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

Quick Facts

• Looking at the national averages for auto insurance, Farm Bureau Financial Services offers slightly less expensive premiums than GEICO
• Farm Bureau Financial Services offers more affordable prices for drivers with a DUI
• GEICO may help you save more money -- they offer more discounts than Farm Bureau Financial Services

Farm Bureau Financial Services or GEICO: 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 hefty savings. But exactly how much can you save by switching?

You might have narrowed your search down to Farm Bureau Financial Services or GEICO, but which one will offer you cheaper premiums?

Looking at nationwide averages, GEICO is around $15 more a month than Farm Bureau Financial Services.

However, that doesn't necessarily mean Farm Bureau Financial Services will be the more affordable option for every driver. After all, insurance carriers can offer drastically different rates to every driver depending on rating factors like where you call home, your age, your driving record, or even your credit score (among other things), so rates will differ quite a bit from person to person.

Wanting to know if Farm Bureau Financial Services or GEICO is really the right company for you? Keep on reading to see how average prices can change based on all of the factors we've mentioned above.

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

Farm Bureau Financial Services and GEICO compete against each other in seven states, with GEICO offering less expensive premiums to the average driver in all of them. South Dakota has the most noticable difference, where GEICO prices are $138 cheaper than auto insurance rates at Farm Bureau Financial Services.

That being said, there's a lot more that goes into your car insurance cost than just where you call home. 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 auto insurance than any group out there on the road. Typically, that's because teen drivers are statistically much more likely to get into accidents since they have less experience on the roads.

That being said, that doesn't mean that teen drivers have to just accept sky-high insurance prices. For example, 18-year-old drivers pay an average of over 10% less per month by choosing Farm Bureau Financial Services over GEICO.

Even so, both companies will offer you dramatically lower rates by the time drivers turn 25. For example, average premiums for Farm Bureau Financial Services policyholders reduce almost 55% and GEICO's rates lower more than 55% over that time.

Which is the Best Company for Retired Drivers?

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

But who has the best prices for retired drivers between Farm Bureau Financial Services and GEICO? Farm Bureau Financial Services gets the edge, with premiums for drivers 65 and older $21 more affordable than the national average for GEICO.

Which is the Best Company for Married Drivers?

Married policyholders tend to get slightly cheaper car insurance rates than those who are single. That's generally because married drivers tend to own and insure more than one vehicle, which can often earn you a discount.

If you're in the market for auto insurance, Farm Bureau Financial Services tends to have the cheapest average premiums regardless of if you're married or single, with prices nearly 10% more affordable for married couples and about 7% less expensive for single drivers.

Farm Bureau Financial Services or GEICO: Average Rates by Gender

Did you know men usually pay more for car insurance than women? That's because women are less likely to get into collisions and get tickets, which lowers the chances of filing a claim with insurance.

Surprisingly, with Farm Bureau Financial Services, women typicallypay around 3% more a month than men, and about 4% less with GEICO.

Looking at overall affordability, Farm Bureau Financial Services offers the lowest average prices for both men and women. On average, male drivers save about $21 per month and women save around $8 with Farm Bureau Financial Services compared to the average GEICO policyholder.

Farm Bureau Financial Services vs. GEICO: 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.

Insurance can be a complicated subject for most people. There are a variety of different coverages that account for a range of different things. Some protect you and your car, while others only provide coverage for other people's property and health if you cause a collision.

But most policies that drivers look at fall into two categories -- liability coverage (which provides bodily injury and property damage coverage for other drivers and their passengers if you cause an accident) and full coverage (which includes two additional coverages -- collision and comprehensive -- in addition to liability coverage).

Looking specifically at state minimum liability insurance, Farm Bureau Financial Services has the 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 about $253 a month to GEICO's $269.

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

It's no secret -- drivers with good records end up getting the best deals on their auto insurance. But that's not to say you can't save money if you don't have the best driving record, either.

It's no secret secret that speeding tickets and at-fault collisions lead to higher prices, but which carrier -- Farm Bureau Financial Services or GEICO -- has the cheapest rates for drivers with less-than-perfect records?

Which Company is Best for Drivers with Speeding Tickets?

Policyholders who use Farm Bureau Financial Services for their insurance can generally expect their monthly bill to go up around 17% after getting a speeding ticket. GEICO policyholders can expect a bit more drastic of an increase of about 23%.

If you have gotten a ticket, Farm Bureau Financial Services tends to offer the best premiums at around 3% more affordable, while GEICO has the edge for drivers with a clean record.

Which Company is Best for Drivers After an Accident?

After an accident, drivers who have their auto insurance through Farm Bureau Financial Services can expect to see about an $66 -- or around 35% -- rise in their car insurance rates. Drivers who use GEICO for their insurance will see a monthly bill about $85 (or 43%) more expensive after reporting a collision to their car insurance company.

