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

Quick Facts

• Looking at the national averages for auto insurance, Farm Bureau Financial Services offers cheaper rates than Gainsco
• Farm Bureau Financial Services offers less expensive average premiums for single people who will be the only person on the insurance policy
• Gainsco offers more affordable prices for policyholders who live in rural neighborhoods

Farm Bureau Financial Services or Gainsco: 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 large savings, but exactly how much money can you save by switching?

You've maybe even narrowed your search down to Farm Bureau Financial Services or Gainsco for your next policy, but which carrier has more affordable rates for auto insurance?

Looking at nationwide averages, Gainsco is around $35 more a month than Farm Bureau Financial Services.

That being said, Farm Bureau Financial Services may not be the cheapest or best option for each driver out there. Insurance carriers vary their premiums depending on things like how good your credit score is, how old you are, how clean your driving record is, where you live, and tons of other factors, so rates could change drastically from person to person.

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

Farm Bureau Financial Services vs. Gainsco: Average Car Insurance Rates by State

Farm Bureau Financial Services and Gainsco only compete against each other in Arizona, where Farm Bureau Financial Services offers the cheaper average premiums. Farm Bureau Financial Services drivers tend to pay about $14 per month less on average compared to drivers who use Gainsco for their car insurance.

But there's more to auto insurance than just where you call home. As we mentioned above, there's a lot of things that go into how insurance companies determine your prices. Continue reading to see how other variables 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 out there on the road. It's because teen 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 rates, teen drivers can still find ways to save money. For example, 18-year-old drivers pay an average of almost 30% less a month by choosing Farm Bureau Financial Services over Gainsco.

But with both carriers, you'll see your premiums lower significantly by the time you turn 25. Gainsco offers the steepest decrease, with 25-year-olds paying less than a third of what 18-year-old drivers are charged. That being said, Farm Bureau Financial Services still has the most affordable rates at $154 a month.

Which is the Best Company for Retired Drivers?

Once you approach retirement age, you'll normally enjoy the lowest auto insurance prices you'll ever find. You've been on the road for years, and all that experience pays off when it comes to your monthly premiums for car insurance.

So, which carrier offers the best prices to retired drivers? Farm Bureau Financial Services gets the edge, with rates for drivers 65 and older $31 less expensive than the national average for Gainsco.

Which is the Best Company for Married Drivers?

Did you know that insurance prices are typically cheaper for married drivers than they are for those who are single? That's usually because married couples tend to own and insure several vehicles, which can often earn you a discount.

For single policyholders, the difference in average premiums between these two companies is significant, with Farm Bureau Financial Services rates coming in at a quarter less than Gainsco's. But for married policyholders, that advantage is much less clear - Farm Bureau Financial Services offers the cheapest average prices.

Farm Bureau Financial Services or Gainsco: Average Rates by Gender

Men are statistically more likely than women to get into collisions and file an insurance claim, which means they'll generally end up paying more for auto insurance than women.

Surprisingly, with Farm Bureau Financial Services, women usuallypay about $5 per month more than men, and around $15 cheaper with Gainsco when compared to their male counterparts.

When it comes to the lowest rates for each gender, Farm Bureau Financial Services offers the most affordable average premiums for both men and women. On average, women save about $25 a month and men save about $44 with Farm Bureau Financial Services compared to the average Gainsco policyholder.

Farm Bureau Financial Services vs. Gainsco: 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. Everyone needs car insurance, but there are so many different terms and coverages that it can be hard to find the right policy for you.

The two most common policies that drivers look at fall into two categories -- liability coverage (which covers the other party's injuries and property damage if you cause a collision) and full coverage (which includes collision and comprehensive coverages that protect your own car, alongside liability coverage).

Looking specifically at state minimum liability insurance, Farm Bureau Financial Services has the significant edge, with average monthly rates coming in at $87. If you want a full coverage policy with the same state minimum limits, Farm Bureau Financial Services again has the edge, with policies averaging around $253 per month to Gainsco's $285.

Is Farm Bureau Financial Services or Gainsco 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 accidents 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?

Policyholders who use Farm Bureau Financial Services for their car insurance can normally expect their monthly bill to go up about 17% after getting a speeding ticket. Gainsco policyholders can expect a less drastic increase of around 9%.

Even so, Farm Bureau Financial Services is typically the less expensive option for both drivers who have clean records and those with a recent ticket, offering rates that are $64 and $57 more affordable, respectively, compared to GAINSCO.

Which Company is Best for Drivers After an Accident?

Both carriers will raise premiums pretty significantly if you get into an at-fault collision with Farm Bureau Financial Services raising by about 35%. Gainsco has a less extreme increase, but you can still expect to pay nearly 20% more than you were prior to your first accident.

At the end of the day, Farm Bureau Financial Services offers the most affordable prices for drivers with an at-fault collision on their records, with average rates coming in at $187 compared to GAINSCO's $227.

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 insurance bill. For example, Farm Bureau Financial Services increases average prices by more than $100 a month -- that's more than a 45% increase.

But if you end up with a DUI charge and are looking for more affordable premiums, Gainsco tends to be cheaper for the average driver, with monthly premiums coming in at around $203 to Farm Bureau Financial Services's $226.

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

In many cases, your credit score can come into play when companies calculate your monthly bill. This isn't true for everyone (for example, Michigan and Hawaii are two states that ban the practice entirely), but it will come into play for several drivers.

