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

Farmers vs. Travelers: A Summary

If you’ve been looking for a car insurance policy, two auto insurance companies you might be wondering about are Farmers and Travelers. Both are reputable providers serving customers across the United States. We’ll cover everything you need to know to compare them, but first, here’s how they differ in terms of average cost and our Insurify Composite Score.

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. In addition to auto insurance, the company offers business, life, and homeowners insurance to customers across the nation. Farmers has excellent financial strength ratings from multiple independent rating agencies, but many other auto insurance providers have better ratings.

While Farmers was ranked below average in the J.D. Power 2021 U.S. Insurance Shopping Study, the insurer was ranked above average specifically for insurance claims satisfaction. What’s more, Farmers had far fewer complaints with the NAIC in 2021 than expected given the company’s size. Farmers also has a highly rated, feature-packed mobile app.

In addition to common coverages like comprehensive and collision insurance, Farmers offers unique add-ons like rideshare coverage, guaranteed-value coverage for classic cars, new car replacement coverage, and more. Farmers will forgive one accident for every three years you go without one. And a telematics program provides opportunities for discounts as well.

Travelers

Travelers was founded in 1864 in Saint Paul, Minnesota. The company is the second-largest property and casualty insurer by market share and offers a variety of insurance products. These include car, home, renters, condo, and pet insurance. Travelers has superior financial strength ratings from multiple independent rating agencies.

Travelers was ranked below average in the J.D. Power 2021 U.S. Insurance Shopping Study and, unlike Farmers, was also ranked below average for claims satisfaction. Additionally, Travelers received about five times the number of complaints expected with the NAIC in 2021, indicating poor customer satisfaction with Travelers’ auto insurance products.

In addition to liability and full-coverage insurance, Travelers offers gap insurance, roadside assistance, rideshare coverage, new car replacement coverage, rental coverage, and named nonowner coverage. Accident forgiveness is an option as well. The company offers a variety of discounts to make coverage more affordable, including the IntelliDrive telematics program.

The Best Car Insurance Companies in 2022

Farmers and Travelers are two of the best insurance companies we reviewed. Either one would be a reliable choice, especially if you can get a low premium. However, there are other car insurance companies with better financial strength and customer satisfaction ratings available to you.

Compare Farmers vs. Travelers: Which Is Cheaper?

Travelers is cheaper than Farmers by about $37 per month on average. In some cases, the difference is even more significant. Travelers is cheaper than Farmers for every subset of drivers—policyholders pay more at Farmers regardless of age, credit score, and driving history. However, keep in mind that rates are also based on your location.

The Cheapest Car Insurance Companies in 2022

Travelers is one of the cheapest auto insurance providers we reviewed, with rates falling below the industry average for most types of drivers. And Farmers is not one of the cheapest insurance companies. Farmers’ premiums exceed the industry average for most types of drivers. There are also cheaper companies than Travelers, including GEICO and State Farm.

Compare Farmers vs. Travelers Car Insurance by Age

The younger you are, the more you’ll pay for car insurance. That’s because young drivers have so little experience on the road that their likelihood of filing a claim is much higher. For example, teens are more likely to be in a crash than any other age group, so they pay the highest car insurance rates. Drivers in their 50s and 60s, on the other hand, pay the lowest rates.

Some companies offer discounts that can help offset price hikes related to age, such as a good student discount for young drivers or a defensive driving course discount for older drivers. Every insurance provider also weighs age a little differently when determining rates. Here’s what Farmers and Travelers are charging policyholders on average based on their age.

Travelers is cheaper than Farmers for all age groups, but especially for teens. Teen policyholders at Farmers pay a whopping $119 more per month for insurance coverage than teen policyholders at Travelers. For most other age groups, premiums are about 21 to 35 percent cheaper at Travelers.

Compare Farmers vs. Travelers Car Insurance by Gender

Another factor car insurance companies consider when determining your rates is your gender. Women tend to pay slightly less than men in any age group, but the differences are more significant in the teen years because teen males are more than twice as likely to be in a fatal crash as teen females. Here’s what Farmers and Travelers are charging each group.

Which is cheapest for men?

