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

Quick Facts

• Looking at the national averages for car insurance, Depositors offers more affordable prices than Farm Bureau Financial Services
• Depositors offers more affordable rates for policyholders who live in suburban areas
• Depositors has cheaper prices for drivers who have received a ticket within the last few years

Depositors vs. Farm Bureau Financial Services: Which Company has the Cheapest Car Insurance?

So, you're thinking about switching your auto insurance. You've probably seen commercials and billboards from companies offering big discounts, but exactly how much money can you save by switching?

You've maybe even narrowed your search down to Depositors or Farm Bureau Financial Services for your next policy, but which one will save you the most?

Looking at nationwide averages, Depositors is about $22 per month less expensive than Farm Bureau Financial Services.

That being said, Depositors may not be the cheapest or best option for every driver out there. Auto insurance companies vary their premiums depending on things like where you live, how old you are, how good your credit score is, how clean your driving record is, and tons of other factors, so rates could change drastically from person to person.

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

Depositors or Farm Bureau Financial Services: Average Car Insurance Rates by State

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

But there's more to car insurance than just where you live. As we mentioned above, there's a lot of things that go into how insurance carriers calculate your premiums. Read on to find out more.

Which is the Best Company For Young Drivers?

You might already know that teen drivers typically pay a lot more for auto insurance than any other group of drivers. Generally, that's 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.

However, that doesn't mean teen drivers can't still save money on their car insurance. For example, 18-year-old drivers pay an average of more than $20 less a month by choosing Depositors over Farm Bureau Financial Services.

But with both companies, you'll see your prices decrease significantly by the time you turn 25. For example, average premiums for Depositors policyholders reduce nearly 60% and Farm Bureau Financial Services's rates lower almost 55% over that time.

Which is the Best Company for Retired Drivers?

Drivers around retirement age normally enjoy some of the most affordable auto insurance prices out there. After all, they've likely been driving for quite some time, which usually decreases their chances of accidents and other infractions that can increase premiums.

So, which carrier offers the best prices to retired drivers? Depositors gets the edge, with rates for drivers 65 and older $16 less expensive than the national average for Farm Bureau Financial Services.

Which is the Best Company for Married Drivers?

You may not be aware, but car insurance premiums tend to be more expensive for those who are single than they are for married drivers. That's typically because married couples tend to own and insure several cars, which can often earn you a discount.

When it comes to relationship status, Depositors is the clear winner for single drivers, with prices around $23 per month more affordable than Farm Bureau Financial Services, on average. The advantage is also clear for married policyholders - Depositors offers the lowest average rates.

Depositors vs. Farm Bureau Financial Services: Average Rates by Gender

Did you know men tend to pay more for insurance than women? This is because men are more likely to get into accidents and get tickets, which increases the chances of an insurance claim.

With Depositors, women normally pay about 6% a month less than men, but surprisingly, with Farm Bureau Financial Services, women usually pay around 3% more per month than men.

Looking at overall affordability, Depositors offers the most affordable average prices for both men and women, with average premiums 10% less for men and 17% cheaper for women.

Depositors 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, car insurance can be pretty complicated. There are so many different coverages and limits that it can make it pretty confusing to find the right policy.

Even so, the most common policies that many drivers look at fall into two categories -- liability only (which provides property damage and bodily injury coverage for other drivers and passengers if you cause an accident) and full coverage (which includes two additional coverages -- comprehensive and collision -- alongside liability coverage).

If you're looking for state minimum liability limits, Depositors generally offers slightly cheaper rates of $84 compared to Farm Bureau Financial Services's $87. When it comes to full coverage policies with similar limits, Depositors again has the edge, with policies about $40 a month less expensive than Farm Bureau Financial Services, on average.

Is Depositors 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.

It's no secret secret that at-fault collisions and tickets lead to higher rates, but which company -- Depositors or Farm Bureau Financial Services -- has the cheapest prices for drivers with less-than-ideal driving records?

Which Company is Best for Drivers with Speeding Tickets?

Depositors policyholders can expect their rates to go up an average of $24 per month if they get a ticket, while Farm Bureau Financial Services typically raises premiums around $25 a month, on average.

That being said, Depositors tends to offer the best prices for both drivers who have a recent speeding ticket and those with clean records. Drivers with a clean record can save about $15 per month and drivers with a ticket can save around $16 a month with Depositors Insurance Company.

Which Company is Best for Drivers After an Accident?

Depositors drivers who get in a collision can expect to see their prices rise by over $50, while those who have insurance through Farm Bureau Financial Services will see about a $65 increase.

Overall, drivers who use Depositors end up with the cheaper prices after an accident, with monthly premiums averaging $157 compared to Farm Bureau Financial Services's $187.

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. For example, Farm Bureau Financial Services increases average rates by over $100 per month -- that's over a 45% increase.