Auto insurance carriers argue that someone with good credit is more likely to pay their bills on time, which makes them less risky to insure. Because of that, policyholders with good credit will often be rewarded with less expensive rates.

So, which company offers the lowest premiums for drivers with good, average, or poor credit?

Which Company is Best for Drivers with Good Credit?

If you have a solid credit score, Farm Bureau Financial Services will normally reward you the most. For policyholders with "excellent" credit scores, Farm Bureau Financial Services comes in just under 38.05 cheaper. Drivers with "good" credit scores usually save about 32% with Farm Bureau Financial Services compared to average prices from Gainsco.

Which Company is Best for Drivers with Bad Credit?

If you have bad credit, it can be somewhat of a toss-up as far as which company offers you the best premiums. Drivers with "fair" credit pay around 22% less with Farm Bureau Financial Services than Gainsco, but those whose credit is considered "poor" have it flipped -- saving about 19% per month with Gainsco.

Is Farm Bureau Financial Services or Gainsco 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 insurance bill. Generally, those who drive less will end up with more affordable prices since there's less of a chance of causing an accident and filing an insurance claim.

As you can see in the table above, annual mileage doesn't have much of an impact on how much Gainsco charges. However, there's a small difference in monthly rates 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 yearly. Still, for drivers in both categories, Farm Bureau Financial Services is the cheaper carrier.

Farm Bureau Financial Services or Gainsco: Compare Rates for Urban, Suburban, and Rural Drivers

Where you park your vehicle can play a considerable role in how much you pay for car insurance. Typically, if you live in an urban area with more cars on the road, you'll pay a little more for insurance, while the opposite is true for people in rural areas.

Looking at these companies side-by-side, Farm Bureau Financial Services boasts the lowest average rates in urban and suburban areas, while Gainsco wins in rural areas.

For drivers in urban ZIP codes, Farm Bureau Financial Services's average premiums are about $103 less than GAINSCO. People who live in suburban areas pay around $21 less with Farm Bureau Financial Services compared to Gainsco. Those in rural areas can expect to save about $19 with Gainsco compared to Farm Bureau Financial Services.

Farm Bureau Financial Services vs. Gainsco 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. That's where car insurance discounts comes into play.

But with what seems like a million different discounts out there, it can be hard to find all the ones you qualify for or to nail down the carrier that has the most discounts for your unique driver profile.

Luckily, we did the hard work for you and looked at all of the different discounts Farm Bureau Financial Services and Gainsco offer their customers so that you can find the one that has the most discounts and, therefore, the largest savings.

Overall, Farm Bureau Financial Services comes out ahead with nine discounts to Gainsco's four.

A couple of those are overlapping for things like paid in full discounts. Farm Bureau Financial Services also offers discounts for anti-theft, defensive driver, good driving, and more.

On the other hand, Gainsco has a few proprietary discounts of their own for things like advance quote discounts, homeowner discounts, and renewal discounts.

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

You've seen the role certain factors have on your insurance and the different discounts carriers offer. That's all well and good, but when it comes down to it, is Farm Bureau Financial Services or Gainsco the right company for you and your specific needs?

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

• You have an at-fault collision on your record.
• You want the most robust protection via a "full coverage" policy.
• You're of retirement age and want to take advantage of lower rates.

Gainsco might be best for you if...

• Your driving record includes a DUI charge.
• You live in a rural neighborhood.

Hopefully, this guide helps you get a better idea of the difference between Farm Bureau Financial Services and Gainsco and that it aids in making a more informed decision about your car insurance.

At the end of the day, the sure-fire way to make sure you're getting the best deal on your auto insurance policy is to compare quotes from multiple companies, not just Farm Bureau Financial Services and Gainsco. Luckily, Compare.com does all the hard work for you. Simply enter your ZIP codes below and get multiple quotes from some of the best car insurance carriers in your area, all for free.

Farm Bureau Financial Services vs. Gainsco FAQs

Is Farm Bureau Financial Services or Gainsco cheaper?

Farm Bureau Financial Services is the less expensive of the two companies when looking at national average prices, with policies averaging $170 a month with Farm Bureau Financial Services and $205 for Gainsco. However, that doesn't mean Farm Bureau Financial Services will be the most affordable company for every policyholder, since there are a bunch of different variables (things like age, gender, driving record, etc.) that play a role in how much you pay.

Who is better, Farm Bureau Financial Services or Gainsco?

Unfortunately, the answer truly is "it depends.". No single carrier is necessarily "better" for everyone -- it all depends on what your unique insurance profile looks like. For example, Farm Bureau Financial Services is more affordable for drivers with excellent credit, while Gainsco offers cheaper premiums for drivers with a recent DUI.

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

Auto insurance carriers use a lot of different factors when determining the prices they charge. Things like age, your driving record, gender, where you live, and sometimes even things like your credit score can all be used. Both Farm Bureau Financial Services and Gainsco calculate rates using different formulas, so it's likely they'll offer different premiums. The best way to determine which company is the lowest for you is by comparing personalized quotes from multiple different companies.

How do I know if Farm Bureau Financial Services or Gainsco 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 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 companies for free. That way, you can guarantee you're getting the best rate. And maybe you'll find that the best company for you isn't Farm Bureau Financial Services or Gainsco 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.