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

You've probably seen ads offering big savings on auto insurance, but are Depositors or Indiana Farm Bureau right for you? Which company offers the most affordable rates, or the most discounts? Read on to see how Depositors and Indiana Farm Bureau compare, and to find out which carrier is the best one for you, your vehicle, and your budget.
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Quick Facts

  • Based on national averages for car insurance, Depositors offers less expensive prices than Indiana Farm Bureau
  • Depositors offers more affordable premiums for policyholders who have a clean record
  • Depositors tends to be a much more affordable option for policyholders who may not have much of a commute

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

Are you considering a new insurance policy? With so many ads from all sorts of companies offering huge discounts, you're probably wondering exactly how much you might be able to save.

You might have narrowed your search down to Depositors or Indiana Farm Bureau for your next policy, but between the two, which carrier has cheaper prices for auto insurance?

Depositors Indiana Farm Bureau

Looking at the national average rates for both companies, Depositors has average rates that are about 18% per month more affordable than those from Indiana Farm Bureau.

But Depositors may not be the lowest or best option for every single driver out there. Insurance carriers vary their premiums depending on things like where you live, how clean your driving record is, how good your credit score is, how old you are, and all sorts of other factors. So, at the end of the day, rates from each company will differ quite a bit from person to person.

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

Depositors or Indiana Farm Bureau: Average Car Insurance Rates by State

State Depositors Indiana Farm Bureau

Depositors and Indiana Farm Bureau only compete against each other in Indiana, where Depositors offers the cheaper average prices. For Indiana residents, Depositors offers car insurance for $135 a month on average. Indiana Farm Bureau's average rates come out to be over 30% more expensive, at $180 monthly.

But there's more to calculating insurance prices than just the state you live in. Read on to find out more.

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Which is the Best Company For Young Drivers?

Depositors Indiana Farm Bureau
18-year-old drivers$311$445
25-year-old drivers$132$146

Young drivers -- especially teens -- normally pay a lot for auto insurance compared to older drivers. It's usually because young, inexperienced drivers are statistically much more likely to get into accidents since they have less experience on the roads.

But still, even with seemingly sky-high premiums, teen drivers can still find ways to save money. For example, 18-year-old drivers pay an average of nearly $150 less a month by choosing Depositors over Indiana Farm Bureau.

However, both companies will offer you dramatically lower rates by the time drivers turn 25. Indiana Farm Bureau offers the steepest drop, with 25-year-olds paying less than a third of what 18-year-old drivers are charged. That being said, Depositors still has the cheapest premiums at $132 per month.

Which is the Best Company for Retired Drivers?

Depositors Indiana Farm Bureau
65+-year-old drivers$111$124

Once you approach retirement age, you'll typically enjoy the lowest car insurance prices out there. You've been on the road for years, and all that experience pays off when it comes to your monthly rates for auto insurance.

But who has the best prices for retired drivers between Depositors and Indiana Farm Bureau? Depositors gets the edge here, with average premiums coming in at around $111 monthly compared to Indiana Farm Bureau's $124.

Which is the Best Company for Married Drivers?

Depositors Indiana Farm Bureau

Did you know that insurance rates are generally more expensive for single drivers than they are for married couples? That's because policies for married policyholders usually cover more than one car, which lots of carriers will offer you a discount for.

When it comes to relationship status, Depositors is the clear winner for single policyholders, with prices about $43 per month less expensive than Indiana Farm Bureau, on average. The advantage is also clear for married drivers - Depositors offers the most affordable average premiums.

Depositors vs. Indiana Farm Bureau: Average Rates by Gender

Depositors Indiana Farm Bureau

Men are statistically more likely than women to get into accidents and file an insurance claim, which means they'll generally end up paying more for car insurance than women.

Women typically pay almost $10 a month less than men with Depositors, while with Indiana Farm Bureau, the difference is closer to $26 per month.

Looking at overall affordability, Depositors comes out on top for both men and women. On average, women save about $24 a month and men save around $41 with Depositors compared to the average Indiana Farm Bureau policyholder.

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Depositors or Indiana Farm Bureau: Compare State Minimum vs. Full Coverage Rates

Depositors Indiana Farm Bureau
State Minimum*$84$97
Full Coverage**$211$263

*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.

