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

Quick Facts

• Looking at the national averages for auto insurance, Farm Bureau Financial Services offers significantly cheaper rates than Memberselect
• Farm Bureau Financial Services offers more affordable average prices for single people who will be the only person on the insurance policy
• Memberselect may help you save more money -- they offer more discounts than Farm Bureau Financial Services

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

You might have narrowed it down to Farm Bureau Financial Services or Memberselect, but between the two, which company will save you the most?

As you can see, Farm Bureau Financial Services is quite a bit cheaper than Memberselect, with premiums averaging $170 a month compared to $274 with Memberselect when looking at the national average rates for car insurance.

Even so, that doesn't necessarily mean Farm Bureau Financial Services will be the less expensive option for each driver. Auto insurance carriers use all sorts of complex algorithms to determine prices, so depending on how old you are or how good your credit score is (among a range 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 Memberselect is really the best for you, keep reading to see average premiums for each carrier broken down by several different rate factors.

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

Farm Bureau Financial Services and Memberselect only compete against each other in Minnesota, where Farm Bureau Financial Services offers the cheaper average prices. Farm Bureau Financial Services drivers tend to pay about $145 per month less on average compared to drivers who use Memberselect for their insurance.

There's a lot more that goes into your car insurance cost than just where you call home. Keep reading to find out more.

Which is the Best Company For Young Drivers?

Young drivers -- especially teens -- generally pay a lot for auto insurance compared to older drivers. Typically, that's because teen drivers are statistically much more likely to cause collisions and other accidents that will result in an insurance claim.

That being said, that doesn't mean that teen drivers have to just accept sky-high car insurance rates. For example, 18-year-old drivers pay an average of over 25% less a month by choosing Farm Bureau Financial Services over Memberselect.

However, both companies will offer you dramatically lower premiums by the time you turn 25. Memberselect offers the steepest decrease, with 25-year-olds paying a third less what 18-year-old drivers are charged. That being said, Farm Bureau Financial Services still has the cheapest prices at $154 a month.

Which is the Best Company for Retired Drivers?

Drivers around retirement age normally enjoy some of the lowest auto insurance rates out there. After all, they've likely been driving for quite some time, which usually reduces their chances of collisions and other infractions that can raise prices.

So, which company offers the best rates to retired drivers? Farm Bureau Financial Services gets the edge, with premiums for drivers 65 and older $111 more affordable than the national average for Memberselect.

Which is the Best Company for Married Drivers?

Those who are single tend to get offered slightly more expensive insurance prices than married couples. That's typically because married policyholders tend to own and insure more than one vehicle, which can often earn you a discount.

For single policyholders, the difference in average rates between these two carriers is significant, with Farm Bureau Financial Services premiums coming in at a third less than Memberselect's. The advantage for married drivers with Farm Bureau Financial Services is also obvious, where drivers save more than 40% per month.

Farm Bureau Financial Services or Memberselect: Average Rates by Gender

Because women are less likely to get into accidents and get tickets, they are less likely to file a claim with insurance. So, women generally pay less for car insurance than men.

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

Looking at overall affordability, Farm Bureau Financial Services comes out as the most affordable option for both genders, with average prices 40% less for men and 36% cheaper for women.

Farm Bureau Financial Services vs. Memberselect: 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, auto insurance isn't the easiest topic to understand. Everyone needs insurance, but there are so many different limits 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 (that covers bodily injury and property damage for other drivers and passengers if you cause a collision) and full coverage (which includes collision and comprehensive coverages that protect your own car, alongside liability).

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 Memberselect's $366.

Is Farm Bureau Financial Services or Memberselect 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.

You'll probably end up paying more with accidents and speeding tickets on your record, but which of these two companies offers the cheapest premiums to 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. Memberselect policyholders can expect a bit more drastic of an increase of around 24%.

But 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 $58 and $91 cheaper, respectively, compared to MemberSelect Insurance Company.

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 increase by over $65, while those who have insurance through Memberselect will see about a $35 increase.

At the end of the day, the less expensive prices come from Farm Bureau Financial Services, with average rates coming in at $187 compared to MemberSelect Insurance Company's $216.

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 insurance bill -- generally a lot more than a collision or speeding ticket. For example, Memberselect increases average premiums by nearly $300 a month -- that's more than a 60% 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 Memberselect's $466.

