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

Quick Facts

• Based on national averages for car insurance, Travelers offers slightly less expensive prices than Farm Bureau Financial Services
• Farm Bureau Financial Services offers more affordable premiums for residents of urban areas
• Travelers tends to be a much more affordable option for policyholders who may not have much of a commute

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

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

As you can see, Travelers is about $3 per month cheaper than Farm Bureau Financial Services when looking at the national average rates for insurance.

Even so, that doesn't mean Travelers will necessarily be less expensive than Farm Bureau Financial Services for every driver. After all, car insurance companies can offer drastically different rates to each driver depending on rating factors like your credit score, where you call home, your age, or even your driving record (among other things), so prices will change quite a bit from person to person.

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

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

Farm Bureau Financial Services and Travelers compete against each other in four states, with Travelers offering more affordable rates to the average driver in all of them. Minnesota has the most noticable difference, where Farm Bureau Financial Services premiums are over 50% cheaper than auto insurance rates at Travelers.

That being said, there's a lot more that goes into your insurance bill than just where you live. Continue reading to see how other factors will affect your rates.

Which is the Best Company For Young Drivers?

Young drivers -- especially teens -- generally pay a lot for auto insurance compared to older drivers. It'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 car insurance. Just look at the table above -- where 18-year-old drivers who have Farm Bureau Financial Services for their insurance pay $20 less than those who use Travelers.

But both carriers will drop prices once you turn 25. For example, average premiums for Farm Bureau Financial Services policyholders decrease nearly 55% and Travelers's prices lower more than 60% over that time.

Which is the Best Company for Retired Drivers?

Drivers around retirement age typically enjoy some of the cheapest auto insurance rates 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 prices.

So, which carrier offers the best rates to retired drivers? Farm Bureau Financial Services gets the slight edge here, with average premiums coming in at around $127 monthly compared to Travelers's $132. That being said, the difference is only about 5%, so other variables (such as your credit score or your driving record) will likely come into play when determining which company has the most affordable prices for you.

Which is the Best Company for Married Drivers?

You may not be aware, but car insurance premiums tend to be less expensive for married drivers than they are for those who are single. That's because policies for married policyholders normally cover multiple cars, which a lot of companies will offer you a discount for.

If you're in the market for insurance, Travelers tends to have the cheapest average rates regardless of if you're married or single, with prices around 2% more affordable for single drivers and about 2% cheaper for married couples.

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

You may not know, but auto insurance is generally cheaper for women than it is for men. This is because men are statistically more likely than women to get into collisions and file an insurance claim, which leads to increased risk for insurers and, therefore, higher prices.

Surprisingly, men typically pay around 3% less a month than women with Farm Bureau Financial Services, while with Travelers, the difference is closer to 6% per month.

Looking at overall affordability, Farm Bureau Financial Services is the most affordable carrier for men. Rates with Farm Bureau Financial Services are $4 less for men, while women can save about $12 with Travelers.

Farm Bureau Financial Services or Travelers: 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 can be pretty complicated. Everyone needs auto insurance, but there are so many different terms and coverages that it can be hard to find the right policy.

The two most common 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, alongside liability coverage).

In this case, Farm Bureau Financial Services offers the lowest average premiums for state minimum liability insurance, while Travelers has the edge for full coverage policies with similar coverage limits. Drivers looking for basic state minimum coverage can save around $20 with Farm Bureau Financial Services, while full coverage comes out to be around $30 more affordable with Travelers.

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

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

At-fault accidents and tickets will most likely raise your rates, but is Farm Bureau Financial Services or Travelers cheaper for drivers with less-than-perfect records?

Which Company is Best for Drivers with Speeding Tickets?

Farm Bureau Financial Services policyholders can expect their prices to go up an average of $25 a month if they get a ticket, while Travelers normally raises premiums about $32 per month, on average.

But Farm Bureau Financial Services has less expensive rates for drivers in both categories. Drivers with a clean record can save around $7 a month and drivers with a speeding ticket can save about $14 per month with Farm Bureau Financial Services.

Which Company is Best for Drivers After an Accident?

Both carriers will raise premiums pretty significantly if you get into an at-fault accident with Farm Bureau Financial Services climbing by over $65. Travelers has a less extreme increase, but you can still expect to pay $45 more than you were prior to your first collision.

