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

Quick Facts

• Looking at the national averages for auto insurance, Southern Farm Bureau offers significantly cheaper prices than Equity
• Equity offers more discounts than Southern Farm Bureau Insurance
• Southern Farm Bureau offers more affordable average rates for drivers who have less-than-stellar credit

Equity vs. Southern 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 big discounts. But exactly how much can you save by switching?

You've maybe even narrowed it down to Equity or Southern Farm Bureau for your next policy, but which company will save you the most?

Looking at nationwide averages, Southern Farm Bureau has average rates that are about 40% per month less expensive than those from Equity.

Even so, Southern Farm Bureau may not be the lowest or best option for every driver out there. Car insurance companies use tons of complex algorithms to calculate premiums, so depending on how old you are or where you live (among many other factors), you could see wildly different rates from the ones above.

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

Equity or Southern Farm Bureau: Average Car Insurance Rates by State

Equity and Southern Farm Bureau only compete against each other in Arkansas, where Southern Farm Bureau offers the cheaper average rates. For Arkansas residents, Southern Farm Bureau offers auto insurance for $103 per month on average. Equity's average premiums come out to be over 70% more expensive, at $187 a month.

That being said, there are plenty of other factors that go into your insurance payment than just where you live. 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 generally pay a lot more for car insurance than any other group of drivers. That's because young, inexperienced drivers are statistically much more likely to cause collisions and other accidents that will result in an insurance claim.

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

However, with both carriers, you'll see your rates lower significantly by the time you turn 25. For example, average prices for Equity policyholders reduce over $200 and Southern Farm Bureau's premiums decrease nearly $100 over that time.

Which is the Best Company for Retired Drivers?

Drivers around retirement age normally enjoy some of the most affordable auto insurance rates you'll ever find. After all, they've likely been driving for quite some time, which usually lowers their chances of accidents and other infractions that can increase premiums.

So, which carrier offers the best prices to retired drivers? Southern Farm Bureau gets the edge, with rates for drivers 65 and older $52 cheaper than the national average for Equity.

Which is the Best Company for Married Drivers?

You may not be aware, but car insurance prices tend to be less expensive for married drivers than they are for single drivers. This usually boils down to married couples having more than one car on their policy -- something quite a few auto insurance companies will reward with discounts.

When it comes to relationship status, Southern Farm Bureau is the clear winner for those who are single, with premiums around $74 a month more affordable than Equity, on average. For married policyholders, the advantage is clear again - Southern Farm Bureau has the edge when it comes to average rates.

Equity vs. Southern Farm Bureau: Average Rates by Gender

Men tend to pay more for insurance than women. This is because women are less likely to get speeding tickets and get into accidents, which lowers the chances of an insurance claim.

Normally, women see premiums more than 10% per month less with Equity, while with Southern Farm Bureau, the difference is closer to 6% a month.

When it comes to the lowest prices for each gender, Southern Farm Bureau comes out on top for both men and women. On average, male drivers save about $69 per month and women save about $54 with Southern Farm Bureau compared to the average Equity policyholder.

Equity or Southern 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 auto insurance can be a complicated subject for most people. There are multiple different coverages that account for lots of 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 (which provides property damage and bodily injury coverage for other drivers and passengers if you cause a collision) and full coverage (which typically refers to having comprehensive and collision coverages alongside what you get with a liability policy).

If you're looking for state minimum liability insurance, Southern Farm Bureau normally offers cheaper premiums of $54 compared to Equity's $67. When it comes to full coverage policies with similar limits, Southern Farm Bureau again has the edge, with policies around $100 a month more affordable than Equity, on average.

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

You've probably seen plenty of commercials from car 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.

You'll probably end up paying more with collisions and tickets on your record, but which of these two companies offers the cheapest prices to drivers with spotty records?

Which Company is Best for Drivers with Speeding Tickets?

Equity policyholders can expect their premiums to go up an average of $6 per month if they get a ticket, while Southern Farm Bureau usually raises rates about $8 a month, on average.

But Southern Farm Bureau tends to offer the best prices for drivers both with clean records and with a speeding ticket. Drivers with a clean record can save around $65 per month and drivers with a ticket can save about $63 a month with Southern Farm Bureau Insurance.

Which Company is Best for Drivers After an Accident?

After an accident, drivers who have their insurance through Equity can expect to see around an $25 -- or about 14% -- increase in their auto insurance prices. Drivers who use Southern Farm Bureau for their car insurance will see a monthly bill around $27 (or 23%) more expensive after reporting an accident to their insurance company.

Overall, drivers who use Southern Farm Bureau end up with the cheaper prices after an accident, with monthly rates averaging $116 compared to Equity Insurance Company's $179.

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 car insurance bill -- typically a lot more than a collision or speeding ticket. For example, Southern Farm Bureau increases average premiums by just under $20 per month -- that's just under a 20% increase.

