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

Quick Facts

• Based on national averages for auto insurance, Meemic offers more affordable premiums than Farm Bureau
• Farm Bureau offers more affordable prices for policyholders who live in rural neighborhoods
• Meemic tends to be a much less expensive option for policyholders who drive fewer than 6,000 miles every year

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

Are you in the market for a new insurance policy? With so many ads from all sorts of companies offering large savings, you're probably wondering exactly how much you might be able to save.

You might have narrowed it down to Farm Bureau or Meemic, but between the two, which company will save you the most?

Looking at nationwide averages, Meemic is around $62 a month cheaper than Farm Bureau.

However, that doesn't necessarily mean Meemic will be the more affordable option for every driver. Insurance carriers use all sorts of complex algorithms to determine premiums, so depending on how old you are or how clean your driving record is (among many other factors), you could see wildly different prices from the ones above.

Wanting to know if Farm Bureau or Meemic is really the right company for you? Keep on reading to see how average rates can change based on all of the factors we've mentioned above.

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

Both Farm Bureau and Meemic only offer auto insurance in Michigan, so you'll see that the average figures here will mirror the ones we mentioned above. Meemic drivers tend to pay about $62 per month less on average compared to drivers who use Farm Bureau for their car insurance.

Typically, the state you live in will play a huge role in how much you pay for insurance, but since both companies only do business in Michigan, an array of other variables will come into play when you compare Farm Bureau and Meemic. Read on to learn more.

Which is the Best Company For Young Drivers?

Young drivers -- especially teens -- usually pay a lot for car insurance compared to older drivers. Typically, that's because teen 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 over 15% less a month by choosing Meemic over Farm Bureau.

Even so, both companies will drop rates once you turn 25. For example, average prices for Farm Bureau policyholders lower almost 25% and Meemic's premiums reduce nearly 40% over that time.

Which is the Best Company for Retired Drivers?

Drivers around retirement age normally enjoy some of the cheapest auto insurance rates you can find. After all, they've likely been driving for quite some time, which generally reduces their chances of collisions and other infractions that can raise prices.

When looking at Farm Bureau and Meemic specifically, which carrier is best for retired drivers? In this case, Meemic has the slight edge, with rates about $11 per month less than Farm Bureau. But that difference is less than 5%, which means it ultimately will come down to other factors, like where you live or your credit score.

Which is the Best Company for Married Drivers?

Did you know that car insurance premiums are normally cheaper for married couples than they are for single policyholders? That's because policies for married drivers usually cover multiple vehicles, which lots of carriers will give you a discount for.

For single drivers, the difference in average prices between these two companies is significant, with Meemic rates coming in at around 20% less than Farm Bureau's. For married policyholders, the advantage is clear again - Meemic has the edge when it comes to average premiums.

Farm Bureau or Meemic: Average Rates by Gender

Did you know women tend to pay less for auto insurance than men? This is because men are statistically more likely than women to get tickets and get into accidents, which leads to increased risk for insurers and, therefore, higher prices.

Women and men end up paying same monthly premiums with Farm Bureau; everyone gets the same monthly rates regardless of gender with Meemic.

Looking at overall affordability, Meemic comes out on top for both men and women. On average, male drivers save about $62 a month and women save about $62 with Meemic compared to the average Farm Bureau policyholder.

Farm Bureau vs. Meemic: 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.

Insurance can be a complicated subject for most people. There are lots of 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.

The two most common policies that drivers look at fall into two categories -- liability coverage (which provides bodily injury and property damage coverage for other drivers and passengers if you cause an accident) and full coverage (which includes collision and comprehensive coverages that protect your own car, in addition to liability coverage).

Looking specifically at state minimum liability limits, Meemic has the slight edge, with average monthly prices coming in at $201. If you want a full coverage policy with the same state minimum limits, Meemic again has the edge, with policies averaging around $361 per month to Farm Bureau's $468.

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

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

It's no secret secret that at-fault accidents and speeding tickets lead to higher premiums, but which company -- Farm Bureau or Meemic -- has the lowest prices for drivers with less-than-ideal driving records?

Which Company is Best for Drivers with Speeding Tickets?

Policyholders who use Farm Bureau for their insurance can typically expect their monthly bill to go up about 32% after getting a speeding ticket. Meemic policyholders can expect a bit more drastic of an increase of around 36%.

That being said, Meemic has less expensive rates for drivers in both categories. With Meemic Insurance Company, drivers with a clean record can save about $26 a month and drivers with a ticket can save around $20 per month.

Which Company is Best for Drivers After an Accident?

Both carriers will increase prices pretty significantly if you get into an at-fault collision with Meemic raising by about 30%. Farm Bureau has a less extreme climb, but you can still expect to pay nearly 15% more than you were prior to your first accident.

At the end of the day, Farm Bureau offers the most affordable premiums for drivers with an at-fault collision on their records, with average rates coming in at $233 compared to Meemic Insurance Company's $250.

