Compare Farmers vs. Nationwide: Quotes, Discounts (2023)

Farmers vs. Nationwide: A Summary

If you’re on the hunt for an auto insurance policy, two reputable companies you may consider are Farmers and Nationwide. We’ll go over everything you need to know to compare these two companies, but first, here’s where they stand in terms of average monthly premium and our Insurify Composite Score, which encompasses a variety of data.

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 was founded in 1928 and is headquartered in Los Angeles, California. Farmers was the first major insurance provider to offer interest-free monthly payment plans. The company provides home, auto, business, and life insurance across the United States. Farmers has excellent financial strength ratings, though they’re not the best in the industry.

Farmers Insurance had far fewer complaints with the NAIC in 2021 than expected based on the company’s size. Farmers was also ranked above average for insurance claims satisfaction by J.D. Power. However, the company was ranked below average in the J.D. Power 2021 U.S. Insurance Shopping Study.

Farmers has a highly rated mobile app and offers a telematics program for drivers to save money. Beyond the standard coverage options, Farmers also offers rideshare coverage, new car replacement coverage, guaranteed-value coverage for classic cars, and more. Farmers also offers accident forgiveness and will forgive one accident for every three years without one.

Nationwide

Nationwide was founded in 1925 and is headquartered in Columbus, Ohio. The company offers a variety of insurance products, including, auto, life, and homeowners insurance, in addition to banking and investing products. Nationwide has superior financial strength ratings from several independent rating agencies.

However, Nationwide ranked below average in the J.D. Power 2021 U.S. Auto Claims Satisfaction Study and received the lowest score in the J.D. Power 2021 U.S. Insurance Shopping Study. On the positive side, Nationwide received fewer complaints than expected with the NAIC in 2021 given the company’s size.

Nationwide offers two telematics programs, one for safe driving and one for low-mileage drivers. You can also get classic car insurance from Nationwide. In addition to comprehensive and collision coverage, Nationwide also offers other add-ons, like roadside assistance and gap insurance. The company also provides several insurance discounts.

The Best Car Insurance Companies in 2022

Nationwide and Farmers were two of the best insurance companies we reviewed. Both are reputable companies with excellent financial strength ratings. In addition, both offer unique coverages that would especially appeal to owners of classic cars. Nationwide is also a great option for low-mileage drivers to save money.

Compare Farmers vs. Nationwide: Which Is Cheaper?

Nationwide is cheaper than Farmers on average. However, the two companies are very close in price. Farmers is cheaper than Nationwide for certain types of drivers, such as those with violations on their driving records. Farmers is also cheaper for low-mileage drivers and motorists in certain age groups.

The Cheapest Car Insurance Companies in 2022

Farmers and Nationwide are not the cheapest auto insurance companies we reviewed. In fact, both companies charge more than the industry average. For every type of driver, there’s another insurance company offering better average rates than Farmers or Nationwide.

Compare Farmers vs. Nationwide Car Insurance by Age

Age is an important factor when determining car insurance rates because it directly relates to your experience on the road. Teen drivers are more likely to be in an accident than any other age group, so teens pay the most for car insurance coverage. Drivers in their 50s and 60s pay the lowest rates, and there is typically an increase for older drivers.

Some companies offer discounts to offset age-related price hikes, like good student discounts or mature driver discounts. And every insurer will evaluate your age a little differently. Here’s what you can expect from Nationwide and Farmers based on your age group.

Nationwide is cheaper than Farmers on average for nearly every age group except drivers in their 30s. Farmers is especially expensive for teen drivers, charging $65 more per month on average than Nationwide. But keep in mind that car insurance companies consider more than just your age when setting your rates.

Compare Farmers vs. Nationwide Car Insurance by Gender

Auto insurance providers will also consider your gender when setting your premiums. Women tend to pay slightly less than men at any age, but especially in their teen years. That’s because teen males are more than twice as likely to be in a fatal crash as teen females. Here’s what Farmers and Nationwide are charging each gender on average.

Which is cheapest for men?