At the end of the day, drivers who use Farm Bureau Financial Services end up with the cheaper prices after an accident, with average prices coming in at $187 compared to GEICO's $200.

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 auto insurance bill -- normally a lot more than an accident or speeding ticket. On average, GEICO will climb your premiums around 58% after a DUI, while Farm Bureau Financial Services's average prices rise by more than 45%.

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

You may not realized it, but your credit score can be used as one of the variables to determine your monthly insurance premiums. 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 a lot of drivers.

The reasoning car insurance carriers use is that policyholders with bad credit will be less likely to pay their bills on time; so usually, they'll be asked to pay more, while those with good credit will be rewarded with cheaper rates.

Looking specifically at Farm Bureau Financial Services and GEICO, which company has the best prices 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 GEICO 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 large impact on your monthly rates? That's because the more milage you put on your car, the more likely you are to be in a collision and file an insurance claim.

Farm Bureau Financial Services tends to be the less expensive option for both remote workers and those taking short commutes. Farm Bureau Financial Services's average premiums for drivers with 6,000 annual miles come in about 9% more affordable than GEICO. Those who drive 12,000 miles yearly can expect to pay around 7% less with Farm Bureau Financial Services over GEICO.

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

Where you call home can play a substantial role in how much you pay for auto insurance. Typically, those who live in urban areas will pay more than policyholders in rural areas since there are a lot more vehicles on the road where they live, which increases the chances of an accident.

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

Those in rural areas can expect to save about 3% with Farm Bureau Financial Services compared to GEICO. People who live in suburban areas pay around 14% less with Farm Bureau Financial Services compared to GEICO. For drivers in urban ZIP codes, Farm Bureau Financial Services's average premiums are about 7% less than GEICO.

Farm Bureau Financial Services vs. GEICO Discounts

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

The challenging part is finding all of the discounts you can take advantage of, since it can feel sometimes like every company has different discounts and each one is advertised differently.

Luckily, we did the hard work for you and compared all of the different discounts offered by Farm Bureau Financial Services and GEICO so that you can see which carrier can save you the most money each month.

GEICO knocks Farm Bureau Financial Services out of the park when it comes to the sheer number of discounts available, offering 28 different discounts to Farm Bureau Financial Services's 28.

There are a couple discounts both carriers offer, but GEICO also offers discounts for ABS, commercial drivers license, COVID-19 relief, and more.

On the other hand, Farm Bureau Financial Services has a few proprietary discounts of their own for things like life policy discounts, safe young driver discounts, and seasoned account discounts.

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

So, we've broken down the average rates for many of the factors auto insurance companies look at, and we've shown you all the discounts each carrier offers. That's all well and good, but when it comes down to it, which company is the best one for you, your vehicle, and your wallet?

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

• Your driving record includes a DUI charge.
• You want the most robust protection via a "full coverage" policy.
• You drive often but have a short commute.

GEICO might be best for you if...

• You haven't received any speeding tickets or been in an accident in the last few years.
• You value the experience that comes with a large national insurance carrier.
• You're looking for the company with the most discounts.

Hopefully, this guide has ben a valuable resource as you compare Farm Bureau Financial Services and GEICO. We also hope we've given you the information you need to make the best 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 a handful of carriers, not just Farm Bureau Financial Services and GEICO. 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 insurance companies in your area, all in just a few minutes.

Farm Bureau Financial Services vs. GEICO FAQs

Is Farm Bureau Financial Services or GEICO cheaper?

Farm Bureau Financial Services is the less expensive of the two carriers when looking at national average premiums, with policies averaging $170 per month with Farm Bureau Financial Services and $185 for GEICO. Even so, that doesn't mean Farm Bureau Financial Services will be the lowest carrier for each driver, since there are multiple different variables (things like age, driving record, gender, etc.) that play a role in how much you pay.

Who is better, Farm Bureau Financial Services or GEICO?

Unfortunately, the only answer we can give you is "it depends.". One company is not necessarily "better" for everyone -- it all depends on the makeup of your unique auto insurance profile. For example, GEICO is cheaper for drivers who have less-than-stellar credit scores, while Farm Bureau Financial Services offers less expensive prices for policyholders with an at-fault collision on their record.

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

Insurance companies use several different factors when determining the premiums they charge. Variables such as your driving record, age, where you live, gender, and sometimes even things like your credit score can all be used. Both Farm Bureau Financial Services and GEICO calculate rates differently, so it's likely they'll offer different prices. The best way to determine which carrier is the cheapest for you is by comparing personalized quotes from many different carriers.

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

The only way to find the car insurance company that's right for you is by getting quotes from several companies 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 quotes from dozens of your local top insurance carriers for free. With those, you can guarantee you're getting the best price. And maybe you'll find that the best carrier for you isn't Farm Bureau Financial Services or GEICO 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.