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Farmers Motorcycle Insurance Review

Farmers Motorcycle Insurance Review

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  • Customer Service
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  • Coverage

Farmers insurance is a veteran in the insurance industry and will be able to provide most individuals with what they need on a motorcycle insurance policy. They also provide a variety of other types of insurance such as: auto, home, renters, business, recreational, and financial insurance. They are among the top 10 largest insurance companies in the United States and have really pushed a catchy marketing tune. If you watch TV and have caught a Famers commercial – they are easily remembered with their trademark catchy tune: “We are Farmers: Bum buh dum bum bum bum bum.” The veteran actor featured in the Farmers insurance commercials is J.K. Simmons.

Chances are that you’ve seen him on a TV show or in a movie role before the Farmers commercials. He is featured on the show Law & Order as Dr. Emil Skoda and is an assistant police chief on the show The Closer. Additionally, he has been featured on the show Oz, Family Tools, as well as the Spider-Man trilogy  Farmers may have initially caught your attention with their logical, semi-comedic commercials. Below is an overview of the company and all the gritty details about their motorcycle insurance policy. Check it out to determine whether you think Farmers is a good choice for your motorcycle insurance coverage.

Farmers Company History

Farmers insurance company formed in 1928 with the partnership of John C. Tyler and Thomas E. Leavey. Although these two individuals came from different walks of life, they shared a common goal: to provide high-quality insurance products at an affordable price. Farmers insurance is a company that started just one year before the Great Depression period and was not only able to survive – but thrive. Both John Tyler and Thomas Leavey understood that farmers and ranchers didn’t incur as much risk to insure – both thought that farmers should be given better rates on their policies.

John Tyler and Thomas Leavey had different experiences growing up. Tyler was influenced heavily by his father who was a farmer that went on to eventually become an insurance salesman. Tyler served in World War I and was a painting contractor before starting Farmers. Leavey didn’t end up in the Army until World War I was nearly complete. He went on to complete his law degree at Georgetown University. Before he and Tyler had founded Farmers, Leavey was working in the finance industry.

In 1928, John Tyler and Thomas Leavey partnered and joined the insurance industry to found the Farmers Automobile Inter-Insurance Exchange. They started the company in a small single room office in Los Angeles, California. Farmers insurance has documented that its first customers were Mr. and Mrs. Charles Brisco – who had purchased insurance for their 1925 Cadillac Phaeton through Tyler and Leavey. Furthermore, Mr. Brisco was quoted as saying, “I just exercised sound judgment” when asked why he chose Farmers – a new company at the time.

In 1928 Farmers had their first logo designed with the intention of representing “the source of life-giving energy to things that grow.” It was originally designed by an artist named Bert Scrum – but has been revised in years to reflect changes within the company and marketplace. A shield has been added in order to represent the protection that Farmers insurance provides. Throughout the 1920s and 1930s, Farmers insurance was one of the only American companies that were able to pay their claims with cash instead of IOU’s.

Due to the fact that Farmers had established such a reliable and trustworthy reputation, word had spread of their exceptional insurance services. By the 1940s they had expanded their operations to a whopping 19 states and had begun to provide insurance for non-farmers as well. During this time they also added Fire insurance for homes and businesses as an option for customers. It was throughout the 1940s that Farmers insurance became known for their “fast, fair, and friendly” services as an insurance company.

In the 1950s, Farmers was sponsoring radio shows, helping trucking companies to watch and track insured commercialized trucks, as well as providing training for truck drivers to increase safety. They were among the first companies to use IBM 705 computers to store and retrieve important data. They also began pushing advertisements in magazines and on television. By the 1960s, Farmers was able to put forth more time and energy towards developing services that catered to their customer base. They allowed more customizable insurance options as well as specialized types of coverage. It was the computers and other technology that allowed them to effectively assess risk and give rates to customers depending on their individual risk.