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 -- generally a lot more than a collision or speeding ticket. On average, Farm Bureau will raise your prices around 68% after a DUI, while Meemic's average rates rise by just under 60%.

But if you end up with a DUI charge and are looking for more affordable premiums, Meemic tends to be more affordable for the average driver, with monthly premiums coming in at about $421 to Farm Bureau's $641.

How does Credit Score Impact Farm Bureau and Meemic Rates?

Did you know many auto insurance companies take your credit score into account when determining prices? This isn't true for everyone (for example, Hawaii and Massachusetts are two states that ban the practice entirely), but it does affect many drivers out there.

The reasoning car insurance carriers use is that policyholders with good credit will be more likely to pay their bills on time; so they'll reward them with cheaper premiums, while those with poor credit will usually be forced to pay more.

So, which carrier offers the best rates for drivers with poor, average, or good credit?

Which Company is Best for Drivers with Good Credit?

Which Company is Best for Drivers with Bad Credit?

Is Farm Bureau or Meemic 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 sizable impact on your monthly prices? Typically, those who drive less will end up with cheaper rates since there's less of a chance of causing an accident and filing an insurance claim.

As you can see in the table above, annual mileage doesn't have much of an impact on how much Meemic charges. However, there's a small difference in monthly premiums for Farm Bureau, with policyholders who drive the least paying around $22 less each month compared to those who drive 12,000 miles annually. Still, for drivers in both categories, Meemic is the less expensive company.

Farm Bureau or Meemic: 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 insurance, but the type of area you live in can have a substantial impact as well. Generally, if you live in a rural area with fewer cars on the road, you'll pay a little less for auto insurance, while the opposite is true for people in urban areas.

Looking at these companies side-by-side, Meemic tends to offer the lowest option for drivers in urban and suburban areas, while Farm Bureau wins in rural areas.

If you live in a rural area, you can expect to pay about $223 a month with Farm Bureau compared to Meemic's $248. People in suburban areas pay around $273 with Meemic compared to Farm Bureau's $349 per month. For drivers in urban ZIP codes, Meemic's average rates are about $322 a month compared to Farm Bureau's $457.

Farm Bureau vs. Meemic Discounts

You want to save as much money as you can, right? The best way to do that is by utilizing as many car insurance discounts as possible.

But with what seems like a million different discounts out there, it can be difficult to find all the ones you can take advantage of or to nail down the carrier that has the most discounts for your unique driver profile.

Luckily, we did the hard work for you and looked at all of the different discounts Farm Bureau and Meemic offer their customers so that you can see which carrier offers the most discounts and see which ones you might be able to take advantage of.

Overall, Meemic comes out ahead with eight discounts to Farm Bureau's five.

A couple of those are overlapping for things like anti-theft discounts, group discounts, and multi-policy discounts. Meemic also offers discounts for defensive driver, employee discount, good student, 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 Meemic Best for You?

You've seen the role certain variables have on your insurance and the different discounts carriers offer. That's all well and good, but at the end of the day, is Farm Bureau or Meemic the best one for you and your specific profile and needs?

Meemic might be best for you if....

• You're worried about the impact your credit score will have on your premiums.
• You want to save extra money with discounts.
• You and your spouse are buying car insurance together.

Farm Bureau might be best for you if...

• You want to save money on your auto insurance after a collision.
• You live in a rural area.

Hopefully, this guide helps you get a good idea of the differences between Farm Bureau and Meemic 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 car insurance policy is to compare quotes from several companies, not just Farm Bureau and Meemic. Luckily, Compare.com does all the hard work for you. 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 vs. Meemic FAQs

Is Farm Bureau or Meemic cheaper?

Meemic is the cheaper of the two companies when looking at national average prices, with policies averaging $281 per month with Meemic and $343 for Farm Bureau. But that doesn't mean Meemic will be the most affordable company for everyone, since there are several different factors that come into play when it comes to your insurance payment.

Who is better, Farm Bureau or Meemic?

Unfortunately, the only answer we can give you is "it depends.". Neither carrier is "better" for every policyholder -- it all depends on what your unique auto insurance profile looks like. For example, Farm Bureau is more affordable for drivers with excellent credit, while Meemic offers less expensive premiums for drivers with a recent DUI.

Why do Farm Bureau and Meemic offer me different rates?

Car insurance carriers use several different variables when calculating the prices they charge. Factors such as where you live, gender, where you park your vehicle, age, and sometimes even things like your credit score can all be taken into consideration. Both Farm Bureau and Meemic use different formulas, so it's likely they'll offer different rates. The best way to determine which company is the cheapest for you is by comparing personalized quotes from multiple different companies.

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

The only way to find the 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 make it easy for you to do just that. Just enter your ZIP code and you'll get quotes from dozens of your local top auto insurance companies for free. That way, 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 Meemic 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.