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

Quick Facts

• Looking at the national averages for insurance, Farmers Mutual offers significantly more affordable prices than Farm Bureau Financial Services
• Farm Bureau Financial Services offers more discounts than Farmers Mutual
• Farmers Mutual tends to be a much cheaper option for drivers who have less-than-stellar credit

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

So, you're considering switching your auto insurance. You've probably seen commercials and billboards from companies offering huge discounts, but exactly how much money can you save by switching?

You might have narrowed it down to Farm Bureau Financial Services or Farmers Mutual for your next policy, but between the two, which company has less expensive premiums for auto insurance?

Looking at nationwide averages, Farmers Mutual has average rates that are about 45% per month cheaper than those from Farm Bureau Financial Services.

However, that doesn't mean Farmers Mutual will necessarily be less expensive than Farm Bureau Financial Services for every driver. Car insurance companies vary their rates depending on things like how good your credit score is, where you live, how clean your driving record is, how old you are, and all sorts of other factors, so prices will change quite a bit from person to person.

Luckily, we've broken down average premiums from both Farm Bureau Financial Services and Farmers Mutual by a range of different rate factors, so read on to find out which carrier is the best for you.

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

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

But there's more to calculating insurance prices than just the state you live in. Continue reading to see how other factors will affect your rates.

Which is the Best Company For Young Drivers?

You might already know that teen drivers normally pay a lot more for car insurance than any group out there on the road. The reason is that 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 premiums, teen drivers can still find ways to save money. For example, 18-year-old drivers pay an average of nearly $150 less a month by choosing Farmers Mutual over Farm Bureau Financial Services.

Even so, with both carriers, you'll see your rates drop significantly once you turn 25. For example, average premiums for Farm Bureau Financial Services policyholders decrease almost $200 and Farmers Mutual's rates lower more than $95 over that time.

Which is the Best Company for Retired Drivers?

When it comes to insurance, patience and experience pay off, with drivers around retirement age paying some of the lowest prices you'll ever find.

When looking at Farm Bureau Financial Services and Farmers Mutual specifically, which company is best for retired drivers? Farmers Mutual gets the edge, with premiums for drivers 65 and older $66 more affordable than the national average for Farm Bureau Financial Services.

Which is the Best Company for Married Drivers?

Did you know that auto insurance rates are generally less expensive for married couples than they are for single drivers? That's typically because married drivers tend to own and insure more than one car, which can often earn you a discount.

When it comes to relationship status, Farmers Mutual is the clear winner for single policyholders, with prices around $90 per month cheaper than Farm Bureau Financial Services, on average. For married policyholders, the advantage is clear again - Farmers Mutual has the edge when it comes to average rates.

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

Men are statistically more likely than women to get pulled over for speeding or get into an accident. That means when it comes to car insurance men will usually end up paying a little more.

Surprisingly, men generally pay about 3% less a month than women with Farm Bureau Financial Services, while with Farmers Mutual, the difference is closer to 9% per month.

When it comes to the cheapest premiums for each gender, Farmers Mutual offers the most affordable average prices for both men and women, with average premiums $74 less for men and $87 cheaper for women.

Farm Bureau Financial Services or Farmers Mutual: 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 insurance can be pretty complicated. There are lots of different coverages that account for multiple different things. Some protect you and your vehicle, while others only provide coverage for other people's property and health if you cause a collision.

That being said, the 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 an accident) and full coverage (which includes comprehensive and collision coverages that protect your own vehicle, alongside liability coverage).

If you're looking for state minimum liability limits, Farmers Mutual usually offers significantly less expensive rates of $32 compared to Farm Bureau Financial Services's $87. When it comes to full coverage policies with similar limits, Farmers Mutual again has the edge, with policies around $100 a month more affordable than Farm Bureau Financial Services, on average.

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

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

It's no secret secret that at-fault accidents and tickets lead to higher rates, but which carrier -- Farm Bureau Financial Services or Farmers Mutual -- has the lowest prices for drivers with less-than-ideal driving records?

Which Company is Best for Drivers with Speeding Tickets?

Farm Bureau Financial Services policyholders can expect their premiums to go up an average of $25 per month if they get a ticket, while Farmers Mutual normally raises rates about $6 a month, on average.

But Farmers Mutual is typically the cheaper option for both drivers who have clean records and those with a recent speeding ticket. Drivers with a clean record can save around $51 per month and drivers with a ticket can save about $70 a month with Farmers Mutual.

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 increasing by over $65. Farmers Mutual has a less extreme raise, but you can still expect to pay more than $15 more than you were prior to your first collision.

Overall, the less expensive prices come from Farmers Mutual, with monthly rates averaging $86 compared to Farm Bureau Financial Services's $187.

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 speeding ticket when it comes to your car insurance bill. Farm Bureau Financial Services drivers usually see a 46% increase in their insurance prices after a DUI charge, while Farmers Mutual will generally climb premiums by around 45%.

If you have a DUI on your record and are looking for more affordable rates, Farmers Mutual tends to be the much more affordable option with average prices of $128 per month compared to $226 from Farm Bureau Financial Services.

