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

Quick Facts

• Looking at the national averages for auto insurance, Farm Bureau Financial Services offers more affordable rates than Iowa Mutual
• Farm Bureau Financial Services has less expensive prices for single people who will be the only person on the car insurance policy
• Iowa Mutual may help you save more money -- they offer more discounts than Farm Bureau Financial Services

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

Are you considering 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 it down to Farm Bureau Financial Services or Iowa Mutual for your next policy, but which carrier has cheaper premiums for insurance?

Looking at nationwide averages, Farm Bureau Financial Services has average rates that are around 19% a month more affordable than those from Iowa Mutual.

That being said, Farm Bureau Financial Services may not be the cheapest or best option for every single driver out there. Auto insurance carriers use a ton of complex algorithms to determine prices, so depending on how old you are or how clean your driving record is (among lots of other factors), you could see wildly different rates from the ones above.

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

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

Farm Bureau Financial Services and Iowa Mutual only compete against each other in Nebraska, where Farm Bureau Financial Services offers the cheaper average rates. Farm Bureau Financial Services drivers tend to pay about $63 per month less on average compared to drivers who use Iowa Mutual for their car insurance.

But there's more to calculating insurance prices than just the state you live in. Read on to find out more.

Which is the Best Company For Young Drivers?

Teen drivers will almost always have the most expensive auto insurance rates of any other group of drivers out there on the road. It's usually because 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.

But 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 35% less than those who use Iowa Mutual.

Even so, both companies will offer you dramatically lower prices by the time you turn 25. For example, average premiums for Farm Bureau Financial Services policyholders drop about $200 and Iowa Mutual's rates decrease around $300 over that time.

Which is the Best Company for Retired Drivers?

Drivers around retirement age generally enjoy some of the most affordable car insurance prices you'll ever find. After all, they've likely been driving for quite some time, which typically lowers their chances of collisions and other infractions that can raise premiums.

So, which carrier offers the best rates to retired drivers? Farm Bureau Financial Services gets the edge, with prices for drivers 65 and older $19 cheaper than the national average for Iowa Mutual.

Which is the Best Company for Married Drivers?

You may not be aware, but auto insurance premiums tend to be less expensive for married couples than they are for single drivers. This usually boils down to married drivers having more than one vehicle on their policy -- something several car insurance carriers will reward with discounts.

For single policyholders, the difference in average prices between these two companies is significant, with Farm Bureau Financial Services premiums coming in at a quarter less than Iowa Mutual's. The advantage is also clear for married policyholders - Farm Bureau Financial Services offers the lowest average rates.

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

Men are statistically more likely than women to cause a collision and get into accidents. That means when it comes to insurance men will normally end up paying a little more.

Surprisingly, with Farm Bureau Financial Services, men usuallypay about $5 a month less than women, and almost $35 with Iowa Mutual.

Looking at the data for each company specifically, Farm Bureau Financial Services offers the most affordable average premiums for both men and women, with average rates 26% less for men and 11% cheaper for women.

Farm Bureau Financial Services vs. Iowa 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 auto 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.

However, the most common policies that drivers look at fall into two categories -- liability coverage (which provides bodily injury and property damage coverage for other drivers if you cause a collision) and full coverage (which includes collision and comprehensive coverages that protect your own car, in addition to what you get with liability coverage).

Looking specifically at state minimum liability insurance, Farm Bureau Financial Services has the slight 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 Iowa Mutual's $328.

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

You've probably seen plenty of commercials from insurance carriers offering great premiums 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 accidents and speeding tickets lead to higher rates, but which carrier -- Farm Bureau Financial Services or Iowa Mutual -- has the lowest prices for drivers with spotty records?

Which Company is Best for Drivers with Speeding Tickets?

Policyholders who use Farm Bureau Financial Services for their car insurance can typically expect their monthly bill to go up about 17% after getting a speeding ticket. Iowa Mutual policyholders can expect a less drastic increase of around 6%.

Even so, Farm Bureau Financial Services tends to offer the best prices for both drivers who have clean records and those with a recent ticket, offering rates that are $43 and $29 cheaper, respectively, compared to Iowa Mutual.

Which Company is Best for Drivers After an Accident?

Both companies will increase premiums pretty significantly if you get into an at-fault collision with Farm Bureau Financial Services raising by about 35%. Iowa Mutual has a less extreme raise, but you can still expect to pay nearly 15% more than you were prior to your first accident.

At the end of the day, the less expensive prices come from Farm Bureau Financial Services, with average premiums coming in at $187 compared to Iowa Mutual's $191.

Which Company is Best for Drivers with a DUI?

On average, a DUI offense is going to cost you much more than a single collision or speeding ticket when it comes to your auto insurance bill. For example, Iowa Mutual increases average rates by more than $150 a month -- that's just under a 50% increase.

