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

Quick Facts

• Looking at the national averages for auto insurance, Farm Bureau offers significantly more affordable prices than Hanover
• Farm Bureau has cheaper premiums for drivers who have an at-fault accident on their record
• Hanover offers more discounts than Farm Bureau Insurance of Michigan

Farm Bureau vs. Hanover: Which Company has the Cheapest Car Insurance?

So, you're thinking about switching your auto insurance. After all, you've seen ads from all sorts of companies offering hefty discounts. But exactly how much can you save by switching?

You've maybe even narrowed your search down to Farm Bureau or Hanover, but which carrier will save you the most?

Looking at the national average rates for both companies, Farm Bureau has average rates that are about 60% per month more affordable than those from Hanover.

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

Wanting to know if Farm Bureau or Hanover 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 or Hanover: Average Car Insurance Rates by State

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There's a lot more that goes into your car insurance cost than just where you live. Keep reading to learn more.

Which is the Best Company For Young Drivers?

You might already know that teen drivers normally pay a lot more for auto insurance than any other group of drivers. Typically, that's because young, inexperienced drivers are statistically much more likely to get into an accident that results in a car insurance claim, making them much riskier to insure.

However, that doesn't mean that teen drivers have to just accept sky-high car insurance prices. Just look at the table above -- where 18-year-old drivers who have Farm Bureau for their auto insurance pay more than $500 less than those who use Hanover.

That being said, with both companies, you'll see your rates decrease significantly by the time drivers turn 25. For example, average premiums for Farm Bureau policyholders reduce over $100 and Hanover's rates drop around $500 over that time.

Which is the Best Company for Retired Drivers?

When it comes to insurance, patience and experience pay off, with drivers around retirement age paying some of the cheapest prices out there.

So, which company offers the best rates to retired drivers? Farm Bureau gets the edge, with premiums for drivers 65 and older nearly 55% cheaper than the national average for Hanover.

Which is the Best Company for Married Drivers?

Married drivers tend to get slightly more affordable car insurance prices than single drivers. That's usually because married policyholders tend to own and insure several cars, which can often earn you a discount.

When it comes to relationship status, Farm Bureau is the clear winner for those who are single, with premiums about $639 a month cheaper than Hanover, on average. For married couples, the advantage is clear again - Farm Bureau has the edge when it comes to average rates.

Farm Bureau vs. Hanover: Average Rates by Gender

Men generally pay more for insurance than women. This is because women are less likely to get into accidents and get tickets, which decreases the chances of an insurance claim.

Women and men end up paying same monthly prices with Farm Bureau, and around $60 cheaper with Hanover when compared to their male counterparts.

Looking at the data for each carrier specifically, Farm Bureau offers the lowest average rates for both men and women, with average prices 61% less for men and 58% cheaper for women.

Farm Bureau or Hanover: 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 pretty complicated. There are several different coverages that account for multiple different things. Some protect you and your vehicle, while others only provide coverage for other people's property and health if you cause an accident.

The two most common policies that many drivers look at fall into two categories -- liability only (which provides property damage and bodily injury coverage for other drivers and passengers if you cause a collision) and full coverage (which includes two additional coverages -- comprehensive and collision -- alongside liability).

If you're looking for state minimum liability limits, Farm Bureau usually offers significantly less expensive premiums of $218 compared to Hanover's $509. When it comes to full coverage policies with similar limits, Farm Bureau again has the edge, with policies about $500 per month cheaper than Hanover, on average.

Is Farm Bureau or Hanover 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.

It's no secret secret that tickets and at-fault accidents lead to higher prices, but which company -- Farm Bureau or Hanover -- has the most affordable premiums for drivers with less-than-perfect records?

Which Company is Best for Drivers with Speeding Tickets?

Farm Bureau policyholders can expect their rates to go up an average of $94 a month if they get a ticket, while Hanover typically raises prices around $221 per month, on average.

Even so, Farm Bureau tends to offer the best prices for both drivers who have clean records and those with a recent speeding ticket, offering rates that are $415 and $542 more affordable, respectively, compared to Hanover Insurance.

Which Company is Best for Drivers After an Accident?

After an accident, drivers who have their insurance through Farm Bureau can expect to see about an $31 -- or around 13% -- increase in their auto insurance premiums. Drivers who use Hanover for their insurance will see a monthly bill about $326 (or 35%) more expensive after reporting an accident to their auto insurance carrier.

Overall, the less expensive rates come from Farm Bureau, with monthly premiums averaging $233 compared to Hanover Insurance's $943.

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 -- normally a lot more than a collision or ticket. On average, Farm Bureau will increase your prices around 68% after a DUI, while Hanover's average rates increase by just under 40%.

