Auto-owners vs. Farm Bureau Financial Services: Which Company is the Best Fit for You?

Quick Facts

• Looking at the national averages for car insurance, Farm Bureau Financial Services offers slightly more affordable premiums than Auto-owners
• Auto-owners has less expensive rates for couples purchasing insurance together
• Farm Bureau Financial Services offers more affordable prices for drivers who have less-than-stellar credit

Auto-owners vs. Farm Bureau Financial Services: Which Company has the Cheapest Car Insurance?

So, you're considering switching your auto insurance. With so many ads from all sorts of companies offering large discounts, you're probably wondering exactly how much you might be able to save.

You've maybe even narrowed it down to Auto-owners or Farm Bureau Financial Services, but between the two, which one has cheaper premiums for auto insurance?

Looking at nationwide averages, Farm Bureau Financial Services is about $9 per month more affordable than Auto-owners.

However, that doesn't necessarily mean Farm Bureau Financial Services will be the cheaper option for every driver. Car insurance companies use a variety of complex algorithms to calculate rates, so depending on how good your credit score is or how old you are (among a range of other factors), you could see wildly different prices from the ones above.

So, if you want to find out which of Auto-owners or Farm Bureau Financial Services is really the best for you, keep reading to see average premiums for each carrier broken down by multiple different rate factors.

Auto-owners or Farm Bureau Financial Services: Average Car Insurance Rates by State

Auto-owners and Farm Bureau Financial Services compete against each other in seven states, with Farm Bureau Financial Services offering less expensive rates to the average driver in all of them. If you live in Nebraska or South Dakota, Auto-owners is the cheaper of the two carriers when looking at the overall average premiums. Farm Bureau Financial Services is the more affordable option in Arizona, Iowa, Kansas, Minnesota, and Utah.

But there's more to insurance than just where you live. As we mentioned above, there's a lot of things that go into how auto insurance companies determine your prices. Read on to find out more.

Which is the Best Company For Young Drivers?

Young drivers -- especially teens -- typically pay a lot for car insurance compared to older drivers. That's generally because young, inexperienced drivers are statistically much more likely to get into an accident that results in an auto insurance claim, making them much riskier to insure.

That being said, that doesn't mean teen drivers can't still save money on their insurance. For example, 18-year-old drivers pay an average of $60 less a month by choosing Farm Bureau Financial Services over Auto-owners.

But with both carriers, you'll see your rates decrease significantly by the time drivers turn 25. Farm Bureau Financial Services offers the steepest reduction, with 25-year-olds paying less than half what 18-year-old drivers are charged. Auto-owners's average prices drop nearly 60% during that same period.

Which is the Best Company for Retired Drivers?

When it comes to auto insurance, patience and experience pay off, with drivers around retirement age paying some of the lowest premiums you'll ever find.

When looking at Auto-owners and Farm Bureau Financial Services specifically, which company is best for retired drivers? Farm Bureau Financial Services gets the slight edge here, with average rates coming in at around $127 monthly compared to Auto-owners's $133. Even so, the difference is only about 5%, so other factors will likely come into play when determining which carrier has the most affordable premiums for you.

Which is the Best Company for Married Drivers?

Single policyholders tend to get offered slightly more expensive car insurance prices than married policyholders. That's because policies for married couples usually cover more than one car, which a lot of companies will offer you a discount for.

When it comes to relationship status, Farm Bureau Financial Services is the winner for those who are single, with rates around $17 per month less expensive than Auto-owners, on average.

Auto-owners vs. Farm Bureau Financial Services: Average Rates by Gender

Men are statistically more likely than women to get into accidents and file an insurance claim. That means when it comes to insurance men will normally end up paying a little more.

Generally, men see premiums more than $10 a month higher with Auto-owners, but surprisingly, with Farm Bureau Financial Services, men generally pay about $5 per month less than women.

Looking at overall affordability, Farm Bureau Financial Services comes out as the cheapest option for both genders, with average prices $17 less for men and $1 cheaper for women.

Auto-owners or Farm Bureau Financial Services: Compare State Minimum vs. Full Coverage Rates

*State minimum value indicates liability-only policies at each state's minimum bodily injury and property damage (BI/PD) limits

**Full coverage indicates state minimum BI/PD limits with collision and comprehensive coverages added to policy.

For most people, auto insurance can be pretty complicated. Everyone needs car insurance, but there are so many different coverages and terms that it can be hard to find the right policy.

