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

Quick Facts

• In general, Farm Bureau Financial Services offers significantly less expensive rates than Electric
• Electric may help you save more money -- they offer more discounts than Farm Bureau Financial Services
• Farm Bureau Financial Services offers cheaper average premiums for policyholders who drive a short distance to work everyday

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

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

You might have narrowed your search down to Electric or Farm Bureau Financial Services as potential options, but between the two, which company has more affordable rates for insurance?

Looking at the national average rates for both carriers, Electric has average rates that are around 35% a month more expensive than those from Farm Bureau Financial Services.

That being said, that doesn't mean Farm Bureau Financial Services will necessarily be cheaper than Electric for every driver. Auto insurance companies vary their prices depending on things like how old you are, where you live, how clean your driving record is, how good your credit score is, and a variety of other factors, so premiums will change quite a bit from person to person.

Wanting to know if Electric or Farm Bureau Financial Services is really the right company for you? Keep on reading to see how average prices can change based on all of the factors we've mentioned above.

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

Electric and Farm Bureau Financial Services only compete against each other in one states, with Farm Bureau Financial Services offering more affordable rates to the average driver in all of them. Kansas has the most noticable difference, where Farm Bureau Financial Services premiums are $63 less expensive than insurance rates at Electric.

That being said, there are plenty of other factors that go into your car insurance cost than just where you call home. Keep reading to find out more.

Which is the Best Company For Young Drivers?

Teen drivers will almost always have the most expensive auto insurance premiums of any group out there on the road. It's because teen 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 prices, teen drivers can still find ways to save money. As you can see above, teens who use Farm Bureau Financial Services save over 45% per month compared to those who use Electric.

But both carriers will offer you dramatically lower premiums by the time you turn 25. For example, average rates for Electric policyholders lower about $300 and Farm Bureau Financial Services's prices drop around $200 over that time.

Which is the Best Company for Retired Drivers?

When it comes to car insurance, patience and experience pay off, with drivers around retirement age paying some of the cheapest rates out there.

When looking at Electric and Farm Bureau Financial Services specifically, which carrier is best for retired drivers? Farm Bureau Financial Services gets the edge, with prices for drivers 65 and older $51 more affordable than the national average for Electric.

Which is the Best Company for Married Drivers?

Did you know that auto insurance premiums are typically more expensive for single drivers than they are for married drivers? That's because policies for married couples normally cover multiple vehicles, which quite a few companies will give you a discount for.

For those who are single, the difference in average prices between these two carriers is significant, with Farm Bureau Financial Services rates coming in at a third less than Electric's. The advantage is also clear for married policyholders - Farm Bureau Financial Services offers the lowest average premiums.

Electric or Farm Bureau Financial Services: Average Rates by Gender

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

On average, women see rates about 7% a month less with Electric, but surprisingly, with Farm Bureau Financial Services, women generally pay around 3% more per month than men.

Looking at the data for each company specifically, Farm Bureau Financial Services comes out on top for both men and women, with average premiums 39% less for men and 33% cheaper for women.

Electric 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.

Auto insurance can be a complicated subject for most people. There are so many different coverages and terms that it can make it pretty confusing to find the right policy for you.

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

Looking specifically at state minimum liability limits, Farm Bureau Financial Services has the significant edge, with average monthly prices 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 about $253 a month to Electric's $383.

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

It's no secret -- drivers with good records end up getting the best deals on their car insurance. But that's not to say you can't save money if you don't have the best driving record, either.

It's no secret secret that at-fault accidents and speeding tickets lead to higher premiums, but which carrier -- Electric or Farm Bureau Financial Services -- has the most affordable rates for drivers with spotty records?

Which Company is Best for Drivers with Speeding Tickets?

Policyholders who use Electric for their insurance can usually expect their monthly bill to go up around 12% after getting a speeding ticket. Farm Bureau Financial Services policyholders can expect a bit more drastic of an increase of about 17%.

However, Farm Bureau Financial Services is normally the cheaper option for both drivers who have a recent ticket and those with clean records, offering prices that are $87 and $91 less expensive, respectively, compared to Electric Insurance Company.

Which Company is Best for Drivers After an Accident?

Electric drivers who get in an accident can expect to see their premiums climb by just under $30, while those who have insurance through Farm Bureau Financial Services will see around a $65 increase.

At the end of the day, Farm Bureau Financial Services offers the lowest prices for drivers with an at-fault collision on their records, with average rates coming in at $187 compared to Electric Insurance Company's $236.

