Equity vs. Oklahoma Farm Bureau: Which Company is the Best Fit for You?

Quick Facts

• Based on national averages for insurance, Equity offers slightly cheaper rates than Oklahoma Farm Bureau
• Equity tends to be a much more affordable option for policyholders who live in rural neighborhoods
• Oklahoma Farm Bureau offers more affordable premiums for policyholders who have a clean record

Equity or Oklahoma Farm Bureau: Which Company has the Cheapest Car Insurance?

So, you're considering switching to a new insurance policy. You've probably seen commercials and billboards from companies offering hefty savings, but exactly how much money can you save by switching?

You might be considering Equity or Oklahoma Farm Bureau as potential options, but between the two, which one will save you the most?

As you can see, Oklahoma Farm Bureau is around $9 more a month than Equity when looking at the national average rates for car insurance.

But Equity may not be the cheapest or best option for every single driver out there. Auto insurance carriers vary their prices depending on things like how old you are, how good your credit score is, where you live, how clean your driving record is, and a variety of other factors, so premiums could differ drastically from person to person.

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

Equity vs. Oklahoma Farm Bureau: Average Car Insurance Rates by State

Equity and Oklahoma Farm Bureau only compete against each other in Oklahoma, where Equity offers the cheaper average premiums. Equity drivers tend to pay about $32 per month less on average compared to drivers who use Oklahoma Farm Bureau for their car insurance.

That being said, there's a lot more that goes into your insurance cost than just the state you live in. Read on to find out more.

Which is the Best Company For Young Drivers?

Young drivers -- especially teens -- generally pay a lot for car insurance compared to older drivers. That's because teen drivers are statistically much more likely to get into accidents since they have less experience on the roads.

However, that doesn't mean teen drivers can't still save money on their auto insurance. Just look at the table above -- where 18-year-old drivers who have Equity for their insurance pay 5% less than those who use Oklahoma Farm Bureau.

Even so, both companies will offer you dramatically lower prices by the time you turn 25. For example, average rates for Equity policyholders drop almost 60% and Oklahoma Farm Bureau's prices decrease nearly 55% over that time.

Which is the Best Company for Retired Drivers?

Once you approach retirement age, you'll usually enjoy the lowest car insurance premiums you'll ever see. 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 company offers the best premiums to retired drivers? Oklahoma Farm Bureau gets the slight edge, with prices for drivers 65 and older $9 less expensive than the national average for Equity.

Which is the Best Company for Married Drivers?

You may not be aware, but insurance rates tend to be more expensive for single drivers than they are for married policyholders. This usually boils down to married drivers having more than one vehicle on their policy -- something several auto insurance carriers will reward with discounts.

If you're in the market for insurance, Equity tends to have the most affordable average premiums regardless of if you're married or single, with prices almost 10% cheaper for married couples and about 4% more affordable for those who are single.

Equity or Oklahoma Farm Bureau: Average Rates by Gender

Because women are less likely to get tickets and get into collisions, they are less likely to file a claim with insurance. So, insurance companies will tend to offer women more affordable rates.

Men typically pay around $20 a month more than women with Equity, and over $25 with Oklahoma Farm Bureau.

Looking at the data for each carrier specifically, Equity offers the lowest average prices for both men and women, with average rates $13 less for men and $7 cheaper for women.

Equity vs. Oklahoma 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.

It's no secret that car insurance can be a complicated subject for most people. There are so many different limits and terms that it can make it pretty confusing to find the right policy for you.

That being said, most policies end up falling into two different types of coverage -- liability coverage (which provides property damage and bodily injury coverage for other drivers and passengers if you cause a collision) and full coverage (which normally refers to having collision and comprehensive coverages in addition to what you get with liability).

When it comes to state minimum limits for liability insurance, Equity has the edge, while Oklahoma Farm Bureau offers the cheapest average premiums for full coverage policies with similar coverage limits. Policyholders looking for basic state minimum coverage can save around $25 with Equity Insurance Company, while full coverage comes out to be about $6 less expensive with Oklahoma Farm Bureau Insurance.

Is Equity or Oklahoma Farm Bureau Better for Drivers with Spotty Records?

You've probably seen plenty of commercials from auto insurance carriers offering great prices for good drivers, but that doesn't mean people with less-than-perfect driving records can't save money, too.

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

Which Company is Best for Drivers with Speeding Tickets?

Drivers who use Equity for their insurance can usually expect their monthly bill to go up around 4% after getting a speeding ticket. Oklahoma Farm Bureau policyholders can expect a bit more drastic of an increase of about 10%.

However, Oklahoma Farm Bureau has more affordable premiums for drivers in both categories -- their rates are around 8% less expensive for drivers with clean records and 1% cheaper for those with a ticket.

Which Company is Best for Drivers After an Accident?

Equity policyholders who get in an accident can expect to see their prices climb by $25, while those who have insurance through Oklahoma Farm Bureau will see around a $15 increase.

At the end of the day, Oklahoma Farm Bureau offers the most affordable premiums for drivers with an at-fault collision on their records, with average prices coming in at $158 compared to Equity Insurance Company's $179.

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 car insurance bill. For example, Oklahoma Farm Bureau increases average rates by nearly $100 per month -- that's more than a 40% increase.

But if you end up with a DUI charge and are looking for more affordable premiums, Equity tends to be more affordable for the average driver, with monthly premiums coming in at about $166 to Oklahoma Farm Bureau's $240.

