reliability, and health of an insurance company.

Ratings used to calculate the ICS include Financial Strength Ratings from A.M. Best, Standard & Poor’s, Moody’s, and Fitch; J.D. Power ratings; Consumer Reports customer satisfaction surveys and customer complaints; mobile app reviews; and user-generated company reviews.

With the above insights and ranking methods, Insurify is able to offer car insurance shoppers a window into how insurance providers compare to one another in terms of both cost and quality.