It's no secret that 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.

The two most common policies that many drivers look at fall into two categories -- liability only (which provides bodily injury and property damage 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 liability limits, Depositors normally offers cheaper rates of $84 compared to Indiana Farm Bureau's $97. When it comes to full coverage policies with similar limits, Depositors again has the edge, with policies about $50 per month less expensive than Indiana Farm Bureau, on average.

Is Depositors or Indiana Farm Bureau Better for Drivers with Spotty Records?

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

Tickets and at-fault collisions will most likely raise your rates, but is Depositors or Indiana Farm Bureau more affordable for drivers with less-than-ideal driving records?

Which Company is Best for Drivers with Speeding Tickets?

Depositors Indiana Farm Bureau
Clean Record$106$123
1 Speeding Ticket$130$179

Depositors policyholders can expect their premiums to go up an average of $24 a month if they get a ticket, while Indiana Farm Bureau typically raises rates around $56 per month, on average.

That being said, Depositors is generally the cheaper option for both drivers who have a recent speeding ticket and those with clean records -- their rates are around 14% more affordable for drivers with clean records and 27% less expensive for those with a ticket.

Which Company is Best for Drivers After an Accident?

Depositors Indiana Farm Bureau
Clean Record$106$123
1 At-Fault Accident$157$195

Depositors drivers who get in a collision can expect to see their prices climb by over $50, while those who have insurance through Indiana Farm Bureau will see about a $70 increase.

Overall, the cheaper premiums come from Depositors, with monthly prices averaging $157 compared to Indiana Farm Bureau Insurance's $195.

Which Company is Best for Drivers with a DUI?

Depositors Indiana Farm Bureau
Clean Record$106$123
1 DUI$198$224

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. On average, Indiana Farm Bureau will climb your rates around 45% after a DUI, while Depositors's average premiums rise by over 45%.

If you have a DUI on your record and are looking for more affordable rates, Depositors tends to be the much less expensive option with average prices of $198 a month compared to $224 from Indiana Farm Bureau.

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How does Credit Score Impact Depositors and Indiana Farm Bureau Rates?

You may not have known, but your credit score can come into play when carriers 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 will come into play for several policyholders.

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.

Looking specifically at Depositors and Indiana Farm Bureau, which one has the cheapest premiums for policyholders at different credit levels?

Which Company is Best for Drivers with Good Credit?

Depositors Indiana Farm Bureau
Excellent Credit Score$117$111
Good Credit Score$134$141

If you have solid credit, you'll usually find a better deal with Indiana Farm Bureau for an "excellent" credit score. Drivers with "excellent" credit can save 5% compared to Depositors, while those with "good" scores can expect to see better savings from Depositors -- about $7 or 5% more affordable than Indiana Farm Bureau every month.

Which Company is Best for Drivers with Bad Credit?

Depositors Indiana Farm Bureau
Fair Credit Score$155$180
Poor Credit Score$185$288

Depositors typically offers lower rates than Indiana Farm Bureau when it comes to drivers with less-than-stellar credit. Drivers with "fair" credit pay around $25 a month less with Depositors compared to Indiana Farm Bureau, and those with "poor" scores usually save an average of about $103 per month.

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

Depositors Indiana Farm Bureau
6,000 Annual Miles$148$180
12,000 Annual Miles$148$180

How much you drive can have a pretty big impact on your monthly auto insurance payment. Normally, those who drive fewer miles will end up with cheaper prices since there's less of a chance of getting into a collision and causing an insurance claim.

In this case, neither Depositors or Indiana Farm Bureau report increasing premiums for drivers with higher annual mileage figures. That being said, Depositors comes out as the most affordable for drivers at both intervals, whether they put 6,000 or 12,000 miles on their vehicle yearly, with average prices of $148 per month for both.

Depositors vs. Indiana Farm Bureau: 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 large impact as well. Generally, policyholders who live in heavily-populated urban areas will pay quite a bit more than rural drivers because of the number of cars that are on the roads in those areas.