But if you end up with a DUI charge and are looking for more affordable prices, Farm Bureau Financial Services tends to be more affordable for the average driver, with monthly premiums coming in at around $226 to Iowa Mutual's $315.

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

Did you know many insurance carriers take your credit score into account when determining premiums? Certain states and companies do not allow for credit score to be used as a car insurance factor, but it might come into play for quite a few drivers.

Auto insurance carriers argue that those with good credit scores are more likely to pay their bills on time every month, which reduces the risk involved on their end, while the opposite is true for those with bad credit.

Looking at Farm Bureau Financial Services and Iowa Mutual specifically, which company has the best prices for policyholders at different credit levels?

Which Company is Best for Drivers with Good Credit?

If you have solid credit, Farm Bureau Financial Services will normally reward you the most. For drivers with "excellent" credit scores, Farm Bureau Financial Services comes in more than 22.09 cheaper. Drivers with "good" credit scores generally save about 20% with Farm Bureau Financial Services compared to average rates from Iowa Mutual.

Which Company is Best for Drivers with Bad Credit?

Farm Bureau Financial Services typically offers lower premiums than Iowa Mutual when it comes to drivers with bad credit. Drivers with "fair" credit pay around 26% per month less with Farm Bureau Financial Services compared to Iowa Mutual, and those with "poor" scores normally save an average of about 13% per month.

Is Farm Bureau Financial Services or Iowa Mutual 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 how much car insurance companies will charge for coverage. That's because the more milage you put on your vehicle, the more 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 Iowa Mutual charges. However, there's a small difference in monthly rates for Farm Bureau Financial Services, with drivers who put 6,000 miles on their car 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 less expensive company.

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

Where you call home can play a pretty big role in how much you pay for insurance. Generally, those who live in urban areas will pay more than policyholders in rural areas due to the number of vehicles that are on the roads where they live.

When comparing these two carriers side-by-side, Farm Bureau Financial Services usually comes out as the lowest option for drivers in all areas, regardless of if they're urban, suburban, or rural.

For drivers in urban ZIP codes, Farm Bureau Financial Services's average rates are about $52 less than Iowa Mutual. People who live in suburban areas pay around $40 less with Farm Bureau Financial Services compared to Iowa Mutual. Those in rural areas can expect to save about $32 with Farm Bureau Financial Services compared to Iowa Mutual.

Farm Bureau Financial Services vs. Iowa Mutual Discounts

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

But where do you even start? With what seems like a million different discounts out there, it may be difficult to find all the ones you can take advantage of.

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

Overall, Iowa Mutual comes out ahead with 12 discounts to Farm Bureau Financial Services's nine.

Both companies offer many of the same discounts -- like anti-theft discounts, discounts for being a defensive driver, and discounts for being a good student -- but Iowa Mutual also offers discounts for ABS, claim free, driver training, and more.

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

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

So, we've broken down the average prices for many of the variables insurance carriers look at, and we've shown you all the discounts each company offers. But, at the end of the day, which carrier is the best fit for you?

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

• You will be the only person on the car insurance policy.
• You want the most robust protection via a "full coverage" policy.
• You drive fewer than 12,000 miles yearly.

Iowa Mutual might be best for you if...

• You're looking for discounts -- Iowa Mutual has the most.

Hopefully, this guide helps you get a good idea of the differences between Farm Bureau Financial Services and Iowa Mutual and that you can now make a more informed decision when it comes to your auto insurance.

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

Farm Bureau Financial Services vs. Iowa Mutual FAQs

Is Farm Bureau Financial Services or Iowa Mutual cheaper?

Farm Bureau Financial Services is the more affordable of the two companies when looking at national average premiums, with policies averaging $170 a month with Farm Bureau Financial Services and $211 for Iowa Mutual. That being said, that doesn't mean Farm Bureau Financial Services will be the cheapest company for everyone, since there are a bunch of different factors that are considered when it comes to your car insurance payment.

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

Unfortunately, the answer truly is "it depends.". One carrier is not "better" for each policyholder -- it all depends on the makeup of your unique insurance profile.

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

Auto insurance carriers use a lot of different variables when calculating the rates they charge. Factors such as your driving record, gender, age, where you live, and sometimes even things like your credit score can all come into play. Both Farm Bureau Financial Services and Iowa Mutual calculate prices using different variables, 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 a range of different companies.

How do I know if Farm Bureau Financial Services or Iowa Mutual 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 do all the hard work for you. Just enter your area information and you'll get quotes from dozens of your local top insurance companies for free. With those, you can guarantee you're getting the lowest rate. And maybe you'll find that the best company for you isn't Farm Bureau Financial Services or Iowa 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.