Esurance vs Farmers – How Do They Match Up?






Farmers and Esurance are both big names in the insurance industry. Offering protection for many of your assets, either company can provide you with the protection you need to shield yourself from a lawsuit. Here is what you should know about each company and how they compare to each other.

Ratings

Any company you choose should have solid ratings. The ratings help you determine how stable a company is and how likely they are to remain solvent. Ratings from A.M.Best and Standard & Poor’s both put Esurance above Farmers. Esurance currently has an A- rating of Excellent from A.M. Best and a rating of AAA (Extremely Strong) from Standard & Poor’s.

Farmers only has a B+ rating of Good from A.M. Best. Their rating with Standard & Poor’s is only an A (Good). Both companies are currently rated as stable by A.M. Best although Esurance has a higher credit rating than Farmers.

The higher ratings for Esurance do not end with the financial side of the equation. JD Power rates companies based on the issues that most customers are initially interested in. Here is the breakdown of the JD Power ratings for each company.

• Overall satisfaction: Both companies are rated with two out of five stars, putting them on the lower end of the rating scale.
• Billing and payment: Both companies receive two stars in this area, as well.
• Ease of contacting the company: Esurance and Farmers both receive three stars in this category.
• Policy offerings – JD Power found that Esurance has more offerings, granting them three stars. Farmers has a rating of only 2 stars for this.
• Pricing – Esurance again outperformed Farmers, receiving three stars for pricing compared to only two stars for Farmers.

Policy Offerings

Both companies have extensive policy offerings. Owners of classic and collectible cars can get the coverage they need with either provider. Both insurers will cover ATV’s, RV’s, motorcycles and boats. Insuring multiple assets with the same company can result in attractive discounts on the policies. Here are some of the other insurance needs that each company can handle for you.

Farmer’s insurance will also take care of your home, business and life insurance needs. They also offer help with investments by offering mutual funds and annuities. Their business insurance coverage does include policies for commercial vehicles.

Esurance offers health insurance in addition to life insurance. Owners of commercial vehicles can go through this company for insurance and customers can also get coverage for international driving, their pets and even their cell phone.

Discounts

All insurance companies offer discounts and it’s important to take advantage of everything that might be available to you. Some discounts are consistent among carriers. Here are the discounts you can take advantage of with either company.

• Homeowners insurance bundled with auto insurance
• Multi-car discount for owners of more than one vehicle
• Safety discounts for cars with airbags or anti-lock brakes
• Safe drivers enjoy lower rates
• Paid in full discounts for paying the premium in advance.
• Retirees can get more favorable payments if they take an approved driving course.

There are also discounts that are may be specific to each company. Here are the additional discounts you can enjoy with Esurance.

Switch & Save – Get a discount just for signing up with them.
Fast 5 discount – Save money by starting your quote online.
Claim-Free – Avoid claims or accidents and save up to twenty percent.
Driver safety courses – Learn something new and save money on the insurance bill.

Farmers also has some enticing discounts that are not offered by other companies:

New Parents can enjoy a break in the premiums.
Good students with solid grades are rewarded with lower pricing.
Occupations such as doctors, teachers, police and firefighters can also get a discount.

History

Esurance was founded in 1998 and has since grown to be one of the major players in the insurance industry. Farmers has a rich history that dates back more than 80 years. Farmers is the nation’s third-largest insurance company offering both auto insurance and homeowner’s coverage.

Both companies have stood the test of time and continue to make the smart business decisions that help ensure their customers that they will remain solvent and continue offering their insurance services for many years to come.

Coverage Areas

Farmers is currently in 41 states, primarily from the Midwest through to the Pacific coast. Residents in the following states will be disappointed to learn that the insurance is not available to them: Florida, South Carolina, West Virginia, Delaware, Massachusetts, Rhode Island, Alaska, Hawaii and New Jersey.

Esurance is currently licensed to operate in 28 states, although the number continues to grow on a regular basis. They are able to provide insurance services in the following states: Alabama, Arizona, California, Colorado, Connecticut, Florida, Georgia, Illinois, Indiana, Kentucky, Louisiana, Maryland, Michigan, Minnesota, Mississippi, Missouri, Nevada, New Jersey, New York, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, Washington and Wisconsin.

Similarities

When reviewing each company on comparison sites, it’s important to keep in mind that the companies are similar in many ways. They can both provide you with the liability coverage you need for your family along with property damage coverage.

Choose collision to get your own car fixed after an accident and comprehensive to take care of damage that occurs when the car is parked. Uninsured and underinsured motorist coverage is offered and you can also get person injury protection to cover your own medical payments after an accident.

Both companies are solid and stable, able to meet their financial obligations and likely to continue offering insurance services for many years to come. When comparing the pricing between the two be sure to look at the final price you would pay after all discounts are applied.


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