You've likely heard of Farmers insurance online or through their television or radio ads. But does this popular insurance really stand up to its claims? As the sixth largest personal insurance carrier in the U.S., Farmers is a brand with a great deal of history and experience.We dug deeper to determine what Farmers has to offer and whether or not their insurance is worth it. Here's what we discovered:
What is Farmers Insurance?
Farmers Insurance was started by two men, John Tyler and Thomas Leavey, who learned from personal experience that farmers and ranchers naturally had fewer risks to their vehicles and received preferred rates from insurance companies. Using their own money, they opened Farmers Insurance in a one-room office in downtown Los Angeles in 1928 – a year before the Great Depression.
Even when the Great Depression began, Farmers was one of the few companies that paid its customers' claims in cash rather than IOUs. Decades later, Farmers Insurance was able to flourish and grow its product line to include auto coverage, life insurance and much more. They also support various local communities and national sports.
What are the Products and Services Farmers Insurance Offers?
Farmers Insurance offers a wide variety of products for every stage in your life, as well as those of your family. Many of the plans are customizable with additional features that can help protect the things that traditional insurance plans do not. See more details about their insurance and related products below:
Farmers Home Insurance
Home insurance is one of the products that Farmers is best known for – attending to natural crises such as major hurricanes, earthquakes and floods across the country.
Homeowners coverage helps you protect your investments including property and possessions.It is most commonly needed in the event of a fire, theft or storm damage. Earthquakes and floods aren't covered under standard homeowners insurance with Farmers, but there are optional coverages available if you wish to add these to your homeowners insurance.
What many people don't know, however, is that homeowners insurance can also help protect your assets if you're sued for alleged negligence that caused an accident which resulted in property damage or injury. Some of the things to consider when choosing home insurance include:
- The value of your home and property
- The value of your liability coverage
- The value of unique or expensive items
A Farmers insurance agent can work with you to estimate costs for these points, as well as including Personal Article Floaters which add increased limits or additional coverage to items that are unique or of special value.
What Does Farmers Homeowners Insurance Cover?
Farmers home insurance covers your home and personal property from damage and loss resulting from:
- Water or steam
- Hot water heating systems/water heater/steam
- Windstorm or hail
- Civil disorders and riots
- Falling objects
- Sudden and accidental smoke damage
- Weight of snow, ice or sleet
- Artificially-generated electrical currents
- Freezing of plumbing, heating, air conditioning, fire protection systems or appliances
Farmers home insurance also covers other structures on your property such as fences and sheds. If a tree, plant, shrub or lawn is damaged due to a covered loss, Farmers will reimburse up to $750 per item (up to a maximum of 5% of your home's coverage). Keep in mind this only applies to damages in case of covered loss (such as a fire, or a car crash on your lawn) and not due to natural causes like wind.
Homeowners insurance also covers some of your possessions, such as art, jewelry, valuable papers (passports, deeds, securities), and so on. Should you have any questions about specific items that are covered or not covered, it's a good idea to speak with your local agent directly.
Apartment (Renters) Insurance
Many tenants don't think they own as much as they do – but if you were to lose it all today, how much would it cost to replace?Think about things like your furniture, electronics, clothing, appliances and jewelry, as well as any books, art or musical instruments.
It all adds up quickly! And what if someone is injured on your property and sues you for negligence?It could be something as simple and innocent as leaving a pair of shoes in the stairwell and having a guest trip and fall over them.Renters insurance can help cover these things and more. If your rented home is even in need of serious repairs (where you're unable to live there), Farmers covers the reasonable and necessary increase in living expenses (housing, food and so on) that you may suddenly have to deal with.
Condos and Mobile Home Insurance
For condos, many associations have some basic form of insurance policy in place, which may lead you to believe that you don't actually need condo insurance – but you should, since this insurance can cover things that the association's insurance does not, such as accidental damage to any improvements you make in your unit.
Condo coverage can also include your personal belongings (up to your policy limits) and can protect your assets from liability claims as well.
