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

Mercury vs. State Farm: A Summary

Mercury and State Farm are both great candidates for drivers looking to compare car insurance before buying a policy. While State Farm offers one of the lowest monthly premiums at $52 per month, both insurance companies have Insurify Composite Scores over 80.

Discover how both companies stack up against each other in the chart below.

Insurify Composite Score

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.

Mercury

Mercury insurance is based out of California and offers auto insurance coverage in 11 states, including New York, Florida, Texas, and Illinois. While the company only provides basic car insurance, it does give drivers additional options that many other insurance providers don’t, such as mileage-based insurance and mechanical protection insurance.

The company’s monthly premiums tend to be higher than other insurance companies. Still, it is a good option for high-risk drivers who have a hard time finding affordable coverage.

Overall, if you reside in one of the 11 states where Mercury is available, it wouldn’t be a bad idea to add it to your list of auto insurance providers to consider.

State Farm

State Farm is by far the largest auto insurer in the U.S. The National Association of Insurance Commissioners (NAIC) stated that in 2020 State Farm had captured more than 16 percent of the market share for private passenger auto insurance.

It is easy to see why many drivers choose State Farm over other insurance providers such as Mercury, Allstate, or GEICO. The company offers drivers a long list of discounts that help with lowering the already affordable premium rates. State Farm also provides a wide range of insurance products to add to your current coverage.

External Financial Strength Ratings

Even though both insurance companies rank well for financial stability, State Farm outdoes Mercury in every category. Customers looking for a company with a good reputation and strong financial ratings would be hard-pressed to find a better option than State Farm.

The Best Car Insurance Companies in 2022

Often, there isn’t one insurance company that is the best at everything. Most companies provide benefits that make them the best for specific types drivers. For instance, Mercury insurance has excellent face-to-face service, making them a great fit for drivers who want to use an agent. However, drivers who want cheap rates should request a quote from State Farm.

Compare Mercury vs. State Farm: Which Is Cheaper?

State Farm has Mercury beat in every category when it comes to affordable auto insurance policies. Not only is it almost $50 cheaper per month for standard coverage, but it is cheaper in every category. For example, an 18-year-old driver pays nearly $200 more per month if they buy their car insurance through Mercury compared to State Farm.

The Cheapest Car Insurance Companies in 2022

Mercury Insurance doesn’t make the list of cheapest car insurance companies for any subgroups, but State Farm is an excellent option for several categories. State Farm has the lowest average rates for drivers with excellent credit ratings and drivers with a DUI on their driving record.

Compare Mercury vs. State Farm Car Insurance by Age

Most insurance companies use a driver’s age to determine the price of premiums when setting rates. Often, younger drivers will have higher average monthly premiums than older drivers. The price difference is often a result of experience—the more experience a driver has behind the wheel, the less they usually pay for coverage.

Both Mercury and State Farm follow the same pattern and assign higher average rates to young drivers. For example, 18-year-olds pay almost four times as much for an auto insurance policy than 55-year-olds when purchasing through Mercury. While State Farm is a little better, younger drivers still pay roughly three times more for coverage.

Compare Mercury vs. State Farm Car Insurance by Gender

Gender statistics are often used by insurance providers when setting auto insurance rates. The data repeatedly shows that male drivers are more likely to be riskier behind the wheel than female drivers. Because of this increased risk, male drivers tend to have slightly higher monthly premiums.

While State Farm does follow this model and offers rates that are $3 less for female drivers, Mercury does not. In fact, on average male drivers pay $6 less for coverage each month.

Which is cheapest for men?

Male drivers looking for the cheapest rates should consider State Farm over Mercury. On average, men pay $45 less per month with State Farm than Mercury and $17 less per month than the national average.

Which is cheapest for women?

When comparing Mercury insurance to State Farm, there is no question which company offers the cheapest rate for women. State Farm policies are less than half the price of Mercury, with women paying an average of $50 per month for coverage. Out of the two, State Farm is also the only one to come in below the national average.

Compare Mercury vs. State Farm Car Insurance by Mileage

Depending on whom you get your auto insurance policy through, you may notice that you qualify for a discount based on the amount of mileage you drive. If you plan on using Mercury or State Farm, it is important to note that the average cost of a standard policy stays relatively the same regardless of how many miles you drive.

Mercury, however, does offer a mileage-based insurance policy that tends to help bring down the cost of coverage depending on how many miles you drive each year.

Which is cheapest for drivers with high mileage?

Drivers who intend on driving 15,000 to 20,000 miles a year should consider purchasing their insurance through State Farm. Not only is an average policy $54 less a month than a policy through Mercury, but it is also well below the national average.

Which is cheapest for drivers with low mileage?

Motorists who only use their vehicle occasionally and drive less than 10,000 miles per year should consider State Farm over Mercury insurance. State Farm insurance auto policies are typically around $50 per month, whereas a Mercury insurance policy is more than $100 each month.

Compare Mercury vs. State Farm Car Insurance by Credit Score

Your credit score can impact more than just your ability to get a loan or a credit card; it can even have a significant impact on your auto insurance rates. Most insurance providers see bad credit scores as a sign that a driver will take more risks behind the wheel and file more claims.

Mercury and State Farm showed an increase in the average quote when the driver applying for coverage had a poor credit score.

Which is cheapest for good credit?

If you have good credit and are looking for a company to purchase your auto insurance through, State Farm is one of the best options. It’s nearly $20 less than the insurance industry averages and also $50 less than Mercury insurance.

Which is cheapest for bad credit?

Mercury and State Farm charge significantly more than the national average to cover a driver with a lower credit score. Mercury charges $140 a month, while State Farm has an average of $116 for auto insurance.

Compare Mercury vs. State Farm Car Insurance by Driving Record

Insurance companies often use driving history and records to help set rates for motorists. Drivers who keep a clean record and avoid speeding or at-fault accidents are seen as safer to insure and often receive lower rates. However, those who have received a ticket or a DUI are considered risky and typically pay higher premiums.

Depending on the auto insurance company you decide to purchase through, having a clean record could entitle you to different discounts. Many insurance providers have a “safe driver” discount that helps lower your rates the longer you go without an accident or a ticket.

Mercury and State Farm reward drivers with a clean record, offering them the best rates. However, accidents and tickets both had a negative impact on average rates and caused the price to increase by more than $60 in some instances.

Which is cheapest for good drivers?

If you are a driver who has avoided tickets and accidents and maintained a clean driving record, then you should consider State Farm over Mercury insurance. Not only does State Farm’s coverage cost $53 cheaper per month on average, but it is also well below the national average by $17.

Which is cheapest after a speeding ticket?

If you find yourself with a speeding ticket, all hope is not lost—there are still affordable coverage options. If you choose State Farm, your rates typically only increase by $9 compared to a driver with a clean record. This is much lower than the increase with Mercury Insurance, which raises more than $20 if you receive a speeding ticket.

Which is cheapest after an accident?

Accidents happen all the time, and if you find yourself involved in one, it can significantly impact your monthly premiums. However, some insurance providers are more lenient than others when you have an accident on your driving record. For example, State Farm’s average auto insurance rates are around $64, while Mercury is much higher, at $164 per month.

Which is cheapest after a DUI?

Most insurance companies see DUIs as high-risk, which is why they tend to offer significantly higher rates compared to drivers with clean records. Although State Farm does have more expensive premiums, it is still considerably lower than Mercury and the national average.

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

Our Methodology and How We Compared Mercury 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.