Nationwide is slightly cheaper than Farmers for men, but both companies cost more than the industry average. For example, Farmers is $27 more expensive per month than the industry average. By contrast, GEICO only charges $47 per month for men.

Which is cheapest for women?

Nationwide is about $8 cheaper than Farmers on average for women. However, both companies charge more than the industry average. Nationwide is $20 more than the industry average, while Farmers is $28 more than the industry average. Other companies charge women as little as $42 per month.

Compare Farmers vs. Nationwide Car Insurance by Mileage

When you apply for car insurance coverage, you provide your estimated mileage. This typically has a minimal impact on insurance premiums, but some companies offer lower rates to low-mileage drivers. You can usually get a bigger discount if you enroll in a usage-based program. Nationwide offers a program specifically for low-mileage drivers.

Which is cheapest for drivers with high mileage?

Nationwide is cheaper than Farmers by about $8 for high-mileage drivers, but both companies charge at least $20 more than the industry average. The cheapest companies for high-mileage drivers are USAA and GEICO.

Which is cheapest for drivers with low mileage?

For motorists who drive an estimated 5,000 miles per year, Farmers is the cheaper insurance company. For motorists who drive an estimated 10,000 miles per year, Nationwide offers cheaper rates. However, both companies charge at least $18 more than the industry average for low-mileage drivers.

Compare Farmers vs. Nationwide Car Insurance by Credit Score

Auto insurance companies in most states consider your credit-based insurance score, which is based on information in your credit report, when establishing your monthly premium. Unlike lenders, who are concerned about repayment, auto insurers are worried about the increased likelihood of claims-filing that is associated with poor credit.

In some states, such as California, this practice is prohibited. But in most places, drivers with poor credit will pay significantly higher rates for car insurance than drivers with excellent credit. Here’s what Farmers and Nationwide are charging policyholders based on their credit tier.

Which is cheapest for good credit?

Farmers is cheaper than Nationwide for drivers with good and excellent credit. Farmers charges especially generous rates for excellent credit but still costs $8 more than the industry average rate.

Which is cheapest for bad credit?

Farmers is cheaper for drivers with average credit, while Nationwide is cheaper for drivers with poor credit. Nationwide’s rates for poor credit are generous but still cost $5 more than the industry average. Neither company was able to beat the industry average for poor or average credit.

Compare Farmers vs. Nationwide Car Insurance by Driving Record

Another factor that indicates to insurers the likelihood that you’ll file a claim is your driving history. It shows whether you take precautions and drive safely. If you have violations like speeding tickets or DUIs on your record, that’s going to show your insurer that your driving behavior could get you into an accident.

Every insurer will evaluate your driving record a little differently, but in general, drivers with a clean record will get the best rates. Here’s what Farmers and Nationwide charge policyholders based on their driving history.

Which is cheapest for good drivers?

Farmers is more than $10 cheaper than Nationwide per month for drivers without any infractions on their records. However, neither company beats the industry average. Nationwide is $24 costlier than the industry average.

Which is cheapest after a speeding ticket?

Farmers is a few dollars cheaper than Nationwide for drivers who have been caught speeding, but the company still charges $25 more than the industry average. Meanwhile, Nationwide charges $28 more than the industry average.

Which is cheapest after an accident?

Nationwide hikes up rates for drivers who have caused crashes, and both companies charge more than the industry average. But Farmers is the cheaper of the two options, charging $27 less than Nationwide.

Which is cheapest after a DUI?

A DUI is a serious offense that requires your insurance company to file an SR-22 on your behalf, so most companies drive up rates for DUI drivers, but Farmers is particularly generous to motorists who have been caught driving under the influence. In fact, Farmers’ premiums are $22 less than the industry average. Meanwhile, Nationwide is more costly.

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

Farmers Discounts

• Multi-policy

• Multicar

• Signal (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 device, etc.)

Nationwide Discounts

• Multi-policy

• SmartRide (telematics)

• SmartMiles (telematics)

• Accident-free

• Good student

• Safe driver

• Defensive driver

• Paperless

• Autopay

• Anti-theft

Our Methodology and How We Compared Farmers and Nationwide

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.