Mobile homes and manufactured homes are different than traditional homes, which is why Farmers has crafted policies designed to help the mobile homeowner. Mobile home coverage covers most direct, sudden and accidental incidents as well as liability coverage. There are also many customization options so you can protect against things such as debris removal, food spoilage, trees, shrubs, plants, and additional living expenses. /p>
The rates for your homeowner's insurance will depend on several factors, including where you live, your location's propensity for things like fire, theft and floods, your personal assets, property size and much more.The only way to truly know how much homeowners insurance will cost with Farmers is to get a free quote. Your local agent can also tailor your insurance and customize different options to suit your needs.
If you choose to bundle your car and home insurance with Farmers, you'll save on both.Certain renovations, like a new roof, can also get you a discount, as can installing theft-deterrents or being a non-smoker.You may wish to upgrade to Farmers "Smart Homeowners Policy" which is an upgrade from the basic policy that includes claim forgiveness (waiving the surcharge if you go six or more years without filing a claim) and cosmetic damage coverage.
Other options you can add to your policy (depending on if its available in your state) include:
- Identity theft - (add on coverage for $65 or less per year that turns on credit monitoring and the replacement of identity or travel documents)
- Eco-rebuild – Up to $25,000 for extra costs to repair, replace or rebuild your home using eco-friendly materials after filing a claim
- Contents replacement – If an item in your home is damaged or destroyed, you receive reimbursement for the value of a new one
- Trees and shrubs – up to $750 per item if your trees, shrubs, plant or lawn are damaged.
What People Say About Farmers Home Insurance
Farmers prides itself on its quick response to homeowners who have had their lives turned upside down due to sudden crises such as storms and earthquakes. Farmers also offers a host of unique options for homeowners to further customize their policy and even covers specialty homes, mobile and manufactured homes.
Where Farmers Home Insurance tends to fall short, however, is with its customer service. Many people report that the efficiency with which their claim is processed is highly dependent upon the agent handling the policy.You'll want to check carefully to determine if the Farmers agent in your area is someone that is reliable and can be depended upon should you have questions or need to file or update a claim.
Farmers Auto Insurance
Farmers is perhaps best known for its auto coverage. Like its homeowners insurance, Farmers car insurance can be customized with a wide array of options.By understanding the most common types of car insurance, you'll be able to tailor a plan to fit your needs and budget:
There are actually two kinds of liability insurance coverage – coverage for bodily injury and coverage for personal property. Most states require you to carry this kind of insurance as a minimum. If you're liable for damages, liability coverage helps pay for them. It helps pay for someone's medical expenses, personal injury and/or property damage if an accident is found to be your fault.
Collision insurance helps cover the damages to your car in the event that you hit something like another vehicle, a guard rail, lamp post of telephone pole.
Comprehensive coverage helps cover the losses to your car in the event of damages other than an accident – things like vandalism, riots, hail, fire, theft and animal collisions.
New Car Replacement
The New Car Pledge® is a guarantee from Farmers for newly-purchased vehicles.If the car has less than 24,000 miles and is at most two model years old in the event of an accident, the company will replace it with a new one of the same make and model at full market value without depreciation. If the new car can be repaired, only original equipment manufacturer parts will be used when they are available.
Accident forgiveness is an optional feature you can add to your policy which won't affect your rate if you have an accident. For every three years you drive accident-free, Farmers will forgive one accident from affecting your rate.
If you take advantage of ridesharing services, Farmers Rideshare helps cover policy gaps that traditional car insurance and rideshare company insurance does not. For example, the full commercial coverage offered by the rideshare company doesn't kick in until you accept a ride. And most personal auto insurance policies weren't designed to provide rideshare coverage when you're working as a driver for companies like Uber and Lyft.Farmers Rideshare helps cover these gaps.
Submitting an Online Claim
You can file a claim with Farmers both online or over the phone. If you choose to file a claim online, you'll need to fill out some basic information about yourself and the date, time and place the loss occurred.
You can also call Farmers Insurance directly at 1800-435-7764. If you're a Farmers policyholder, you can create an account online to help manage and see the progress on your claims. The claims department is available 24 hours a day, 7 days a week.
Farmers also has a mobile app available for iOS and Android phones. It will let you pay your bill, view details about your policy, set payment reminders and report a claim at any time.
