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

Quick Facts

• In general, Kentucky Farm Bureau offers significantly more affordable prices than Electric
• Electric offers more discounts than Kentucky Farm Bureau
• Kentucky Farm Bureau has cheaper premiums for residents of urban areas

Electric vs. Kentucky Farm Bureau: Which Company has the Cheapest Car Insurance?

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

You've maybe even narrowed it down to Electric or Kentucky Farm Bureau, but which carrier has less expensive rates for car insurance?

As you can see, Electric has average rates that are about 24% per month more expensive than those from Kentucky Farm Bureau when looking at the national average rates for insurance.

That being said, that doesn't mean Kentucky Farm Bureau will necessarily be cheaper than Electric for each driver. Car insurance companies vary their prices 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 premiums will change quite a bit from person to person.

So, if you want to find out which of Electric or Kentucky Farm Bureau is really the best for you, keep reading to see average rates for each company broken down by a bunch of different rate factors.

Electric or Kentucky Farm Bureau: Average Car Insurance Rates by State

Electric and Kentucky Farm Bureau only compete against each other in Kentucky, where Kentucky Farm Bureau offers the cheaper average premiums. For Kentucky residents, Kentucky Farm Bureau offers insurance for $201 per month on average. Electric's average prices come out to be over 70% more expensive, at $379 a month.

There are plenty of other factors that go into your auto insurance bill than just your home state. Continue reading to learn more about how other factors 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 car insurance than any group out there on the road. That's because young, inexperienced drivers are statistically much more likely to get into an accident that results in an insurance claim, making them much riskier to insure.

But still, even with seemingly sky-high premiums, teen drivers can still find ways to save money. Just look at the table above -- where 18-year-old drivers who have Kentucky Farm Bureau for their insurance pay nearly $150 less than those who use Electric.

Even so, with both carriers, you'll see your rates reduce significantly once you turn 25. For example, average prices for Electric policyholders drop more than $300 and Kentucky Farm Bureau's rates decrease around $250 over that time.

Which is the Best Company for Retired Drivers?

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

So, which carrier offers the best prices to retired drivers? Kentucky Farm Bureau gets the edge, with rates for drivers 65 and older $40 more affordable than the national average for Electric.

Which is the Best Company for Married Drivers?

Did you know that car insurance premiums are generally less expensive for married drivers than they are for single drivers? This usually boils down to married couples having several cars on their policy -- something quite a few insurance companies will reward with discounts.

When it comes to relationship status, Kentucky Farm Bureau is the clear winner for those who are single, with prices about $76 a month cheaper than Electric, on average. The advantage is also clear for married policyholders - Kentucky Farm Bureau offers the most affordable average rates.

Electric vs. Kentucky Farm Bureau: Average Rates by Gender

You may not know, but auto insurance is usually cheaper for women than it is for men. This is because women are less likely to get into accidents and get tickets, which lowers the chances of an insurance claim.

With Electric, women typically pay almost $20 per month less than men, and around $15 less with Kentucky Farm Bureau.

When it comes to the lowest premiums for each gender, Kentucky Farm Bureau offers the cheapest average prices for both men and women. On average, male drivers save about $68 a month and women save about $64 with Kentucky Farm Bureau compared to the average Electric policyholder.

Electric or Kentucky Farm Bureau: 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 isn't the easiest topic to understand. There are a variety of different coverages that account for multiple different things. Some protect you and your vehicle, while others only provide coverage for other people's property and health if you cause an accident.

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

If you're looking for state minimum liability insurance, Kentucky Farm Bureau usually offers more affordable premiums of $120 compared to Electric's $150. When it comes to full coverage policies with similar limits, Kentucky Farm Bureau again has the edge, with policies around $100 per month less expensive than Electric, on average.

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

You've probably seen plenty of commercials from auto 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.

It's no secret secret that accidents and tickets lead to higher prices, but which company -- Electric or Kentucky Farm Bureau -- has the most affordable premiums for drivers with less-than-ideal driving records?

Which Company is Best for Drivers with Speeding Tickets?

Drivers with Kentucky Farm Bureau insurance policies don't report seeing their rates increase after getting a ticket, but Electric policyholders can expect to see their monthly bill increase by about $30.

However, Kentucky Farm Bureau tends to offer the best prices for drivers both with clean records and with a ticket, offering prices that are $63 and $92 cheaper, respectively, compared to Electric Insurance Company.

Which Company is Best for Drivers After an Accident?

After an accident, drivers who have their auto insurance through Electric can expect to see around an $28 -- or about 12% -- increase in their car insurance rates. Drivers who use Kentucky Farm Bureau for their insurance will see a monthly bill around $9 (or 6%) more expensive after reporting an accident to their car insurance carrier.

Overall, drivers who use Kentucky Farm Bureau end up with the cheaper prices after an accident, with monthly prices averaging $154 compared to Electric Insurance Company's $236.

Which Company is Best for Drivers with a DUI?

If you get a DUI charge, you can expect some pretty significant increases in your monthly auto insurance bill -- generally a lot more than a collision or speeding ticket. Kentucky Farm Bureau drivers usually see a 60% increase in their insurance premiums after a DUI charge, while Electric will normally raise rates by about 46%.

If you have a DUI on your record and are looking for more affordable prices, Kentucky Farm Bureau tends to be the much more affordable option with average premiums of $359 monthly compared to $385 from Electric.

