Electric vs. Farmers Union: Which Company is the Best Fit for You?

Quick Facts

• Looking at the national averages for insurance, Farmers Union offers significantly more affordable prices than Electric
• Electric may help you save more money -- they offer more discounts than Farmers Union Insurance
• Farmers Union tends to be a much less expensive option for policyholders who live in rural neighborhoods

Electric or Farmers Union: Which Company has the Cheapest Car Insurance?

So, you're thinking about switching to 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 might have narrowed your search down to Electric or Farmers Union for your next policy, but which carrier has cheaper rates for auto insurance?

Looking at the national average rates for both carriers, Farmers Union is quite a bit cheaper than Electric, with premiums averaging $189 a month compared to $266 with Electric.

But Farmers Union may not be the lowest or best option for every single driver out there. Insurance companies vary their rates depending on things like how clean your driving record is, how good your credit score is, where you live, how old you are, and tons of other factors, so prices could change drastically from person to person.

Luckily, we've broken down average rates from both Electric and Farmers Union by multiple different rate factors, so read on to find out which carrier is the best for you.

Electric vs. Farmers Union: Average Car Insurance Rates by State

Electric and Farmers Union only compete against each other in one states, with Farmers Union offering more affordable premiums to the average driver in all of them. Kansas has the most noticable difference, where Farmers Union prices are $59 less expensive than car insurance premiums at Electric.

But there's more to calculating auto insurance rates than just where you call home. Keep reading to find out more.

Which is the Best Company For Young Drivers?

You might already know that teen drivers usually pay a lot more for car insurance than any other group of drivers. It's 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 teen drivers can't still save money on their insurance. As you can see above, teens who use Farmers Union save over 35% per month compared to those who use Electric.

That being said, with both carriers, you'll see your prices decrease significantly by the time drivers turn 25. Farmers Union offers the steepest decrease, with 25-year-olds paying less than half what 18-year-old drivers are charged. Electric's average premiums lower almost 55% during that same period.

Which is the Best Company for Retired Drivers?

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

But who has the best premiums for retired drivers between Electric and Farmers Union? Farmers Union gets the edge, with prices for drivers 65 and older $30 cheaper than the national average for Electric.

Which is the Best Company for Married Drivers?

Married couples tend to get slightly more affordable auto insurance rates than those who are single. That's normally because married drivers tend to own and insure more than one vehicle, which can often earn you a discount.

For single drivers, the difference in average premiums between these two companies is significant, with Farmers Union prices coming in at a third less than Electric's. The advantage for married policyholders with Farmers Union is also obvious, where drivers save around 25% a month.

Electric or Farmers Union: Average Rates by Gender

Women tend to pay less for insurance than men. This is because men are statistically more likely than women to cause a collision and get into accidents, which leads to increased risk for insurers and, therefore, higher rates.

On average, men see prices about $20 per month higher with Electric, and around $11 more with Farmers Union.

Looking at the data for each company specifically, Farmers Union offers the lowest average premiums for both men and women, with average rates 29% less for men and 28% cheaper for women.

Electric vs. Farmers Union: 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.

It's no secret that auto insurance can be pretty complicated. There are so many different terms and coverages that it can make it pretty confusing to find the right policy for you.

The two most common policies that drivers look at fall into two categories -- liability coverage (which covers the other party's property damage and injuries if you cause a collision) and full coverage (which usually refers to having collision and comprehensive coverages alongside liability).

Looking specifically at state minimum liability limits, Farmers Union has the significant edge, with average monthly prices coming in at $107. If you want a full coverage policy with the same state minimum limits, Farmers Union again has the edge, with policies averaging about $271 a month to Electric's $383.

Is Electric or Farmers Union Better for Drivers with Spotty Records?

You've probably seen plenty of commercials from car 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 accidents and speeding tickets lead to higher rates, but which carrier -- Electric or Farmers Union -- has the cheapest premiums for drivers with less-than-ideal driving records?

Which Company is Best for Drivers with Speeding Tickets?

Policyholders who use Electric for their insurance can normally expect their monthly bill to go up around 12% after getting a speeding ticket. Farmers Union policyholders can expect a bit more drastic of an increase of about 27%.

Even so, Farmers Union is typically the less expensive option for both drivers who have clean records and those with a recent ticket, offering rates that are $70 and $49 cheaper, respectively, compared to Electric Insurance Company.

Which Company is Best for Drivers After an Accident?

Both companies will increase prices pretty significantly if you get into an at-fault collision with Farmers Union raising by around 33%. Electric has a less extreme rise, but you can still expect to pay more than 10% more than you were prior to your first accident.

At the end of the day, drivers who use Farmers Union end up with the cheaper prices after an accident, with average premiums coming in at $207 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 collision or speeding ticket when it comes to your auto insurance bill. For example, Electric increases average prices by nearly $200 per month -- that's over a 45% increase.

