Farmers vs. Travelers Car Insurance: Expert Recommended (2023)

In the dynamic landscape of car insurance, this article meticulously dissects the offerings, rates, and customer satisfaction of Farmers and Travelers, providing a comprehensive comparison to empower you in making an informed decision about your auto insurance provider.

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Chris Abrams

Licensed Life Insurance Agent

Chris is the founder of Abrams Insurance Solutions and Marcan Insurance, which provide personal financial analysis and planning services for families and small businesses across the U.S. His companies represent nearly 100 of the top-rated insurance companies. Chris has been a licensed life and health insurance agent since 2009 and has active insurance licenses in all 50 U.S. states and D.C. Chr...

Licensed Life Insurance Agent

Kristen Gryglik

Licensed Insurance Agent

Kristen is a licensed insurance agent working in the greater Boston area. She has over 20 years of experience counseling individuals and businesses on which insurance policies best fit their needs and budgets. She knows everyone has their own unique needs and circumstances, and she is passionate about counseling others on which policy is right for them. Licensed in Massachusetts, New Hampshire,...

Licensed Insurance Agent

UPDATED: Nov 27, 2023

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Navigating the intricacies of car insurance rates demands a nuanced understanding of various factors. As we delve into the data, it becomes clear that Farmers and Travelers cater to different needs, with subtle nuances influencing rates. From credit scores to mileage, coverage levels to driving records, our analysis unravels the optimal choices for distinct customer profiles. Whether you prioritize cost-effectiveness, comprehensive coverage, or specific discounts, our subheadings succinctly illuminate the path, ensuring you pinpoint the insurance provider tailored to your unique circumstances. This insightful guide is your compass through the complex terrain of car insurance, revealing the advantageous rates each company offers across diverse customer scenarios.

FactorFarmersTravelers
Clean Record$139$99
1+ Ticket$173$134
1+ Accident$198$139
DUI$193$206
Poor Credit$239$170

*monthly rates are based on an average of minimum and full coverage for a 45-year-old male driver

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DiscountFarmersTravelers
Anti Theft15%23%
Good Student10%10%
Low Mileage10%5%
Paperless10%3%
Safe Driver5%15%
Senior Driver15%8%

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Farmers Car Insurance

Pros:

  • Market Share: Farmers has a larger market share.
  • Coverage Options: Farmers provides extensive coverage options, offering exclusive coverage for its customers.
  • Bundling Discounts: In some scenarios, Farmers may offer lower monthly premiums when bundling with homeowners or renters insurance.
  • Discounts: Farmers offers a variety of discounts, potentially providing substantial savings, especially for good credit scores.

Cons:

  • Premiums: Farmers’ national average premium is $212 per month, which may be higher compared to Travelers.
  • Customer Reviews: Reviews indicate a mixed customer satisfaction level.

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Travelers Car Insurance

Pros:

  • Premiums: Travelers has a lower national average premium of $181 per month.
  • Financial Strength: Travelers has better financial strength and credit ratings according to AM Best, Moody’s, and S&P.
  • Customer Satisfaction: Higher customer satisfaction scores under NAIC and Consumer Reports.
  • Mobile App (iOS): Travelers has a better customer experience on Apple’s iOS.

Cons:

  • Market Share: Travelers has a smaller market share.
  • Coverage Options: While less expensive, Travelers may offer fewer coverage options compared to Farmers.
  • Discounts: Travelers has fewer discounts than Farmers.
  • Customer Reviews: Despite lower premiums, Travelers has more cons than pros according to reviews.

Choosing the Best Car Insurance Company

After a thorough analysis of both Farmers and Travelers car insurance, one company emerges as the stronger choice overall: Farmers. Here are the reasons why Farmers stands out:

Extensive Coverage: While Travelers may have slightly lower premiums, Farmers excels in providing a comprehensive range of coverage options. The additional coverage choices ensure that policyholders have the flexibility to tailor their insurance to specific needs.

