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

Quick Facts

• Based on national averages for insurance, Missouri Farm Bureau offers significantly less expensive prices than Electric
• Electric may help you save more money -- they offer more discounts than Missouri Farm Bureau Insurance
• Missouri Farm Bureau offers more affordable average premiums for drivers who have a speeding ticket on their driving record

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

Are you considering 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 be considering Electric or Missouri Farm Bureau for your next policy, but which company will save you the most?

Looking at the national average rates for both carriers, Electric has average rates that are around 60% a month more expensive than those from Missouri Farm Bureau.

But Missouri Farm Bureau may not be the lowest or best option for every driver out there. Auto insurance companies use tons of complex algorithms to determine rates, so depending on where you live or how old you are (among multiple other factors), you could see wildly different prices from the ones above.

Luckily, we've broken down average rates from both Electric and Missouri Farm Bureau by several different rate factors, so read on to find out which company is the best for you.

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

Electric and Missouri Farm Bureau only compete against each other in Missouri, where Missouri Farm Bureau offers the cheaper average premiums. Missouri Farm Bureau drivers tend to pay about $48 per month less on average compared to drivers who use Electric for their insurance.

That being said, there are plenty of other factors that go into your car insurance bill than just your home state. Continue reading to learn more about how other variables will affect your rates.

Which is the Best Company For Young Drivers?

Teen drivers will almost always have the most expensive insurance prices of any group on the road. That's because teen drivers are statistically much more likely to cause collisions and other accidents that will result in an insurance claim.

That being said, that doesn't mean that teen drivers have to just accept sky-high auto insurance rates. For example, 18-year-old drivers pay an average of almost 60% less a month by choosing Missouri Farm Bureau over Electric.

However, both carriers will drop premiums once you turn 25. For example, average prices for Electric policyholders lower about $300 and Missouri Farm Bureau's premiums decrease over $150 over that time.

Which is the Best Company for Retired Drivers?

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

But who has the best premiums for retired drivers between Electric and Missouri Farm Bureau? Missouri Farm Bureau gets the edge, with prices for drivers 65 and older nearly 55% cheaper than the national average for Electric.

Which is the Best Company for Married Drivers?

You may not be aware, but insurance rates tend to be more expensive for single policyholders than they are for married policyholders. 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 prices between these two companies is significant, with Missouri Farm Bureau premiums coming in at around 60% less than Electric's. The advantage for married couples with Missouri Farm Bureau is also obvious, where drivers save about $100 per month.

Electric or Missouri Farm Bureau: Average Rates by Gender

Men are statistically more likely than women to cause a collision and get into accidents. That means when it comes to car insurance men will usually end up paying a little more.

With Electric, men normally pay around $20 a month more than women, and about $17 more with Missouri Farm Bureau.

Looking at overall affordability, Missouri Farm Bureau comes out on top for both men and women. On average, women save about $155 per month and men save around $157 with Missouri Farm Bureau compared to the average Electric policyholder.

Electric vs. Missouri 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, auto insurance isn't the easiest topic to understand. There are so many different coverages and limits 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 if you cause a collision) and full coverage (which generally refers to having collision and comprehensive coverages in addition to what you get with liability).

Looking specifically at state minimum liability insurance, Missouri Farm Bureau has the significant edge, with average monthly rates coming in at $51. If you want a full coverage policy with the same state minimum limits, Missouri Farm Bureau again has the edge, with policies averaging about $170 a month to Electric's $383.

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

It's no secret -- drivers with good records end up getting the best deals on their 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 prices, but which carrier -- Electric or Missouri Farm Bureau -- has the cheapest rates for drivers with spotty records?

Which Company is Best for Drivers with Speeding Tickets?

Policyholders who use Electric for their car insurance can usually expect their monthly bill to go up around 12% after getting a speeding ticket. Missouri Farm Bureau policyholders can expect a less drastic increase of about 5%.

However, Missouri Farm Bureau is typically the more affordable option for both drivers who have a recent ticket and those with clean records -- their rates are around 53% cheaper for drivers with clean records and 57% less expensive for those with a ticket.

Which Company is Best for Drivers After an Accident?

Both carriers will increase premiums pretty significantly if you get into an at-fault collision with Electric climbing by around 12%. Missouri Farm Bureau has a less extreme climb, 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, Missouri Farm Bureau offers the most affordable prices for drivers with an at-fault collision on their records, with average rates coming in at $109 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 an accident or speeding ticket. On average, Electric will increase your premiums about 46% after a DUI, while Missouri Farm Bureau's average prices rise by nearly 30%.

