Farm Bureau vs. GEICO: Which Company is the Best Fit for You?

Quick Facts

• In general, GEICO offers significantly less expensive premiums than Farm Bureau
• GEICO tends to be a much more affordable option for single people who will be the only person on the car insurance policy
• GEICO offers cheaper average rates for policyholders who live in rural neighborhoods

Farm Bureau or GEICO: Which Company has the Cheapest Car Insurance?

So, you're thinking about switching to a new insurance policy. After all, you've seen ads from all sorts of companies offering large savings. But exactly how much can you save by switching?

You've maybe even narrowed your search down to Farm Bureau or GEICO as your top options, but which company has more affordable premiums for auto insurance?

Looking at the national average rates for both carriers, Farm Bureau has average rates that are around 45% a month more expensive than those from GEICO.

Even so, GEICO may not be the most affordable or best option for every single driver out there. After all, car insurance companies can offer drastically different rates to every driver depending on rating factors like your credit score, your age, your driving record, or even where you call home (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 rates from both Farm Bureau and GEICO by many different rate factors, so read on to find out which carrier is the best for you.

Farm Bureau vs. GEICO: Average Car Insurance Rates by State

Farm Bureau and GEICO only compete against each other in Michigan, where Farm Bureau offers the cheaper average prices. Undefined drivers tend to pay about undefined per month less on average compared to drivers who use undefined for their insurance.

That being said, there are plenty of other factors that go into your car insurance cost than just the state you live in. Continue reading to learn more about how other variables will affect your rates.

Which is the Best Company For Young Drivers?

Teen drivers will almost always have the most expensive auto insurance rates of any other group of drivers. 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 insurance premiums. For example, 18-year-old drivers pay an average of over 25% less a month by choosing GEICO over Farm Bureau.

However, both carriers will offer you dramatically lower prices by the time you turn 25. GEICO offers the steepest drop, with 25-year-olds paying less than half what 18-year-old drivers are charged. Farm Bureau's average premiums lower almost 25% during that same period.

Which is the Best Company for Retired Drivers?

Once you approach retirement age, you'll normally enjoy the cheapest car insurance rates you'll ever find. You've been on the road for years, and all that experience pays off when it comes to your monthly premiums for insurance.

So, which company offers the best rates to retired drivers? GEICO gets the edge, with prices for drivers 65 and older nearly 50% cheaper than the national average for Farm Bureau.

Which is the Best Company for Married Drivers?

You may not be aware, but auto insurance premiums tend to be more expensive for those who are single than they are for married couples. This usually boils down to married policyholders having multiple vehicles on their policy -- something quite a few insurance companies will reward with discounts.

For single policyholders, the difference in average prices between these two carriers is significant, with GEICO rates coming in at about half of Farm Bureau's. The advantage for married drivers with GEICO is also obvious, where drivers save more than 50% per month.

Farm Bureau or GEICO: Average Rates by Gender

Did you know women tend to pay less for car insurance than men? That's because men are more likely to get speeding tickets and get into accidents, which raises the chances of filing a claim with insurance.

Men and women end up paying the same monthly prices with Farm Bureau, but with GEICO, the difference is closer to $8 a month.

When it comes to the lowest premiums for each gender, GEICO comes out as the most affordable option for both genders, with average rates 45% less for men and 47% cheaper for women.

Farm Bureau vs. GEICO: 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 auto insurance can be a complicated subject for most people. There are several different coverages that account for a bunch of different things. Some protect you and your car, while others only provide coverage for other people's property and health if you cause a collision.

But most policies end up falling into two different types of coverage -- liability coverage (that covers bodily injury and property damage for other drivers if you cause an accident) 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 insurance, GEICO has the significant edge, with average monthly premiums coming in at $101. If you want a full coverage policy with the same state minimum limits, GEICO again has the edge, with policies averaging around $269 per month to Farm Bureau's $468.

Is Farm Bureau or GEICO Better for Drivers with Spotty Records?

It's no secret -- drivers with good records end up getting the best deals on their car 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 speeding tickets and collisions on your record, but which of these two companies offers the lowest rates to drivers with less-than-perfect records?

Which Company is Best for Drivers with Speeding Tickets?

Policyholders who use Farm Bureau for their insurance can usually expect their monthly bill to go up about 32% after getting a speeding ticket. GEICO policyholders can expect a less drastic increase of around 23%.

However, GEICO tends to offer the best prices for drivers both with clean records and with a ticket. With GEICO, drivers with a clean record can save about $87 a month and drivers with a speeding ticket can save around $146 per month.

Which Company is Best for Drivers After an Accident?

After an accident, drivers who have their auto insurance through Farm Bureau can expect to see about an $31 -- or around 13% -- rise in their insurance prices. Drivers who use GEICO for their auto insurance will see a monthly bill about $85 (or 43%) more expensive after reporting a collision to their car insurance carrier.