Bundling Discounts: Farmers stands out when it comes to bundling discounts, potentially leading to substantial savings when combining auto insurance with homeowners or renters coverage. This is a crucial factor for those looking to maximize their discounts and overall insurance cost-effectiveness.

Diverse Discounts: Farmers offers a variety of discounts, including those for good credit scores. The potential for substantial discounts based on individual circumstances provides an advantage for those seeking to reduce their insurance costs.

Market Share: Farmers boasts a larger market share, indicating a higher level of trust and popularity among consumers.

While Travelers may offer lower average premiums, the combination of Farmers’ broader coverage options and discount opportunities makes it the preferred choice for those seeking a well-rounded and customizable car insurance experience.

Farmers vs. Travelers Car Insurance: Which company is the cheapest?

You may have gotten an idea about which company is cheaper through the internet or word-of-mouth reviews. Before you talk about how much you can spend on Farmers and Travelers auto insurance each month, let’s look at our contenders and see how they match up.

Farmers vs. Travelers Summary
SummaryFarmers Car Insurance StatsTravelers Car Insurance Stats
Year Founded19281853
Headquarters6301 Owensmouth Avenue Woodland Hills, CA 91367One Tower Square Hartford, CT 06183
Available in how many states?All StatesAll States
Direct Premiums$10.7 Billion$5.5 Billion
Market Share4%2%

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Both companies provide widespread coverage, but Farmers has an earning and market share advantage. Don’t count out Travelers just yet. Keep reading to see how these two companies compare across the United States.

To get a closer look at both companies, check out our Farmers Insurance Group review and Travelers car insurance review.

Which is cheapest by state?

A significant factor when determining auto insurance is location. Different statistics, such as high crime rates and crash data, can affect your rates. So what does Farmers and Travelers car insurance look like when you compare them by state. Let’s review the effects below. Type in your state to see if there are available rates.

Average Monthly Farmers vs. Travelers Car Insurance Rates by State
StatesAverage Monthly Farmers Car Insurance RatesAverage Monthly Travelers Car Insurance Rates
AlaskaData Not AvailableData Not Available
Alabama$349$308
Arkansas$355$498
Arizona$417$257
California$417$279
Colorado$441Data Not Available
ConnecticutData Not Available$500
District of ColumbiaData Not AvailableData Not Available
DelawareData Not Available$349
FloridaData Not AvailableData Not Available
GeorgiaData Not AvailableData Not Available
Hawaii$397Data Not Available
Iowa$203$452
Idaho$264$269
Illinois$384$208
Indiana$286$283
Kansas$309$362
KentuckyData Not Available$546
LouisianaData Not AvailableData Not Available
Maine$231$188
MarylandData Not AvailableData Not Available
MassachusettsData Not Available$295
Michigan$709$731
Minnesota$261Data Not Available
Missouri$359Data Not Available
MississippiData Not Available$311
Montana$326Data Not Available
North CarolinaData Not Available$261
North Dakota$258Data Not Available
Nebraska$333Data Not Available
New HampshireData Not AvailableData Not Available
New Jersey$635$355
New Mexico$360Data Not Available
Nevada$466$447
New YorkData Not Available$382
Ohio$285$261
Oklahoma$345Data Not Available
Oregon$313$241
PennsylvaniaData Not Available$654
Rhode IslandData Not Available$576
South Carolina$391Data Not Available
South Dakota$314Data Not Available
Tennessee$286$228
TexasData Not AvailableData Not Available
Utah$326Data Not Available
VirginiaData Not AvailableData Not Available
VermontData Not AvailableData Not Available
Washington$247Data Not Available
West VirginiaData Not AvailableData Not Available
Wisconsin$315Data Not Available
Wyoming$256Data Not Available

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The monthly premiums fluctuate by state. However, Farmers has a national average premium of $212 per month, while Travelers has an average insurance premium of $181 per month. Therefore, Travelers wins as the cheapest company by state.

Which is cheapest by vehicle?