How does Credit Score Impact Electric and Kentucky Farm Bureau Rates?

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

Auto insurance carriers argue that those with poor credit scores are less likely to pay their bills on time each month, which increases the risk involved on their end, while the opposite is true for those with good credit.

Looking specifically at Electric and Kentucky Farm Bureau, which company has the best prices for drivers at different credit levels?

Which Company is Best for Drivers with Good Credit?

If you have a solid credit score, you'll usually find a better deal with Kentucky Farm Bureau. Policyholders with "excellent" credit can save over 35% compared to Electric, and those with "good" scores can also expect to see savings -- around $86 or 40% less expensive every month.

Which Company is Best for Drivers with Bad Credit?

Kentucky Farm Bureau typically offers lower premiums than Electric when it comes to drivers with bad credit. Drivers with "fair" credit pay about $82 a month less with Kentucky Farm Bureau compared to Electric, and those with "poor" scores typically save an average of around $37 a month.

Is Electric or Kentucky Farm Bureau Better for Drivers who Work from Home or Have Short Commutes?

How much you drive can have a pretty big impact on your monthly insurance payment. Usually, those who drive fewer miles will end up with more affordable rates since there's less of a chance of getting into an accident and causing an insurance claim.

Kentucky Farm Bureau tends to be the cheaper option for both drivers who put 6,000 miles on their vehicles each year, as well as those who average twice that figure. Kentucky Farm Bureau's average premiums for drivers with 6,000 annual miles come in about 22% less expensive than Electric. Those who drive 12,000 miles annually can expect to pay around 28% less with Kentucky Farm Bureau over Electric.

Electric vs. Kentucky Farm Bureau: Compare Rates for Urban, Suburban, and Rural Drivers

Where you park your car can have a substantial impact on your monthly car insurance cost. Generally, those who live in rural areas will pay less than drivers in urban areas because of the small number of vehicles that are on the roads in those areas.

Kentucky Farm Bureau boasts the cheapest average prices for drivers in every type of area, no matter if it's urban, suburban, or rural.

Policyholders in suburban ZIP codes see the most affordable premiums from both companies, but Kentucky Farm Bureau comes out on top with average rates about $168 per month. Kentucky Farm Bureau also has more affordable average prices for drivers in urban and rural ZIP codes -- a $74 and $59 per month respective difference when compared to Electric policyholders in similar areas.

Electric vs. Kentucky Farm Bureau Discounts

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

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

Below, we've taken a look at all of the different discounts Electric and Kentucky Farm Bureau offer their customers so that you can see which one can save you the most money each month.

Electric blows Kentucky Farm Bureau away when it comes to the sheer amount of discounts available, offering six more discounts than Kentucky Farm Bureau.

There are a couple discounts both companies offer, but Electric also offers advance quote discounts, COVID-19 relief discount, electric vehicle discounts, and more that Kentucky Farm Bureau does not.

On the flip side, Kentucky Farm Bureau has a couple unique discounts of its own -- discounts for insuring multiple cars with the same company, school bus driver discounts, and umbrella policy discounts.

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

You've seen the effect certain variables have on your insurance and the different discounts carriers offer. But, at the end of the day, is Electric or Kentucky Farm Bureau the best carrier for you and your specific needs?

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

• You have received a ticket within the last few years.
• Your neighborhood is in the suburbs.
• You are over 65 years old and want to save some money on your auto insurance.

Electric might be best for you if...

• You're looking for discounts -- Electric has the most.

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

At the end of the day, the best way to make sure you're getting the best deal on your insurance policy is to compare quotes from several companies, not just Electric and Kentucky Farm Bureau. Luckily, sites like Compare.com do all the hard work for you. Just enter your ZIP code below and get multiple free quotes from some of the best auto insurance carriers in your area, all in just a few minutes.

Electric vs. Kentucky Farm Bureau FAQs

Is Electric or Kentucky Farm Bureau cheaper?

Looking just at the national average rates, Kentucky Farm Bureau is the cheaper of the two companies, offering average rates of $201 a month compared to $266 for Electric. But Kentucky Farm Bureau won't necessarily be the lowest carrier for everyone, since there are several different factors (things like gender, age, driving record, etc.) that play a role in how much you pay.

Who is better, Electric or Kentucky Farm Bureau?

Unfortunately, the real answer is "it depends.". Neither company is necessarily "better" for every driver -- it all comes down to what your unique car insurance profile looks like.

Why do Electric and Kentucky Farm Bureau offer me different rates?

Insurance carriers take a look at a lot of different variables when determining the premiums they charge drivers. Things like age, where you call home, your driving record, gender, and sometimes even things like your credit score can all be taken into consideration. Both Electric and Kentucky Farm Bureau calculate prices differently, so each one will most likely offer different rates. The only real way to see which carrier is the cheapest for you is by comparing personalized quotes from lots of different companies.

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

The only way to find the car insurance company that's right for you is by getting quotes from multiple carriers and finding the one best suited for your individual budget. Luckily, Compare.com does all the hard work for you. Just enter your ZIP code and you'll get free quotes from dozens of the best insurance companies in your area. With those, you can guarantee you're getting the best rate. And who knows, the best carrier for you might not be Electric or Kentucky Farm Bureau 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.