There are many different options that can affect your car insurance costs, which is why it's a good idea to get a quote to determine the options that work for you.Things that can affect your car insurance premium include:
- The size of your car's engine and body type
- The age and value of the car
- Any built-in safety and security features
- The crash-test ratings of your car
Your driving record also matters. Fortunately, there are a wide range of discounts available to help you get the coverage you need without breaking the bank. For example, if you're a doctor, RN, teacher, dentist, police or firefighter, you may qualify for special discounts. If you bundle your car and home insurance, you may also save.Students who make a certain grade point average or whose parents have a safe driving record may also get discounts. You may also qualify if you have a car with air bags, own two or more cars, and much more.
You'll want to contact your local Farmers agent to determine which discounts you qualify for. There are even discounts by state!
What People Say About Farmers Auto Insurance
As with homeowners insurance, many of people's claims about Farmers auto insurance fall on poor customer service. Some people have stated that Farmers will update policies without prior approval and cannot reach an adjuster.It is worth noting, however, that Farmers offers many unique types of auto insurance that other insurers do not, such as ridesharing insurance.
Farmers Life Insurance
Life insurance is a very personal decision. Farmers can help you protect the well-being and secure the financial future of your loved ones through their policies.Although life insurance is not something many of us want to think about, the last thing you want to do is burden your family with unforeseen expenses.
What Policies are Offered?
Farmers offers term coverage, whole life insurance and universal life insurance.With term coverage, you have set premiums that are locked in for a certain term. In some cases, these can be convertible to lifelong coverage which can build cash value regardless of your health.They are simple life insurance plans to help cover basic expenses.
Whole Life insurance policies have a level premium with guaranteed cash values that you can use to reach a variety of financial goals. If you're looking for permanent, lifelong coverage, you may wish to look into whole life insurance, as the cash value, premium requirements and death benefits do not vary based on things like interest rates or market performance.
Universal life insurance is for those who have changing life insurance needs through marriage, parenthood, retirement and beyond. You decide how much and when to pay toward your insurance policy. Because universal life insurance is linked to market indexes, there may be a greater opportunity for cash growth.
Farmers also has individual policies within these broad categories. You'll want to speak with a local agent to determine the best options for your needs and the needs of your family.
Life Insurance Rates
Understanding how much life insurance you may need is an important consideration. There is no "one size fits all" policy for everyone.Fortunately, you can calculate an approximate amount by adding up:
- The probable cost of your final expenses
- Any outstanding debts other than your mortgage
- The cost of your outstanding mortgage
- The number of children in your household who will be going to college
There are other factors which can influence your life insurance rates, such as:
- Your age and income
- Your marital status (if you are married, your spouse's age and income will be a factor)
- The number of children you have and their ages
- Any special needs your children may have
- Any future educational expenses your children may have
- Any charitable wishes
- Your final and end-of-life expenses such as your medical care and funeral costs
- Whether or not an aging parent or disabled relative depends on you for support
What People Say About Farmers Life Insurance
It's common for many insurance companies to be labeled a "scam" after they don't respond favorably to claims, but life insurance is one of those delicate subjects where Farmers seems to shine. Unlike many carriers, they also offer decreasing death benefit- which is really only used to cover a mortgage. Farmers is one of the few companies to offer this, so they are a noted trendsetter in this area. However, on the other end of the spectrum, there are concerns about the max age for term insurance. Most insurance carriers will set this to 60, but Farmers has set theirs to 50 which is unusual. Some carriers will even issue it at age 65. Overall, Farmers is a company with a long history and a solid financial standing, so they may be worth choosing when it comes to life insurance.
Farmers offers a variety of other types of insurance products in addition to home, auto and life insurance, including:
- Landlord/Rental Property Insurance – for the owners of rental properties
- Business insurance – To help reduce risk and protect your investment
- Motorcycle insurance – Protect your ride and yourself – just like with auto insurance, discounts are available to help insure more than one bike, or for responsible driving
- Recreational insurance – For boats, travel trailers, ATVs and motorhomes. Multiple coverage options available
- Pet insurance – To help keep your furry family member happy and healthy and avoid surprising vet bills
Best Products & Services
There is no "best" insurance product from Farmers that fits everyone's needs. Many people find Farmers' ability to customize their plans and the fact that they offer specialty plans for more modern innovations (such as specialty housing and ridesharing insurance) puts them a step ahead of their competitors.
The best products for you will be the products that closely fit your current and future needs. You can easily get a quote on the products you're interested in and then choose to add on any options you feel would work best for your specific situation. The entire process is very simple and straightforward, and you'll feel comfortable and confident that you're protected at all times.