Travelers is about $37 cheaper than Farmers and $10 cheaper than the industry average rate for men. Farmers, on the other hand, is $27 more expensive than the industry average rate for men.

Which is cheapest for women?

Travelers charges women policyholders $36 less than Farmers and beats the industry average rate by $8. Farmers, on the other hand, is $28 more costly than the industry average for women.

Compare Farmers vs. Travelers Car Insurance by Mileage

Your estimated annual mileage won’t impact your premium significantly, but some companies do reduce rates for low-mileage drivers. Most motorists can save more by enrolling in a telematics program that rewards you or discounts your policy based on your actual mileage. But if you’re curious to know what Farmers and Travelers charge based on mileage, average rates are below.

Which is cheapest for drivers with high mileage?

Travelers is cheaper than Farmers for high-mileage drivers. In fact, Travelers beats the industry average by $8 and is $36 cheaper than Farmers. Farmers exceeds the industry average by $28.

Which is cheapest for drivers with low mileage?

Travelers is also cheaper than Farmers for low-mileage drivers, even though Farmers reduces rates by an average of $10 for low-mileage drivers. Farmers is still at least $18 more than the industry average, while Travelers beats the industry average by $8.

Compare Farmers vs. Travelers Car Insurance by Credit Score

Since several studies have shown a correlation between bad credit and high claims-filing, auto insurance companies in most states rely on your credit-based insurance score to assess your risk. That score is based on information in your credit report, such as your payment history. Drivers with poor credit pay significantly higher rates for car insurance than those with excellent credit.

In some states, like California, the practice is prohibited altogether. And some insurance companies offer more generous rates to policyholders with poor credit than others. Here’s what you can expect from Farmers and Travelers.

Which is cheapest for good credit?

Travelers offers cheaper premiums for good and excellent credit than Farmers. Travelers’ rates also beat the industry average by at least $8. Farmers, on the other hand, is at least $8 more costly than the industry average.

Which is cheapest for bad credit?

Travelers offers lower premiums than Farmers for drivers with poor credit. Travelers also beats the industry average by at least $6. Farmers is at least $13 more expensive than the industry average rate.

Compare Farmers vs. Travelers Car Insurance by Driving Record

Your past accidents, speeding tickets, and other violations are indications of how likely you will be to file a claim in the future. That’s why car insurance companies are able to offer significantly lower rates to people with spotless records. Keep in mind that infractions do not stay on your record indefinitely, so you won’t always be haunted by your past mistakes.

For example, accidents typically fall off after three to five years. You can also offset price hikes from violations by taking a driving course or enrolling in a usage-based program to show your safe driving behavior. And you can always save by shopping around for car insurance since every company will weigh your driving history differently.

Here’s how Farmers and Travelers compare in terms of average monthly cost for drivers with different types of driving records.

Which is cheapest for good drivers?

Travelers takes the win here, charging $9 less than the industry average and $22 less than Farmers. Drivers without violations are more likely to find an affordable premium from Travelers than Farmers.

Which is cheapest after a speeding ticket?

Travelers hikes up prices for drivers who have been caught speeding. As a result, Travelers premiums are higher than the industry average for drivers with speeding tickets. However, Travelers is still $20 cheaper than Farmers.

Which is cheapest after an accident?

Travelers views at-fault accidents with more leniency than speeding tickets, charging $19 less than the industry average and $33 less than Farmers for drivers who have caused crashes.

Which is cheapest after a DUI?

Travelers and Farmers both offer generous rates to DUI drivers, given the severity of the offense. Both companies beat the industry average of $155. Travelers comes out cheaper in the end, charging DUI policyholders $15 less than Farmers. But other companies offer still cheaper average rates, including State Farm and Progressive.

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

Farmers Discounts

• Multi-policy

• Multicar

• Telematics program

• 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.)

Travelers Discounts

• Multi-policy

• Multicar

• Homeowner

• Safe driver

• Continuous insurance

• Electric/hybrid vehicle

• New car

• Autopay

• Full pay

• Good payer

• Early quote

• Good student

• Distant student

• Driver training discount

• Affinity

• Telematics

Our Methodology and How We Compared Farmers and Travelers

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.