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Travelers vs. State Farm

Travelers and State Farm are insurance industry giants and are major providers of car insurance to American motorists. Car insurance is a variably priced commodity. Go to five different vendors and you will get five different prices. Why is that? Well, keep in mind that insurance companies are in the business of identifying risk, quantifying the potential costs of those risks, and then pricing policies that can both cover claims and make a profit. All while trying to get more customers than their competitors

Actuary and underwriting departments within insurance companies crunch the numbers and constantly assess the risk they have taken on across their customer base or risk pool as it is sometimes called. The premiums they will charge you for auto insurance will be based on a number of factors. First, you must choose the breadth and depth of coverage that you want. You can go with simple personal and property liability coverage or you can get additional add on protections like collision coverage, roadside assistance and a host of other insurance products.

You will also need to provide personal information to insurers because automotive risk assessment is sensitive location. This means that different areas such as urban areas, may have overall different types and frequencies of accidents compared to suburban or rural areas. And those factors are priced into any premium you may purchase for your car insurance. Your personal driving record is a big component in assessing your risk profile. Safe drivers pay less. Insurance providers also take other things into account such as your age, whether you’re a student or not, and the make and model of the car you wish to get insured.

This can get real confusing really quickly. And it’s why we firmly believe that you should do some serious comparative shopping before your buy auto insurance. Get free quotes for Travelers and State Farm and see how they stack up against each other. General.com provides a way to get free online comparative quotes enabling you to be one of those savvy shoppers who never pays more than they absolutely need to.

Rates by state

State State Farm Travelers
Alabama $141.41 $112.66
Alaska $106.48 -
Arizona $154.41 $144.89
Arkansas $113.76 -
California $197.35 -
Colorado $138.92 -
Connecticut $145.69 $179.19
Delaware $140.96 $149.34
District of Columbia $151.93 -
Florida $184.47 -
Georgia $155.65 -
Hawaii $106.23 -
Idaho $73.26 $185.29
Illinois $110.66 $112.25
Indiana $91.30 $150.27
Iowa $81.49 $136.94
Kansas $116.24 $159.79
Kentucky $106.58 $179.50
Louisiana $205.11 -
Maine $73.74 $82.75
Maryland $193.89 -
Massachusetts $76.65 -
Michigan $317.19 $256.51
Minnesota $112.73 -
Mississippi $117.96 $191.03
Missouri $112.63 -
Montana $84.59 -
Nebraska $104.09 -
Nevada $175.72 $209.18
New Hampshire $84.14 -
New Jersey $198.52 -
New Mexico $111.89 -
New York $258.43 $226.16
North Carolina $87.43 $98.05
North Dakota $87.46 -
Ohio $85.15 -
Oklahoma $114.89 -
Oregon $109.69 $127.94
Pennsylvania $121.91 $189.70
Rhode Island $105.60 $199.25
South Carolina $105.77 $115.72
South Dakota $94.84 -
Tennessee $96.60 $126.42
Texas $117.04 -
Utah $162.56 -
Vermont $109.90 -
Virginia $92.21 -
Washington $106.02 $145.50
West Virginia $88.17 -
Wisconsin $81.53 -
Wyoming $145.13 -

All About Travelers

Travelers main business is in commercial property and casualty insurance, but they also have a substantial presence in what’s known as the personal insurance segment of the market. This is the category that includes automobile insurance.

The firm is a public company and, in fact, is one of the 30 large companies that comprise the Dow Industrial Average, one of the more famous stock trading indices. Travelers has reported annual revenue of almost $30 billion in recent years and net income of approximately $2 billion. They are the largest underwriter of worker’s compensation in the United States and are the top 10 of all personal insurance providers.

Travelers is a financially stable company and in 2019 they won spots of Forbes magazine’s lists of Best Employers for Diversity and Best Employers for women

Travelers Discounts and Savings

There is a menu of possible discounts that you may be eligible to receive from Travelers if you are shopping for car insurance. Like many other carriers, Travelers offers a multi-vehicle discount for families with more than one car. Similarly, if you can bundle certain other insurance products like home insurance with your car insurance, Travelers will give you a break on the price.

Other discounts that you may be eligible to receive include having a safe driving record being a good student, paying some of your premiums in advance and even switching to Travelers before the expiration of your current policy.

All About State Farm

State Farm is a giant in today’s insurance industry. From it’s humble birth in 1922 it now has a place in the top 50 of the fortune 500 list of largest companies. State Farm was founded in 1922 by retired farmer George Mecherle. Company lore has it that Mecherle summarized his vision for his business by saying “Honesty isn’t the best policy – it’s the only policy”. His first policy sold, it is said, for just over $11.

State Farm has diversified into other insurance products such as property and casualty insurance and life insurance. In addition, they offer other financial services such as annuities and mutual finds. In recent years, the company has reported annual revenue of more than $90 billion and net income of over $2 billion.

They are a financially stable giant, well regarded in the industry and have earned a spot on Forbes magazine list of most admired companies.

State Farm Discounts & Savings

State Farm will give better rates to drivers who have had no accidents for at least 3 consecutive years. Other carriers sometimes require a five-year accident free period to get such a discount. You can also get a price break if you’ve gone 3 years with out getting a moving violation. Often times you can get a reduced price if you take a defensive driving course to refresh your safety skills. Families with young drivers who have taken drivers education courses can receive better rates.

Long story short, do your due diligence. You shouldn’t pay list price for your car insurance when there are a multitude of price savings discounts waiting for you.

Discounts

Discount Type State Farm Travelers
Good Credit Discount up to 80% --
New Car Discount up to 40% up to 10%
Passive Restraint Discount up to 40% --
Driving Habits Discount up to 30% --
Good Student Discount up to 25% up to 8%
Good Driver Discount up to 25% --
Anti-lock Brake Discount up to 20% --
Multiple Vehicle Discount up to 20% up to 8%
Multiple Policy Discount up to 17% up to 13%
teenSMART Discount up to 15% --
Anti-Theft Device Discount up to 15% --
Accident Free Discount up to 15% --
Low Mileage Discount up to 10% Varies
Defensive Driver Discount up to 5% up to 8%
Travelink Discount Varies --
Mature driver discount Varies --
Senior Adult Discount Varies --
Home Owner Discount Varies up to 5%
Driving training discount Varies up to 8%
Military Discount Varies --
Loyalty Discount Varies --
Student Away at School Discount Varies up to 7%
Daytime Running Lights Discount Varies --
Claims Free Renewal Discount Varies --
Safe Driver Discount -- up to 23%
Good Payer Discount -- up to 15%
Continuous Coverage Discount -- up to 15%
Hybrid/Electric Vehicle Discount -- up to 10%
Early Quote Discount -- up to 10%
Paid in full discount -- up to 8%
Preferred payment discount -- up to 3%
No lapse in coverage discount -- Varies

Comparing car insurance rates

Both of these trusted brands can provide you with discounted car insurance policies but without knowing your exact personal profile it would be impossible to tell who would be your cheapest alternative. That’s why you should get free price quotes in order to have them match up side by side. Benchmark your policies by making them show their hand. Our sleek web tool at General.com will easily get you the free price quotes you need to enable you to get the least costly auto insurance products for you and your family. A few mouse clicks, a short amount of time and you will see free price quotes to compare and realize big savings.

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