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

Quick Facts

• Looking at the national averages for auto insurance, Farm Bureau Financial Services offers less expensive rates than Hastings Mutual
• Farm Bureau Financial Services tends to be a much more affordable option for policyholders who live in rural neighborhoods
• Hastings Mutual has cheaper prices for policyholders who haven't received any speeding tickets or been in a collision in the last few years

Farm Bureau Financial Services or Hastings Mutual: 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 considerable savings. But exactly how much can you save by switching?

You've maybe even narrowed your search down to Farm Bureau Financial Services or Hastings Mutual as potential options, but between the two, which one will save you the most?

Looking at nationwide averages, Farm Bureau Financial Services is around $41 a month more affordable than Hastings Mutual.

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

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

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

Farm Bureau Financial Services and Hastings Mutual only compete against each other in one states, with Hastings Mutual offering less expensive prices to the average driver in all of them. Iowa has the most noticable difference, where Hastings Mutual premiums are $21 more affordable than car insurance prices at Farm Bureau Financial Services.

There's a lot more that goes into your insurance payment than just where you call home. 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 auto insurance than any other group of drivers. Normally, that's because teen drivers are statistically much more likely to cause collisions and other accidents that will result in an insurance claim.

Even so, that doesn't mean teen drivers can't still save money on their insurance. Just look at the table above -- where 18-year-old drivers who have Farm Bureau Financial Services for their auto insurance pay over 10% less than those who use Hastings Mutual.

That being said, both companies will drop premiums by the time you turn 25. For example, average rates for Farm Bureau Financial Services policyholders decrease almost 55% and Hastings Mutual's premiums lower more than 45% over that time.

Which is the Best Company for Retired Drivers?

When it comes to car insurance, patience and experience pay off, with drivers around retirement age paying some of the most affordable rates you'll ever see.

But who has the best prices for retired drivers between Farm Bureau Financial Services and Hastings Mutual? Farm Bureau Financial Services gets the edge here, with average premiums coming in at about $127 a month compared to Hastings Mutual's $167.

Which is the Best Company for Married Drivers?

Single policyholders tend to get offered slightly more expensive auto insurance rates than married couples. This usually boils down to married drivers having more than one vehicle on their policy -- something several insurance carriers will reward with discounts.

For those who are single, the difference in average prices between these two companies is significant, with Farm Bureau Financial Services rates coming in at around 15% less than Hastings Mutual's. The advantage for married policyholders with Farm Bureau Financial Services is also obvious, where drivers save about $45 per month.

Farm Bureau Financial Services or Hastings Mutual: Average Rates by Gender

Men are statistically more likely than women to get into an accident or get pulled over for speeding, which means they'll typically end up paying more for car insurance than women.

Surprisingly, with Farm Bureau Financial Services, men usuallypay around 3% less a month than women, and about 2% with Hastings Mutual.

Looking at the data for each company specifically, Farm Bureau Financial Services comes out on top for both men and women, with average premiums $45 less for men and $35 cheaper for women.

Farm Bureau Financial Services vs. Hastings 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.

For most people, insurance isn't the easiest topic to understand. There are so many different coverages and terms that it can make it pretty confusing 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 property damage and injuries if you cause a collision) and full coverage (which typically refers to having collision and comprehensive coverages in addition to liability coverage).

Looking specifically at state minimum limits for liability insurance, Farm Bureau Financial Services has the significant edge, with average monthly prices 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 Hastings Mutual's $279.

Is Farm Bureau Financial Services or Hastings Mutual 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.

Speeding tickets and collisions will most likely raise your rates, but is Farm Bureau Financial Services or Hastings Mutual cheaper 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 car insurance can normally expect their monthly bill to go up about 17% after getting a speeding ticket. Hastings Mutual policyholders can expect a less drastic increase of around 16%.

But Hastings Mutual tends to offer the best prices for drivers both with a ticket and with a clean record, offering prices that are 10% and 12% less expensive, respectively, compared to Farm Bureau Financial Services.

Which Company is Best for Drivers After an Accident?

Farm Bureau Financial Services drivers who get in an accident can expect to see their premiums rise by over $65, while those who have insurance through Hastings Mutual will see about a $15 increase.

At the end of the day, Hastings Mutual offers the lowest prices for drivers with an at-fault collision on their records, with average premiums coming in at $126 compared to Farm Bureau Financial Services's $187.

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 -- generally a lot more than a collision or speeding ticket. For example, Hastings Mutual increases average rates by more than $350 a month -- that's more than a 75% increase.

But if you end up with a DUI charge and are looking for more affordable premiums, Farm Bureau Financial Services tends to be cheaper for the average driver, with monthly premiums coming in at around $226 to Hastings Mutual's $478.

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

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

The reasoning car insurance companies use is that drivers 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 more affordable rates.

Looking specifically at Hastings Mutual and Farm Bureau Financial Services, which carrier has the cheapest prices for policyholders at different credit levels?