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

Did you know many auto insurance carriers take into account your credit score when determining premiums? This isn't true for everyone (for example, Massachusetts and Michigan are two states that ban the practice entirely), but it will come into play for several policyholders.

Insurance companies 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.

Looking at Farm Bureau Financial Services and Memberselect specifically, which carrier has the lowest rates 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 over 31.72 less expensive. Drivers with "good" credit scores usually save about 35% with Farm Bureau Financial Services compared to average prices from Memberselect.

Which Company is Best for Drivers with Bad Credit?

Farm Bureau Financial Services typically offers lower premiums than Memberselect when it comes to drivers with a below average credit score. Drivers with "fair" credit pay around 40% per month less with Farm Bureau Financial Services compared to Memberselect, and those with "poor" scores typically save an average of about 41% per month.

Is Farm Bureau Financial Services or Memberselect 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 prices? That's because the fewer miles you put on your vehicle, the less likely you are to be in an accident and file an insurance claim.

For both remote workers and those taking short commutes, Farm Bureau Financial Services tends to be the cheaper option. Memberselect's average rates for drivers with 6,000 annual miles come in more than $100 more expensive than Farm Bureau Financial Services. Those who drive 12,000 miles annually can expect to pay over $100 more with Memberselect over Farm Bureau Financial Services.

Farm Bureau Financial Services or Memberselect: 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. Usually, if you live in a rural area with fewer cars on the road, you'll pay a little less for auto insurance, while the opposite is true for people in urban areas.

Farm Bureau Financial Services boasts the cheapest average prices for drivers in all types of areas, no matter if they're urban, suburban, or rural.

For drivers in urban ZIP codes, Farm Bureau Financial Services's average rates are around $196 a month compared to Memberselect's $294. People in suburban areas pay about $159 with Farm Bureau Financial Services compared to Memberselect's $302 monthly. Those in rural areas can expect to pay around $155 a month with Farm Bureau Financial Services and $228 with Memberselect.

Farm Bureau Financial Services vs. Memberselect Discounts

No matter why you might be in the market for a new 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 difficult to nail down the company that has the most discounts for your unique driver profile and to find all the discounts 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 Memberselect so that you can see which one offers the most discounts and see which ones you might be able to take advantage of.

Looking at the total number of discounts, Memberselect comes out ahead with 13 discounts to Farm Bureau Financial Services's nine.

There are a couple discounts both carriers offer, but Memberselect also offers discounts for AAA, advance quote, distant student, 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, seasoned account discounts, and more.

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

So, you've seen how different variables can affect your auto insurance premiums. We've shown you all the discounts each carrier offers, too. But, at the end of the day, is Farm Bureau Financial Services or Memberselect the best carrier for you and your specific profile and needs?

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

• You will be the only person on the insurance policy.
• You have above-average credit.
• You have a short commute.

Memberselect might be best for you if...

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

Hopefully, this guide has ben a valuable resource as you compare Farm Bureau Financial Services and Memberselect. We also hope we've given you the information you need to make the best decision when it comes to 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 insurance -- comparing quotes from several companies, not just Farm Bureau Financial Services and Memberselect. Luckily, sites like Compare.com make it easy for you to do just that. Simply enter your ZIP codes below and get free quotes from dozens of top car insurance carriers in your area, all in just a few minutes.

Farm Bureau Financial Services vs. Memberselect FAQs

Is Farm Bureau Financial Services or Memberselect cheaper?

Farm Bureau Financial Services is the more affordable of the two companies when looking at national average prices, with policies averaging $170 per month with Farm Bureau Financial Services and $274 for Memberselect. That being said, that doesn't mean Farm Bureau Financial Services will be the lowest company for every driver, since there are a range of different factors (things like age, driving record, gender, etc.) that play a role in how much you pay.

Who is better, Farm Bureau Financial Services or Memberselect?

Sadly, the answer truly is "it depends.". No single carrier is "better" for each policyholder -- it all comes down to what your unique auto insurance profile looks like.

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

Insurance carriers use lots of different variables when calculating the rates they charge. Factors such as age, gender, your driving record, where you park your car, and sometimes even things like your credit score can all be taken into consideration. Both Farm Bureau Financial Services and Memberselect 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 bunch of different companies.

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

The only way to find the car insurance carrier that's right for you is by getting quotes from multiple 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 information once 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 Memberselect 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.