Farmers offers a number of lucrative discounts on nearly every product they sell. The offers and discounts can vary from state to state, so be sure to check with your local agent to determine which ones are available for you:
- Homeowners Discount – If you own your home, you can get a discount on your Farmers car insurance
- Safety Equipment Discount – If your car has standard safety equipment like restraint systems, anti-lock brakes and airbags, you can qualify for a discount on your auto insurance
- Bundling Discount – Also known as a "multi policy discount", by bundling your home and auto insurance, for example, you can save on both
- Multi-Car Discount – Driving more than one vehicle under the same policy qualifies you for this discount
- Distant Student – If a student (23 years old or younger) goes to school at least 100 miles away and doesn't have regular access to the covered vehicle, you could get a discount
- Teen Driver – The primary policy holder will enjoy a discount on their insurance if they are the main caregiver for children and grandchildren who are licensed drivers under the age of 19
- Defensive Driving Course Discount – Completing a state-certified defensive driving course will earn you an insurance rate discount. Available for drivers of all ages. Must submit your course complete certificate to be eligible. (Kentucky)
- Driver Training – By taking and passing an approved driving training course, drivers under 21 can reduce their car insurance rates (Kentucky)
- Youthful Driver – If you have unmarried drivers under 25 years old in your household, you may earn this discount. In some states they must be licensed for at least one year, and the discount doesn't apply if the child or grandchild was only disclosed as the result of a claim.
- Inexperienced Driver Training – If there is a driver in your home with less than 9 years of driving experience and no traffic violations, you could be eligible for a discount if they complete a driver safety program (California)
- Good Student Driver – Adding young drivers under the age of 25 to your policy can affect your rates sometimes. But good students tend to be less risky, so Farmers discounts their coverage for a 12 month period if they meet the following academic requirements:
- Maintain a B average or better
- Maintain a 3.0 (out of 4.0) grade point average or higher
- Make the Dean's List or Honor Roll
- Rank in the Top 20% of their class on recognized standardized tests
- Business and Professional Groups – In certain states, members of business or professional groups may be eligible for a discount on insurance as well as a discount of you have a qualifying occupation (such as nurse, teacher, firefighter, police).
- Alternative Fuel Discount – If your car is fueled by alternative sources such as an electric/gasoline hybrid, ethanol/methanol, propane or compressed natural gas, you may qualify for an alternative fuel discount.
- Anti-Lock Brakes – Covered vehicles with factory-installed 4-wheel anti-lock brakes may be eligible for a premium discount.
- Anti-Theft Device – If you have an anti-theft device installed such as an alarm or vehicle recovery device (Lojack, Alert Trac, Onstar, Teletrac or On-Guard), you may receive an additional rate discount. In some states, this is known as a Homing device discount (New York)
- VIN Etching – Etching your VIN inside your windshield, glass and other required areas helps in its recovery, so for New York residents, a discount is offered in this case
- Electronic Stability Control – If your car features factory-installed Electronic Stability Control (or Electronic Stability Program / Dynamic Stability Control), you may qualify for a discount on your collision coverage
- Passive Restraints – If your vehicle has factory installed automatic seatbelts and airbags, your premium is discounted.
- Daytime Running Lights – In New York, having daytime running lights on your vehicle makes you eligible for an additional discount
- New Car Credit – In Illinois, if you drive a new car in the current model year or newer, you may qualify for an additional discount.
- Shop Early – If you get a quote and switch to Farmers at least seven days before the policy starts and your old one expires, you can get a discount
- EFT (Electronic Funds Transfer) – An automatic rate discount can apply if you enroll in Farmers automatic EFT payments
- Paid in Full – If you pay your full term premium in one lump sum, you can get a discounted rate
- Transfer – Switching from certain standard insurance carriers to Farmers (without a lap in coverage) could get you a rate discount
- Paperless – Get a discount just for enrolling in paperless statements
- Claims-free Renewal – In Kentucky, if you stay insured with Farmers continuously and drive without any at-fault accidents or moving violations, you'll get a discounted rate at renewal time
- Loyalty Discount – In California, drivers who remain with Farmers for three years or more get a loyalty discount
- Good Driver – Experienced drivers in California who are licensed for three years without a suspension, lapse or failed renewal may be eligible for a rate discount
- On Your Own – In Connecticut, if you're under the age of 25 and become the primary policyholder after being on your parents' Farmers policy for at least 12 months, you can reduce your premium.
