It’s not easy trying to find the right insurance for your family at the right price. Today we are differentiating two well-known insurance carriers. In this Amica Vs Farmers article we will take a look at essential factors such as insurance claims, financial ratings, discounts, and more.
History
Amica Mutual is a Rhode Island-based mutual insurance carrier that was founded in 1907 by A.T. Vigneron. The current CEO is Robert A. DiMuccio.
Farmers Insurance Group was founded in 1928 by John C. Tyler and Thomas E. Leavey. The current CEO of the company is Jeffrey J. Dailey.
Car insurance rates comparison
The state that you live in might be a huge factor in how much you pay on auto insurance and which company offers cheaper rates to you. You will never find the same rates with any company because different auto insurance companies rate individuals differently and different companies offer different discounts that you may be eligible for. Insurance carriers will take a look at your credit history, your age, driving habits, driving history, gender, and more when giving you rates. Knowing this, the only way to truly compare prices between Amica and Farmers is to compare quotes today, which can save you 10% or more on auto insurance.
Auto insurance claims comparison
The U.S. Auto Claims Satisfaction Study rates the top insurance companies. Amica Mutual was the highest rated auto insurance company in the study. In the Auto Claims Satisfaction Study Amica received 5 out of 5 Power Circles in almost every category. Farmers received 3 out of 5 Power Circles in almost every category. In the Index Ranking Amica received 901 points out of 1000 points. Farmers received 849 points out of 1000 points. According to J.D. Power, Amica does slightly better in the claims comparison.
Home insurance claims comparison
Amica received 5 out of 5 Power Circles in every category of the J.D. Power Home Insurance Study. The only other insurance carrier to receive 5 out of 5 Power Circles was USAA. Farmers received 3 out of 5 Power Circles in the study.
Customer complaints
Better Business Bureau takes into consideration type of business, failure to honor commitments to BBB, government Action (per action), BBB Trademark Infringement, complaint resolution delayed, and more.
Farmers Insurance Group has had BBB accreditation since 06/01/1951. Farmers received an “A+” grade from Better Business Bureau. Amica Mutual Insurance Company received BBB accreditation in 01/01/1957. Amica also received an “A+” financial strength rating.
Financial strength comparison
A.M. Best, which is a leading insurance rating agency gave Amica an A+ (Superior) financial strength rating. Farmers received an “A” rating from A.M. Best. From S&P Farmers received an A+ rating and from Moody’s Farmers received an “A2” rating.
Having a stable company by your side is crucial. These great financial strength scores reveal to us that both companies are equipped to pay out any claims that you might have in the future.
Insurance discounts and features
Amica policy discounts
Loyalty discount – Those who have been with an auto insurer for multiple years will qualify for this insurance discount. The amount that you will be able to save varies.
Multi-line – Combining auto with home, life, renters, condo, or umbrella insurance will help you to save 15% with Amica.
Multiple auto – Insuring multiple vehicles will usually result in savings with any company. Amica Mutual is not your average company. With Amica you will be able to save up to 25%.
Legacy – If your parents have been Amica policyholders for 5 years or more and you are under 30 years old, then you will qualify for this discount.
Home ownership – Are you a homeowner? If the answer is yes, then you may be able to receive a discount with Amica.
Forward-collision warning – Does your car have a collision-avoidance feature? If so, then you will easily be able to save with Amica.
Claim-free – Insurance companies give discounts to drivers who are claim-free. With Amica if you have had no claims in the past 36 months other than glass or towing, then you will be able to save.
Farmers Policy discounts
Multi-line Discounts – If you make Farmers your one stop shop for insurance, then you will be able to save.
Alternative Fuel – You can save if you have a vehicle that uses alternative fuel. For example, electric/ gasoline hybrid, ethanol, methanol, compressed natural gas, etc.
Good Student – College students with a 3.0 GPA or A/B students will qualify for this discount.
Good Driver – Having a clean driving record can mean extra savings with Farmers.
Senior Defensive Driving – 55 year old drivers or older who complete a Department of Motor Vehicles approved driver safety course, may save more on auto insurance.
Business and Professional Group – Being a member of a qualifying professional occupation or business group can result in savings. This discount applies to you or your spouse. A few of the professions included on the Farmers list include teachers, nurses, engineers and more.
Loyalty Discount – If you have been with Farmers for three consecutive years, then you will be able to qualify for their loyalty discount.
Accident/Incident Forgiveness – Accident and incident forgiveness are two awesome coverage options to have. With accident forgiveness if you are in an accident, then you will not have to worry about your insurance rates rising. With Incident forgiveness, your insurance rates will not rise when you receive a citation.
Roadside assistance comparison
Amica
If you ever have trouble on the road you will be able to use Amica Mutual roadside assistance for towing, changing flat tires, jump starts, delivering fuel, and unlocking car doors. Without this coverage, you will have to pay out of pocket for any services.
Farmers
Farmers roadside assistance allows you to receive emergency towing of up to $150, dead battery/jump-start, flat tire change, lockout entry assistance, and roadside winching for when your vehicle is stuck in ice, snow, and mud.
Mobile app comparison
Amica
Amica’s mobile app is available for iPhone and Android. To create an online account, you will need to go to Amica.com. You cannot do it on the app. Amica’s app has various features that you will love such as the quick pay feature, access policy information, report and tracking a claim, request emergency repair services, easily find a taxi or rental car service with their GPS feature, contact an Amica representative, and more.
Farmers
The new and improved Farmers Insurance app received great reviews online. Currently the new app has over 100,000 downloads. With the app, you are able to instantly view ID cards, pay bills quickly, connect with your insurance agent, and more.
Bottom line
Whether you are a teen driver who needs insurance or an older driver both companies are great choices. They both do well in several categories, but Amica does better in auto and home insurance claims. I encourage you to check which company gives you better rates. Compare rates now!