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

Quick Facts

• Based on national averages for insurance, Farm Bureau Financial Services offers significantly more affordable rates than Metlife
• Farm Bureau Financial Services offers more affordable prices for drivers who have below-average credit
• Metlife may help you save more money -- they offer more discounts than Farm Bureau Financial Services

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

Are you considering 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 be considering Farm Bureau Financial Services or Metlife as your top options, but which carrier has less expensive rates for car insurance?

Looking at nationwide averages, Metlife has average rates that are around 50% a month more expensive than those from Farm Bureau Financial Services.

That being said, Farm Bureau Financial Services may not be the lowest or best option for every single driver out there. After all, auto insurance carriers can offer drastically different rates to every 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 each company will differ quite a bit from person to person.

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

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

Farm Bureau Financial Services and Metlife compete against each other in six states, with Farm Bureau Financial Services offering cheaper rates to the average driver in all of them. Minnesota has the most noticable difference, where Farm Bureau Financial Services premiums are $179 less expensive than insurance prices at Metlife.

That being said, there's a lot more that goes into your auto insurance payment than just your home state. Keep reading to learn more.

Which is the Best Company For Young Drivers?

Young drivers -- especially teens -- typically pay a lot for car insurance compared to older drivers. The reason is that teen drivers are statistically much more likely to get into accidents since they have less experience on the roads.

But still, even with seemingly sky-high rates, teen drivers can still find ways to save money. Just look at the table above -- where 18-year-old drivers who have Farm Bureau Financial Services for their insurance pay over 65% less than those who use Metlife.

Even so, both companies will decrease premiums by the time drivers turn 25. Metlife offers the steepest drop, with 25-year-olds paying less than a third of what 18-year-old drivers are charged. That being said, Farm Bureau Financial Services still has the cheapest prices at $154 per month.

Which is the Best Company for Retired Drivers?

Drivers around retirement age normally enjoy some of the most affordable car insurance premiums you'll ever see. After all, they've likely been driving for quite some time, which usually decreases their chances of collisions and other infractions that can raise rates.

But who has the best prices for retired drivers between Farm Bureau Financial Services and Metlife? Farm Bureau Financial Services gets the edge here, with average rates coming in at about $127 a month compared to Metlife's $205.

Which is the Best Company for Married Drivers?

Did you know that auto insurance premiums are generally more expensive for single policyholders than they are for married policyholders? This usually boils down to married couples having more than one vehicle on their policy -- something a lot of 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 premiums coming in at around half of Metlife's. The advantage for married drivers with Farm Bureau Financial Services is also obvious, where drivers save more than 35% per month.

Farm Bureau Financial Services or Metlife: Average Rates by Gender

Women usually to 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, women generallypay about $5 a month more than men, but with Metlife, the difference is closer to $28 per month.

When it comes to the cheapest prices for each gender, Farm Bureau Financial Services comes out as the lowest option for both genders, with average rates $186 less for men and $153 cheaper for women.

Farm Bureau Financial Services vs. Metlife: 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 car insurance can be pretty complicated. There are many different coverages that account for lots of different things. Some protect you and your car, while others only provide coverage for other people's property and health if you cause an accident.

But most policies that drivers look at fall into two categories -- liability coverage (which covers the other party's injuries and property damage if you cause a collision) and full coverage (which includes two additional coverages -- collision and comprehensive -- in addition to what you get with a liability policy).

Looking specifically at state minimum liability limits, Farm Bureau Financial Services has the significant edge, with average monthly premiums 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 a month to Metlife's $466.

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

It's no secret -- drivers with good records end up getting the best deals on their insurance. But that's not to say you can't save money if you don't have the best driving record, either.

Accidents and speeding tickets will most likely raise your prices, but is Farm Bureau Financial Services or Metlife more affordable 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. Metlife policyholders can expect a bit more drastic of an increase of around 21%.

However, Farm Bureau Financial Services is normally the cheaper option for drivers both with clean records and with a ticket, offering premiums that are $99 and $133 less expensive, respectively, compared to MetLife.

Which Company is Best for Drivers After an Accident?