If you have a DUI on your record and are looking for more affordable prices, Southern Farm Bureau tends to be the much less expensive option with average premiums of $108 monthly compared to $166 from Equity.

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

Did you know that many auto insurance carriers take your credit score into account when calculating prices? This isn't always the case (for example, Michigan and Hawaii are two states that ban the practice entirely), but it does affect a lot of drivers out there.

Insurance companies 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 Southern Farm Bureau and Equity, which carrier has the best rates for policyholders at different credit levels?

Which Company is Best for Drivers with Good Credit?

If you have a great credit score, you'll usually find a better deal with Southern Farm Bureau. Drivers with "excellent" credit can save over 55% compared to Equity, and those with "good" scores can also expect to see savings -- about $80 or 48% more affordable every month.

Which Company is Best for Drivers with Bad Credit?

Southern Farm Bureau typically offers lower premiums than Equity when it comes to drivers with less-than-stellar credit. Drivers with "fair" credit pay around $59 a month less with Southern Farm Bureau compared to Equity, and those with "poor" scores generally save an average of about $17 per month.

Is Equity or Southern Farm Bureau 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 auto insurance carriers will charge for coverage. Typically, the more miles you drive, the more you can expect to pay for insurance.

In this case, neither Equity or Southern Farm Bureau report increasing prices for drivers with higher annual mileage figures. Even so, Southern Farm Bureau comes out as the most affordable for drivers at both intervals, whether they put 6,000 or 12,000 miles on their vehicle annually, with average rates of $103 per month for both.

Equity vs. Southern Farm Bureau: Compare Rates for Urban, Suburban, and Rural Drivers

Where you live can play a large role in how much you pay for car insurance. Normally, policyholders who live in less densely populated rural areas will pay quite a bit less than urban drivers because there are a lot fewer cars on the road in those areas, which decreases the chances of an accident.

When comparing these two companies side-by-side, Southern Farm Bureau generally comes out as the cheapest option for drivers in every type of area, no matter if it's urban, suburban, or rural.

Policyholders in rural ZIP codes see the most affordable rates from both carriers, but Southern Farm Bureau comes out on top with average prices around $83 monthly. Southern Farm Bureau also has cheaper average rates for drivers in urban and suburban ZIP codes -- a $82 and $43 a month respective difference when compared to Equity policyholders in similar areas.

Equity vs. Southern 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 broken down all of the different discounts offered by both Equity and Southern Farm Bureau so that you can see which one offers the most discounts and see which ones you might be able to take advantage of.

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

Both companies offer quite a few of the same discounts -- like discounts for being a defensive driver, discounts for getting driver training, and discounts for being a good student -- but Equity also offers agency transfer discounts, education discounts, group discounts, and more that Southern Farm Bureau does not.

On the flip side, Southern Farm Bureau has a unique discount of its own -- a multi-policy discounts.

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

So, we've broken down the average premiums for many of the variables insurance carriers look at, and walked through the different discounts each carrier offers, too. But, at the end of the day, is Equity or Southern Farm Bureau the best fit for you?

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

• You have a DUI charge on your record.
• Your home is in a busy urban area.
• You are over 65 years old and want to save some money on your car insurance.

Equity might be best for you if...

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

We hope this guide helps you get a good idea of the differences between Equity and Southern 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 multiple companies, not just Equity and Southern Farm Bureau. Luckily, Compare.com makes it easy for you to do just that. Simply enter your ZIP codes below and get free quotes from dozens of top insurance carriers in your area, all in just a few minutes.

Equity vs. Southern Farm Bureau FAQs

Is Equity or Southern Farm Bureau cheaper?

Looking just at the national average prices, Southern Farm Bureau is the less expensive of the two companies, offering average rates of $103 per month compared to $165 for Equity. That being said, Southern Farm Bureau won't necessarily be the cheapest company for each driver, since there are many different factors that come into play when it comes to your car insurance cost.

Who is better, Equity or Southern Farm Bureau?

Unfortunately, the real answer is "it depends.". Neither carrier is "better" for every driver -- it all depends on what your unique auto insurance profile looks like.

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

Insurance carriers take a look at lots of different variables when determining the rates they charge drivers. Things such as your driving record, age, where you park your vehicle, gender, and sometimes even things like your credit score can all be taken into consideration. Both Equity and Southern Farm Bureau calculate prices using different formulas, so each one will most likely offer different premiums. The only real way to see which company is the lowest for you is by comparing personalized quotes from a range of different companies.

How do I know if Equity or Southern Farm Bureau is right for me?

The only way to find the car 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, sites like Compare.com do all the hard work for you. Just enter your information once and you'll get free quotes from dozens of the best insurance companies in your area. That way, you can guarantee you're getting the best rate. And who knows, the best company for you might not be Equity or Southern 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.