- Shared Family Car – If you have a driver age 20 or younger and more active drivers than vehicles in your household (Connecticut), you can reduce your premium rate.
- Good Payer – If you make all your premium payments on time with no late fees for 12 months, Farmers will lower you're your rates (in Connecticut)
- Active Military – Any active military personnel permanently based in Louisiana enjoy a discount even if they're deployed out of state or overseas
- Senior Defensive Driving Course – If you're 55 years old or older and successfully complete a Department of Motor Vehicles driver safety course, you could be eligible for a discount
- Mature Driver – Drivers over a certain age (55, 60 or 65 depending on the state) who have successfully completed a state-approved safe driver program at any time during the past 3 years can get an additional rate discount. The discount typically applies to bodily injury, property damage, medical payments and collision coverage and is available in the following states:
- Connecticut (must be completed within the last 2 years)
- Montana (tells which part of your policy is discounted)
- New Hampshire
- New Mexico
- North Dakota
- South Dakota
- Retirement Community – Policyholders in Arizona 55 years of age or older who have a legal residence in a retirement community can be eligible for this discount.
What Are Some of the Pros of Owning Farmers Insurance?
- Diverse Discounts
- Varied coverage
- A.M. best rating of A
- Farmers Reward Visa
- Not for high risk drivers
- No 24/7 customer services
There are several reasons why people ultimately choose Farmers over their competition. Most notably:
As you can see from the list above, Farmers has a wide variety of discounts according to everything from your age, to your driving experience, to the grades of your children. With so many discounts, you can potentially save big on your insurance.
Being able to customize your coverage to fit your needs is one of the hallmarks of Farmers Insurance.
A.M. Best Rating of A
This rating demonstrates the financial stability of the company. A company with a high financial stability is able to pay claims more quickly and respond in case of emergencies.
Farmers Rewards Visa Card
Many people like being rewarded beyond their insurance. With the Farmers Rewards Visa Card, you earn three times the points when you use your Farmers card to purchase Farmers products, fill your gas tank or shop at home improvement stores. If you're a do-it-yourselfer who fills up on gas often and a Farmers customer, this card is one you'll definitely want to consider.
What Are Some of the Weaknesses of Farmers Insurance?
Of course, no insurance company is perfect. Here are some of the most common complaints people with Farmers Insurance have shared:
Not for High Risk Drivers
If you are a high-risk driver or you have a lot of tickets in your past, you're going to find it difficult to get insurance at an affordable rate. This isn't solely a weakness of Farmers in particular, but those who are looking for an affordable rate with a less-than-stellar driving history will have their work cut out for them.
No 24/7 Customer Service
If you need to reach customer service for reasons other than filing a claim, you may have to wait awhile, as Farmers does not have 24/7 customer service (and the customer service that it does have typically receives poor reviews from policyholders).
Farmers Umbrella Policy
The Umbrella policy is a way to extend your liability limits beyond those normally provided by the policies you have in force. For example, if you're exposed to risk often or you have a high net worth, an umbrella policy could protect you beyond what normal policies allow for.For instance, if you spend a lot of time on the road, if you host parties at your home often, have a vacation home or a pool, you could be setting yourself up for liability issues. Umbrella policies step in and help cover what traditional policies don't.
Up to 10 Million in Liability Coverage (Limits Depend on Your Location)
To illustrate how umbrella coverage works, let's say you're liable for causing a car accident with multiple vehicles. The cost to cover the damages and injuries is $650,000. But the liability limits on your car insurance are only $500,000. In these cases, you'd be responsible for the remaining $150,000 out of your own pocket.Typically, umbrella policies provide liability limits above your current insurance – usually between $1-5 million or more depending on your location.
Broad Coverage Areas that Offer Liability Protections Other Policies Don't
In addition to paying beyond what typical policies limit, Umbrella policies offer other coverage areas as well, including:
Personal Liability and Personal Auto Protection
Claims not covered by underlying homeowners, auto or watercraft liability policies, such as libel, slander or defamation of character can be covered by an Umbrella policy
Liability Coverage for Non-Owned Watercraft and Other Recreational Vehicles
While Farmers does offer watercraft insurance and insurance on other vehicles – what happens if you're involved in an accident in a vehicle you've rented or don't own? This is another case of a gap in coverage that an Umbrella policy can help cover.