But if you end up with a DUI charge and are looking for more affordable premiums, Missouri Farm Bureau tends to be more affordable for the average driver, with monthly premiums coming in at around $134 to Electric's $385.

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

Often times, your credit score can be used as one of the factors to calculate your monthly insurance rates. Certain states and companies do not allow for credit score to be used as an auto insurance factor, but it does affect several drivers out there.

Auto insurance carriers argue that someone with good credit is more likely to pay their bills on time, which makes them less risky to insure. Because of that, policyholders with good credit will often be rewarded with cheaper premiums.

Looking specifically at Missouri Farm Bureau and Electric, which carrier has the best rates for drivers at different credit levels?

Which Company is Best for Drivers with Good Credit?

If you have solid credit, Missouri Farm Bureau will typically reward you the most. For policyholders with "excellent" credit scores, Missouri Farm Bureau comes in just under 44.94 less expensive. Drivers with "good" credit scores normally save about 55% with Missouri Farm Bureau compared to average prices from Electric.

Which Company is Best for Drivers with Bad Credit?

Missouri Farm Bureau typically offers lower premiums than Electric when it comes to drivers with a below average credit score. Drivers with "fair" credit pay around 60% per month less with Missouri Farm Bureau compared to Electric, and those with "poor" scores usually save an average of about 64% monthly.

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

How much you drive can have a substantial impact on how much car insurance companies will charge for coverage. Normally, the more milage you put on your car, the more you can expect to pay for coverage.

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

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

Where your home is can play a large role in how much you pay for auto insurance. Usually, if you live in a rural area with fewer cars on the road, you'll pay a little less for car insurance, while the opposite is true for people in urban areas.

Missouri Farm Bureau boasts the cheapest average 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 66% with Missouri Farm Bureau compared to Electric. People who live in suburban areas pay around 53% less with Missouri Farm Bureau compared to Electric. For drivers in urban ZIP codes, Missouri Farm Bureau Insurance's average rates are about 57% less than Electric Insurance Company.

Electric vs. Missouri Farm Bureau Discounts

You want to save as much money as you can, right? The best way to do that is by taking advantage of as many 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 compared all of the different discounts offered by Electric and Missouri Farm Bureau so that you can see which one can save you the most money each month.

Electric blows Missouri Farm Bureau away when it comes to the sheer amount of discounts available, offering 17 different discounts to Missouri Farm Bureau's seven.

A couple of those are overlapping for things like discounts for being a good student, multi-policy discounts, and passive restraint discounts. Electric also offers discounts for ABS, advance quote, anti-theft, and more.

On the other hand, Missouri Farm Bureau has a few proprietary discounts of their own for things like multi-car discounts, occupation discounts, and preferred customer discounts.

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

You've seen the effect certain variables have on your auto insurance and the different discounts carriers offer. That's all well and good, but at the end of the day, which company is the best carrier for you and your specific driver profile?

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

• You will be the only person on the car insurance policy.
• You're looking for the best prices on liability only coverage.
• You want to save money while purchasing insurance for a teenager.

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 Missouri Farm Bureau. We also hope we've given you the information you need to make the best decision when it comes to your auto 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 multiple companies, not just Electric and Missouri Farm Bureau. Luckily, Compare.com makes it easy for you to do just that. Just enter your ZIP code below and get multiple quotes from some of the best insurance carriers in your area, all for free.

Electric vs. Missouri Farm Bureau FAQs

Is Electric or Missouri Farm Bureau cheaper?

Missouri Farm Bureau is the cheaper of the two companies when looking at national average rates, with policies averaging $111 a month with Missouri Farm Bureau and $266 for Electric. But that doesn't mean Missouri Farm Bureau will be the most affordable carrier for every driver, since there are a bunch of different factors (things like age, driving record, gender, etc.) that play a role in how much you pay.

Who is better, Electric or Missouri Farm Bureau?

Sadly, the real answer is "it depends.". No single company is "better" for each policyholder -- it all comes down to what your unique car insurance profile looks like.

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

Auto insurance carriers use lots of different variables when determining the premiums they charge. Things such as age, gender, where you live, your driving record, and sometimes even things like your credit score can all be used. Both Electric and Missouri Farm Bureau use different formulas, so it's likely they'll offer different prices. The best way to determine which carrier is the cheapest for you is by comparing personalized quotes from lots of different companies.

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

The only way to find the insurance company 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, Compare.com does all the hard work for you. Just enter your ZIP code and you'll get quotes from dozens of your local top car insurance companies for free. With those, you can guarantee you're getting the lowest price. And maybe you'll find that the best carrier for you isn't Electric or Missouri Farm Bureau 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.