Depositors Indiana Farm Bureau
Urban Areas$174$187
Suburban Areas$139$197
Rural Areas$130$156

When comparing these two carriers side-by-side, Depositors usually comes out as the cheapest option for drivers in all areas, regardless of if they're urban, suburban, or rural.

For policyholders in urban ZIP codes, Depositors offers rates around $174 a month compared to Indiana Farm Bureau's $187. People who live in suburban ZIP codes can expect to pay about $139 a month for Depositors and $197 for Indiana Farm Bureau. Lastly, those in rural areas tend to get the most affordable premiums from both companies, with average monthly prices coming in at $130 and $156 for Depositors and Indiana Farm Bureau respectively.

Depositors vs. Indiana Farm Bureau Discounts

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

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

In the section below, we've compared all of the different discounts offered by Depositors and Indiana Farm Bureau so that you can see which company can save you the most money each month.

Depositors Indiana Farm Bureau
ABS Discount 
Advance Quote Discount 
Agri-Business Discount 
Covid-19 Relief Discount 
Defensive Driver Discount 
Distant Student Discount 
Education Discount 
EFT Discount 
Employee Discount
Good Driving Discount
Good Student Discount
Group Discount 
Homeowner Discount 
Intra-Agency Transfer Discount 
Life Policy Discount
Multi-Car Discount
Multi-Policy Discount
New Business Discount 
New Vehicle Discount 
Paid In Full Discount 

Overall, Depositors comes out ahead with 17 discounts to Indiana Farm Bureau's 15.

A couple of those are overlapping for things like discounts for being a good student, life policy discounts, and paperless discounts. Depositors also offers advance quote discounts, COVID-19 relief discount, defensive driver discounts, and more that Indiana Farm Bureau does not.

On the flip side, Indiana Farm Bureau has a couple unique discounts of its own -- ABS discounts, agri-business discounts, education discounts, and more.

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

So, we've broken down the average rates for many of the factors car insurance carriers look at, and walked through the different discounts each company offers, too. But, when it comes down to it, which insurance carrier is the best fit for you?

Depositors might be best for you if....

  • You've received a ticket for speeding recently and don't want to see your prices increase.
  • Your neighborhood is in a city.
  • You drive fewer than 6,000 miles each year.

Indiana Farm Bureau might be best for you if...

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

We hope this guide has ben a valuable resource as you compare Depositors and Indiana Farm Bureau. We also hope we've given you the information you need to make the best decision about your auto 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 multiple companies, not just Depositors and Indiana Farm Bureau. Luckily, makes it easy for you to do just that. Simply enter your ZIP code below and get free quotes from dozens of the top insurance carriers in your area, all in just a few minutes.

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Depositors vs. Indiana Farm Bureau FAQs

Is Depositors or Indiana Farm Bureau cheaper?

Looking just at the national average premiums, Depositors is the less expensive of the two companies, offering average rates of $148 per month compared to $180 for Indiana Farm Bureau. Even so, Depositors won't necessarily be the lowest company for every driver, since there are a variety of different variables that are considered when it comes to your auto insurance cost.

Who is better, Depositors or Indiana Farm Bureau?

Sadly, the only answer we can give you is "it depends.". Neither carrier is necessarily "better" for each driver -- it all boils down to your unique insurance profile. For example, Depositors offers more affordable rates for drivers with a recent DUI, while Indiana Farm Bureau is cheaper for drivers with excellent credit.

Why do Depositors and Indiana Farm Bureau offer me different rates?

Car insurance carriers take a look at a lot of different factors when calculating the premiums they charge drivers. Variables such as where you park your vehicle, age, gender, where you call home, and sometimes even things like your credit score can all be used. Both Depositors and Indiana Farm Bureau use different formulas, so each one will most likely offer different prices. The only real way to see which company is the cheapest for you is by comparing personalized quotes from many different companies.

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

The only way to find the auto insurance carrier that's right for you is by getting quotes from a handful of carriers and finding the one best suited for your individual budget. Luckily, does all the hard work for you. Just enter your information once and you'll get free quotes from dozens of the best car insurance companies in your area. With those, you can guarantee you're getting the best rate. And who knows, the best company for you might not be Depositors or Indiana Farm Bureau at all!


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.

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