What are the Farmers payment options?

To cancel Farmers insurance, the policyholder must contact their agent directly or call customer service at 1-888-327-6335. The cancellation can be arranged for a future date or set to take effect immediately. You will need your name, policy number, and the date you want your policy to end.

• Cancel by phone by calling your agent or 1-888-327-6335.… read full answer
• Cancel by mail by writing a letter that includes your name, policy number, and the date you want your policy to end. Sign, date, and mail your letter to: Farmers Customer Service / 6301 Owensmouth Avenue / Woodland Hills, CA 91367.
• Cancel in person by visiting your local Farmers agent.

If you’ve already paid your premium for the policy period in full, Farmers will refund the unused portion. Farmers does not impose a cancellation fee or penalty for early termination.

It’s important to remember that you don’t need to cancel your policy just because you’re going through some life changes. For example, you should have Farmers update your mailing address or vehicle information if you’re moving or buying a new car.

If you’re canceling your current policy in order to switch to another company, be sure to activate your new policy before canceling the old one. This prevents a lapse in coverage, which would lead to higher premiums in the future.

You can get a Farmers good student discount if you have at least a B average. Student drivers can save as long as they are 16-24 years old and a full time high school, college or university student. Students can also qualify by being ranked in the top 20% of their class or if they are included in the Dean's List, Honor Roll, or another school list designating scholastic achievement.… read full answer

Young drivers are usually quite expensive to insure since they lack driving experience. However, Farmers offers a good student discount because having good grades shows the insurer that you are responsible off the road, meaning you’re more likely to be responsible in the driver’s seat as well.

Farmers good student discounts vary by state, but it’s always worth the effort of checking if they are available in your location.

Car insurance is tax-deductible for self-employed people who use their car for business reasons, as well as for select other occupations. For example, car insurance is tax-deductible for armed forces reservists who travel for duty, some performing artists, and certain government employees who are paid via fees-per-service.

Business use means trips taken for work, but commuting to and from work is not deductible. For example, a photographer’s drive to her studio would not be deductible, but her drive from her studio to a client’s house during working hours would be. However, if the photographer had a studio in her house, then her drive from her home studio to a client’s house for work purposes would qualify as tax-deductible.… read full answer

How to Deduct Car Insurance on Taxes

Car insurance can be deducted by eligible taxpayers based on either mileage or actual cost. If you choose to deduct based on mileage, the official rate – $0.58 per mile in 2019 – incorporates all the expenses that go into driving, so insurance cannot be deducted separately. On the other hand, deducting based on actual expenses requires taxpayers to add up costs like insurance premiums, repairs, gas, tires, and registration fees.

Self-employed taxpayers can use Schedule C to deduct their vehicle expenses, whether using actual cost or mileage. Other eligible taxpayers can use Form 2106 for Employee Business Expenses.

Car Insurance Tax Deductibility Tips

• If a car is used exclusively for business, the entire amount of its actual cost can be deducted.
• If a car is driven for both business and personal reasons, the total cost can be prorated. For example, if the car is used for business half of the time, half of its actual cost can be deducted.
• If a taxpayer is deducting based on mileage, they should keep careful track of their work-related miles and can deduct only that amount.

Regardless of which type of deduction you choose, it’s important to keep careful records of business vehicle use. In addition, it’s usually best to calculate your deduction using both the actual value and mileage methods, so you can choose the method that gives you the highest tax savings. If you’re still unsure whether you can deduct your car insurance, visit the IRS website or talk to a tax expert.