How does Credit Score Impact Equity and Oklahoma Farm Bureau Rates?

Did you know many insurance carriers take your credit score into account when determining prices? This isn't true for everyone (Hawaii, for example, has banned the use of credit score as an insurance factor) but it will come into play for many drivers.

Car 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.

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

Which Company is Best for Drivers with Good Credit?

If you have a great credit score, Equity will normally reward you the most. For drivers with "excellent" credit scores, Equity comes in NaN less expensive. Drivers with "good" credit scores generally save around 5% with Equity compared to average prices from Oklahoma Farm Bureau.

Which Company is Best for Drivers with Bad Credit?

Equity typically offers lower rates than Oklahoma Farm Bureau when it comes to drivers with a below average credit score. Drivers with "fair" credit pay about 6% a month less with Equity compared to Oklahoma Farm Bureau, and those with "poor" scores typically save an average of around 6% a month.

Is Equity or Oklahoma 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 considerable impact on your monthly premiums? Normally, the more milage you put on your car each year, the more you can expect to pay for auto insurance.

In this case, neither Equity or Oklahoma Farm Bureau report increasing prices for drivers with higher annual mileage figures. That being said, Equity comes out as the cheapest for drivers at both intervals, whether they put 6,000 or 12,000 miles on their vehicle yearly, with average premiums of $165 per month for both.

Equity or Oklahoma Farm Bureau: Compare Rates for Urban, Suburban, and Rural Drivers

Where you live can have a substantial impact on your monthly insurance bill. Typically, policyholders who live in less densely populated rural areas will pay quite a bit less than urban drivers since there are a lot fewer cars on the roads where they live.

Equity boasts the most affordable average rates in rural and suburban areas, while Oklahoma Farm Bureau wins in urban areas.

Those in rural areas can expect to save about 6% with Equity compared to Oklahoma Farm Bureau. People who live in suburban areas pay around 16% less with Equity compared to Oklahoma Farm Bureau. For policyholders in urban ZIP codes, Oklahoma Farm Bureau Insurance's average premiums are about 5% less than Equity Insurance Company.

Equity vs. Oklahoma Farm Bureau 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 qualify for.

Luckily, we did the hard work for you and compared all of the different discounts offered by Equity and Oklahoma Farm Bureau so that you can see which company offers the most discounts and see which ones you might be able to take advantage of.

Overall, Equity has the advantage when it comes to total number of discounts. Oklahoma Farm Bureau offers a grand total of five discounts, while Equity has 10.

Both carriers offer several of the same discounts -- like discounts for being a defensive driver, group discounts, and discounts for insuring multiple cars with the same company -- but Equity also offers discounts for agency transfer, driver training, education, and more.

On the other hand, Oklahoma Farm Bureau has a proprietary discount of their own -- a multi-policy discounts.

Final Thoughts: Is Equity or Oklahoma Farm Bureau Best for You?

You've seen the role certain variables have on your auto insurance and the different discounts companies offer. But, at the end of the day, is Equity or Oklahoma Farm Bureau the best fit for you?

Equity might be best for you if....

• You have below-average credit.
• You live in a rural neighborhood.
• You drive often but have a short commute.

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

• You have a speeding ticket on your driving record.
• You want the most robust protection via a "full coverage" policy.
• You're of retirement age and want to take advantage of lower prices.

Hopefully, this guide has ben a valuable resource as you compare Equity and Oklahoma Farm Bureau. We also hope we've given you the information you need to make the best decision when it comes to your 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 multiple carriers, not just Equity and Oklahoma Farm Bureau. Luckily, Compare.com makes it easy for you to do just that. Just enter your ZIP code below and get multiple free quotes from some of the best insurance companies in your area, all in just a few minutes.

Equity vs. Oklahoma Farm Bureau FAQs

Is Equity or Oklahoma Farm Bureau cheaper?

Equity is the cheaper of the two carriers when looking at national average rates, with policies averaging $165 a month with Equity and $174 for Oklahoma Farm Bureau. That being said, that doesn't mean Equity will be the cheapest carrier for each driver, since there are multiple different factors (things like age, driving record, gender, etc.) that play a role in how much you pay.

Who is better, Equity or Oklahoma Farm Bureau?

Sadly, the answer truly is "it depends.". No single company is "better" for everyone -- it all depends on what your unique car insurance profile looks like. For example, Oklahoma Farm Bureau is less expensive for drivers who have already retired, while Equity offers cheaper prices for single drivers.

Why do Equity and Oklahoma Farm Bureau offer me different rates?

Auto insurance companies use quite a few different variables when calculating the rates they charge. Factors like age, gender, your driving record, where you call home, and sometimes even things like your credit score can all be used. Both Equity and Oklahoma Farm Bureau calculate premiums using different formulas, so it's likely they'll offer different prices. The best way to determine which carrier is the lowest for you is by comparing personalized quotes from many different carriers.

How do I know if Equity or Oklahoma 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 companies and finding the one best suited for your individual budget. Luckily, sites like Compare.com make it easy for you to do just that. Just enter your area information and you'll get quotes from dozens of your local top auto insurance carriers for free. That way, you can guarantee you're getting the most affordable price. And maybe you'll find that the best carrier for you isn't Equity or Oklahoma 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.