When searching for cheap insurance rates, another significant factor that impacts your car insurance policy is the vehicle you drive. When you insure more than one vehicle, you could drive up your annual rates. Let’s see Farmers’ and Travelers’ responses through monthly costs.

Average Monthly Farmers vs. Travelers Car Insurance by Number of Vehicles
Number of VehiclesMonthly Farmers Car Insurance RatesMonthly Travelers Car Insurance Rates
1 Vehicle$261$170
2 Vehicles$347$212
3 Vehicles$646$341
4 Vehicles$864$396

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Travelers auto insurance rates are more cost-efficient. However, your rates could see a slight decrease if you qualify for a multi-vehicle and multi-driver discount.

Which is cheapest when bundling homeowners and renters insurance?

If you’re thinking about getting homeowners or renter insurance, try adding it to your overall insurance bill to save a few dollars on your monthly rates.

Adding another insurance service to your car insurance bill is called bundling. It can save you at least 12% on auto insurance. When looked at over a year’s time, this can add up to real savings on your annual premiums. What does that number look like for Farmers’ and Travelers’ monthly premiums? Let’s look at the rates.

Average Monthly Farmers vs. Travelers by Bundling Homeowners and Renters Insurance
Own/Rent SummaryMonthly Farmers Car Insurance RatesMonthly Travelers Car Insurance Rates
Own$286$162
Rent$280$187

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In some scenarios, you could pay less per month at Farmers. However, Travelers auto insurance rates show a consistent decrease.

Which is cheapest by driving record?

Maintaining a clean driving record is a sure way to keep your auto insurance costs low. This is important because car insurance companies look back at your driving record for up to three years. By then, minor traffic violations should be gone. However, DUIs and reckless driving convictions may stick around for a while and impact your rates.

Let’s see how Farmers and Travelers determine your car insurance based on your driving record.

Average Monthly Farmers vs. Travelers Car Insurance Rates by Driving Records
Driving Record SummaryFarmers Monthly Car Insurance RatesTravelers Monthly Car Insurance Rates
Clean Driving Record$288$287
With One Speeding Violation$340$355
With One Accident$377$357
With One DUI$393$478

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Under a clean driving record and one accident, Travelers offers cheaper rates. However, Farmers has a more affordable rate for drivers with one speeding violation and others with one DUI.

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Farmers vs. Travelers Car Insurance Coverages

Cheap rates can work wonders for your finances, but what if those low prices don’t provide enough coverage? Let’s compare Farmers and Travelers and see which company has more coverage options.

Comparing Farmers and Travelers Car Insurance Coverages
Farmers Car Insurance CoveragesTravelers Car Insurance Coverages
LiabilityLiability Coverage
CollisionComprehensive Coverage
ComprehensiveCollision Coverage
Uninsured / Underinsured MotoristPersonal Injury Protection
Medical PaymentsUninsured/Underinsured Motorist Coverage
Personal Injury Protection (PIP)Medical Payments Coverage
Towing and roadside serviceLoan/Lease Gap Insurance
Rental Car ReimbursementRental Coverage
RideshareRoadside Assistance
Loss of UseNew Car Replacement
Guaranteed Value™Accident Forgiveness
Customized EquipmentRide Sharing
Personal UmbrellaUmbrella Insurance
Glass Deductible Buyback
Full Windshield and Glass Coverage
Spare Parts Coverage
Original Equipment Manufacturer (OEM)
New Car Replacement Coverage
Accident Forgiveness
Classic/Antique Car Coverage

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Although Travelers is less expensive, Farmers wins the coverage option battle. Farmers has matched Travelers coverage against coverage and even provides exclusive coverage for its customers.

Farmers vs. Travelers Car Insurance: Who has more discounts?

We talked a little about discounts in the previous sections, but we didn’t mention all discounts. Let’s compare Farmers and Travelers other discounts that you can qualify for.

Read more: What discounts are available for Travelers car insurance customers?

