Farmers Motorcycle Insurance Review


Rating: 7 / 10 (Very good)
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Farmers Insurance Group is one of the leading insurance companies in the United States. It offers a wide array of policies, including coverage for cars, motorcycles, trucks, homes, as well as many other types of personal insurance products. Founded in 1928, the company is a subsidiary of Zurich Insurance Group, one of the largest insurers in the world.

How is Farmers rated?

Breakdown

7/10
Coverage and Benefits
7/10
Customer Experience
7/10
Pricing and Discounts
7/10
Financial Strength

Overall Rating: 7 / 10 (Very good)

As one of the leaders in the insurance industry in the United States, Farmers offers the stability and range of options other major insurers do. In addition to the basics, they also have customization options like coverage for security equipment and accessories (including gear), trip interruption, and replacement cost total loss settlements. It also provides a renewal discount for maintaining continuous coverage potentially lowering the policyholder's rates as time goes by. However, their reputation is mixed as to customer service and willingness to pay claims quickly. Additionally, according to Standard & Poor's 2018 analysis of the company, Farmers has tried to make up for operating losses with cumulative rate increases, which begs the question of whether these increases will continue if the company doesn't meet its financial goals. Overall, Farmers remains a good choice for motorcycle insurance, giving policyholders the stability and convenience of an established company with a solid reputation and national reach.

Farmers Coverage and Benefits

Coverage and Benefits - 7 / 10

Aside from the basic comprehensive, collision, and liability, Farmers Insurance offers tailored coverage for transport trailers, security equipment, accessories, and, although it does not have a lay-up option, its rates can take into account seasonal use.
Coverage
Liability
Collision
Comprehensive
Uninsured/Underinsured Motorist
Additional Coverage
Accessories and Custom Parts
Personal Belongings
Roadside Assistance
Trip Interruption
Towing and Labor
Types of Vehicles Covered
Classic/Custom Motorcycles
Street-Sport Bikes
High Performance

Farmers Pricing and Discounts

Pricing and Discounts - 7 / 10

Farmers Insurance offers plenty of opportunities to save. They offer discounts for having taken a safety course, insuring more than one bike, belonging to an approved organization, and being classified as a responsible driver. It also offers a discount if the policyholder maintains continuous coverage and for equipping the bike with anti-lock brakes and airbags.
Discounts
Training Course
Multi Bike
Club/Association Membership
Other Discounts
Safety Features
Responsible Driver

Farmers Financial Strength

Financial Strength - 7 / 10

As a subsidiary of one of the largest insurance companies in the world (Zurich Insurance Group), Farmers enjoys solid financial backing and received an "A" from Standard & Poor's indicating a strong capacity to meet its financial obligations. However, S&P also holds a negative outlook on its credit and, most importantly for the consumer, indicates that the company has had tried to increase its earnings by cumulatively increasing its rates. Since their profits haven't been what they expected, there is no guarantee that rates won't continue to increase.
Company Type
Underwriter
Year Founded
1928
Standard & Poor's Financial Rating
A
AM Best Financial Rating
A

Farmers Customer Experience

Customer Experience - 7 / 10

Fifty-eight complaints were filed with the National Association of Insurance Commissioners involving Farmers Insurance's private passenger policies in 2017. None involved their motorcycle insurance products. They received an A+ from the Better Business Bureau, however, there are close to 700 complaints against them on the site as well. Overall, reviews are mixed as to their customer service and willingness to pay claims quickly.
BBB Rating
A+
Number of BBB Positive Reviews
5
Number of BBB Negative Reviews
21
Trust Pilot Rating
5.4 out of 10
NAIC Complaint Ratio 2017
0.88
NAIC Total Complaints 2017
58
Date Collected
2018-05-21

Company Profile

Full Name
Farmers Motorcycle Insurance
Company Website
Headquarters
6301 Owensmouth Avenue, Woodland Hills, CA, 91367

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Top Rated
9.5 / 10
  • Provides some of the most comprehensive coverage on the market
  • Covers passengers as well as riders
  • Rental reimbursement
  • Loyalty discount for customers with the company for more than a year
  • Homeowners discount available