Farm Bureau Financial Services drivers who get in an accident can expect to see their prices rise by over 35%, while those who have insurance through Metlife will see about a 40% increase.

At the end of the day, drivers who use Farm Bureau Financial Services end up with the cheaper prices after an accident, with average rates coming in at $187 compared to MetLife's $368.

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 speeding ticket or even a collision. On average, Metlife will increase your prices around 55% after a DUI, while Farm Bureau Financial Services's average premiums increase by more than 45%.

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

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

The reasoning insurance companies use is that drivers with good credit will be more likely to pay their bills on time; so they'll reward them with cheaper prices, while those with poor credit will typically be forced to pay more.

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

Which Company is Best for Drivers with Good Credit?

Which Company is Best for Drivers with Bad Credit?

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

How much you drive can have a pretty big impact on your monthly auto insurance bill. That's because the more milage you drive, the more 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 more affordable option. Metlife's average rates for drivers with 6,000 annual miles come in over 50% more expensive than Farm Bureau Financial Services. Those who drive 12,000 miles annually can expect to pay nearly 50% more with Metlife over Farm Bureau Financial Services.

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

Where you call home can have a substantial impact on your monthly insurance cost. Generally, 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 carriers 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.

In urban areas, Farm Bureau Financial Services's average prices are about $196 per month compared to Metlife's $389. Drivers in suburban ZIP codes pay a monthly rate of around $159 with Farm Bureau Financial Services compared to $333 with Metlife. If you live in a rural area, you can expect to pay about $155 monthly with Farm Bureau Financial Services compared to Metlife's $299.

Farm Bureau Financial Services vs. Metlife 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 auto 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're eligible for.

Luckily, we did the hard work for you and looked at all of the different discounts Farm Bureau Financial Services and Metlife offer their customers so that you can easily see which company offers the most discounts and, therefore, the largest savings.

Metlife knocks Farm Bureau Financial Services out of the park when it comes to the sheer number of discounts available, offering 27 more discounts than Farm Bureau Financial Services.

A couple of those are overlapping for things like anti-theft discounts, discounts for being a defensive driver, and discounts for being a good student. Metlife also offers discounts for AAA, ABS, academic, and more.

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

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

So, you've seen how different variables can affect your car insurance premiums. We've broken down the different discounts each carrier offers, too. But, when it comes down to it, is Farm Bureau Financial Services or Metlife the best company for you and your specific profile and needs?

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

• You have a clean driving record, free of collisions, tickets, or DUIs.
• Your neighborhood is in a city.
• You want to save money while purchasing insurance for a teenager.

Metlife might be best for you if...

• You're thinking about moving to another state -- undefined only offers policies in.
• You're looking for discounts -- Metlife has the most.

Hopefully, this guide has ben a valuable resource as you compare Farm Bureau Financial Services and Metlife and that you can now make a more informed decision when it comes to your auto insurance.

At the end of the day, the best way to make sure you're getting the best deal on your car insurance policy is to compare quotes from a handful of companies, not just Farm Bureau Financial Services and Metlife. Luckily, Compare.com makes 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. Metlife FAQs

Is Farm Bureau Financial Services or Metlife cheaper?

Farm Bureau Financial Services is the cheaper of the two companies when looking at national average rates, with policies averaging $170 a month with Farm Bureau Financial Services and $340 for Metlife. That being said, that doesn't mean Farm Bureau Financial Services will be the cheapest company for every policyholder, since there are multiple 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 Metlife?

Unfortunately, the only answer we can give you is "it depends.". No one 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 Metlife offer me different rates?

Car insurance carriers use several different variables when calculating the premiums they charge. Things such as gender, age, your driving record, where you park your car, and sometimes even things like your credit score can all be used. Both Farm Bureau Financial Services and Metlife calculate rates differently, so it's likely they'll offer different prices. The best way to determine which company is the most affordable for you is by comparing personalized quotes from several different companies.

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

The only way to find the auto 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, Compare.com does all the hard work for you. Just enter your information once 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 best price. And maybe you'll find that the best company for you isn't Farm Bureau Financial Services or Metlife 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.