Geico and Farmers have both been around for nearly 100 years. Farmers launched in 1928, while Geico started in 1936. Both of these companies are major insurers. Farmers provides insurance to more than 10 million households and more than 20 million policies. Geico insures more than 22 million vehicles. In terms of market share, Geico is second only to State Farm. Though Farmers is smaller, the company is still in the top 10 for auto insurers’ market share.
The two insurers offer similar coverage options. One difference is that Geico provides a no drop promise, while Farmers doesn’t.Both provide multiple discounts, including driver training, safe driver, multi-policy, and multi-vehicle. If price is what’s most important, Geico is likely going to be the better choice. Geico usually offers lower rates than Farmers. It’s still a good idea to get quotes from both companies though to see what’s better for your specific situation. For instance, Farmers offers senior discounts. If you’re eligible, you may find you can get a better rate from Farmers than Geico.
Geico is a mostly online company, while Farmers has 50,000 agents in the field. So, depending on whether you like doing your insurance online or working with an agent may influence which one is better for you.
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