Comparing Farmers and Travelers Car Insurance Discounts
Car Insurance Discount NameFarmers Discount ValuesTravelers Discount Values
Affinity group discountVariesN/A
Anti-lock Brake DiscountVariesN/A
Anti-Theft Device DiscountVariesN/A
Claims Free Renewal DiscountVariesN/A
Continuous Coverage DiscountN/A15%
Daytime Running Lights DiscountVariesN/A
Defensive Driver DiscountVaries8%
Driving Habits DiscountVariesN/A
Driving training discountVaries8%
Early Quote DiscountVaries10%
E-billing DiscountVariesN/A
Electronic Stability ControlVariesN/A
EV/Hybrid Discount5%N/A
Family DiscountVariesN/A
Good Driver DiscountVariesN/A
Good Payer DiscountVaries15%
Good Student DiscountVaries8%
Home Owner DiscountVaries5%
Hybrid/Electric Vehicle DiscountN/A10%
Low Mileage DiscountN/AVaries
Loyalty DiscountVariesN/A
Mature driver discountVariesN/A
Military DiscountVariesN/A
Multiple Policy Discount10%13%
Multiple Vehicle DiscountVaries8%
New Car DiscountN/A10%
No lapse in coverage discountN/AVaries
On Your Own DiscountVariesN/A
Organization DiscountVariesN/A
Paid in full discountVaries8%
Paperless documents discountVariesN/A
Passive Restraint DiscountVariesN/A
Preferred payment discountVaries3%
Prepay DiscountVariesN/A
Professional organization discountVariesN/A
Provider Switch DiscountVariesN/A
Safe Driver DiscountN/A23%
Senior Adult DiscountVariesN/A
Student Away at School DiscountVaries7%
teenSMART DiscountVariesN/A
VIN EtchingVariesN/A
Youth Driving DiscountVariesN/A

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Farmers have more discounts than Travelers, but all of Farmers’ discount values depend on specific circumstances. To get an absolute value, you’ll have to contact a Farmers insurance agent.

https://youtu.be/VV_zX8m9ZLY

You can get a massive discount if you have a good credit score. According to Experian, auto insurance companies issue cheaper rates to customers who have good or excellent credit. Why? Credit score correlates to risk. Therefore, a good credit score translates to less likely to file a claim.

However, customers with poor credit will likely receive higher auto insurance rates because they correlate to higher chances of filing a claim.

Read more:

Farmers vs. Travelers Car Insurance Reviews

Why are reviews critical to the customer experience? Reviews can show you how a company performs and how it treats customers. We recommend that all shoppers check out the reviews before making a final decision.

We happen to have a few reviews for you in the subsections below. Our reviews include pros, cons, financial strength ratings, customer satisfaction ratings, and mobile app ratings.

Financial Strength and Credit Ratings

If you want to see the most reliable ratings, check out the ratings from financial strength and credit rating agencies. We located the best rating agencies and compiled their results. Let’s examine them.

Farmers vs. Travelers Financial Strength and Credit Ratings
AgenciesFarmers RatingsTravelers Ratings
AM BestAA++
Better Business Bureau (BBB)A+A+
Moody'sA2Aa2
S&PAAA
NAIC Complaint Index1.080.32
J.D. Power - Power Circle RatingsAbout AverageAbout Average
Consumer Reports8990

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AM Best, Moody’s, and S&P judges the financial strength of both companies. Based on their ratings, Travelers has a better economic outlook than Farmers. The BBB, NAIC, J.D. Power, and Consumer Reports show customer satisfaction scores. Under the BBB and J.D. Power, Farmers and Travelers have the same score.

However, Travelers has a better customer satisfaction score under NAIC and Consumer Reports.

Mobile App Ratings

The best insurance companies have invested in mobile apps. Why? Smartphones are more than just a trendy craze – they’re essential to our day-to-day lives. Therefore, the customer experience on a smartphone is just as necessary as any other ratings. We researched the web and found the latest mobile app ratings of Farmers and Travelers.