The two most common policies end up falling into two different types of coverage -- liability only (which provides property damage and bodily injury coverage for other drivers and their passengers if you cause an accident) and full coverage (which includes two additional coverages -- comprehensive and collision -- in addition to liability).

If you're looking for state minimum limits for liability insurance, Farm Bureau Financial Services usually offers more affordable rates of $87 compared to Auto-owners's $99. When it comes to full coverage policies with similar limits, Farm Bureau Financial Services again has the edge, with policies around $7 a month less expensive than Auto-owners, on average.

Is Auto-owners or Farm Bureau Financial Services Better for Drivers with Spotty Records?

You've probably seen plenty of commercials from auto insurance carriers offering great premiums for good drivers, but that doesn't mean people with less-than-perfect driving records can't save money, too.

At-fault collisions and tickets will most likely raise your rates, but is Auto-owners or Farm Bureau Financial Services cheaper for drivers with less-than-perfect records?

Which Company is Best for Drivers with Speeding Tickets?

Auto-owners policyholders can expect their prices to go up an average of $44 per month if they get a ticket, while Farm Bureau Financial Services normally raises rates about $25 a month, on average.

If you have a clean record, Auto-owners tends to offer the best premiums at around 0% less expensive, while Farm Bureau Financial Services has the edge for drivers with a speeding ticket.

Which Company is Best for Drivers After an Accident?

Auto-owners drivers who get in a collision can expect to see their prices climb by over $45, while those who have insurance through Farm Bureau Financial Services will see about a $65 increase.

Overall, Auto-owners offers the most affordable premiums for drivers with an at-fault accident on their records, with monthly prices averaging $168 compared to Farm Bureau Financial Services's $187.

Which Company is Best for Drivers with a DUI?

If you get a DUI charge on your record, it's probably going to cost you more than a simple ticket or even an accident. For example, Auto-owners increases average rates by just under $150 per month -- that's just under a 55% increase.

If you have a DUI on your record and are looking for more affordable prices, Farm Bureau Financial Services tends to be the much more affordable option with average premiums of $226 a month compared to $264 from Auto-owners.

How does Credit Score Impact Auto-owners and Farm Bureau Financial Services Rates?

You may not have known, but your credit score can come into play when companies calculate your monthly bill. This isn't always the case (Massachusetts, for example, has banned the use of credit score as a rating factor) but it does affect quite a few policyholders out there.

The reasoning insurance carriers use is that drivers with bad credit will be less likely to pay their bills on time; so typically, they'll be asked to pay more, while those with good credit will be rewarded with cheaper rates.

So, which company offers the lowest prices for policyholders with good, average, or poor credit?

Which Company is Best for Drivers with Good Credit?

If you have a solid credit score, you'll usually find a better deal with Auto-owners. Drivers with "excellent" credit can save over 25% compared to Farm Bureau Financial Services, and those with "good" scores can also expect to see savings -- around $11 or 8% less expensive each month.

Which Company is Best for Drivers with Bad Credit?

Farm Bureau Financial Services typically offers lower premiums than Auto-owners when it comes to drivers with a below average credit score. Drivers with "fair" credit pay about $16 a month less with Farm Bureau Financial Services compared to Auto-owners, and those with "poor" scores generally save an average of around $63 per month.

Is Auto-owners or Farm Bureau Financial Services Better for Drivers who Work from Home or Have Short Commutes?

The amount of time you spend behind the wheel of your car plays a big role in your monthly rates. That's because the fewer miles you drive, the less likely you are to get into a collision and cause an insurance claim.

For both drivers who put 6,000 miles on their vehicles every year, as well as those who average twice that figure, Farm Bureau Financial Services tends to be the more affordable option. Farm Bureau Financial Services's average prices for drivers with 6,000 annual miles come in about 8% cheaper than Auto-owners. Those who drive 12,000 miles yearly can expect to pay around 2% less with Farm Bureau Financial Services over Auto-owners.

Auto-owners vs. Farm Bureau Financial Services: Compare Rates for Urban, Suburban, and Rural Drivers

We've already mentioned how your home state can play a role in how much you pay for car insurance, but the type of area you live in can have a substantial impact as well. Usually, if you live in a rural area with fewer cars on the road, you'll pay a little less for insurance, while the opposite is true for people in urban areas.

Farm Bureau Financial Services boasts the most affordable average rates for drivers in all types of areas, no matter if they're urban, suburban, or rural.

