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

Quick Facts

• Looking at the national averages for insurance, Farm Bureau Financial Services offers slightly cheaper premiums than Nationwide
• Farm Bureau Financial Services has less expensive prices for policyholders who don't have any speeding tickets, DUIs, or at-fault accidents on their record
• Nationwide has more affordable premiums for residents of rural areas

Farm Bureau Financial Services vs. Nationwide: Which Company has the Cheapest Car Insurance?

So, you're considering switching your auto insurance. You've probably seen commercials and billboards from companies offering huge discounts, but exactly how much money can you save by switching?

You might be considering Farm Bureau Financial Services or Nationwide for your next policy, but between the two, which one will offer you less expensive rates?

Looking at nationwide averages, Farm Bureau Financial Services is about $0 per month more affordable than Nationwide.

Even so, that doesn't necessarily mean Farm Bureau Financial Services will be the cheaper option for every driver. Car insurance companies vary their prices depending on things like where you live, how old you are, how good your credit score is, how clean your driving record is, and all sorts of other factors, so rates could vary drastically from person to person.

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

Farm Bureau Financial Services or Nationwide: Average Car Insurance Rates by State

Farm Bureau Financial Services and Nationwide compete against each other in seven states, with Nationwide offering more affordable premiums to the average driver in all of them. South Dakota has the most noticable difference, where Nationwide prices are over 70% less expensive than auto insurance premiums at Farm Bureau Financial Services.

That being said, there's a lot more that goes into your insurance cost than just where you call home. Keep reading to learn more.

Which is the Best Company For Young Drivers?

Teen drivers will almost always have the most expensive car insurance rates of any group out there on the road. The reason is that young, inexperienced drivers are statistically much more likely to cause collisions and other accidents that will result in an insurance claim.

But still, even with seemingly sky-high premiums, teen drivers can still find ways to save money. For example, 18-year-old drivers pay an average of more than $45 less a month by choosing Farm Bureau Financial Services over Nationwide.

But both carriers will offer you dramatically lower prices by the time you turn 25. For example, average rates for Farm Bureau Financial Services policyholders reduce nearly $200 and Nationwide's premiums decrease around $250 over that time.

Which is the Best Company for Retired Drivers?

When it comes to auto insurance, patience and experience pay off, with drivers around retirement age paying some of the most affordable rates you'll ever find.

When looking at Farm Bureau Financial Services and Nationwide specifically, which carrier is best for retired drivers? Nationwide gets the slight edge here, with average prices coming in at about $125 per month compared to Farm Bureau Financial Services's $127. However, that difference is less than 5%, which means it ultimately will come down to other factors, such as where you live or your credit score.

Which is the Best Company for Married Drivers?

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

When it comes to relationship status, Farm Bureau Financial Services is the winner for single policyholders, with prices around $7 per month cheaper than Nationwide, on average.

Farm Bureau Financial Services vs. Nationwide: Average Rates by Gender

Did you know women tend to pay less for auto insurance than men? This is because men are more likely to get speeding tickets and get into accidents, which increases the chances of an insurance claim.

Surprisingly, men generally pay about 3% less a month than women with Farm Bureau Financial Services, while with Nationwide, the difference is closer to 7% per month.

Looking at the data for each company specifically, Farm Bureau Financial Services is the lowest carrier for men. Rates with Farm Bureau Financial Services are $8 less for men, while women can save around $9 with Nationwide.

Farm Bureau Financial Services or Nationwide: 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 so many different limits and coverages 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 (which covers the other party's injuries and property damage if you cause an accident) and full coverage (which includes comprehensive and collision coverages that protect your own vehicle, in addition to what you get with a liability policy).

In this case, Farm Bureau Financial Services offers the most affordable average premiums for state minimum limits for liability insurance, while Nationwide has the edge for full coverage policies with similar coverage limits. Drivers looking for basic state minimum coverage can save around $25 with Farm Bureau Financial Services, while full coverage comes out to be about $25 more affordable with Nationwide.

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

It's no big secret that drivers who are accident-free get better deals on their insurance. But even if you have a spotty record, you can still find plenty of ways to save some cash on your monthly bill.

It's no secret secret that at-fault collisions and tickets lead to higher rates, but which company -- Farm Bureau Financial Services or Nationwide -- has the lowest prices for drivers with spotty records?

Which Company is Best for Drivers with Speeding Tickets?

Farm Bureau Financial Services policyholders can expect their premiums to go up an average of $25 a month if they get a ticket, while Nationwide usually raises prices around $24 per month, on average.

