Insurance is one of the most important things you should have in order to protect your belongings, especially houses and vehicles. And when we’re talking about insurance, one of the most prolific insurance companies in America is called Farmers Insurance. But how much is Farmers Insurance?
History of Farmers Insurance
Farmers Insurance is a famous insurance company in the United States of America especially for insuring cars and houses. But for people who are not familiar with it, the name could get them to think that it is an insurance company solely for insuring farms. This has something to do with the history of the company itself.
Farmers Insurance was founded by two men named John C. Tyler and Thomas E. Leavey. They both grew up in the rural environment and then met each other in California. Because of their background, they both agreed that farmers and ranchers deserved lower premiums for car insurance because compared to urbanites, the have better driving records.
They both believed that ranchers, farmers and rural drivers have been overlooked for too long and then wanted to start a car insurance company for them. Since they both have the proper educational and career background, Tyler being the son of an insurance salesman and Leavey working for loan companies, they both decided to found a new insurance company and named it Farmers Automobile Inter-Insurance Exchange in 1928.
While it was started as an insurance company solely for automobiles and only for farmers, ranchers and rural drivers, today Farmers Insurance covers a lot of aspects. Besides auto insurance they have homeowners insurance, renters insurance, life insurance, business insurance, recreational insurance, umbrella insurance and motorcycle insurance.
How Much Does It Cost?
Now that you know the history of this insurance company, let’s answer the question of how much is Farmers Insurance? Since their main product is car insurance, to answer how much it costs, it depends on the track records of the driver and whether they have good credit or not.
The better you are as a driver and the better your credit is, the cheaper your premium would be. Full coverage premium for a good driver with a good credit is $3,184 and $2,311 for the national full coverage premium. The worse the records and credit, the more expensive the premium would be.
For a good driver with a poor credit, the full coverage premium would be $6,524 and $4,261 for national full coverage. For a driver with a record of speeding ticket but have a good credit, it’s $3,937 for the full coverage premium and $2,789 for national full coverage.
Lastly, in how much is Farmers Insurance, for a driver with a good credit but at-fault accident record, the full coverage premium is $5,144 and the national full coverage premium is $3,299. Lastly, a driver with DUI conviction and good credit would need to pay $7,166 for the full coverage premium and $4,426 for national full coverage.