Which Company is Best for Drivers with Good Credit?

If you have a solid credit score, Farm Bureau Financial Services will generally reward you the most. For drivers with "excellent" credit scores, Farm Bureau Financial Services comes in nearly 23.95 less expensive. Drivers with "good" credit scores normally save about 27% with Farm Bureau Financial Services compared to average premiums from Hastings Mutual.

Which Company is Best for Drivers with Bad Credit?

Farm Bureau Financial Services typically offers lower rates than Hastings Mutual when it comes to drivers with less-than-stellar credit. Drivers with "fair" credit pay around 23% per month less with Farm Bureau Financial Services compared to Hastings Mutual, and those with "poor" scores typically save an average of about 8% per month.

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

How much you drive can have a big impact on your monthly premiums. That's because the fewer miles you drive, the less likely you are to be in an accident and file an insurance claim.

As you can see in the table above, annual mileage doesn't have much of an impact on how much Hastings Mutual charges. However, there's a small difference in monthly prices for Farm Bureau Financial Services, with policyholders who drive 6,000 miles each year paying around $11 less every month compared to those who drive 12,000 miles annually. Still, for drivers in both categories, Farm Bureau Financial Services is the cheaper carrier.

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

Where you live can play a substantial role in how much you pay for insurance. Usually, policyholders who live in less densely populated rural areas will pay quite a bit less than urban drivers because of the small number of cars that are on the roads where they live.

Farm Bureau Financial Services boasts the most affordable average rates 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's average premiums are about 33% less than Hastings Mutual Insurance Company. People who live in suburban areas pay around 10% less with Farm Bureau Financial Services compared to Hastings Mutual. Those in rural areas can expect to save about 5% with Farm Bureau Financial Services compared to Hastings Mutual.

Farm Bureau Financial Services vs. Hastings Mutual 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.

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

Luckily, we did the hard work for you and compared all of the different discounts offered by Farm Bureau Financial Services and Hastings Mutual so that you can easily see which company offers the most discounts and see which ones you might be able to take advantage of.

Overall, Hastings Mutual comes out ahead with 10 discounts to Farm Bureau Financial Services's nine.

Both carriers offer several of the same discounts -- like anti-theft discounts, discounts for being a good driver, and discounts for being a good student -- but Hastings Mutual also offers discounts for ABS, company car, multi-car, and more.

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

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

You've seen the effect certain factors have on your auto insurance and the different discounts companies offer. But, when it comes down to it, is Farm Bureau Financial Services or Hastings Mutual the best fit for you?

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

• Your credit is less-than-stellar.
• You're looking for the best rates on liability only coverage.
• You want to save money while purchasing car insurance for a teenager.

Hastings Mutual might be best for you if...

• You have received a ticket within the last few years.
• You want to save money on your insurance after a collision.
• You're looking for the carrier with the most discounts.

Hopefully, this guide has ben a valuable resource as you compare Farm Bureau Financial Services and Hastings Mutual and that it aids in making a more informed decision about your auto insurance.

At the end of the day, the sure-fire way to make sure you're getting the best deal on your insurance policy is to compare quotes from a handful of carriers, not just Farm Bureau Financial Services and Hastings Mutual. Luckily, sites like Compare.com do all the hard work for you. Simply enter your ZIP code below and get free quotes from dozens of the top auto insurance companies in your area, all in just a few minutes.

Farm Bureau Financial Services vs. Hastings Mutual FAQs

Is Farm Bureau Financial Services or Hastings Mutual cheaper?

Farm Bureau Financial Services is the less expensive of the two carriers when looking at national average prices, with policies averaging $170 a month with Farm Bureau Financial Services and $211 for Hastings Mutual. Even so, that doesn't mean Farm Bureau Financial Services will be the cheapest company for each driver, since there are many different variables (things like driving record, age, gender, etc.) that play a role in how much you pay.

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

Sadly, the answer truly is "it depends.". No one carrier is "better" for everyone -- it all depends on what your unique car insurance profile looks like. For example, Farm Bureau Financial Services is more affordable for drivers who have less-than-stellar credit scores, while Hastings Mutual offers less expensive premiums for drivers with an at-fault accident on their record.

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

Auto insurance companies use lots of different factors when calculating the prices they charge. Variables like gender, age, where you park your vehicle, your driving record, and sometimes even things like your credit score can all be taken into consideration. Both Farm Bureau Financial Services and Hastings Mutual use different formulas, so it's likely they'll offer different premiums. The best way to determine which company is the most affordable for you is by comparing personalized quotes from multiple different carriers.

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

The only way to find the car insurance carrier that's right for you is by getting quotes from multiple companies and finding the one best suited for your individual budget. Luckily, Compare.com does all the hard work for you. Just enter your ZIP code and you'll get quotes from dozens of your local top insurance carriers for free. That way, you can guarantee you're getting the cheapest premium. And maybe you'll find that the best company for you isn't Farm Bureau Financial Services or Hastings Mutual 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.