Farmers insurance is the 5th-largest home insurer and seventh-biggest auto insurer inside the usa. It gives an array of other insurance merchandise in addition to financial merchandise inclusive of mutual funds and annuities.
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Farmers auto insurance
Farmers auto insurance earned 4.5 stars out of 5 for overall performance. NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account pricing and discounts, ease of filing a claim, website transparency, financial strength, complaint data from the National Association of Insurance Commissioners and more.
Based on these ratings, Farmers is among NerdWallet’s Best Car Insurance Companies for 2021.
Farmers offers standard coverage choices for auto insurance, in addition to several types of optional coverage, including:
- New car replacement: If your new car is totaled within the first two model years and 24,000 miles of ownership, Farmers pays to replace it with a new one.
- Accident forgiveness: One accident is forgiven, meaning your rate won’t go up if you have one, for every three years you drive without an accident.
- Loss of use: When your car is in the shop or totaled after an accident, Farmers reimburses you for a rental, cabs, rideshares or public transit. Most companies’ coverage only pays for a rental car.
- Customized equipment coverage: If you have custom parts installed in your car, such as chrome rims or a new stereo system, this option expands your policy to cover those parts if they’re stolen or damaged. You must have comprehensive and collision to buy this coverage.
- Original equipment manufacturer (OEM) coverage pays for replacement parts from your car’s manufacturer if you’re in a covered wreck, rather than aftermarket parts, which are cheaper. You must have collision and comprehensive coverage to opt in, and your car’s model must be within 10 years of the current calendar year.
Rideshare insurance: Companies such as Uber or Lyft typically provide limited liability insurance for drivers while the app is on, with full coverage that kicks when you accept a ride and have passengers. Farmers rideshare insurance extends your personal auto policy to fill in the gaps, providing coverage between rides, so you’re always covered during your rideshare job.
Farmers auto insurance discounts vary by state but may include:
- Good driver discount.
- Multi-vehicle discount.
- Multi-policy (bundling) discount.
- Discount for being part of a professional group.
- Good student discount.
- Discount for driving an alternative fuel vehicle.
- Discount for being a homeowner.
- Discounts if your car has certain safety or anti-theft features.
- Teen driver discount.
- Discount for a driver under age 25 in your household.
- Distant student discount for a child at school at least 100 miles away without regular access to your vehicle.
- Discount for paying for your policy in full.
- Electronic payments discount.
- Continuous coverage discount for starting a policy with no recent lapses in auto insurance.
- Discount for completing a driver safety course.
Signal by Farmers is a program that uses a smartphone app to monitor your driving behavior. You’ll receive a 5% policy discount once you download the app and start using it, and at your next policy renewal the discount can increase up to 15% or more based on a driving score calculated by the app. The discount can also decrease based on your driving score, and the program is not available in every state.
» MORE: Compare car insurance rates
Farmers home insurance
Farmers homeowners insurance starts with three basic packages — Standard, Enhanced and Premier — but each has customizable limits for standard options. Standard policies include the typical homeowners coverages and are designed for new homeowners, while Enhanced and Premier policies have perks more established homeowners might appreciate.
The company calls them Farmers Smart Plan Home policies, and regardless of which level you choose, each includes:
- Claim forgiveness, which waives the surcharge if you go five or more years without filing a claim.
- Declining deductibles: Each year your policy is in force, Farmers takes $50 off your deductible.
- Cosmetic damage repair, which is included when you file a claim for functional damage.
There are other individual options you can add to any Farmers homeowners policy, if they are available in your state:
- Identity Shield: This feature includes identity theft coverage and assistance replacing documents.
- Eco-Rebuild: Receive up to $25,000 for extra costs to repair, replace or rebuild your home with environmentally friendly materials after you file a claim.
- Contents replacement coverage: When an item in your home is damaged or destroyed, you receive reimbursement for the value of a new one.
Farmers homeowners discounts vary by state but may include:
- Discounts for recent heating, electrical or plumbing upgrades.
- Newer home discount.
- Roofing materials discount for installing impact-resistant roof.
- Several home safety discounts for installing or having items like burglar alarms, fire alarms, fortified windows and more.
- Nonsmoking discount.
- Discount for being part of a professional group.
- Multi-policy discount.
- Claim-free discount.
Farmers complaints and customer satisfaction
Farmers had fewer than the expected number of complaints to state regulators for auto and home insurance relative to its size, according to three years’ worth of data from the National Association of Insurance Commissioners.
Customer satisfaction ratings for Farmers are mixed.
|2020 J.D. Power study||Farmers ranks …|
|Auto insurance shopping||Below average|
|Auto insurance claims satisfaction||Better than average|
|Home insurance||Below average|
|Property insurance claims||Better than average|
More about Farmers Insurance
internet site: you could hook up with an agent, get a quote, report and track claims and pay your bill on the Farmers web page. You’ll discover ample resources to assist with your declare, as well as a tick list of what to do in a vehicle accident.
mobile app: you may pay your insurance bill, update charge alternatives, get your agent’s contact facts, view your policy details and get get right of entry to in your digital coverage identity playing cards whilst you need proof of coverage. you could additionally document claims and request roadside assistance.
Farmers life insurance
Farmers offers term, whole and universal life insurance policies. To learn more about these options, see our Farmers life insurance review.
|Other types of insurance from Farmers|
|Renters insurance||Off-road vehicle insurance|
|Landlord/rental property insurance||Boat insurance|
|Umbrella insurance||Personal watercraft insurance|
|Business insurance||Travel trailer insurance|
|Motorcycle insurance||Motorhome or RV insurance|
|Pet insurance (from a third-party company)||5th wheel trailer insurance|
Recap: Farmers Insurance pros and cons
|Many coverage options for home and auto insurance||Mixed scores for customer satisfaction|
|Fewer complaints than expected, relative to its size|
|Lots of discounts available|
AUTO INSURANCE RATINGS METHODOLOGY
NerdWallet’s automobile insurance rankings reward agencies for patron-first features and practices. rankings are based totally on weighted averages of rankings in numerous categories, together with monetary strength, client court cases, internet site transparency and affordability. the use of our editorial discretion, we additionally bear in mind patron satisfaction surveys. those ratings are a manual, but we inspire you to shop round and compare several insurance fees to find the quality fee for you. NerdWallet does now not receive reimbursement for any reviews. examine our editorial tips.
METHODOLOGY: INSURER COMPLAINTS
NerdWallet tested proceedings acquired by way of country coverage regulators and reported to the country wide association of insurance Commissioners in 2016-2018. to assess how insurers compare to each other, the NAIC calculates a complaint index each 12 months for every subsidiary, measuring its share of overall complaints relative to its length, or proportion of general premiums inside the industry. to assess a agency’s grievance history, NerdWallet calculated a comparable index for every insurer, weighted through market shares of each subsidiary, over the 3-yr duration. Ratios are determined separately for automobile, home (together with renters and condominium) and life insurance.