Later they went on to offer Uninsured Motorist insurance as well as came up with a drive-in claims service. By the 1970s, Farmers had expanded their customer discounts, added Life insurance options, additional Homeowners insurance options, and created a non-smoker discount; they were the first insurer to provide this discount. In the 1980s Farmers insurance company was still trying to do “the right thing for the right reasons” to help all people with their insurance needs. They developed a magazine called the “Friendly Exchange” which educated the public on safety and insurance topics. They also developed “Farmers Friendly Reviews” which allowed their customers to review their coverage, learn discount options, and make sure their policy was how they wanted it.

In 1988 the Farmers Group, Inc. was sold to the British American Tobacco Company. During the 1990s, Farmers was using even more computerized technology to help with communication and processing of insurance claims. They were around during the 1992 L.A. riots, 1994 Northridge earthquake, and the 1999 Midwest tornados. Many Farmers employees helped with first responders and were around to help the American public with catastrophes. They have given back to the community through organizations such as: Partners in Pride (neighborhood rebuilding projects), USO events, adopt-a-family programs, toy donations, and other things.

In 1998, Farmers Group, Inc. was bought out by Zurich Financial Services. After the buyout from Zurich, Farmers was among the industry’s best at training agents and handling claims. They developed the University of Farmers – which is a skill building educational center to help train and assist agents. Since the new millennium, Farmers has expanded and added various services and products to make life easier for customers. They added mobile services as well as 24 hour claims tracking, online options, and have expanded their billing. They also began offering discounts for vehicles that run on alternative fuel. In 2007 they acquired Bristol West insurance company and in 2009 they bought out 21st Century insurance.

Currently the reputation of Farmers is still positive and they have done great business throughout the years. Whether the original company vision created by Tyler and Leavey holds true today is up for debate. Although the history of Farmers has been solid, the question is do they provide the motorcycle insurance that you need? Read more below and see what you think.

Farmers Motorcycle Insurance Coverage Options

When it comes to purchasing a motorcycle insurance policy, the most important aspect is the coverage. If you aren’t getting adequate coverage for your motorcycle, then you aren’t going to be very satisfied with your insurance. Before you purchase a policy, you should know what type of coverage you will be getting as well as the amount of coverage. Below are the varieties of options that Farmers insurance has for motorcyclists.  Note: Foremost and 21st Century are owned by Farmers.

Standard Policy:

Collision Coverage – Anytime you collide with another vehicle, you need to have collision insurance to pay for the damages to your own motorcycle. This also provides coverage if you collide with an object or something other than a vehicle.

Other Than Collision Coverage (OTC) – Any damages resulting from something other than a collision will be covered with OTC. This type of coverage protects you from theft, vandalism, damages from animals, weather, and nature. This is one element of a standard motorcycle insurance policy that you could purchase.

Liability Coverage – Anytime you are involved in an accident and cause damage to others or the property of others, you will need liability insurance. Liability coverage is required as part of a standard policy.

Medical Payments Coverage – Should you get involved in an accident that results in a hospital trip with medical bills; you will want medical payment coverage (sometimes called “MedPay”). This insures you up to a certain amount of money for your hospital bills resulting from your accident. This also will insure all passengers that you are transporting.

Optional Equipment Coverage – If you have any additional equipment or attachments that need to be insured on your motorcycle, Farmers allows you to get coverage. If your bike is customized or tricked out in any way, they will give you the option of buying more insurance.

Safety Apparel Coverage – Think of all safety apparel and equipment that you wear such as: a helmet, protective gloves, a protective motorcycle jacket, etc. All of this is insured under the special apparel insurance with Farmers.

Optional Coverage:

Farmers insurance is aware that not everyone has a plain, standard, motorcycle. Some people have really tricked their bikes out or are driving expensive choppers. In order to make sure that you get all of the insurance that you need for your motorcycle, Farmers has added some optional coverage for individuals that need it.