If you have a DUI on your record and are looking for more affordable prices, Farm Bureau tends to be the much more affordable option with average premiums of $641 per month compared to 1013 from Hanover.

How does Credit Score Impact Farm Bureau and Hanover Rates?

Often times, your credit score can come into play when carriers calculate your monthly bill. This isn't always the case (Hawaii, for example, has banned the use of credit score as a rating factor) but it does affect several drivers out there.

Auto insurance companies argue that someone with good credit is more likely to pay their bills on time, which makes them less risky to insure. Because of that, policyholders with good credit will often be rewarded with cheaper rates.

So, which company offers the lowest prices for drivers 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 Hanover Better for Drivers who Work from Home or Have Short Commutes?

How much you drive can have a sizable impact on how much insurance carriers will charge for coverage. That's because the more miles you put on your vehicle each year, the more likely you are to get into an accident and cause an insurance claim.

For both drivers who put 6,000 miles on their vehicles yearly, as well as those who average twice that figure, Farm Bureau tends to be the less expensive option. Farm Bureau's average premiums for drivers with 6,000 annual miles come in about $520 cheaper than Hanover. Those who drive 12,000 miles annually can expect to pay around $499 less with Farm Bureau over Hanover.

Farm Bureau vs. Hanover: 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 considerable impact as well. Generally, policyholders who live in heavily-populated urban areas will pay quite a bit more than rural drivers due to the number of cars that are on the roads in those areas.

When comparing these two companies side-by-side, Farm Bureau typically comes out as the cheapest option for drivers in all types of areas, no matter if they're urban, suburban, or rural.

Policyholders in rural ZIP codes see the most affordable prices from both carriers, but Farm Bureau comes out on top with average premiums about $223 a month. Farm Bureau also has less expensive average rates for drivers in urban and suburban ZIP codes -- a $509 and $493 a month respective difference when compared to Hanover policyholders in similar areas.

Farm Bureau vs. Hanover 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, and the best way to do that is by utilizing as many car insurance discounts as you can.

But with what seems like a million different discounts out there, it can be hard to nail down the carrier that has the most discounts for your unique driver profile and to find all the discounts you qualify for.

In the table below, we've compared all of the different discounts offered by Farm Bureau and Hanover so that you can easily see which company offers the most discounts and, therefore, the biggest savings.

Hanover knocks Farm Bureau out of the park when it comes to the sheer number of discounts available, offering 21 different discounts to Farm Bureau's 21.

A couple of those are overlapping for things like advance quote discounts, group discounts, and multi-policy discounts. Hanover also offers ABS discounts, annual mileage discounts, defensive driver discounts, and more that Farm Bureau does not.

On the flip side, Farm Bureau has a unique discount of its own -- a term discounts.

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

So, we've broken down the average premiums for many of the factors insurance companies look at, and walked through the different discounts each company offers, too. But, when it comes down to it, which carrier is the right company for you and your specific profile and needs?

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

• You have received a ticket within the last few years.
• Your neighborhood is in a city.
• You don't spend much time in your car.

Hanover might be best for you if...

• You want to save extra money with discounts.

We hope this guide helps you get a better idea of the difference between Farm Bureau and Hanover and that it aids in making a more informed decision about your car insurance.

At the end of the day, the best way to make sure you're getting the best deal on your auto insurance policy is to compare quotes from a handful of carriers, not just Farm Bureau and Hanover. Luckily, sites like Compare.com make it easy for you to do just that. Simply enter your ZIP code below and get free quotes from dozens of the top insurance companies in your area, all in just a few minutes.

Farm Bureau vs. Hanover FAQs

Is Farm Bureau or Hanover cheaper?

Looking just at the national average prices, Farm Bureau is the more affordable of the two carriers, offering average rates of $343 per month compared to $853 for Hanover. But Farm Bureau won't necessarily be the cheapest company for every driver, since there are many different variables (things like age, driving record, gender, etc.) that play a role in how much you pay.

Who is better, Farm Bureau or Hanover?

Sadly, the real answer is "it depends.". One carrier is not necessarily "better" for everyone -- it all boils down to your unique auto insurance profile.

Why do Farm Bureau and Hanover offer me different rates?

Car insurance companies take a look at quite a few different factors when calculating the rates they charge drivers. Things such as age, your driving record, where you call home, gender, and sometimes even things like your credit score can all be used. Both Farm Bureau and Hanover calculate premiums using different variables, so each one will most likely offer different rates. The only real way to see which company is the most affordable for you is by comparing personalized quotes from a bunch of different carriers.

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

The only way to find the insurance carrier that's right for you is by getting quotes from multiple companies 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 car insurance carriers in your area. With those, you can guarantee you're getting the best price. And who knows, the best company for you might not be Farm Bureau or Hanover 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.