Compare Foremost Signature vs. State Farm: Quotes, Discounts (2023)

Foremost Signature vs. State Farm: A Summary

Foremost Signature is a leading midsize specialty insurance company focusing on high-risk drivers. And State Farm is the top car insurance provider in the nation and has been the leader for three-quarters of a century. Both companies have advantages and drawbacks, so we tested them to help you compare car insurance providers and choose the right one.

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.

Foremost Signature

Foremost Insurance Company started in Grand Rapids, Michigan, in 1952. Since its humble beginnings, the company has expanded into many product lines. In 2000, the insurer joined the Farmers Insurance Group of Companies and now offers car insurance to high-risk drivers and those with less-than-ideal records through its sister company, Bristol West.

State Farm

Millions across the country trust State Farm with their car insurance. The company couples many discounts and ways to save with robust insurance coverage options to satisfy its policyholders. Its customers enjoy perks such as a mobile app, roadside assistance with towing, and telematics programs that reward safe driving habits.

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Foremost locked in the number six spot because of its best-in-class hassle-free claims process. While the list left out State Farm, the company provides excellent ridesharing coverage. Also, Uber and Lyft drivers get the best possible rate and preserve more of the earnings from their side-hustles. Furthermore, both insurers let policyholders customize coverage limits to their liking.

Compare Foremost Signature vs. State Farm: Which Is Cheaper?

State Farm is the clear winner, with lower rates across every evaluated category. In particular, based on the average prices, Foremost’s monthly premium is $128, and State Farm’s monthly cost is $52. Some quick math shows that Foremost’s insurance policies are roughly two and a half times more costly than State Farm’s.

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State Farm’s outstanding low prices are one reason it has been America’s number one car insurance provider since 1942. On the contrary, Foremost would claim that its primary audience is high-risk drivers, those who are mainly concerned with finding coverage. Because Foremost’s clients tend to present challenges to traditional insurers, its pricing corresponds to the segment it serves.

Compare Foremost Signature vs. State Farm Car Insurance by Age

Age plays a significant role in the cost listed on your insurance quote because insurance agents and companies understand that experienced drivers are typically safer drivers. As a result, teens and drivers under the age of 25 pay the highest auto insurance rates, while customers with decades of driving experience spend a fraction of what young folks fork over.

When you glance at the table below, you’ll note that Foremost and State Farm rates decrease with age until the driver reaches their 60s. And drivers in their 50s receive the most satisfactory premiums from both insurers. Then, as they proceed to their golden years, prices rise slightly. Foremost’s lowest price is $109, and State Farm’s lowest rate is $43.

Compare Foremost Signature vs. State Farm Car Insurance by Gender

Your gender can also alter your car insurance premiums. Typically, the variation in auto insurance prices between the sexes is minor. However, it may be more pronounced with some insurance providers. Since younger males are statistically riskier drivers than females, companies charge them somewhat more to compensate for the increased risk.

Foremost bills men two percent more than women, a difference of $2 per month But State Farm raises the price for men by eight percent. Because State Farm’s overall rates are substantially cheaper, the increase is just $4 per month. State Farm also outperformed the national average for both genders. At the same time, Foremost ends up one and a half times costlier.

Which is cheapest for men?

State Farm is the one to choose for men. State Farm is 58 percent less expensive than Foremost, at $54 per month, translating to $75 in monthly savings and a whopping $900 per year. Men with a snug grip on their wallets will have a hard time choosing Foremost when State Farm trumps the company and the national average by such vast amounts.

Which is cheapest for women?

Women looking for low-cost auto insurance should fix their eyes on State Farm. State Farm outdoes the $78 national average by $28 per month, which means women can lock in a price that is about half of Foremost’s $127 fee. The annual savings from choosing State Farm instead of Foremost amount to $924.

Compare Foremost Signature vs. State Farm Car Insurance by Mileage

High yearly mileage will increase your car premiums—at least, with some auto insurance providers. Furthermore, the price goes up because car insurance companies and their underwriting teams compute your premiums by examining risk factors. And driving a lot of miles is one variable that increases your probability of getting in a car accident.

You’ll hand over nearly the same amount at Foremost and State Farm regardless of the miles put on your odometer. Drivers at Foremost see a maximum cost difference of just $2 on average. At State Farm, the price gap was a single dollar.

Which is cheapest for drivers with high mileage?