Farmers vs. Travelers Mobile App Ratings
Smart Device Stores/SystemsFarmers Mobile App Star RatingsTravelers Mobile App Star Ratings
Apple App Store (iOS)5 stars2 stars
Google Play Store (Android)4 stars4 stars

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Although Farmers and Travelers have the same score on Android’s Google Play Store, Farmers has a better customer experience on Apple’s iOS.

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Claims Process: Farmers vs. Travelers Car Insurance

Ease of Filing a Claim (online, over the phone, mobile apps)

Farmers vs. Travelers car insurance provides customers with multiple options for filing claims. Both companies offer online claim filing through their respective websites and mobile apps, providing a convenient and user-friendly process. Customers can also file claims over the phone, ensuring flexibility in reporting accidents or incidents.

Average Claim Processing Time

The average claim processing time can be a crucial factor for car insurance customers. While specific processing times may vary depending on the nature and complexity of each claim, Farmers and Travelers aim to expedite the process and settle claims as quickly as possible.

It’s advisable for policyholders to reach out to their respective insurers for detailed information on claim processing times.

Customer Feedback on Claim Resolutions and Payouts

Customer feedback is invaluable when assessing the quality of an insurance company’s claim resolutions and payouts. Both Farmers and Travelers have received reviews and ratings from policyholders regarding their claim experiences.

Policyholders can research and review customer feedback to gain insights into how each company handles claims, including the fairness and timeliness of payouts.

Digital and Technological Features: Farmers vs. Travelers Car Insurance

Mobile App Features and Functionality

Farmers and Travelers offer mobile apps with a range of features designed to enhance the customer experience.

These apps allow policyholders to access their insurance information, make payments, view policy documents, and even report and track claims directly from their smartphones. Users can explore the functionalities of each app to determine which best suits their needs.

Online Account Management Capabilities

Both Farmers and Travelers provide online account management capabilities through their websites. Policyholders can log in to their accounts to review policy details, make policy changes, and manage billing and payment preferences. The online platforms offer convenience and accessibility for policyholders to stay informed and in control of their insurance policies.

Digital Tools and Resources

In addition to mobile apps and online account management, Farmers and Travelers offer various digital tools and resources to assist customers in making informed decisions about their car insurance. These resources may include insurance calculators, educational materials, and informative blog articles.

Policyholders can explore these digital resources to better understand their coverage options and make informed choices.

Farmers vs. Travelers Car Insurance: The Bottom Line

Travelers is a cheaper company with better financial strength and credit ratings. However, Farmers has Travelers beat in direct premiums and market share. It all boils down to what you need. To compare companies outside of the Farmers vs. Travelers car insurance guide, enter your ZIP code in the free online quote tool.

Frequently Asked Questions

What is Farmers car insurance?

Farmers is a car insurance company that provides coverage for vehicles, property, and liability. They offer a variety of insurance products, including liability insurance, collision coverage, and comprehensive coverage.

What is Travelers car insurance?

Travelers is a car insurance company that provides coverage for vehicles, property, and liability. They offer a variety of insurance products, including liability insurance, collision coverage, and comprehensive coverage.

Can I get a quote for car insurance from both Farmers and Travelers?

Yes, you can get a quote for car insurance from both Farmers and Travelers by visiting their websites or contacting their customer service representatives.

Can I customize my car insurance policy with Farmers or Travelers?

Yes, both Farmers and Travelers allow policyholders to customize their car insurance policies to meet their specific needs and preferences.

Can I bundle my car insurance with other insurance products with Farmers or Travelers?

Yes, both Farmers and Travelers allow policyholders to bundle their car insurance with other insurance products, such as homeowners or renters insurance, for potential discounts.

Do Farmers and Travelers offer 24/7 customer service for car insurance?

Yes, both Farmers and Travelers offer 24/7 customer service for car insurance, so policyholders can get help at any time of the day or night.

Can I manage my car insurance policy online with Farmers or Travelers?

Yes, both Farmers and Travelers allow policyholders to manage their car insurance policies online through their respective websites or mobile apps.

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