Central Mutual vs. Farm Bureau Financial Services: Which Company is the Best Fit for You?

Quick Facts

• Looking at the national averages for insurance, Farm Bureau Financial Services offers significantly more affordable rates than Central Mutual
• Central Mutual may help you save more money -- they offer more discounts than Farm Bureau Financial Services
• Farm Bureau Financial Services tends to be a much cheaper option for drivers with a DUI

Central Mutual or Farm Bureau Financial Services: Which Company has the Cheapest Car Insurance?

Are you considering a new insurance policy? After all, you've seen ads from all sorts of companies offering large savings. But exactly how much can you save by switching?

You've maybe even narrowed it down to Central Mutual or Farm Bureau Financial Services as potential options, but which one will save you the most?

Looking at the national average rates for both carriers, Farm Bureau Financial Services has average rates that are around 50% a month less expensive than those from Central Mutual.

Even so, Farm Bureau Financial Services may not be the lowest or best option for each driver out there. Auto insurance companies use a variety of complex algorithms to determine prices, so depending on how clean your driving record is or how good your credit score is (among an array of other factors), you could see wildly different premiums from the ones above.

Luckily, we've broken down average rates from both Central Mutual and Farm Bureau Financial Services by many different rate factors, so read on to find out which company is the best for you.

Central Mutual vs. Farm Bureau Financial Services: Average Car Insurance Rates by State

Central Mutual and Farm Bureau Financial Services only compete against each other in one states, with Central Mutual offering cheaper premiums to the average driver in all of them. New Mexico has the most noticable difference, where Central Mutual prices are $49 more affordable than insurance rates at Farm Bureau Financial Services.

That being said, there's a lot more that goes into your car insurance payment than just where you call home. Continue reading to see how other variables will affect your rates.

Which is the Best Company For Young Drivers?

You might already know that teen drivers normally pay a lot more for insurance than any other group of drivers out there on the road. That's typically because teen drivers are statistically much more likely to get into an accident that results in an auto insurance claim, making them much riskier to insure.

However, that doesn't mean that teen drivers have to just accept sky-high auto insurance prices. As you can see above, teens who use Farm Bureau Financial Services save almost 45% per month compared to those who use Central Mutual.

That being said, both carriers will offer you dramatically lower premiums by the time you turn 25. For example, average rates for Central Mutual policyholders lower nearly 45% and Farm Bureau Financial Services's premiums decrease almost 55% over that time.

Which is the Best Company for Retired Drivers?

Drivers around retirement age generally enjoy some of the most affordable car insurance rates you'll ever see. After all, they've likely been driving for quite some time, which usually decreases their chances of collisions and other infractions that can raise prices.

But who has the best premiums for retired drivers between Central Mutual and Farm Bureau Financial Services? Farm Bureau Financial Services gets the edge, with rates for drivers 65 and older nearly 55% less expensive than the national average for Central Mutual.

Which is the Best Company for Married Drivers?

Single policyholders tend to get offered slightly more expensive insurance prices than married couples. That's generally because married policyholders tend to own and insure more than one vehicle, which can often earn you a discount.

For those who are single, the difference in average premiums between these two companies is significant, with Farm Bureau Financial Services prices coming in at about half of Central Mutual's. The advantage for married drivers with Farm Bureau Financial Services is also obvious, where drivers save around $150 a month.

Central Mutual or Farm Bureau Financial Services: Average Rates by Gender

Men are statistically more likely than women to get into a collision or get pulled over for speeding, which means they'll typically end up paying more for auto insurance than women.

On average, men see rates about 4% per month higher with Central Mutual, but surprisingly, with Farm Bureau Financial Services, men usually pay around 3% a month less than women.

Looking at the data for each carrier specifically, Farm Bureau Financial Services offers the cheapest average prices for both men and women. On average, male drivers save about $179 per month and women save about $160 with Farm Bureau Financial Services compared to the average Central Mutual policyholder.

Central Mutual vs. 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, car insurance can be pretty complicated. Everyone needs auto insurance, but there are so many different terms and coverages that it can be hard to find the right policy for you.

The two most common policies that drivers look at fall into two categories -- liability coverage (that covers property damage and bodily injury for other drivers and passengers if you cause an accident) and full coverage (which includes collision and comprehensive coverages that protect your own car, alongside liability).

Looking specifically at state minimum limits for liability insurance, Farm Bureau Financial Services has the significant edge, with average monthly premiums coming in at $87. If you want a full coverage policy with the same state minimum limits, Farm Bureau Financial Services again has the edge, with policies averaging around $253 a month to Central Mutual's $506.

Is Central Mutual or Farm Bureau Financial Services Better for Drivers with Spotty Records?

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

At-fault accidents and speeding tickets will most likely raise your prices, but is Central Mutual or Farm Bureau Financial Services more affordable for drivers with less-than-ideal driving records?

Which Company is Best for Drivers with Speeding Tickets?

Policyholders who use Central Mutual for their car insurance can normally expect their monthly bill to go up about 26% after getting a speeding ticket. Farm Bureau Financial Services policyholders can expect a less drastic increase of around 17%.

But Farm Bureau Financial Services tends to offer the best prices for both drivers who have clean records and those with a recent ticket, offering premiums that are 50% and 55% less expensive, respectively, compared to Central Mutual Insurance.

Which Company is Best for Drivers After an Accident?

Central Mutual drivers who get in a collision can expect to see their rates climb by just under $70, while those who have insurance through Farm Bureau Financial Services will see about a $65 increase.