Increased Liability Limits – If you aren’t satisfied with the initial amount of coverage that you are getting under liability options, Farmers allows you to increase your limits.

Increased Limits on Optional Equipment – In addition to increasing liability limits, Farmers also allows you to increase coverage for optional equipment. If you have an expensive, tricked out or highly customized motorcycle, you may want to increase your optional equipment limits.

Replacement Cost / Total Loss Settlement Coverage – Should you end up totaling your motorcycle in an accident, the total loss settlement will pay for the replacement cost of your bike. The exact details vary from case to case, but if you are paying for this bonus coverage, you should get reimbursed if your motorcycle is totaled.

Towing and Roadside Assistance with Trip Interruption Coverage – You have the option of purchasing towing and roadside assistance. Should you ever need your motorcycle towed; Farmers will give you a tow. If you need assistance because you are stuck or run out of gas, Farmers will help you out. They also allow you to get trip interruption coverage which reimburses you for accommodations if your trip becomes interrupted.

Transport Trailer Coverage – You can purchase additional coverage of up to $7,500 towards transport trailers. If you have a transport trailer and consider it valuable, you may want to consider adding this insurance to your motorcycle policy.

Uninsured / Underinsured Motorist Coverage – If you are ever involved in an accident in which the other driver is either uninsured or underinsured, this type of coverage helps by reimbursing you for damages that should be paid on their behalf.

Farmers Motorcycle Insurance Payment Options

Farmers is extremely vague on the different types of payment options that they provide. They do make it clear that if you make one big annual payment, you will get a discount. However, they don’t discuss the details of their other options.

One Pay – One pay is paying once a year and then not having to worry. This is also known as an annual payment – pay it once and you are covered for a full 12 month period.

Four Pay – If you want to spread your installments out over the course of the year, you can pay quarterly, or four times per year. Some people aren’t huge fans of making one big payment, but don’t like to keep making small payments – this is a happy medium.

Ten Pay – If you want to make smaller payments, you could choose the 10 pay option which would have you paying 10 smaller installments throughout the year. This is for people who may not be able to afford making one large upfront payment.

Despite listing these few payment options on their website, they do make it seem as though if you contact an agent you will be able to customize your payment plan. Whether you will be granted more flexibility depends what your agent allows. Most insurers allow monthly payments and bi-monthly options. It is unclear as to whether Farmers allows monthly payments for their customers.

Farmers Payment Methods

The accepted payment methods through Farmers is relatively small compared to some of the other major providers. Although they offer the standard checking account, EFT, credit/debit card payment options, they don’t make it clear that they provide other ways in which you can pay. They make no mention as to whether they accept cash, mailed payments, phone payments, etc.

If you decide to go with online payments, Farmers allows you to schedule payments in advance, manage your policy, use a credit card to pay, review your statements, check payment history, and documents a history of your account for you to check at any time.

  • Bank Account
  • Credit Card
  • Debit Card
  • Electronic Funds Transfer (EFT)
  • Online Payments

Does Farmers offer paperless billing?

Yes. Like most major insurers these days, Famers provides their customers with the option of going paperless. You can easily sign up for the “Paperless” option by changing your settings under your “My Farmers” account or by contacting a Farmers insurance agent. Paperless billing is an environmentally friendly option because it helps save trees.

The great thing about it is that even if you go paperless, you can still login to your account and review or print your current or past bills at anytime. You can also configure your account to set up alerts that will send to your email when your next payment is due. Not only does going paperless help keep things simple and save the environment, it is a lot less of a hassle than paper bills for most people.

Farmers Motorcycle Insurance Discounts

Whenever you are shopping for motorcycle insurance, one important element to consider is that of the discounts. Although certain companies have a fairly high rate, many offer huge savings through their discounts. Farmers offers plenty of solid discount options to their customers – check them out below. The exact percentages of savings will vary depending on your exact situation. Be sure to contact an agent for additional information if you are interested.