If you have a DUI on your record and are looking for more affordable prices, Depositors tends to be the much more affordable option with average premiums of $198 a month compared to $226 from Farm Bureau Financial Services.

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

Did you know that many auto insurance companies take your credit score into account when calculating prices? This isn't always the case (for example, California and Michigan are two states that ban the practice entirely), but it does affect many policyholders out there.

Car insurance carriers argue that those with good credit scores are more likely to pay their bills on time each month, which lowers the risk involved on their end, while the opposite is true for those with bad credit.

So, which carrier offers the lowest rates for drivers with good, average, or poor credit?

Which Company is Best for Drivers with Good Credit?

Which Company is Best for Drivers with Bad Credit?

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

How much you drive can have a substantial impact on your monthly premiums. Usually, those who drive fewer miles will end up with less expensive prices since there's less of a chance of getting into an accident and causing an insurance claim.

As you can see in the table above, annual mileage doesn't have much of an impact on how much Depositors charges. However, there's a small difference in monthly rates for Farm Bureau Financial Services, with policyholders who drive 6,000 miles every year paying around $11 less each month compared to those who drive 12,000 miles annually. Still, Depositors is the cheaper option for drivers in both categories.

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

Where your home is can play a big role in how much you pay for insurance. Normally, policyholders who live in less densely populated rural areas will pay quite a bit less than urban drivers because there are a lot fewer vehicles on the road in those areas, which reduces the chances of an accident.

Depositors boasts the cheapest average premiums for drivers in all areas, regardless of if they're urban, suburban, or rural.

Policyholders in rural ZIP codes see the most affordable rates from both companies, but Depositors comes out on top with average premiums about $130 monthly. Depositors also has more affordable average rates for drivers in urban and suburban ZIP codes -- a 11% and 13% a month respective difference when compared to Farm Bureau Financial Services policyholders in similar areas.

Depositors vs. Farm Bureau Financial Services Discounts

Regardless of why you might be in the market for a new auto insurance policy, you're always going to want to save as much money as possible. That's where insurance discounts comes into play.

The hard part is finding all of the discounts you qualify for, since it can feel sometimes like every carrier has different discounts and each one is advertised differently.

Below, we've broken down all of the different discounts offered by both Depositors and Farm Bureau Financial Services so that you can find the carrier that has the most discounts and, therefore, the biggest savings.

Depositors blows Farm Bureau Financial Services away when it comes to the sheer amount of discounts available, offering 17 different discounts to Farm Bureau Financial Services's nine.

Both carriers offer lots of the same discounts -- like discounts for being a defensive driver, discounts for being a good student, and life policy discounts -- but Depositors also offers advance quote discounts, COVID-19 relief discount, distant student 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 -- anti-theft discounts, paid in full discounts, safe young driver discounts, and more.

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

So, we've broken down the average prices for many of the factors car insurance companies look at, and we've shown you all the discounts each company offers. That's all well and good, but when it comes down to it, which insurance carrier is the right company for you and your specific driver profile?

Depositors might be best for you if....

• You have a speeding ticket on your driving record.
• You're looking for more protection with "full coverage" auto insurance.
• You don't spend much time in your car.

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

• You have a more unique driver profile than those we mentioned above.

We hope this guide helps you get a good idea of the differences between Depositors and Farm Bureau Financial Services. We also hope we've given you the information you need to make the best decision about your insurance.

At the end of the day, the sure-fire way to make sure you're getting the best deal on your car insurance policy is to compare quotes from a handful of carriers, not just Depositors and Farm Bureau Financial Services. Luckily, Compare.com makes it easy for you to do just that. Just enter your ZIP code below and get multiple free quotes from some of the best insurance companies in your area, all in just a few minutes.

Depositors vs. Farm Bureau Financial Services FAQs

Is Depositors or Farm Bureau Financial Services cheaper?

Looking just at the national average rates, Depositors is the less expensive of the two carriers, offering average rates of $148 per month compared to $170 for Farm Bureau Financial Services. But Depositors won't necessarily be the lowest company for every driver, since there are multiple different variables (things like gender, age, driving record, etc.) that play a role in how much you pay.

Who is better, Depositors or Farm Bureau Financial Services?

Sadly, the real answer is "it depends.". Neither carrier is necessarily "better" for each driver -- it all boils down to your unique auto insurance profile.

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

Car insurance companies take a look at quite a few different factors when determining the premiums they charge drivers. Things such as where you live, age, where you park your car, gender, and sometimes even things like your credit score can all be taken into consideration. Both Depositors and Farm Bureau Financial Services calculate prices using different formulas, so each one will most likely offer different premiums. The only real way to see which company is the cheapest for you is by comparing personalized quotes from a variety of different carriers.

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

The only way to find the auto 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 make it easy for you to do just that. Just enter your information once and you'll get free quotes from dozens of the best car insurance carriers in your area. With those, you can guarantee you're getting the best price. And who knows, the best company for you might not be Depositors 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.