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 car insurance bill. For example, Electric increases average prices by nearly $200 per month -- that's more than a 45% increase.

But if you end up with a DUI charge and are looking for more affordable rates, Farm Bureau Financial Services tends to be cheaper for the average driver, with monthly premiums coming in at about $226 to Electric's $385.

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

Did you know many insurance companies take into account your credit score when determining premiums? Certain states and carriers do not allow for credit score to be used as a car insurance factor, but it will come into play for many policyholders.

The reasoning auto insurance companies use is that drivers with good credit will be more likely to pay their bills on time; so they'll reward them with cheaper rates, while those with poor credit will typically be forced to pay more.

So, which company offers the cheapest prices for policyholders 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 Electric or Farm Bureau Financial Services Better for Drivers who Work from Home or Have Short Commutes?

Did you know that the amount of time you spend in your car have a substantial impact on how much insurance carriers will charge for coverage? That's because the fewer miles you put on your vehicle each year, the less likely you are to be in a collision and file an insurance claim.

Farm Bureau Financial Services tends to be the less expensive option for both remote workers and those taking short commutes. Electric's average premiums for drivers with 6,000 annual miles come in $85 more expensive than Farm Bureau Financial Services. Those who drive 12,000 miles every year can expect to pay more than $100 more with Electric over Farm Bureau Financial Services.

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

Where you call home can play a big role in how much you pay for car insurance. Generally, 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 roads where they live.

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

Those in rural areas can expect to save around 41% with Farm Bureau Financial Services compared to Electric. People who live in suburban areas pay about 32% less with Farm Bureau Financial Services compared to Electric. For drivers in urban ZIP codes, Farm Bureau Financial Services's average rates are around 36% less than Electric Insurance Company.

Electric vs. Farm Bureau Financial Services Discounts

No matter 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 you can, and the best way to do that is by taking advantage of as many car insurance discounts as possible.

But where do you even start? With what seems like a million different discounts out there, it may be hard to find all the ones you're eligible for.

Luckily, we did the hard work for you and broke down all of the different discounts offered by both Electric and Farm Bureau Financial Services so that you can find the one that has the most discounts and, therefore, the largest savings.

Electric 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.

There are a couple discounts both companies offer, but Electric also offers discounts for ABS, advance quote, COVID-19 relief, and more.

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

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

So, you've seen how different variables can affect your auto insurance premiums. We've shown you all the discounts each carrier offers, too. That's all well and good, but when it comes down to it, which company is the right fit for you?

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

• You will be the only person on the insurance policy.
• Your credit score is high.
• You live in a rural neighborhood.

Electric might be best for you if...

• You want to save extra money with discounts.

Hopefully, this guide has ben a valuable resource as you compare Electric and Farm Bureau Financial Services and that it aids in making a more informed 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 a handful of carriers, not just Electric and Farm Bureau Financial Services. Luckily, Compare.com does all the hard work for you. Simply enter your ZIP codes below and get multiple free quotes from some of the best insurance companies in your area, all in just a few minutes.

Electric vs. Farm Bureau Financial Services FAQs

Is Electric or Farm Bureau Financial Services cheaper?

Farm Bureau Financial Services is the more affordable of the two carriers when looking at national average rates, with policies averaging $170 a month with Farm Bureau Financial Services and $266 for Electric. That being said, that doesn't mean Farm Bureau Financial Services will be the cheapest carrier for everyone, since there are lots of different factors that come into play when it comes to your auto insurance bill.

Who is better, Electric or Farm Bureau Financial Services?

Sadly, the real answer is "it depends.". One company is not necessarily "better" for each policyholder -- it all depends on what your unique insurance profile looks like.

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

Car insurance companies use a lot of different variables when calculating the premiums they charge. Factors like where you live, age, gender, where your home is, and sometimes even things like your credit score can all come into play. Both Electric and Farm Bureau Financial Services calculate prices differently, so it's likely they'll offer different premiums. The best way to determine which carrier is the most affordable for you is by comparing personalized quotes from several different carriers.

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

The only way to find the insurance company that's right for you is by getting quotes from several companies and finding the one best suited for your individual budget. Luckily, Compare.com makes it easy for you to do just that. Just enter your area information and you'll get quotes from dozens of your local top car insurance carriers for free. That way, you can guarantee you're getting the lowest rate. And maybe you'll find that the best carrier for you isn't Electric 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.