Umbrella coverage follows you – anywhere in the world.
How to File a Farmers Insurance Claim
There are several ways to file an insurance claim with Farmers. You can file your claim online (see below for how to do that), or you can call the claims division directly:
1-877-732-5266 (en español)
1-888-891-1660 (TTY for the hearing-impaired)
Online Insurance Claim Filing
Farmers online claim tool is an easy and fast way to report a claim for your home, automobile or specialty product. With a simplified reporting process, it walks you through each step so that your claims agent has all the information they need. The tool also provides a helpful summary as well as the contact information for your representative so you can contact them when you need to.
Through the online claim tool, you can also schedule other necessary services such as repairs, rental and emergency mitigation services. You can also upload claim photos.
In addition to filing a claim through the website, you can also use the Farmers mobile app to file a claim in a few swipes.
How Do I Report an Accident or Damage to Farmers Insurance?
You can login if you are a Farmers customer, or continue as a guest if your vehicle or property was damaged by a Farmers customer. Even if you don't have an online account, you can still report this information through the online tool.
What are Some of the Most Common Customer Complaints About Farmers?
Most of the complaints about Farmers deal with their handling of claims and their customer service. Many customers report that the efficiency with which your claim is handled depends entirely upon the agent servicing it. In other words – your results may vary. Some people have reported that Farmers updates their policies without their permission or knowledge, so this is an area you'll want to monitor closely if you're concerned.
Overall, people who use Farmers have found it frustrating to be able to reach a customer service agent and get knowledgeable responses to their questions. Most do not have issues with the insurance or the coverage itself.
How to Cancel Farmers Insurance
Different insurance companies handle cancellations differently. Depending on where you live, Farmers may ask you to sign a document formally demonstrating you wish to stop coverage. Others want you to write a letter or call. You'll want to contact Farmers customer service for details on how to cancel your existing policy.
DO NOT simply stop paying your bill or let your coverage lapse. This could send your account into collections which could hurt your credit score.This may also hurt your rates with your new car insurer in the future. Above all, don't let your insurance expire without getting new insurance in place first. If you do, you may face penalties or fines for driving uninsured, or be liable for personal injury and property damages from an accident you cause.
Can I Cancel Farmers Insurance at Any Time?
You can cancel your insurance at any time, however, be sure to ask for a refund if you have paid in advance.If you are still making payments on your vehicle, you generally have to maintain a certain level of coverage such as comprehensive or collision coverage. Let your lienholder know that you are switching car insurance policies. Depending on where you live, you may also have to notify your local DMV. Be sure to cancel automatic payments as well if you are enrolled in them.
Frequently Asked Questions about Farmers Insurance
It's understandable that you'll have many questions about whether or not to choose Farmers Insurance. Their site can be rather cumbersome to navigate and for many people, getting customer service on the phone is next to impossible. We've compiled some answers to the most common questions about Farmers Insurance all in one place, so you don't have to search!
Do the Products/Services Offered by Farmers Differ from State to State?Yes. Farmers offers different products depending on the state you live in. Discounts may also vary from state to state.
How Much Does Farmers Insurance Go Up After an Accident or Speeding Ticket?If you are found to be at-fault in an accident or you have received a speeding ticket, your rates may not go up if this is your first accident within a certain timeframe, or you have options such as accident forgiveness on your account. Every customer is different, so it's worth talking with your agent if you are concerned about your rates going up.
What Does Comprehensive Insurance Cover with Farmers?Comprehensive covers many types of damage to your car not caused by a collision. It covers damage to your vehicle by theft, as well as vandalism, riots, fires and rockslides. It also covers hitting or being hit by an animal, as well as damage to your car from natural disasters or falling objects (like trees and rocks)
Does My Farmers Insurance Cover Me in Canada or Anywhere Outside the USA?You will want to check with your local agent about whether or not your particular insurance policy covers you. Generally, most insurers will cover you if you are driving into Canada and provide limited coverage if you are driving into Mexico. Depending on where you travel, the required coverage for your vehicle may be very little. You'll likely want to get at least the same amount of coverage as what you have at home.