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

You may not realized it, but your credit score can be used as one of the variables to calculate your monthly auto insurance premiums. This isn't always the case (Hawaii, for example, has banned the use of credit score as a rating factor) but it does affect lots of drivers out there.

Car insurance companies argue that someone with bad credit is less likely to pay their bills on time, which makes them riskier to insure. Because of that, policyholders with bad credit will often be forced to pay more.

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

Which Company is Best for Drivers with Good Credit?

If you have a solid credit score, you'll usually find a better deal with Farmers Mutual. Policyholders with "excellent" credit can save over 35% compared to Farm Bureau Financial Services, and those with "good" scores can also expect to see savings -- about $55 or 39% cheaper each month.

Which Company is Best for Drivers with Bad Credit?

Farmers Mutual typically offers lower prices than Farm Bureau Financial Services when it comes to drivers with less-than-stellar credit. Drivers with "fair" credit pay around $70 per month less with Farmers Mutual compared to Farm Bureau Financial Services, and those with "poor" scores typically save an average of about $151 monthly.

Is Farm Bureau Financial Services or Farmers Mutual Better for Drivers who Work from Home or Have Short Commutes?

How much you drive can have a big impact on your monthly insurance bill. That's because the fewer miles you drive, the less likely you are to get into a collision 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 Mutual charges. However, there's a small difference in monthly premiums for Farm Bureau Financial Services, with policyholders who drive 6,000 miles every year paying around $11 less each month compared to those who drive 12,000 miles annually. Still, Farmers Mutual is the less expensive option for drivers in both categories.

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

Where you live can play a pretty big role in how much you pay for auto insurance. Normally, drivers who live in heavily-populated urban areas will pay quite a bit more than rural policyholders because there are a lot more cars on the roads in those areas.

Farmers Mutual boasts the most affordable average prices for drivers in every type of area, no matter if it's urban, suburban, or rural.

In urban areas, Farmers Mutual's average premiums are about 53% less than Farm Bureau Financial Services. Drivers in suburban ZIP codes pay around 45% less with Farmers Mutual compared to Farm Bureau Financial Services. If you live in a rural area, you can expect to save about 42% with Farmers Mutual compared to Farm Bureau Financial Services.

Farm Bureau Financial Services vs. Farmers Mutual Discounts

You want to save as much money as possible, right? The best way to do that is by utilizing as many insurance discounts as you can.

But where do you even start? With so many discounts out there, it may seem difficult to find all the of the ones you qualify for.

In the table below, we've taken a look at all of the different discounts Farm Bureau Financial Services and Farmers Mutual offer their customers so that you can see which carrier offers the most discounts and see which ones you might be able to take advantage of.

Overall, Farm Bureau Financial Services has a slight advantage when it comes to total number of discounts. Farmers Mutual offers a grand total of seven discounts, while Farm Bureau Financial Services has nine.

There are a couple discounts both carriers offer, but Farm Bureau Financial Services also offers anti-theft discounts, defensive driver discounts, good driving discounts, and more that Farmers Mutual does not.

On the flip side, Farmers Mutual has a couple unique discounts of its own -- discounts for getting driver training, discounts for insuring multiple cars with the same company, multi-policy discounts, and more.

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

So, you've seen how different factors can affect your auto insurance prices. We've broken down the different discounts each carrier offers, too. That's all well and good, but when it comes down to it, is Farm Bureau Financial Services or Farmers Mutual the right fit for you?

Farmers Mutual might be best for you if....

• You're single and purchasing car insurance by yourself.
• You're looking for more protection with "full coverage" auto insurance.
• You've started working from home and don't have much of a commute.

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

• You want to save extra money with discounts.

We hope this guide helps you get a better idea of the difference between Farm Bureau Financial Services and Farmers Mutual. We also hope we've given you the information you need to make the best decision about your car insurance.

At the end of the day, the best way to make sure you're getting the best deal on your insurance policy is to compare quotes from a handful of companies, not just Farm Bureau Financial Services and Farmers Mutual. Luckily, Compare.com makes it easy for you to do just that. Simply enter your ZIP codes below and get multiple free quotes from some of the best auto insurance carriers in your area, all in just a few minutes.

Farm Bureau Financial Services vs. Farmers Mutual FAQs

Is Farm Bureau Financial Services or Farmers Mutual cheaper?

Looking just at the national average premiums, Farmers Mutual is the more affordable of the two companies, offering average rates of $90 a month compared to $170 for Farm Bureau Financial Services. Even so, Farmers Mutual won't necessarily be the cheapest company for everyone, since there are a variety of different variables that are considered when it comes to your car insurance cost.

Who is better, Farm Bureau Financial Services or Farmers Mutual?

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

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

Car insurance carriers take a look at many different factors when calculating the rates they charge drivers. Variables such as age, your driving record, gender, where your home is, and sometimes even things like your credit score can all be used. Both Farm Bureau Financial Services and Farmers Mutual calculate premiums using different factors, so each one will most likely offer different rates. The only real way to see which company is the lowest for you is by comparing personalized quotes from several different companies.

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

The only way to find the auto insurance carrier that's right for you is by getting quotes from multiple 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 ZIP code 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 most affordable premium. And who knows, the best company for you might not be Farm Bureau Financial Services or Farmers Mutual 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.