Farm Bureau Financial Services vs. Farmers: Which Company is the Best Fit for You?

Quick Facts

• Based on national averages for insurance, Farm Bureau Financial Services offers more affordable premiums than Farmers
• Farm Bureau Financial Services tends to be a much cheaper option for people who are single and purchasing auto insurance by yourself
• Farmers offers more affordable rates for drivers with a DUI charge on their record

Farm Bureau Financial Services vs. Farmers: Which Company has the Cheapest Car Insurance?

Are you in the market for a new insurance policy? You've probably seen commercials and billboards from companies offering big discounts, but exactly how much money can you save by switching?

You might be considering Farm Bureau Financial Services or Farmers for your next policy, but between the two, which company will save you the most?

Looking at the national average rates for both companies, Farmers is about $33 more per month than Farm Bureau Financial Services.

However, that doesn't mean Farm Bureau Financial Services will necessarily be less expensive than Farmers for every single driver. Car insurance carriers vary their premiums depending on things like how clean your driving record is, how good your credit score is, how old you are, where you live, and a variety of other factors. So, at the end of the day, rates from each company will differ quite a bit from person to person.

So, if you want to find out which of Farm Bureau Financial Services or Farmers is really the best for you, keep reading to see average prices for each carrier broken down by lots of different rate factors.

Farm Bureau Financial Services or Farmers: Average Car Insurance Rates by State

Farm Bureau Financial Services and Farmers compete against each other in seven states, with Farm Bureau Financial Services offering cheaper rates to the average driver in all of them. South Dakota has the most noticable difference, where Farmers prices are over 70% less expensive than insurance premiums at Farm Bureau Financial Services.

There are plenty of other factors that go into your car insurance cost than just where you live. Read on to learn more.

Which is the Best Company For Young Drivers?

You might already know that teen drivers normally pay a lot more for insurance than any other group of drivers. That's generally because young, inexperienced drivers are statistically much more likely to get into an accident that results in a car insurance claim, making them much riskier to insure.

That being said, 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 Farm Bureau Financial Services for their insurance pay $200 less than those who use Farmers.

Even so, with both companies, you'll see your rates reduce significantly by the time drivers turn 25. For example, average prices for Farm Bureau Financial Services policyholders decrease nearly $200 and Farmers's premiums lower around $400 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 most affordable rates you can find.

But who has the best prices for retired drivers between Farm Bureau Financial Services and Farmers? Farm Bureau Financial Services gets the edge, with premiums for drivers 65 and older more than 10% more affordable than the national average for Farmers.

Which is the Best Company for Married Drivers?

Single policyholders tend to get offered slightly more expensive car insurance rates than married drivers. That's usually because married couples tend to own and insure more than one car, which can often earn you a discount.

When it comes to relationship status, Farm Bureau Financial Services is the clear winner for those who are single, with premiums about $51 a month less expensive than Farmers, on average. But for married policyholders, that advantage is much less clear - Farm Bureau Financial Services has the edge when it comes to average prices , but the difference is less than $10.

Farm Bureau Financial Services vs. Farmers: Average Rates by Gender

Did you know women typically pay less for insurance than men? This is because men are statistically more likely than women to get into accidents and file an insurance claim, which leads to increased risk for insurers and, therefore, higher premiums.

Surprisingly, men usually pay around 3% less per month than women with Farm Bureau Financial Services, and about 3% more with Farmers.

When it comes to the lowest rates for each gender, Farm Bureau Financial Services comes out as the cheapest option for both genders. On average, women save about $27 a month and men save around $39 with Farm Bureau Financial Services compared to the average Farmers policyholder.

Farm Bureau Financial Services or Farmers: 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.

Auto insurance can be a complicated subject for most people. There are so many different terms and limits that it can make it pretty confusing to find the right policy.

But the most common policies that many drivers look at fall into two categories -- liability only (that covers bodily injury and property damage for other drivers and their passengers if you cause an accident) and full coverage (which includes two additional coverages -- comprehensive and collision -- alongside liability coverage).

If you're looking for state minimum liability limits, Farm Bureau Financial Services typically offers significantly more affordable prices of $87 compared to Farmers's $126. When it comes to full coverage policies with similar limits, Farm Bureau Financial Services again has the edge, with policies about $30 per month cheaper than Farmers, on average.

Is Farm Bureau Financial Services or Farmers Better for Drivers with Spotty Records?

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

Tickets and at-fault collisions will most likely raise your rates, but is Farm Bureau Financial Services or Farmers less expensive for drivers with less-than-perfect records?

Which Company is Best for Drivers with Speeding Tickets?

Farm Bureau Financial Services policyholders can expect their prices to go up an average of $25 a month if they get a ticket, while Farmers normally raises premiums around $44 per month, on average.

That being said, Farm Bureau Financial Services has more affordable prices for drivers in both categories -- their rates are around 25% cheaper for drivers with clean records and 29% 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 accident with Farm Bureau Financial Services climbing by over $65. Farmers has a less extreme climb, but you can still expect to pay more than $60 more than you were prior to your first collision.

Overall, the cheaper rates come from Farm Bureau Financial Services, with monthly prices averaging $187 compared to Farmers Insurance's $224.

Which Company is Best for Drivers with a DUI?

If you get a DUI charge on your record, it's probably going to cost you more than a simple speeding ticket or even a collision. On average, Farm Bureau Financial Services will increase your premiums about 46% after a DUI, while Farmers's average rates increase by over 25%.

