State Farm vs. Travelers: Best Auto Insurance for 2021
When comparing auto insurance companies like State Farm vs. Travelers, you want to analyze both company pricing and company ratings. State Farm offers more affordable rates to men and women of various ages. However, Travelers Insurance is more well-reviewed by both A.M. Best and the Better Business Bureau.
- State Farm offers more affordable auto insurance rates based on gender and age than Travelers
- Travelers Insurance is more well-reviewed by A.M. Best and the Better Business Bureau
- Your personal car insurance rates with these companies will vary based on where you live and the level of coverage you choose.
The process of comparing auto insurance companies can be stressful. To ease your mind, we are going to be focusing exclusively on State Farm vs. Travelers today.
This is not a Travelers home insurance review. We only will be covering auto insurance rates and financial ratings in our State Farm vs. Travelers Insurance review.
Before you buy State Farm vs. Travelers auto insurance, type your ZIP code into our free and helpful tool above to find affordable auto insurance quotes from providers in your area.
State Farm vs. Travelers: Which company offers more affordable rates to men?
When you set out to find the right auto insurance company for you, it stands to reason that you would like to start with what is important to you. For many, that would be the prices offered by various companies.
The following table shows the rates offered to men of various ages by the largest auto insurance companies, including State Farm and Travelers. These rates are for single 17 and 25-year-olds as well as married 35 and 60-year old men.
|Company||Married 60-Year-Old Male Average Annual Rates||Married 35-Year-Old Male Average Annual Rates||Single 25-Year-Old Male Average Annual Rates||Single 17-Year-Old Male Average Annual Rates|
|State Farm Mutual Auto||$1,349.64||$1,529.96||$2,003.27||$5,604.41|
|Travelers Home & Marine Ins Co||$1,702.69||$1,701.83||$1,922.42||$27,457.38|
|Liberty Mutual Fire Ins Co||$3,781.20||$3,967.26||$5,397.88||$15,000.77|
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Is it easier to get affordable State Farm insurance or affordable Travelers insurance? As you can see, for single 17-year-old males, Travelers is nearly a whopping five times as much as State Farm per year.
For single 25-year-old males, things reverse a bit. In this category, State Farm is the more expensive company, but it is by less than $100 per year.
For married 35-year-old men, Travelers is again the more expensive company. In this category, Travelers is about $200 more expensive than State Farm per year.
Finally, for married 60-year-old males, Travelers is about $350 more per year than State Farm. So, in short, our Travelers vs. State Farm Insurance review shows that State Farm definitely offers more affordable rates for male drivers.
Let’s see if this holds true in the next section when we analyze the rates offered to women of various ages.
State Farm vs. Travelers: Which company offers more affordable rates to women?
We are now going to do the same thing we did in the last section, but now we will analyze the rates offered to women by companies including State Farm and Travelers.
|Company||Married 60-Year-Old Female Average Annual Rates||Married 35-Year-Old Female Average Annual Rates||Single 25-Year-Old Female Average Annual Rates||Single 17-Year-Old Female Average Annual Rates|
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As you can see, for single 17-year-old females, Travelers is again four times as much as State Farm per year. For single 25-year-old males, Travelers is about fifty dollars more expensive per year.
For married 35-year-old women, Travelers is over $100 more expensive per year than State Farm. Finally, for married 60-year-old females, Travelers is over $350 more expensive per year than State Farm.
So, State Farm wins again. Let’s wrap up with company reviews and see if State Farm can sweep this thing.
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State Farm vs. Travelers: Which company is more well-reviewed?
Before we wrap up and part ways for the day, we need to stress the importance of company ratings from organizations like A.M. Best and the Better Business Bureau.
A positive rating from one or both of these two rating organizations can give consumers confidence that an auto insurance company has and will continue to have financial strength.
The Better Business Bureau’s rating scale goes from the highest score of “A+” down to the lowest score of “F”. Travelers received the highest possible rating of “A+”, but they lack BBB accreditation.
What score did the Better Business Bureau give State Farm? It turns out that State Farm lacks not only accreditation but even a BBB rating.
A.M. Best’s Financial Strength Rating (FSR) scale is slightly different in that it ranges from “A++” down to “D”. Not to mention, they actually have two different scales. Travelers received the highest possible rating of “A++”.
What rating did A.M. Best give State Farm? It turns out that State Farm also has the highest possible rating of “A++”.
A.M. Best also has what is called Long-Term Issuer Credit Ratings (Long-Term ICR). Whereas their Financial Strength Ratings are about an insurer’s financial strength as well as its ability to meet ongoing policy and contractual obligations, a Long-Term ICR is focused on the future. A Long-Term ICR can be issued on a long-term basis or short-term basis.
State Farm received a rating of “a”. What long-term ICR did Travelers receive? They received a rating one notch higher of “a+”.
So, in review, you have two great options here. State Farm wins in terms of pricing, but Travelers wins in terms of company ratings. We advise asking about discounts before you buy car insurance. You may find that a bundling discount lowers your rates when it comes to State Farm vs. Travelers renters insurance or home insurance.
Don’t let your auto insurance comparison stop with State Farm vs. Travelers. Type your ZIP code into our free and helpful tool below to find affordable auto insurance quotes from companies in your area.