At the end of the day, Farm Bureau Financial Services offers the most affordable premiums for drivers with an at-fault collision on their records, with average rates coming in at $187 compared to Central Mutual Insurance's $311.

Which Company is Best for Drivers with a DUI?

On average, a DUI offense is going to cost you much more than a single accident or speeding ticket when it comes to your insurance bill. Central Mutual drivers usually see a 50% climb in their auto insurance prices after a DUI charge, while Farm Bureau Financial Services will usually raise rates by around 46%.

But if you end up with a DUI charge and are looking for more affordable premiums, Farm Bureau Financial Services tends to be cheaper for the average driver, with monthly premiums coming in at about $226 to Central Mutual's $482.

How does Credit Score Impact Central Mutual and Farm Bureau Financial Services Rates?

You may not realized it, but your credit score can be used as one of the factors to calculate your monthly car insurance prices. This isn't true for everyone (California, for example, has banned the use of credit score as an insurance factor) but it does affect many policyholders out there.

Auto insurance companies argue that someone with bad credit is less likely to pay their bills on time, which makes them riskier to insure. Because of that, drivers with bad credit will often be forced to pay more.

So, which company offers the best premiums for policyholders with poor, average, or good credit?

Which Company is Best for Drivers with Good Credit?

Which Company is Best for Drivers with Bad Credit?

Is Central Mutual 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 prices. Typically, those who drive less will end up with less expensive rates since there's less of a chance of causing an accident and filing an insurance claim.

For both remote workers and those taking short commutes, 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 around 51% cheaper than Central Mutual. Those who drive 12,000 miles yearly can expect to pay about 49% less with Farm Bureau Financial Services over Central Mutual.

Central Mutual or Farm Bureau Financial Services: Compare Rates for Urban, Suburban, and Rural Drivers

Where you park your vehicle can play a sizable role in how much you pay for car insurance. Normally, drivers who live in heavily-populated urban areas will pay quite a bit more than rural policyholders since there are a lot more cars on the road where they live, which increases the chances of an accident.

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

For drivers in urban ZIP codes, Farm Bureau Financial Services's average premiums are around $333 less than Central Mutual Insurance. People who live in suburban areas pay about $104 less with Farm Bureau Financial Services compared to Central Mutual. Those in rural areas can expect to save around $73 with Farm Bureau Financial Services compared to Central Mutual.

Central Mutual vs. Farm Bureau Financial Services Discounts

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

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

Luckily, we did the hard work for you and broke down all of the different discounts offered by both Central Mutual and Farm Bureau Financial Services so that you can easily see which company offers the most discounts and, therefore, the largest savings.

Central Mutual knocks Farm Bureau Financial Services out of the park when it comes to the sheer number of discounts available, offering six more discounts than Farm Bureau Financial Services.

A couple of those are overlapping for things like anti-theft discounts, discounts for being a good student, and paid in full discounts. Central Mutual also offers discounts for ABS, book transfer policy, distant student, and more.

On the other hand, Farm Bureau Financial Services has a few proprietary discounts of their own for things like good driving discounts, life policy discounts, safe young driver discounts, and more.

Final Thoughts: Is Central Mutual or Farm Bureau Financial Services Best for You?

So, you've seen how different variables can affect your auto insurance rates. We've broken down the different discounts each carrier offers, too. That's all well and good, but at the end of the day, which insurance company is the right carrier for you and your specific profile and needs?

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

• Your driving record includes a DUI charge.
• Your neighborhood is in the suburbs.
• You're of retirement age and want to take advantage of lower premiums.

Central Mutual might be best for you if...

• You're looking for the carrier with the most discounts.

Hopefully, this guide helps you get a good idea of the differences between Central Mutual 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 car 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 insurance -- comparing quotes from a handful of carriers, not just Central Mutual and Farm Bureau Financial Services. Luckily, Compare.com makes it easy for you to do just that. Simply enter your ZIP codes below and get free quotes from dozens of top auto insurance companies in your area, all in just a few minutes.

Central Mutual vs. Farm Bureau Financial Services FAQs

Is Central Mutual or Farm Bureau Financial Services cheaper?

Farm Bureau Financial Services is the less expensive of the two carriers when looking at national average prices, with policies averaging $170 per month with Farm Bureau Financial Services and $340 for Central Mutual. However, that doesn't mean Farm Bureau Financial Services will be the lowest company for everyone, since there are a bunch of different factors (things like age, driving record, gender, etc.) that play a role in how much you pay.

Who is better, Central Mutual or Farm Bureau Financial Services?

Sadly, the only answer we can give you is "it depends.". Neither carrier is "better" for everyone -- it all depends on the makeup of your unique insurance profile.

Why do Central Mutual and Farm Bureau Financial Services offer me different rates?

Car insurance companies use lots of different variables when determining the rates they charge. Factors like where you call home, gender, age, where your home is, and sometimes even things like your credit score can all be used. Both Central Mutual and Farm Bureau Financial Services use different formulas, so it's likely they'll offer different prices. The best way to determine which company is the cheapest for you is by comparing personalized quotes from multiple different carriers.

How do I know if Central Mutual or Farm Bureau Financial Services is right for me?

The only way to find the insurance carrier that's right for you is by getting quotes from multiple companies and finding the one best suited for your individual budget. Luckily, sites like Compare.com do all the hard work for you. Just enter your ZIP code and you'll get quotes from dozens of your local top auto insurance carriers for free. That way, you can guarantee you're getting the best premium. And maybe you'll find that the best company for you isn't Central Mutual or Farm Bureau Financial Services at all, but another you hadn't even thought of!

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.