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

Quick Facts

• Based on national averages for auto insurance, Virginia Farm Bureau offers significantly cheaper rates than Electric
• Electric offers more discounts than Virginia Farm Bureau Insurance
• Virginia Farm Bureau has less expensive premiums for policyholders who don't have any speeding tickets, DUIs, or at-fault accidents on their record

Electric vs. Virginia Farm Bureau: 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 pretty big discounts. But exactly how much can you save by switching?

You might have narrowed your search down to Electric or Virginia Farm Bureau as potential options, but between the two, which company will offer you more affordable prices?

Looking at the national average rates for both companies, Virginia Farm Bureau is quite a bit cheaper than Electric, with premiums averaging $101 per month compared to $266 with Electric.

However, Virginia Farm Bureau may not be the cheapest or best option for each driver out there. Car insurance carriers use tons of complex algorithms to calculate rates, so depending on how good your credit score is or how clean your driving record is (among a multitude of other factors), you could see wildly different prices from the ones above.

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

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

Electric and Virginia Farm Bureau only compete against each other in Virginia, where Virginia Farm Bureau offers the cheaper average rates. For Virginia residents, Virginia Farm Bureau offers auto insurance for $101 monthly on average. Electric's average premiums come out to be over 70% more expensive, at $373 per month.

That being said, there's a lot more that goes into your insurance payment than just your home state. Continue reading to see how other factors will affect your rates.

Which is the Best Company For Young Drivers?

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

Even so, that doesn't mean teen drivers can't still save money on their car insurance. As you can see above, teens who use Virginia Farm Bureau save nearly $400 a month compared to those who use Electric.

That being said, both companies will lower prices once you turn 25. Virginia Farm Bureau offers the steepest decrease, with 25-year-olds paying less than a third of what 18-year-old drivers are charged. Electric's average rates decrease almost 55% during that same period.

Which is the Best Company for Retired Drivers?

Once you approach retirement age, you'll generally enjoy the most affordable insurance prices you can find. You've been on the road for years, and all that experience pays off when it comes to your monthly rates for auto insurance.

So, which carrier offers the best premiums to retired drivers? Virginia Farm Bureau gets the edge, with rates for drivers 65 and older $87 less expensive than the national average for Electric.

Which is the Best Company for Married Drivers?

Single policyholders tend to get offered slightly more expensive car insurance premiums than married couples. That's because policies for married policyholders usually cover more than one car, which a lot of carriers will offer you a discount for.

When it comes to relationship status, Virginia Farm Bureau is the clear winner for those who are single, with prices about $198 per month cheaper than Electric, on average. For married drivers, the advantage is clear again - Virginia Farm Bureau has the edge when it comes to average premiums.

Electric vs. Virginia Farm Bureau: Average Rates by Gender

Men are statistically more likely than women to get into an accident or get pulled over for speeding, which means they'll typically end up paying more for insurance than women.

Usually, women see rates nearly $20 a month more affordable with Electric, and around $4 less with Virginia Farm Bureau.

Looking at the data for each company specifically, Virginia Farm Bureau comes out on top for both men and women. On average, male drivers save about $173 per month and women save about $158 with Virginia Farm Bureau compared to the average Electric policyholder.

Electric or Virginia 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 can be pretty complicated. Everyone needs car 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 covers the other party's injuries and property damage if you cause a collision) and full coverage (which includes comprehensive and collision coverages that protect your own vehicle, in addition to what you get with liability).

If you're looking for state minimum limits for liability insurance, Virginia Farm Bureau usually offers significantly less expensive prices of $66 compared to Electric's $150. When it comes to full coverage policies with similar limits, Virginia Farm Bureau again has the edge, with policies around $250 a month more affordable than Electric, on average.

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

It's no big secret that drivers who are accident-free get better deals on their insurance. But even if you have a spotty record, you can still find plenty of ways to save some cash on your monthly bill.

You'll probably end up paying more with tickets and at-fault collisions on your record, but which of these two companies offers the cheapest premiums to drivers with less-than-ideal driving records?

Which Company is Best for Drivers with Speeding Tickets?

Electric policyholders can expect their rates to go up an average of $29 per month if they get a ticket, while Virginia Farm Bureau generally raises prices about $25 a month, on average.

But Virginia Farm Bureau is normally the cheaper option for both drivers who have clean records and those with a recent speeding ticket, offering premiums that are $126 and $130 less expensive, 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 Virginia Farm Bureau for their insurance will see a monthly bill around $23 (or 22%) more expensive after reporting an accident to their car insurance carrier.

Overall, drivers who use Virginia Farm Bureau end up with the cheaper prices after an accident, with monthly prices averaging $105 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 ticket when it comes to your insurance bill. Electric drivers usually see a 46% climb in their auto insurance premiums after a DUI charge, while Virginia Farm Bureau will typically increase rates by about 26%.