State Farm is a considerably better pick than both Foremost and the national average if you put miles on your odometer. Drivers who land at the high-mileage level will shell out 154 percent more cash at Foremost.

Which is cheapest for drivers with low mileage?

Once again, State Farm is the apparent victor. State Farm is significantly less expensive than the national average at both mileage levels. And it costs less than half the price of Foremost. Choosing State Farm instead of Foremost could produce yearly savings of $888.

Compare Foremost Signature vs. State Farm Car Insurance by Credit Score

Drivers with stellar credit typically have the lowest auto insurance rates, and people with average or poor credit have fewer options for low-cost insurance. Credit score is a factor in every state except California, Hawaii, and Massachusetts, where using credit scores for car insurance is prohibited. However, even if your credit is less than ideal, you can find reasonable rates at Insurify.

Both companies’ data follow the same pattern. Drivers with excellent credit receive the lowest rate, and the price rises as credit scores decline. State Farm has the most dramatic increases. Those with poor credit pay rates three times more than the prices for drivers with excellent credit. Even so, Foremost is still the more expensive insurer.

Which is cheapest for good credit?

If you have outstanding credit, State Farm is the provider to choose. At State Farm, drivers with excellent or good credit save over 25 percent versus the national average. In addition, when you compare State Farm’s prices to Foremost’s, you could save a minimum of $69 per month, resulting in an annual price reduction of $828.

Which is cheapest for bad credit?

If you’re working on your score, try State Farm. State Farm’s prices for those with average credit represent $74 per month, or $888 annually, in savings versus Foremost. Notably, State Farm’s $117 price tag is still $45 per month cheaper than Foremost if you have poor credit.

Compare Foremost Signature vs. State Farm Car Insurance by Driving Record

Insurance companies will initially look at your past three or five years to decide how to set your auto insurance premiums. An accident-free driving history will always get you the best insurance prices. On the other hand, a single speeding citation, collision, or DUI will almost certainly raise your premiums above what you would spend with a clean record.

Finding fair pricing gets much more challenging once you have a less-than-perfect driving record. Fortunately, insurance companies such as State Farm provide competitive prices even if your history contains a blemish or two. For instance, State Farm slides under the national average in all four scenarios below. But Foremost is pricier than the national average.

Which is cheapest for good drivers?

Drivers with clean histories should probably select State Farm and save up to $74 monthly, or $888 per year, versus Foremost. By contrast, Foremost’s $125 per month tops the national average by $58, resulting in an annual price hike of $696. For drivers searching for rock-bottom rates, the gap is so stark that it’s difficult to recommend Foremost over State Farm.

Which is cheapest after a speeding ticket?

Even if you get a speeding violation, State Farm is $29 per month less expensive than the national average. If you have a speeding ticket, Foremost’s $157 is almost double the $88 national average. Based on these figures, State Farm is the proper choice. Anyone with a speeding violation should zoom right over to the “neighborly” insurance company.

Which is cheapest after an accident?

Despite focusing on high-risk drivers, Foremost could not compete with State Farm’s bargain pricing. State Farm’s $65 per month car insurance rate could save its customers $165 monthly versus Foremost, amounting to a phenomenal $1,980 per year. Furthermore, State Farm outmatches its rivals since its rate is two-thirds of the national average.

Which is cheapest after a DUI?

A DUI can drastically influence the price of your car insurance, producing some of the highest average rates across the board. Luckily, both Foremost Signature and State Farm come in under the national average of $155. However, customers looking for the lowest overall price should go with State Farm’s $75 rate.

Foremost Signature vs. State Farm Car Insurance: What discounts does each offer?

Foremost Signature Discounts

• Electronic payment

• Go paperless

• Homeowner

• Multi-policy (bundling your car insurance with other insurance products like homeowners insurance, renters insurance, motorcycle insurance, or life insurance)

• Multi-vehicle

• Pay in full

• Preferred driver

• Safe driver

State Farm Discounts

• Accident-free

• Antilock brake

• Anti-theft

• Defensive driving course

• Drive Safe & Save

• Good credit

• Good driver

• Low mileage

• Multiple auto/multi-car

• Multiple line/multi-policy

• New car

• Passive restraint

• teenSMART

• Steer Clear

• Vehicle safety ratings

Our Methodology and How We Compared Foremost Signature and State Farm

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.