Farmers Insurance Review
Farmers Review and Ratings:
- Cheap insurance with Farmers Inusrance
- Customer satisfaction ratings are better than average or just average
- Less complaints from customers than the average for auto, home and life insurance coverage
- In comparison to other insurers, Farmers is more customizable
Farmers Insurance is the 5th largest company for home insurance and the 7th largest for automobile insurance in the United States. Farmers offers insurance policies in addition to financial services.
CCIO Rating: 3.5/5
Automobile Insurance Ratings: Farmers ranked 16th out of our list of insurance companies with 3.5 out of 5 available stars on their performance overall. Our score is derived from the following:
- J.D. Power ratings for servicing their customers, their satisfaction of claims and shopping
- Customer satisfaction ratings from Consumer Reports
- The number of complaints from the customer against the insurer from data collected by the National Association of Insurance Commissioners
Farmers options for automobile insurance coverage:
Farmers provides standard coverage, as well as other types including the following:
- New car replacement: If you total your new car within the first 2 model years and are within 24,000 miles of your time owning it, then Farmers will pay to replace it with a new car.
- Accident forgiveness: It will allow for one accident to be forgiven. In this case, you are in an accident, your rate will not increase. The forgiveness refreshes after 3 years of accident-free driving.
- Loss-of-use: While your car is being repaired from the accident where it may have been totaled, Farmers will reimburse you for your alternative transportation costs.
- Customized equipment: If you install custom parts on your car (hubcaps, radio, etc.), the coverage will expand to encompass them also in the event of theft or damage.
- Original equipment manufacturer (OEM): This will cover your replacement parts that are from your car’s original manufacturer if you are in an accident. Meaning that Farmers is not buying aftermarket parts – they are the same that your car had from when it was hot off the press. OEM parts are normally more expensive than their aftermarket counterparts. However, if you want to be eligible for this type of coverage, you will need to have collision and comprehensive coverage, and your car must be within 10 years of the given calendar year.
- Rideshare: Ride-hailing services, like Uber and Lyft normally provide some limited coverage that only covers when they are carrying a passenger. Farmers version covers the driver’s automobile regardless of whether a passenger is present or not. It can do this by extending your personal automobile policy to cover those that would have been uncovered otherwise.
Farmers home insurance coverage:
Cheap Insurance With Farmers insurance for homeowners has 3 different levels of offerings – 1) Standard, 2) Enhanced, and 3) Premier. Each have their own set of customizations. The standard policies encompass what is normally covered for homeowners and are specifically crafted for the new homeowners. The enhanced and premier policies are designed for those who are better established as homeowners by offering perks that are better realized after owning a home for a longer period of time. Farmers has what is called “Smart Plan Home” policies. No matter what policy you decide upon, this is what is included:
- Claim-forgiveness, This will waive the surcharge if you exceed 5+ years not filing a claim.
- Declining deductibles: Each year that your policy is active, Farmers will subtract $50 from your deductible.
The following are personal options you can add to any of the aforementioned policies, provided that they are available in your state:
- “Identity Shield”: Farmers will give you coverage in the event of identity theft, monitor your credit, and assist in replacing your identity and your documents that you use when traveling.
- “Eco-rebuild”: You can be given up to $25,000 for added costs of repairing, replacing or rebuilding your home with greener materials after filing a claim.
- “Contents replacement”: In the event that an item is damaged (or destroyed) in your home, you can receive a reimbursement for the value of a replacement.
Farmers life insurance coverage:
Farmers offers multiple types of life insurance, such as term, whole and universal life insurance. All Farmers’ term life insurance options can be converted to lifelong coverage. Simple Term Life has a faster application process. It lets you skip the medical exam and be insured faster.
- Coverage starts at: $75,000.
- Term intervals: 10, 20, or 30 years.
Farmers’ value term life insurance carries a guaranteed death benefit sum. Your premiums do not increase during the term for which you sign up. If, however, you convert your current insurance plan to whole, or a longer plan, then your rates could increase:
- Coverage starts at: $150,000.
- Term intervals: 10, 20, or 30 years.
Decreasing term life insurance could be a good option for those who want a policy that only covers a mortgage or some other kind of debt. As your premiums remain the same, the death benefit decreases to 20% of its original value as time goes on:
- Coverage starts at: $25,000.
- Term intervals: 15, 20, 25 or 30 years.
Other types of Farmers insurance
In some situations, you may be able to save some money by coupling some of the following types of insurance with a homeowners or automobile insurance policy (must also be provided by Farmers):
|Farmers’ other types of insurance|
Farmers Financial Strength: A (“EXCELLENT”)
The financial strength of Farmers is “excellent”, based on A.M Best’s analysis. This matters because it shows how well-equipped an insurer can pay its customers’ potential claims.
Farmers has received less than the average number of complaints to state regulators for their insurance options for a company of the same size, based on reports from the National Association of Insurance Commissioners.
Satisfaction of Farmers’ Customers
|J.D. Power study||Farmers’ ranking|
|Insurance shopping (automobile)||~ average|
|Auto insurance claims satisfaction||Better than most|
|Home insurance||~ average|
|Property insurance claims||~ average|
Farmers’ Website: You can contact an agent, receive a quote, make a claim, and remain updated on its status, find the number for towing and roadside assistance, and much more. You will find many resources to help you properly file your claim and also a checklist of what you should do in the event of an accident.