If you have a DUI on your record and are looking for more affordable prices, Virginia Farm Bureau tends to be the much more affordable option with average rates of $111 a month compared to $385 from Electric.

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

Often times, your credit score can come into play when carriers determine your monthly bill. Certain states and companies do not allow for credit score to be used as a rating factor, but it might come into play for several drivers.

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.

So, which company offers the best prices for policyholders with good, average, or poor credit?

Which Company is Best for Drivers with Good Credit?

If you have great credit, you'll usually find a better deal with Virginia Farm Bureau. Drivers with "excellent" credit can save just under 60% compared to Electric, and those with "good" scores can also expect to see savings -- around $125 or 59% cheaper every month.

Which Company is Best for Drivers with Bad Credit?

Virginia Farm Bureau typically offers lower premiums than Electric when it comes to drivers with less-than-perfect credit. Drivers with "fair" credit pay about $158 per month less with Virginia Farm Bureau compared to Electric, and those with "poor" scores normally save an average of around $286 monthly.

Is Electric or Virginia Farm Bureau 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 car insurance companies will charge for coverage? That's because the more miles you put on your car each year, the more likely you are to get into a collision and cause an insurance claim.

Virginia Farm Bureau tends to be the more affordable option for both drivers who put 6,000 miles on their vehicles yearly, as well as those who average twice that figure. Electric's average prices for drivers with 6,000 annual miles come in about 60% more expensive than Virginia Farm Bureau. Those who drive 12,000 miles annually can expect to pay around 64% more with Electric over Virginia Farm Bureau.

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

Where you live can play a large role in how much you pay for auto insurance. Generally, policyholders who live in heavily-populated urban areas will pay quite a bit more than rural drivers due to the number of vehicles that are on the roads in those areas.

Virginia Farm Bureau tends to offer the lowest prices for drivers in all types of areas, no matter if they're urban, suburban, or rural.

Those in rural areas can expect to pay about $78 a month with Virginia Farm Bureau and $262 with Electric. Drivers in suburban ZIP codes pay around $116 with Virginia Farm Bureau compared to Electric's $234 per month. In urban areas, Virginia Farm Bureau's average premiums are about $109 while Electric offers rates around $304.

Electric vs. Virginia Farm Bureau Discounts

Regardless of why you might be in the market for a new insurance policy, you're always going to want to save as much money as possible, and the best way to do that is by taking advantage of as many auto insurance discounts as you can.

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

In the table below, we've compared all of the different discounts offered by Electric and Virginia Farm Bureau so that you can easily see which company offers the most discounts and see which ones you might be able to take advantage of.

Electric knocks Virginia Farm Bureau out of the park when it comes to the sheer number of discounts available, offering 17 different discounts to Virginia Farm Bureau's eight.

There are a couple discounts both carriers offer, but Electric also offers advance quote discounts, anti-theft discounts, COVID-19 relief discount, and more that Virginia Farm Bureau does not.

On the flip side, Virginia Farm Bureau has a couple unique discounts of its own -- distant student discounts, new business discounts, and umbrella policy discounts.

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

So, you've seen how different variables can affect your car insurance prices. We've broken down the different discounts each company offers, too. That's all well and good, but at the end of the day, is Electric or Virginia Farm Bureau the right carrier for you and your specific driver profile?

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

• You have less-than-stellar credit.
• Your credit score is high.
• You are purchasing your insurance with a spouse.

Electric might be best for you if...

• You care about discounts (Electric offers the most).

We hope this guide has ben a valuable resource as you compare Electric and Virginia Farm Bureau and that it aids in making a more informed decision about your auto insurance.

At the end of the day, the best way to make sure you're getting the best deal on your car insurance policy is to compare quotes from a handful of companies, not just Electric and Virginia Farm Bureau. Luckily, sites like Compare.com do 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. Virginia Farm Bureau FAQs

Is Electric or Virginia Farm Bureau cheaper?

Looking just at the national average premiums, Virginia Farm Bureau is the less expensive of the two companies, offering average rates of $101 a month compared to $266 for Electric. Even so, Virginia Farm Bureau won't necessarily be the most affordable carrier for each driver, since there are a bunch of different factors (things like age, gender, driving record, etc.) that play a role in how much you pay.

Who is better, Electric or Virginia Farm Bureau?

Sadly, the only answer we can give you is "it depends.". Neither company is necessarily "better" for every driver -- it all depends on the makeup of your unique insurance profile.

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

Car insurance carriers take a look at lots of different variables when calculating the rates they charge policyholders. Factors such as where your home is, age, where you park your car, gender, and sometimes even things like your credit score can all be used. Both Electric and Virginia Farm Bureau calculate premiums differently, so each one will most likely offer different prices. The only real way to see which carrier is the cheapest for you is by comparing personalized quotes from a variety of different companies.

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

The only way to find the insurance company 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 does all the hard work for you. Just enter your area information 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 lowest premium. And who knows, the best carrier for you might not be Electric or Virginia 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.