For policyholders in urban ZIP codes, Farm Bureau Financial Services offers prices about $196 monthly compared to Auto-owners's $205. People who live in suburban ZIP codes can expect to pay around $159 per month for Farm Bureau Financial Services and $169 for Auto-owners. Lastly, those in rural areas tend to get the lowest premiums from both companies, with average monthly rates coming in at $155 and $164 for Farm Bureau Financial Services and Auto-owners respectively.

Auto-owners vs. Farm Bureau Financial Services Discounts

You want to save as much money as possible, right? The best way to do that is by taking advantage of as many auto insurance discounts as you can.

But with what seems like a million different discounts out there, it can be challenging to nail down the company that has the most discounts for your unique driver profile and to find all the discounts you're eligible for.

In the table below, we've broken down all of the different discounts offered by both Auto-owners and Farm Bureau Financial Services so that you can easily see which company offers the most discounts and, therefore, the biggest savings.

Auto-owners blows Farm Bureau Financial Services away when it comes to the sheer amount of discounts available, offering 15 more discounts than Farm Bureau Financial Services.

A couple of those are overlapping for things like anti-theft discounts, discounts for being a defensive driver, and discounts for being a good student. Auto-owners also offers ABS discounts, advance quote discounts, company car discounts, and more that Farm Bureau Financial Services does not.

On the flip side, Farm Bureau Financial Services has a couple unique discounts of its own -- safe young driver discounts, seasoned account discounts, and telematics discounts.

Final Thoughts: Is Auto-owners or Farm Bureau Financial Services Best for You?

You've seen the effect certain variables have on your car insurance and the different discounts carriers offer. But, at the end of the day, which insurance carrier is the best carrier for you, your vehicle, and your wallet?

Farm Bureau Financial Services might be best for you if....

• You like the personalized touch of a small, regional company.
• Your credit is less-than-stellar.
• You drive fewer than 12,000 miles annually.

Auto-owners might be best for you if...

• You have a clean record.
• You want to save money on your auto insurance after an accident.
• You're looking for the carrier with the most discounts.

We hope this guide has ben a valuable resource as you compare Auto-owners and Farm Bureau Financial Services. We also hope we've given you the information you need to make the best decision when it comes to your insurance.

But, at the end of the day, there's only one way to know for sure that you're getting the best possible deal on car insurance -- comparing quotes from a handful of companies, not just Auto-owners and Farm Bureau Financial Services. Luckily, sites like Compare.com make it easy for you to do just that. Just enter your ZIP code below and get free quotes from dozens of the top auto insurance carriers in your area, all in just a few minutes.

Auto-owners vs. Farm Bureau Financial Services FAQs

Is Auto-owners or Farm Bureau Financial Services cheaper?

Looking just at the national average premiums, Farm Bureau Financial Services is the less expensive of the two companies, offering average rates of $170 a month compared to $179 for Auto-owners. However, Farm Bureau Financial Services won't necessarily be the cheapest company for each driver, since there are several different factors that come into play when it comes to your insurance payment.

Who is better, Auto-owners or Farm Bureau Financial Services?

Sadly, the only answer we can give you is "it depends.". One carrier is not "better" for everyone -- it all comes down to what your unique car insurance profile looks like. For example, Auto-owners offers more affordable prices for drivers with an at-fault collision on their record, while Farm Bureau Financial Services is cheaper for drivers who have less-than-stellar credit scores.

Why do Auto-owners and Farm Bureau Financial Services offer me different rates?

Auto insurance carriers take a look at many different variables when calculating the rates they charge policyholders. Things like your driving record, gender, age, where you live, and sometimes even things like your credit score can all be used. Both Auto-owners and Farm Bureau Financial Services use different formulas, so each one will most likely offer different prices. The only real way to see which company is the most affordable for you is by comparing personalized quotes from a variety of different companies.

How do I know if Auto-owners or Farm Bureau Financial Services is right for me?

The only way to find the car insurance carrier that's right for you is by getting quotes from multiple carriers and finding the one best suited for your individual budget. Luckily, Compare.com does all the hard work for you. Just enter your area information and you'll get free quotes from dozens of the best insurance companies in your area. With those, you can guarantee you're getting the lowest price. And who knows, the best company for you might not be Auto-owners or Farm Bureau Financial Services at all!

Methodology

All of the data referenced in this article has been gathered in collaboration with Quadrant Information Services. We analyzed more than 2.5 million rows of carrier-reported data to calculate the average rates referenced above. All rates are based on an insurance profile of a single-vehicle policy for a driver that owns a 2016 Honda Accord. For more information on how we calculate rates, please reference our data methodology.