At the end of the day, drivers who use GEICO end up with the cheaper prices after an accident, with average rates coming in at $200 compared to Farm Bureau Insurance of Michigan's $233.

Which Company is Best for Drivers with a DUI?

On average, a DUI offense is going to cost you much more than a single collision or ticket when it comes to your auto insurance bill. Farm Bureau drivers usually see a 68% increase in their insurance premiums after a DUI charge, while GEICO will generally climb prices by around 58%.

How does Credit Score Impact Farm Bureau and GEICO Rates?

Did you know many car insurance carriers take into account your credit score when determining rates? This isn't true for everyone (Hawaii, for example, has banned the use of credit score as an insurance factor) but it does affect many drivers out there.

Insurance companies argue that those with good credit scores are more likely to pay their bills on time every month, which lowers the risk involved on their end, while the opposite is true for those with bad credit.

So, which company offers the best prices 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 or GEICO 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 considerable impact on how much car insurance carriers will charge for coverage? Typically, the more milage you put on your car each year, the more you can expect to pay for coverage.

For both remote workers and those taking short commutes, GEICO offers less expensive premiums than Farm Bureau. GEICO's average prices for drivers with 6,000 annual miles come in about $151 more affordable than Farm Bureau. Those who drive 12,000 miles annually can expect to pay around $165 less with GEICO over Farm Bureau.

Farm Bureau or GEICO: Compare Rates for Urban, Suburban, and Rural Drivers

Where you park your vehicle can have a substantial impact on your monthly auto insurance bill. Normally, if you live in a rural area with fewer cars on the road, you'll pay a little less for insurance, while the opposite is true for people in urban areas.

GEICO tends to offer the lowest rates for drivers in all types of areas, no matter if they're urban, suburban, or rural.

If you live in a rural area, you can expect to pay about $159 a month with GEICO compared to Farm Bureau's $223. Drivers in suburban ZIP codes pay around $185 with GEICO compared to Farm Bureau's $349 per month. In urban areas, GEICO's average prices are about $211 while Farm Bureau offers premiums around $457.

Farm Bureau vs. GEICO Discounts

No matter 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 you can, and the best way to do that is by utilizing as many car insurance discounts as possible.

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 qualify for.

Luckily, we did the hard work for you and broke down all of the different discounts offered by both Farm Bureau and GEICO so that you can find the carrier that has the most discounts and, therefore, the largest savings.

GEICO knocks Farm Bureau out of the park when it comes to the sheer number of discounts available, offering 28 different discounts to Farm Bureau's 28.

A couple of those are overlapping for things like anti-theft discounts, group discounts, and multi-policy discounts. GEICO also offers discounts for ABS, commercial drivers license, COVID-19 relief, and more.

On the other hand, Farm Bureau has a few proprietary discounts of their own like advance quote discounts and term discounts.

Final Thoughts: Is Farm Bureau or GEICO Best for You?

So, you've seen how different factors can affect your auto insurance prices. We've shown you all the discounts each company offers, too. That's all well and good, but when it comes down to it, which carrier is the best one for you and your specific needs?

GEICO might be best for you if....

• You will be the only person on the car insurance policy.
• You already have a great credit score.
• You drive fewer than 12,000 miles each year.

Farm Bureau might be best for you if...

• You have a more unique driver profile than those we mentioned above.

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

At the end of the day, the sure-fire way to make sure you're getting the best deal on your auto insurance policy is to compare quotes from several companies, not just Farm Bureau and GEICO. Luckily, Compare.com makes it easy for you to do just that. Simply enter your ZIP codes below and get multiple quotes from some of the best insurance carriers in your area, all for free.

Farm Bureau vs. GEICO FAQs

Is Farm Bureau or GEICO cheaper?

GEICO is the less expensive of the two companies when looking at national average premiums, with policies averaging $185 a month with GEICO and $343 for Farm Bureau. But that doesn't mean GEICO will be the cheapest company for every policyholder, since there are a variety of different variables (things like age, gender, driving record, etc.) that play a role in how much you pay.

Who is better, Farm Bureau or GEICO?

Sadly, the answer truly is "it depends.". No single carrier is "better" for each policyholder -- it all depends on the makeup of your unique car insurance profile.

Why do Farm Bureau and GEICO offer me different rates?

Insurance carriers use a lot of different factors when calculating the rates they charge. Variables such as gender, your driving record, age, where your home is, and sometimes even things like your credit score can all be taken into consideration. Both Farm Bureau and GEICO use different formulas, so it's likely they'll offer different premiums. The best way to determine which company is the most affordable for you is by comparing personalized quotes from multiple different companies.

How do I know if Farm Bureau or GEICO is right for me?

The only way to find the auto insurance carrier that's right for you is by getting quotes from a handful of 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 quotes from dozens of your local top car insurance companies for free. With those, you can guarantee you're getting the best premium. And maybe you'll find that the best company for you isn't Farm Bureau or GEICO 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.