Overall, the cheaper rates come from Travelers, with monthly prices averaging $173 compared to Farm Bureau Financial Services's $187.

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 ticket when it comes to your insurance bill. For example, Farm Bureau Financial Services increases average rates by more than $100 a month -- that's over a 45% increase.

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

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

The reasoning auto insurance companies use is that drivers 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 more affordable prices.

Looking specifically at Travelers and Farm Bureau Financial Services, which one has the cheapest premiums for policyholders 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 Travelers 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 rates. Normally, 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.

Travelers tends to be the more affordable option for both drivers who put 6,000 miles on their vehicles yearly, as well as those who average twice that figure. Farm Bureau Financial Services's average rates for drivers with 6,000 annual miles come in around 1% more expensive than Travelers. Those who drive 12,000 miles every year can expect to pay about 4% more with Farm Bureau Financial Services over Travelers.

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

Where you live can have a pretty big impact on your monthly insurance cost. Usually, drivers who live in heavily-populated urban areas will pay quite a bit more than rural policyholders because there are a lot more cars on the road in those areas, which increases the chances of an accident.

Farm Bureau Financial Services boasts the lowest average premiums in urban and suburban areas, while Travelers wins in rural areas.

In urban areas, Farm Bureau Financial Services's average rates are around 4% less than Travelers. Drivers in suburban ZIP codes pay about 1% less with Farm Bureau Financial Services compared to Travelers. If you live in a rural area, you can expect to save around 12% with Travelers compared to Farm Bureau Financial Services.

Farm Bureau Financial Services vs. Travelers 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 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 carrier that has the most discounts for your unique driver profile and to find all the discounts you can take advantage of.

In the section below, we've compared all of the different discounts offered by Farm Bureau Financial Services and Travelers so that you can find the carrier that has the most discounts and, therefore, the biggest savings.

Travelers knocks Farm Bureau Financial Services out of the park when it comes to the sheer number of discounts available, offering 25 different discounts to Farm Bureau Financial Services's 25.

A couple of those are overlapping for things like anti-theft discounts, discounts for being a good driver, and paid in full discounts. Travelers also offers ABS discounts, advance quote discounts, alternative fuel 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 Travelers Best for You?

So, we've broken down the average prices for many of the factors insurance carriers look at, and walked through the different discounts each company offers, too. That's all well and good, but at the end of the day, is Farm Bureau Financial Services or Travelers the best one for you and your specific driver profile?

Travelers might be best for you if....

• You have a DUI charge on your record.
• You're looking for more protection with "full coverage" car insurance.
• You have a short commute.

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

• You have a clean record.
• You want basic insurance coverage at the state minimum limits.
• You are over 65 years old and want to save some money on your auto insurance.

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

Farm Bureau Financial Services vs. Travelers FAQs

Is Farm Bureau Financial Services or Travelers cheaper?

Looking just at the national average premiums, Travelers is the cheaper of the two companies, offering average rates of $167 per month compared to $170 for Farm Bureau Financial Services. However, Travelers won't necessarily be the most affordable carrier for everyone, since there are a bunch of different variables that are considered when it comes to your insurance payment.

Who is better, Farm Bureau Financial Services or Travelers?

Sadly, the real answer is "it depends.". One company is not "better" for everyone -- it all depends on what your unique auto insurance profile looks like. For example, Travelers offers less expensive prices for single drivers, while Farm Bureau Financial Services is cheaper for drivers who have already retired.

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

Car insurance carriers take a look at lots of different factors when determining the premiums they charge policyholders. Things like gender, where your home is, age, your driving record, and sometimes even things like your credit score can all be taken into consideration. Both Farm Bureau Financial Services and Travelers calculate rates using different variables, so each one will most likely offer different premiums. The only real way to see which carrier is the lowest for you is by comparing personalized quotes from a variety of different companies.

How do I know if Farm Bureau Financial Services or Travelers 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 make it easy for you to do just that. Just enter your area information and you'll get free quotes from dozens of the best car insurance companies in your area. That way, you can guarantee you're getting the cheapest premium. And who knows, the best carrier for you might not be Farm Bureau Financial Services or Travelers 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.