But if you end up with a DUI charge and are looking for more affordable rates, Farmers Union tends to be less expensive for the average driver, with monthly premiums coming in at about $225 to Electric's $385.

How does Credit Score Impact Electric and Farmers Union Rates?

Often times, your credit score can come into play when carriers determine your monthly bill. This isn't true for everyone (for example, California and Michigan are two states that ban the practice entirely), but it does affect quite a few drivers out there.

Insurance companies argue that those with poor credit scores are less likely to pay their bills on time every month, which raises the risk involved on their end, while the opposite is true for those with good credit.

Looking at Electric and Farmers Union specifically, which company has the best premiums for policyholders at different credit levels?

Which Company is Best for Drivers with Good Credit?

Which Company is Best for Drivers with Bad Credit?

Is Electric or Farmers Union 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 how much car insurance carriers will charge for coverage. That's because the more milage you put on your car each year, the more likely you are to be in an accident and file an insurance claim.

As you can see in the table above, annual mileage doesn't have much of an impact on how much Farmers Union charges. However, there's a pretty significant difference in monthly rates for Electric, with policyholders who drive the least paying around $33 less each month compared to those who drive 12,000 miles every year. Still, for drivers in both categories, Farmers Union is the more affordable company.

Electric or Farmers Union: Compare Rates for Urban, Suburban, and Rural Drivers

Where you call home can play a considerable role in how much you pay for auto insurance. Generally, those who live in rural areas will pay less than drivers in urban areas since there are a lot fewer vehicles on the road where they live, which reduces the chances of an accident.

Farmers Union tends to offer the lowest premiums for drivers in all types of areas, no matter if they're urban, suburban, or rural.

Those in rural areas can expect to save about 35% with Farmers Union compared to Electric. People who live in suburban areas pay around 26% less with Farmers Union compared to Electric. For policyholders in urban ZIP codes, Farmers Union Insurance's average prices are about 26% less than Electric Insurance Company.

Electric vs. Farmers Union Discounts

No matter why you might be in the market for a new 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 with what seems like a million different discounts out there, it can be difficult to nail down the company that has the most discounts for your unique driver profile and to find all the discounts you qualify for.

Luckily, we did the hard work for you and broke down all of the different discounts offered by both Electric and Farmers Union so that you can see which one can save you the most money each month.

Electric blows Farmers Union away when it comes to the sheer amount of discounts available, offering 17 different discounts to Farmers Union's 11.

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

On the other hand, Farmers Union has a few proprietary discounts of their own for things like distant student discounts, farm discounts, homeowner discounts, and more.

Final Thoughts: Is Electric or Farmers Union Best for You?

So, we've broken down the average premiums for many of the variables auto insurance carriers look at, and we've shown you all the discounts each carrier offers. That's all well and good, but when it comes down to it, is Electric or Farmers Union the best carrier for you and your specific driver profile?

Farmers Union might be best for you if....

• You will be the only person on the insurance policy.
• You want the most robust protection via a "full coverage" policy.
• You're of retirement age and want to take advantage of lower rates.

Electric might be best for you if...

• You want to save extra money with discounts.

Hopefully, this guide helps you get a good idea of the differences between Electric and Farmers Union and that you can now make a more informed decision when it comes to your car insurance.

At the end of the day, the sure-fire way to make sure you're getting the best deal on your insurance policy is to compare quotes from multiple companies, not just Electric and Farmers Union. Luckily, Compare.com does all the hard work for you. Simply enter your ZIP codes below and get multiple quotes from some of the best auto insurance carriers in your area, all for free.

Electric vs. Farmers Union FAQs

Is Electric or Farmers Union cheaper?

Farmers Union is the cheaper of the two companies when looking at national average prices, with policies averaging $189 a month with Farmers Union and $266 for Electric. However, that doesn't mean Farmers Union will be the most affordable company for each driver, since there are a variety of different factors (things like gender, age, driving record, etc.) that play a role in how much you pay.

Who is better, Electric or Farmers Union?

Unfortunately, the only answer we can give you is "it depends.". No single carrier is "better" for every policyholder -- it all depends on what your unique car insurance profile looks like.

Why do Electric and Farmers Union offer me different rates?

Insurance carriers use a lot of different variables when determining the premiums they charge. Factors such as your driving record, gender, age, where you live, and sometimes even things like your credit score can all be used. Both Electric and Farmers Union 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 a bunch of different companies.

How do I know if Electric or Farmers Union is right for me?

The only way to find the auto insurance carrier that's right for you is by getting quotes from several carriers 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 ZIP code and you'll get quotes from dozens of your local top car insurance companies 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 Electric or Farmers Union 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.