Does Farmers Insurance Use Credit Scores?According to the National Association of Insurance Commissioners (NAIC), a regular credit score and an insurance-based credit score are not the same thing. Credit-based insurance scores were introduced in the early 1990s and use certain elements of your credit score to predict how likely you are to have a loss. A regular FICO credit score determines how likely or unlikely you are to pay back a loan or line of credit. Like credit card companies and other financial institutions, insurers are all about minimizing risk, so elements of your credit score may be used in determining this. Different providers place a different emphasis on how much of your credit score they use in determining your insurance, but one study by WalletHub noted that Farmers tends to lean heavily on evaluating your creditworthiness as an indicator of your insurance premiums and coverage.
What Are Farmers Strengths?According to Moody's and A.M. Best, two of the leading indicators of a company's financial strength, Farmers has received a rating of A for its financial strength and stability.As the sixth largest insurance group of U.S. personal lines, Farmers is known for its historical and financial growth. The company has continued to grow and thrive throughout its nearly 100 years in business. Seeing as how the company was founded close to the Great Depression, one could say that this helped to further shape their stability and reliability.
How Long Does it Take For Farmers Insurance to Pay for a Claim?There are many factors that determine how long it takes to pay a claim, such as how serious the damages or injuries are, and how willing the other party (or parties) are to cooperate. If a claim requires follow-up, your Farmers agent(s) will be able to provide you with updates and let you know what information is required from you. If a claim has been concluded, but additional damages or injuries are found, Farmers will reopen the claim and determine if your policy provides coverage for the additional expense.
Does Farmers Insurance Have Gap Coverage?Farmers offers a number of coverage options that go well beyond the basics. For example, you can customize your policy to cover you in the event of things like rideshare coverage, fender benders, roadside emergencies and much more.
Does Farmers Insurance Have Roadside Assistance?You'll be glad to know that Farmers does offer roadside assistance, 24 hours a day, 7 days a week. Call 1-800-435-7764 for a jump or a tow to the nearest vehicle repair facility. The roadside service also helps cover flat tire changes, emergency tows up to $150, roadside winching (if you're stuck in the mud, snow or ice) and emergency roadside connection to fire, police or medical assistance.
What Does My Rental Insurance with Farmers Cover?Renters insurance covers your personal property – such as furniture, clothing, appliances and electronics, as well as liability coverage when someone is injured on your property through your (or your family's) negligence – or from pets. Renters insurance covers for defending lawsuits or resolve claims brought against you, as well as necessary medical costs to people other than the residents of your household. If the home you rent is damaged and you're unable to live there, your renter's insurance will also pay for the reasonable and necessary increase in living expenses.
What are the Deductibles on Farmers Insurance?Deductible amounts vary – but typically the higher your deductible, the lower the amount of premium you pay. In the case of a car accident, you may not feel it's right to file a claim if you're not at fault, however the other person may not have insurance (or sufficient insurance). Farmers will try to recover the cost of your deductible from the responsible party and will return that payment to you if successful.
Will Adding a Teenager to My Policy Increase the Cost?Young drivers can make the cost of your car insurance go up on account of their inexperience and potential risk. However there are some things you can do to help keep your rates affordable. For example, if your teen is a good student, you may qualify for a discount. If you have one or more teens in your household, you may get a discounted rate. Depending on where you live, you may also qualify for a discount if they take a defensive or safe driving course.Talk with your local agent to learn more about the details or what you could expect to pay by adding a teenager to your policy and what discounts may apply if you do.
Will My Rate Go Down If I Make My Payments On Time?If you continue to make your payments on time or enroll in auto-pay, depending on where you live, you may be entitled to a discount.Farmers also offers a loyalty discount to customers who have been with its program for 3 years (2 years in Connecticut) without filing a claim. Be sure to check out the wide range of discounts that Farmers offers beyond making payments on time. You may be able to save more by enrolling in paperless statements, bundling your home and auto insurance, and much more. Although the discount you get may seem insignificant – they do add up quickly!
