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

Quick Facts

• In general, Imt offers significantly less expensive premiums than Farm Bureau Financial Services
• Imt has cheaper prices for policyholders who live in urban areas
• Imt offers more affordable premiums for drivers who have a speeding ticket on their driving record

Farm Bureau Financial Services or Imt: Which Company has the Cheapest Car Insurance?

So, you're considering switching to a new insurance policy. With so many ads from all sorts of companies offering pretty big savings, you're probably wondering exactly how much you might be able to save.

You might be considering Farm Bureau Financial Services or Imt as your top options, but which carrier has more affordable rates for car insurance?

Looking at nationwide averages, Imt has average rates that are around 35% a month less expensive than those from Farm Bureau Financial Services.

That being said, Imt may not be the most affordable or best option for every single driver out there. Insurance carriers use a variety of complex algorithms to determine prices, so depending on how good your credit score is or where you live (among a whole range of other factors), you could see wildly different rates from the ones above.

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

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

Farm Bureau Financial Services and Imt only compete against each other in two states, with Imt offering more affordable rates to the average driver in all of them. Iowa has the most noticable difference, where Imt premiums are $34 cheaper than car insurance prices at Farm Bureau Financial Services.

There's a lot more that goes into your auto insurance bill than just where you call home. Read on to find out more.

Which is the Best Company For Young Drivers?

Teen drivers will almost always have the most expensive insurance premiums of any group on the road. The reason is that teen drivers are statistically much more likely to get into an accident that results in an auto insurance claim, making them much riskier to insure.

However, that doesn't mean teen drivers can't still save money on their car insurance. For example, 18-year-old drivers pay an average of almost 40% less per month by choosing Imt over Farm Bureau Financial Services.

Even so, both companies will offer you dramatically lower prices by the time drivers turn 25. Imt offers the steepest decrease, with 25-year-olds paying less than half what 18-year-old drivers are charged. Farm Bureau Financial Services's average rates decrease nearly 55% during that same period.

Which is the Best Company for Retired Drivers?

Once you approach retirement age, you'll typically enjoy the cheapest auto insurance premiums you can find. You've been on the road for years, and all that experience pays off when it comes to your monthly rates for insurance.

But who has the best prices for retired drivers between Farm Bureau Financial Services and Imt? Imt gets the edge, with premiums for drivers 65 and older $45 less expensive than the national average for Farm Bureau Financial Services.

Which is the Best Company for Married Drivers?

You may not be aware, but car insurance prices tend to be cheaper for married policyholders than they are for single policyholders. That's because policies for married couples normally cover several vehicles, which several carriers will give you a discount for.

For single drivers, the difference in average rates between these two companies is significant, with Imt premiums coming in at a third less than Farm Bureau Financial Services's. The advantage for married drivers with Imt is also obvious, where drivers save over 35% a month.

Farm Bureau Financial Services or Imt: Average Rates by Gender

Did you know women usually pay less for auto insurance than men? This is because men are statistically more likely than women to get pulled over for speeding or get into a collision, which leads to increased risk for insurers and, therefore, higher rates.

Surprisingly, with Farm Bureau Financial Services, men generallypay about 3% less per month than women, and more than 10% with Imt.

Looking at overall affordability, Imt comes out as the lowest option for both genders, with average prices 32% less for men and 40% cheaper for women.

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

The two most common policies end up falling into two different types of coverage -- liability coverage (which covers the other party's property damage and injuries 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 limits for liability insurance, Imt has the significant edge, with average monthly premiums coming in at $58. If you want a full coverage policy with the same state minimum limits, Imt again has the edge, with policies averaging around $160 a month to Farm Bureau Financial Services's $253.

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

You've probably seen plenty of commercials from car 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.

It's no secret secret that collisions and speeding tickets lead to higher rates, but which carrier -- Farm Bureau Financial Services or Imt -- has the most affordable prices 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 usually expect their monthly bill to go up about 17% after getting a speeding ticket. Imt policyholders can expect a less drastic increase of around 15%.

But Imt has more affordable rates for drivers in both categories -- their rates are around 37% cheaper for drivers with clean records and 39% more affordable for those with a ticket.

Which Company is Best for Drivers After an Accident?

Farm Bureau Financial Services drivers who get in a collision can expect to see their premiums rise by over $65, while those who have insurance through Imt will see about a $60 increase.

At the end of the day, drivers who use Imt end up with the cheaper prices after an accident, with average prices coming in at $134 compared to Farm Bureau Financial Services's $187.

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 ticket or even an accident. On average, Farm Bureau Financial Services will raise your rates around 46% after a DUI, while Imt's average premiums climb by nearly 45%.

