Farmers vs. Progressive
Which car insurance do consumers say is best?
While Progressive insures more drivers than Farmers Insurance, both are major insurance companies and among the most popular in the country. In 2017, Progressive had the third largest share of the market, while Farmers Insurance had the sixth largest share at 3.3 percent.
We see Farmers and Progressive advertised all the time, and the companies offer many of the same kinds of insurance product, coverages, and discounts. So what differentiates them? Thanks to thousands of car insurance reviews for both companies, we've outlined consumer ratings for each company to determine who consumers prefer.
Below, you can find more information about Farmers and Progressive in addition to company ratings and discounts they offer for auto insurance coverage.
Farmers vs. Progressive: How do their car insurance rates compare?
Which of the two auto insurance companies offers cheaper car insurance rates, Farmers or Progressive? While the rates the insurance providers offer will vary by person and location, we've gathered average national rates to provide a comparison of Farmers and Progressive. While it may not give a definitive answer as to which is the cheapest car insurance for you, it can provide some insight into the average rates of each company.
In the table below, compare the average national car insurance rates for Farmers and Progressive for three different driver profiles for male and female. Keep in mind these are only national averages for a certain profile. Your car insurance rates will differ from these depending on where you live, your unique driver profile or driving habits, the type of care you drive, and your coverages, among other things typically used to evaluate costs for auto policies.
|Driver profile||Farmers average rates||Progressive average rates|
|Driver profile||Farmers average rates||Progressive average rates|
To determine the average national rates for drivers of each profile for Farmers and Progressive, we created three driver profiles for both males and females and gathered rate data for each of the driver's profiles. The profiles set up were for male and female drivers and were an 18-year-old teen with state minimum coverages and fair credit; a 35-year-old single adult with 100/300/50 liability limits in addition to full coverage with $500 deductibles for collision and comprehensive, a good credit score and a single driving violation in the past three years; and a 65-year-old driver with 100/300/50 liability limits in addition to full coverage with $500 deductibles for collision and comprehensive, a good credit score and zero driving violations in the last three years. In addition, we averaged the rates in each state that we could gather data for each insurance company. This data for insurance rates is provided by Quadrant Information Services.
Farmers Insurance overview
Farmers Insurance operates through a large network of more than 48,000 exclusive and independent agents and is based in Los Angeles. In addition to car insurance, Farmers Insurance also sells homeowners and renters policies, life insurance, business policies and many other types of insurance. In fact, one of the ways policyholders can save on their insurance rates is by insuring multiple products, such as a car and home, with Farmers Insurance.
Similar to many of the nation’s largest auto insurers, Farmers Insurance is giving its policyholders a way to prove that they are safe drivers. Farmers Insurance has a program called Signal, which tracks and monitors your driving habits, including your phone use, heavy breaking, excessive speed, the number of miles driven, and what time of day you drive. Unfortunately, this program isn’t available in every state (ask a Farmers agent or check the Farmers website to see if you’re eligible), it can be a great way to earn a cheaper car insurance rate.
Accident forgiveness is a huge perk for many drivers and Farmers Insurance also offers optional coverage for drivers who are afraid their rates will jump after a single at-fault accident. If you’ve remained accident free in the past, but have an at-fault accident, Farmers Insurance will forgive one accident for every three years you drive accident-free. Many drivers feel more secure knowing that there is accident forgiveness as part of their auto coverage.
Another add-on coverage that’s growing in popularity is rideshare coverage. While companies such as Uber and Lyft offer some insurance coverage, most insurers exclude personal coverage when you’re driving for a transportation network company (TNC), such as Uber or Lyft. But in order to fill in those gaps, companies like Farmers Insurance have now begun offering optional coverage for rideshare insurance.
Interested in learning more about additional coverage options through Farmers Insurance? You can find a full list of Farmers Insurance’s optional coverages here.
If you've seen the commercials, it seems obvious that Progressive's largest focus in the insurance industry is car insurance. The company is based in Ohio and currently has more than 18 million drivers insured with them. You can also find other coverages on Progressive's website, such as homeowners and renters insurance, though these insurance products are sold through non-affiliated insurance companies. However if you're interested in car insurance through Progressive and want to save money, you can bundle policies with Progressive Insurance to earn a multi-policy discount.
Progressive also has an optional and popular usage-based insurance program called Snapshot. By enrolling in Snapshot, Progressive policyholders have the potential to earn a discount after six months if they demonstrate safe driving habits while being monitored through the app or an OBD plug-in. One unique aspect about the Snapshot program, which could be considered as buyer beware, is that participants can have their rates increased if Progressive views them as a risky driver based on their monitored driving habits. So, while it can be considered as a way to add a driving discount to your auto insurance policy, depending upon the results and data collected it may not work out that way for you.
What about an option for drivers who work for a TNC, such as Uber or Lyft? Progressive offers rideshare insurance, which can cover the gaps between a personal insurance policy and the insurance provided by the TNC. So you can rest easy if you're working that side hustle as an Uber or Lyft driver or are doing rideshare full time.
Progressive offers a paid optional coverage which is called the deductible savings bank. This coverage is just like the name indicates policyholders with collision and/or comprehensive coverage are able to have their deductible reduced by $50 every six months they are claim-free. For example, if a Progressive driver enrolled in the program with a $500 deductible, they could go five straight years without a claim and the savings bank would cover the deductible should they have a claim. This way the driver is not responsible for the deductible out-of-pocket. Bear in mind, that it is an additional coverage option, which does mean that you'll be paying for it.
What discounts do Farmers Insurance and Progressive offer?
If you're interested to learn more, you can set up a talk with an agent or visit the company's website for a comprehensive list of all auto insurance discounts you may qualify for.
What additional features do Farmers Insurance and Progressive offer?
It's often that consumers will want to choose the lowest possible cost for their auto insurance policy, but experience has taught many of us that a lower price tag may be too good to be true. It is important to compare any company you are interested in purchasing a policy from with others of similar quality. Be sure that the discounts available suit your personal driving style and that the features you desire most are available. It's also very important to consider their customer service, such as how difficult filing a claim can be should something happen. It's also a good idea to check out the customer satisfaction ratings for the company as well - do they leave the majority of their customers happy with the service they provide?