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

Quick Facts

• In general, Farm Bureau Financial Services offers significantly more affordable prices than Mercury
• Farm Bureau Financial Services has cheaper premiums for residents of rural areas
• Mercury offers more discounts than Farm Bureau Financial Services

Farm Bureau Financial Services vs. Mercury: 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 huge discounts. But exactly how much can you save by switching?

You might have narrowed it down to Farm Bureau Financial Services or Mercury as potential options, but between the two, which company has less expensive rates for car insurance?

Looking at nationwide averages, Farm Bureau Financial Services has average rates that are about 40% per month cheaper than those from Mercury.

Even so, Farm Bureau Financial Services may not be the most affordable or best option for every single driver out there. After all, auto insurance companies can offer drastically different rates to each driver depending on rating factors like your age, where you call home, your credit score, or even your driving record (among other things). So, at the end of the day, prices from every company will differ quite a bit from person to person.

Wanting to know if Farm Bureau Financial Services or Mercury is really the right carrier 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 or Mercury: Average Car Insurance Rates by State

Farm Bureau Financial Services and Mercury only compete against each other in one states, with Mercury offering more affordable prices to the average driver in all of them. Arizona has the most noticable difference, where Mercury rates are over 15% less expensive than insurance premiums at Farm Bureau Financial Services.

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

Which is the Best Company For Young Drivers?

Teen drivers will almost always have the most expensive car insurance prices of any other group of drivers out there on the road. That's because young, inexperienced drivers are statistically much more likely to get into accidents since they have less experience on the roads.

However, that doesn't mean teen drivers can't still save money on their insurance. As you can see above, teens who use Farm Bureau Financial Services save nearly $400 a month compared to those who use Mercury.

But both carriers will lower premiums once you turn 25. For example, average rates for Farm Bureau Financial Services policyholders reduce almost 55% and Mercury's prices drop nearly 70% over that time.

Which is the Best Company for Retired Drivers?

Drivers around retirement age typically enjoy some of the cheapest auto insurance premiums you can find. After all, they've likely been driving for quite some time, which usually lowers their chances of accidents and other infractions that can increase rates.

When looking at Farm Bureau Financial Services and Mercury specifically, which company is best for retired drivers? Farm Bureau Financial Services gets the edge, with premiums for drivers 65 and older more than 40% more affordable than the national average for Mercury.

Which is the Best Company for Married Drivers?

Did you know that car insurance prices are normally more expensive for single policyholders than they are for married policyholders? This usually boils down to married couples having several cars on their policy -- something many auto insurance companies will reward with discounts.

When it comes to relationship status, Farm Bureau Financial Services is the clear winner for those who are single, with rates around $165 per month cheaper than Mercury, on average. The advantage for married drivers with Farm Bureau Financial Services is also obvious, where drivers save almost 35% a month.

Farm Bureau Financial Services vs. Mercury: 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 generally end up paying a little more.

Surprisingly, men normally pay about $5 per month less than women with Farm Bureau Financial Services, and around $14 more with Mercury.

Looking at the data for each carrier specifically, Farm Bureau Financial Services comes out on top for both men and women, with average premiums 44% less for men and 40% cheaper for women.

Farm Bureau Financial Services or Mercury: 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, car insurance isn't the easiest topic to understand. There are so many different terms and limits that it can make it pretty confusing to find the right policy.

That being said, most policies end up falling into two different types of coverage -- liability only (that covers property damage and bodily injury for other drivers if you cause an accident) and full coverage (which usually refers to having comprehensive and collision coverages in addition to liability).

If you're looking for state minimum limits for liability insurance, Farm Bureau Financial Services generally offers significantly less expensive rates of $87 compared to Mercury's $184. When it comes to full coverage policies with similar limits, Farm Bureau Financial Services again has the edge, with policies about $150 a month cheaper than Mercury, on average.

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

You've probably seen plenty of commercials from auto 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.

You'll probably end up paying more with tickets and collisions on your record, but which of these two companies offers the lowest premiums to drivers with spotty records?

Which Company is Best for Drivers with Speeding Tickets?

Farm Bureau Financial Services policyholders can expect their rates to go up an average of $25 per month if they get a ticket, while Mercury typically raises prices around $57 a month, on average.

However, Farm Bureau Financial Services is usually the less expensive option for both drivers who have a recent speeding ticket and those with clean records. Drivers with a clean record can save about $116 per month and drivers with a ticket can save around $148 a month with Farm Bureau Financial Services.

Which Company is Best for Drivers After an Accident?

Both carriers will raise rates pretty significantly if you get into an at-fault accident with Mercury raising by over $100. Farm Bureau Financial Services has a less extreme rise, but you can still expect to pay more than $65 more than you were prior to your first collision.

Overall, drivers who use Farm Bureau Financial Services end up with the cheaper prices after an accident, with monthly premiums averaging $187 compared to Mercury Insurance's $346.

Which Company is Best for Drivers with a DUI?