Should I Opt for Automatic Payments and Renewal or Shop Around After My Policy is Done?You'll always want to take steps for the best possible deal, so while having automatic payments turned on can get you a discount with Farmers, you could save much more just by shopping around. Be sure not to let your insurance lapse before signing onto a new carrier or else you could face fines or stiff penalties for driving uninsured. Fortunately, you can always shop at Quote.com for an affordable rate for your car and home insurance at any time, so if your policy is due to expire soon, why not compare rates with us?
Does Farmers Cover Third Party Liability?Many people ask "if my friend drives my car and has an accident – am I covered?" – and the answer to this varies between insurance providers. With Farmers, having liability car insurance will stay with you no matter what car you're driving. But what about other people who you let drive your car? Ask about what insurance they have and whether or not it covers them – before you hand over the keys!
Can I Add My Family Member's Car to My Insurance Plan?Every car insurance company has different definitions and guidelines (as well as state laws) on who a "household member" is. In most cases, this refers to your children and others that live with you. You may also add children that are away at school. Anyone else who regularly drives your vehicles can typically be added as well. You can list someone who is not a member of your family as a driver as well, such as a roommate. But you'll want to good reason for doing so. Contact your agent if you have specific questions on how to add a family member to your policy.
Can I Get My Car Repaired By My Own Mechanic or Are There Specific Repair Shops I Should Get My Car Fixed From?In the event of a roadside assistance emergency, your car will be towed to the nearest repair shop. In the event of filing a claim, Farmers offers the Guaranteed Repair Program which lets you go to a Guaranteed Repair Program repair facility and arrange an inspection. After the facility evaluates the damage and writes an estimate, you can schedule a repair date that's convenient. Your claims representative will reserve a rental vehicle for you if your coverage allows for it.
What Happens When I Pay Throughout The Year Without Filing Any Claims?You may be eligible for a discounted rate if you drive for a certain time period without filing any claims. The discount you receive will depend on several factors, so it's a good idea to contact your local agent and ask about discounts, including not filing any claims. You may be surprised by just how much in savings you could qualify for!
The Final Verdict?
Farmers is a bit of a mixed bag. If you need to contact customer service, you may feel a bit "left out in the cold." Claims progress, too, depends heavily on the person assigned to you. In looking over countless reviews, the verdict is very much a case of "your mileage may vary."
But for sheer number of discounts and the fact that their options are so customizable, it's hard to beat Farmers Insurance. Although they have decades of experience helping people through countless disasters (check out their Hall of Claims for some of the most insane claims that were covered!), they're also keeping up with modern changes such as ridesharing insurance. This demonstrates that they're not "set in their ways" when it comes to being strict, rigid and unflinching in their decisions.
People's needs change considerably over time, and Farmers is able to both anticipate and adjust for that. Many customers ultimately choose Farmers because their parents or grandparents had them – demonstrating a great deal of loyalty. Farmers pays their customers back by offering several discounts that go beyond what a typical insurer would offer. There are also numerous options available to further customize one's insurance – no matter what line (auto, life or home) they choose.
For people with a high net worth or who want to protect their considerable investments or assets, Umbrella insurance helps provide that extra peace of mind by going beyond traditional insurance limits. Other insurance – protecting everything from watercraft to pets – helps you enjoy greater confidence in comfort that the things you love the most are safe and cared for.
Overall, if you're shopping around for insurance that's flexible, fair and accommodating, you'll definitely want to consider getting a quote from Farmers.Combine this with the fact that they have nearly 100 years of history and service behind them, and you can feel at ease that they're not some "fly by night" company out to take your money and run. Their financial strength and stability attest to that.
If you're familiar with online tools, you may not need much hand-holding from Farmers' customer service. Filing a claim online and getting updates to its progress is faster and more efficient than staying on hold for hours. In these cases, there's a great deal of emphasis on the ability to resolve as much as you can by yourself.If you have general questions, Farmers has a massive knowledgebase featuring a wide variety of resources that will teach you more about the different types of insurance, what certain terms mean and much more. They also have basic Frequently Asked Questions for all their product lines.
Our verdict is that if Farmers improved their customer service and the efficiency with which claims were processed, they'd be pretty close to perfect – which is something that's hard to come by when it comes to rating insurers. Considering Farmers' long history and their ability to come through for many people in tough and uncertain times, many of their policyholders are lifelong customers. Customer loyalty like that simply can't be bought, which is why we encourage you to get a quote with Farmers and see how much you could save!