But if you end up with a DUI charge and are looking for more affordable prices, Imt tends to be less expensive for the average driver, with monthly premiums coming in at about $135 to Farm Bureau Financial Services's $226.

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

Did you know many car insurance companies take into account your credit score when determining rates? This isn't true for everyone (Hawaii, for example, has banned the use of credit score as a car insurance factor) but it might come into play for lots of policyholders.

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

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

Which Company is Best for Drivers with Good Credit?

If you have a solid credit score, Imt will normally reward you the most. For drivers with "excellent" credit scores, Imt comes in more than 32.28 more affordable. Drivers with "good" credit scores typically save around 27% with Imt compared to average prices from Farm Bureau Financial Services.

Which Company is Best for Drivers with Bad Credit?

Imt typically offers lower premiums than Farm Bureau Financial Services when it comes to drivers with less-than-stellar credit. Drivers with "fair" credit pay about 33% per month less with Imt compared to Farm Bureau Financial Services, and those with "poor" scores generally save an average of around 45% monthly.

Is Farm Bureau Financial Services or Imt 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 big impact on your monthly rates? That's because the more milage you put on your car each year, the more likely you are to be in a collision 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 Imt charges. However, there's a small difference in monthly prices for Farm Bureau Financial Services, with policyholders who drive the least paying about $11 less every month compared to those who drive 12,000 miles yearly. Still, for drivers in both categories, Imt is the less expensive carrier.

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

We've already mentioned how your home state can play a role in how much you pay for car insurance, but the type of area you live in can have a considerable impact as well. Normally, those who live in rural areas will pay less than policyholders in urban areas since there are a lot fewer vehicles on the road where they live, which lowers the chances of an accident.

Imt boasts the cheapest average rates for drivers in all areas, regardless of if they're urban, suburban, or rural.

For drivers in urban ZIP codes, IMT Insurance's average premiums are around $60 less than Farm Bureau Financial Services. People who live in suburban areas pay about $59 less with Imt compared to Farm Bureau Financial Services. Those in rural areas can expect to save around $65 with Imt compared to Farm Bureau Financial Services.

Farm Bureau Financial Services vs. Imt 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, and the best way to do that is by utilizing as many insurance discounts as possible.

But where do you even start? With what seems like a million different discounts out there, it may be challenging to find all 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 Imt so that you can easily see which company offers the most discounts and see which ones you might be able to take advantage of.

You can find offers for discounts for being a defensive driver, discounts for being a good student, and paid in full discounts from both companies.

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

You've seen the role certain variables have on your auto insurance and the different discounts carriers offer. That's all well and good, but at the end of the day, is Farm Bureau Financial Services or Imt the right one for you and your specific profile and needs?

Imt might be best for you if....

• You will be the only person on the insurance policy.
• You're looking for the best rates on liability only coverage.
• You're of retirement age and want to take advantage of lower premiums.

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

• You have a more unique driver profile than those we mentioned above.

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

But, at the end of the day, there's only one way to know for sure that you're getting the best possible deal on auto insurance -- comparing quotes from multiple companies, not just Farm Bureau Financial Services and Imt. Luckily, Compare.com makes it easy for you to do just that. Just enter your ZIP code below and get multiple quotes from some of the best car insurance carriers in your area, all for free.

Farm Bureau Financial Services vs. Imt FAQs

Is Farm Bureau Financial Services or Imt cheaper?

Imt is the cheaper of the two companies when looking at national average prices, with policies averaging $109 a month with Imt and $170 for Farm Bureau Financial Services. That being said, that doesn't mean Imt will be the most affordable company for each policyholder, since there are multiple different factors (things like age, gender, driving record, etc.) that play a role in how much you pay.

Who is better, Farm Bureau Financial Services or Imt?

Sadly, the real answer is "it depends.". No single carrier is necessarily "better" for everyone -- it all boils down to your unique insurance profile.

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

Auto insurance carriers use many different variables when calculating the premiums they charge. Factors like where you park your car, where you live, age, gender, and sometimes even things like your credit score can all be used. Both Farm Bureau Financial Services and Imt calculate prices using different formulas, so it's likely they'll offer different rates. The best way to determine which company is the cheapest for you is by comparing personalized quotes from a variety of different companies.

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

The only way to find the 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, Compare.com does all the hard work for you. Just enter your area information and you'll get quotes from dozens of your local top car insurance companies for free. That way, you can guarantee you're getting the lowest price. And maybe you'll find that the best company for you isn't Farm Bureau Financial Services or Imt 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.