Affinity Group – If you have an occupation that is listed in the Farmers insurance affinity group, you may qualify for an additional discount on your motorcycle insurance. Research has demonstrated that certain occupations such as: engineers, scientists, police officers, firefighters, surgeons, pharmacists, dentists, teachers, etc. are less risky to insure than other professions. Should you have a profession that is considered low risk to Farmers, you can qualify for their affinity discount.

Airbag Equipped – If you have an airbag system installed on your motorcycle, you can save yourself even more money. Contact a Farmers agent for exact details regarding the air bag requirements.

Annual Policy – If you decide to pay for your entire annual policy upfront, Farmers will give you a discount. The great thing about paying all up front is that once you’ve paid, you don’t have to worry about checking your coverage or making phone calls to your agent.

Anti-Lock Brake Equipped – If your motorcycle is equipped with an anti-lock brake system, you will be eligible to save money. Anti-lock brakes are safer than other types of brakes and help increase control on the road. Most new motorcycles come standard with this type of brakes.

Multi-Policy – If you have multiple insurance policies through Farmers, you can stand to save yourself even more money.

Multi-Unit – Do you own more than one motorcycle that needs to be insured? If you have multiple bikes that need insurance, you can get a multi-unit discount through Farmers and save a certain percentage on each bike.

Prior Insurance – If you have a prior insurance plan and switch to Farmers, you can save yourself some extra money.

Preferred Operator – If there is a preferred operator for your motorcycle and you let Farmers know, they can more accurately assess your risk. This is helpful to them and for this information they will give you a discount.

Renewal Discount – If you maintain continuous coverage with Farmers, they give you a discount for simply renewing your policy.

Safety Course – Taking a safety course recommended by Farmers will help you save some extra money on your policy.

Rewards for responsible riders:

Not only does Farmers provide a wide variety of discount options for customers, but they also reward responsible drivers. If you prove to Farmers that you are a trusted, responsible driver – they will allow you to save money on your policy.

  1. First Accident Waiver – This program waives the premium surcharge on your first motorcycle accident. This is for customers that have been loyal to Farmers that have a good driving record. For the exact details you should contact an agent and ask any questions that you have.
  2. Additional Medical Payments – If you need coverage for additional medical payments, you can get coverage if you are a rider using a DOT approved helmet.
  3. $500 Deductible Waiver – On your OTC (Other Than Collision) coverage you can get a $500 deductible if you have an approved stolen vehicle recovery system installed (e.g. LoJack).

A.M. Best Rating: A++ (Superior)

The A.M. Best Rating for Farmers insurance is A++, meaning that it’s a well managed company. If you ever have a claim that needs to be settled quickly, Farmers will have the financial prowess to fulfill that claim. A rating of “A++” means that the credit rating of this company is exceptional and they are above average. In the most recent review, the outlook of this company is stable and very low risk. They have a solid foundation in the insurance industry and are a top company. In comparison to many smaller companies, you shouldn’t have to worry about claims with Farmers. They lay their coverage right out on the table, and if you like what you are paying, consider going with them – they are very unlikely to experience any sort of collapse as a company.

Independent customer reviews gave Farmers motorcycle insurance about a 4/5 stars based on thousands of ratings. This rating is very good considering every company is going to have outlier reviews that bring the overall rating down. This company provides great services to anyone that needs motorcycle insurance. If you are considering going with Farmers for your coverage, you may want to compare them with a few other major insurers and see how they stack up in terms of price, discounts, etc.

Get Free Farmers Motorcycle Insurance Quotes Online!

Anytime you are considering choosing a specific company like Farmers for your motorcycle insurance coverage, you should always do a quick comparison online. By entering your Zip Code at the top of the page or below, you can easily determine which companies are offering the best rates on motorcycle insurance in your area. These tools are free; all you need to do is take the time to fill out the proper information for a quote. Once you have collected some free quotes from the companies that you are considering, you can make an objective price and coverage comparison.

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