On average, a DUI offense is going to cost you much more than a single accident or speeding ticket when it comes to your car insurance bill. Farm Bureau Financial Services drivers usually see a 46% raise in their insurance prices after a DUI charge, while Mercury will typically climb premiums by about 22%.

If you have a DUI on your record and are looking for more affordable rates, Farm Bureau Financial Services tends to be the much more affordable option with average prices of $226 a month compared to $303 from Mercury.

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

Did you know that many auto insurance companies take into account your credit score when calculating rates? This isn't always the case (Hawaii, for example, has banned the use of credit score as a rating factor) but it does affect a lot of drivers out there.

Car insurance carriers argue that those with poor credit scores are less likely to pay their bills on time each month, which increases the risk involved on their end, while the opposite is true for those with good credit.

So, which company offers the cheapest prices for policyholders with poor, average, or good credit?

Which Company is Best for Drivers with Good Credit?

If you have great credit, you'll usually find a better deal with Farm Bureau Financial Services. Drivers with "excellent" credit can save just under 45% compared to Mercury, and those with "good" scores can also expect to see savings -- around $126 or 47% cheaper every month.

Which Company is Best for Drivers with Bad Credit?

Farm Bureau Financial Services typically offers lower premiums than Mercury when it comes to drivers with less-than-stellar credit. Drivers with "fair" credit pay about $142 per month less with Farm Bureau Financial Services compared to Mercury, and those with "poor" scores normally save an average of around $152 monthly.

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

How much you drive can have a pretty big impact on your monthly rates. Generally, those who drive less will end up with less expensive prices since there's less of a chance of getting into a collision and causing an insurance claim.

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

Farm Bureau Financial Services vs. Mercury: Compare Rates for Urban, Suburban, and Rural Drivers

Where you park your vehicle can have a considerable impact on your monthly insurance cost. Typically, if you live in an urban area with more cars on the road, you'll pay a little more for car insurance, while the opposite is true for people in rural areas.

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

Policyholders in rural ZIP codes see the cheapest premiums from both carriers, but Farm Bureau Financial Services comes out on top with average prices around $155 per month. Farm Bureau Financial Services also has less expensive average premiums for drivers in urban and suburban ZIP codes -- a 51% and 42% a month respective difference when compared to Mercury policyholders in similar areas.

Farm Bureau Financial Services vs. Mercury Discounts

Regardless of 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 possible. That's where insurance discounts comes into play.

But where do you even start? With so many discounts out there, it may seem challenging to find all the of the ones you can take advantage of.

In the table below, we've broken down all of the different discounts offered by both Farm Bureau Financial Services and Mercury so that you can see which one can save you the most money each month.

Mercury knocks Farm Bureau Financial Services out of the park when it comes to the sheer number of discounts available, offering 18 more discounts than Farm Bureau Financial Services.

There are a couple discounts both companies offer, but Mercury also offers ABS discounts, advance quote discounts, continuous insurance discounts, and more that Farm Bureau Financial Services does not.

On the flip side, Farm Bureau Financial Services has a couple unique discounts of its own -- life policy discounts, safe young driver discounts, seasoned account discounts, and more.

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

You've seen the effect certain factors have on your auto insurance and the different discounts carriers offer. But, when it comes down to it, which insurance company is the right company for you and your specific needs?

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

• You want to save money on your car insurance after an accident.
• You have less-than-stellar credit.
• Your neighborhood is in a rural area.

Mercury might be best for you if...

• You value the experience that comes with a large national insurance carrier.
• You're looking for the company with the most discounts.

We hope this guide helps you get a good idea of the differences between Farm Bureau Financial Services and Mercury and that you can now make a more informed 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 multiple companies, not just Farm Bureau Financial Services and Mercury. Luckily, Compare.com does all the hard work for you. Simply enter your ZIP code below and get free quotes from dozens of the top auto insurance carriers in your area, all in just a few minutes.

Farm Bureau Financial Services vs. Mercury FAQs

Is Farm Bureau Financial Services or Mercury cheaper?

Looking just at the national average rates, Farm Bureau Financial Services is the cheaper of the two companies, offering average rates of $170 per month compared to $295 for Mercury. But Farm Bureau Financial Services won't necessarily be the most affordable carrier for everyone, since there are lots of different variables (things like gender, age, driving record, etc.) that play a role in how much you pay.

Who is better, Farm Bureau Financial Services or Mercury?

Sadly, the answer truly is "it depends.". No one company is "better" for each driver -- it all depends on what your unique car insurance profile looks like.

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

Insurance carriers take a look at lots of different factors when determining the prices they charge drivers. Variables like gender, age, your driving record, where you call home, and sometimes even things like your credit score can all come into play. Both Farm Bureau Financial Services and Mercury calculate premiums differently, so each one will most likely offer different rates. The only real way to see which carrier is the cheapest for you is by comparing personalized quotes from many different companies.

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

The only way to find the auto insurance company 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 information once and you'll get free quotes from dozens of the best insurance companies in your area. With those, you can guarantee you're getting the best rate. And who knows, the best carrier for you might not be Farm Bureau Financial Services or Mercury at all!

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.