However, Farm Bureau Financial Services tends to offer the best prices for drivers both with clean records and with a speeding ticket, offering premiums that are 3% and 2% cheaper, respectively, compared to Nationwide.

Which Company is Best for Drivers After an Accident?

Farm Bureau Financial Services policyholders who get in a collision can expect to see their rates climb by over $65, while those who have insurance through Nationwide will see about a $55 increase.

Overall, the less expensive prices come from Nationwide, with monthly premiums averaging $178 compared to Farm Bureau Financial Services's $187.

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 car insurance bill -- typically a lot more than an accident or ticket. For example, Nationwide increases average rates by over $100 a month -- that's over a 45% increase.

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

Did you know that many insurance companies take into account your credit score when calculating prices? This isn't always the case (for example, California and Hawaii are two states that ban the practice entirely), but it will come into play for lots of drivers.

The reasoning auto insurance carriers use is that policyholders with bad credit will be less likely to pay their bills on time; so usually, they'll be asked to pay more, while those with good credit will be rewarded with cheaper premiums.

Looking at Farm Bureau Financial Services and Nationwide specifically, which carrier has the best rates for drivers at different credit levels?

Which Company is Best for Drivers with Good Credit?

Which Company is Best for Drivers with Bad Credit?

Is Farm Bureau Financial Services or Nationwide 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 your monthly insurance payment. Typically, the more miles you drive, the more you can expect to pay for auto insurance.

Looking specifically at Farm Bureau Financial Services and Nationwide, Farm Bureau Financial Services is the less expensive option for people who work from home, while Farm Bureau Financial Services has better premiums for those with short commutes. Nationwide average rates for drivers with 6,000 annual miles come in around $5 more expensive than Farm Bureau Financial Services. Those who drive 12,000 miles yearly can expect to pay about $5 more with Farm Bureau Financial Services over Nationwide.

Farm Bureau Financial Services vs. Nationwide: 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 pretty big impact as well. Normally, those who live in urban areas will pay more than policyholders in rural areas because there are a lot more cars on the roads in those areas.

Farm Bureau Financial Services vs. Nationwide 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 what seems like a million different discounts out there, it may be difficult to find all the ones you're eligible for.

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

Nationwide knocks Farm Bureau Financial Services out of the park when it comes to the sheer number of discounts available, offering 22 different discounts to Farm Bureau Financial Services's 22.

There are a couple discounts both companies offer, but Nationwide also offers advance quote discounts, agency transfer discounts, distant student 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 -- paid in full discounts, safe young driver discounts, and seasoned account discounts.

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

You've seen the role certain variables have on your car insurance and the different discounts carriers offer. That's all well and good, but when it comes down to it, is Farm Bureau Financial Services or Nationwide the right carrier for you, your vehicle, and your wallet?

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

• You're single and purchasing auto insurance by yourself.
• You want basic car insurance coverage at the state minimum limits.
• You live in an suburban area.

Nationwide might be best for you if...

• Your driving record contains an at-fault accident.
• You are over 65 years old and want to save some money on your insurance.
• You drive often but have a short commute.

We hope this guide has ben a valuable resource as you compare Farm Bureau Financial Services and Nationwide. We also hope we've given you the information you need to make the best decision about your car insurance.

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

Farm Bureau Financial Services vs. Nationwide FAQs

Is Farm Bureau Financial Services or Nationwide cheaper?

Looking just at the national average rates, Farm Bureau Financial Services is the more affordable of the two companies, offering average rates of $170 per month compared to $170 for Nationwide. Even so, Farm Bureau Financial Services won't necessarily be the most affordable company for everyone, since there are lots of 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 Nationwide?

Unfortunately, the answer truly is "it depends.". One carrier is not "better" for everyone -- it all comes down to what your unique car insurance profile looks like. For example, Farm Bureau Financial Services offers cheaper premiums for single drivers, while Nationwide is less expensive for drivers who have already retired.

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

Insurance carriers take a look at several different variables when determining the prices they charge policyholders. Factors like gender, your driving record, where your home is, age, and sometimes even things like your credit score can all be used. Both Farm Bureau Financial Services and Nationwide calculate rates using different formulas, so each one will most likely offer different premiums. The only real way to see which company is the lowest for you is by comparing personalized quotes from a range of different companies.

How do I know if Farm Bureau Financial Services or Nationwide 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, sites like Compare.com do all the hard work for you. Just enter your area information 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 cheapest rate. And who knows, the best company for you might not be Farm Bureau Financial Services or Nationwide 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.