How does Credit Score Impact Farm Bureau Financial Services and Farmers Rates?

You may not realized it, but your credit score can be used as one of the factors to calculate your monthly insurance prices. Certain states and companies do not allow for credit score to be used as a rating factor, but it will come into play for several drivers.

The reasoning car insurance carriers use is that policyholders with good credit will be more likely to pay their bills on time; so they'll reward them with cheaper rates, while those with poor credit will generally be forced to pay more.

Looking specifically at Farmers and Farm Bureau Financial Services, which one has the best premiums for drivers at different credit levels?

Which Company is Best for Drivers with Good Credit?

Which Company is Best for Drivers with Bad Credit?

Is Farm Bureau Financial Services or Farmers 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 your monthly auto insurance payment. That's because the more miles you put on your vehicle each year, the more likely you are to get into an accident and cause an insurance claim.

As you can see in the table above, annual mileage doesn't have much of an impact on how much Farmers charges. However, there's a small difference in monthly prices for Farm Bureau Financial Services, with policyholders who drive the least paying around $11 less every month compared to those who drive 12,000 miles yearly. Still, Farm Bureau Financial Services is the more affordable option for drivers in both categories.

Farm Bureau Financial Services vs. Farmers: Compare Rates for Urban, Suburban, and Rural Drivers

Where your home is can have a considerable impact on your monthly insurance bill. Usually, policyholders who live in heavily-populated urban areas will pay quite a bit more than rural drivers because there are a lot more cars on the roads in those areas.

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

For policyholders in urban ZIP codes, Farm Bureau Financial Services offers premiums about $196 monthly compared to Farmers's $251. People who live in suburban ZIP codes can expect to pay around $159 a month for Farm Bureau Financial Services and $189 for Farmers. Lastly, those in rural areas tend to get the most affordable rates from both carriers, with average monthly premiums coming in at $155 and $170 for Farm Bureau Financial Services and Farmers respectively.

Farm Bureau Financial Services vs. Farmers 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.

The difficult part is finding all of the discounts you're eligible for, since it can feel sometimes like every company has different discounts and each one is advertised differently.

In the section below, we've compared all of the different discounts offered by Farm Bureau Financial Services and Farmers so that you can see which carrier offers the most discounts and see which ones you might be able to take advantage of.

Farmers blows Farm Bureau Financial Services away when it comes to the sheer amount of discounts available, offering 19 more discounts than Farm Bureau Financial Services.

A couple of those are overlapping for things like anti-theft discounts, discounts for being a defensive driver, and discounts for being a good student. Farmers also offers ABS discounts, advance quote discounts, alternative fuel discounts, and more that Farm Bureau Financial Services does not.

On the flip side, Farm Bureau Financial Services has a couple unique discounts of its own -- safe young driver discounts, seasoned account discounts, and telematics discounts.

Final Thoughts: Is Farm Bureau Financial Services or Farmers Best for You?

So, you've seen how different variables can affect your car insurance rates. We've shown you all the discounts each carrier offers, too. That's all well and good, but at the end of the day, which company is the right one for you and your specific needs?

Farm Bureau Financial Services might be best for you if....

• You have received a ticket within the last few years.
• Your home is in a busy urban area.
• You're buying auto insurance for a teen and looking for a wallet-friendly option.

Farmers might be best for you if...

• You value the experience that comes with a large national car insurance carrier.
• You have a DUI charge on your record.
• You're looking for discounts -- Farmers has the most.

We hope this guide has ben a valuable resource as you compare Farm Bureau Financial Services and Farmers and that you can now make a more informed decision when it comes to your 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 several companies, not just Farm Bureau Financial Services and Farmers. Luckily, sites like Compare.com make it easy for you to do just that. Simply enter your ZIP codes below and get multiple free quotes from some of the best insurance carriers in your area, all in just a few minutes.

Farm Bureau Financial Services vs. Farmers FAQs

Is Farm Bureau Financial Services or Farmers cheaper?

Looking just at the national average prices, Farm Bureau Financial Services is the less expensive of the two companies, offering average rates of $170 per month compared to $203 for Farmers. But Farm Bureau Financial Services won't necessarily be the lowest company for each policyholder, since there are multiple different factors (things like driving record, age, gender, etc.) that play a role in how much you pay.

Who is better, Farm Bureau Financial Services or Farmers?

Unfortunately, the answer truly is "it depends.". Neither carrier is necessarily "better" for every driver -- it all comes down to what your unique auto insurance profile looks like. For example, Farmers offers more affordable rates for drivers with a recent DUI, while Farm Bureau Financial Services is cheaper for drivers with excellent credit.

Why do Farm Bureau Financial Services and Farmers offer me different rates?

Car insurance carriers take a look at quite a few different variables when calculating the prices they charge drivers. Factors like where you call home, gender, where you live, age, and sometimes even things like your credit score can all be used. Both Farm Bureau Financial Services and Farmers use different formulas, so each one will most likely offer different premiums. The only real way to see which company is the cheapest for you is by comparing personalized quotes from many different companies.

How do I know if Farm Bureau Financial Services or Farmers is right for me?

The only way to find the insurance carrier 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, sites like Compare.com do all the hard work for you. Just enter your area information and you'll get free quotes from dozens of the best auto insurance companies in your area. With those, you can guarantee you're getting the best price. And who knows, the best company for you might not be Farm Bureau Financial Services or Farmers 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.