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

Quick Facts

• Based on national averages for car insurance, Farm Bureau Financial Services offers slightly less expensive rates than Progressive
• Farm Bureau Financial Services tends to be a much more affordable option for residents of urban areas
• Progressive offers more discounts than Farm Bureau Financial Services

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

Are you in the market for a new insurance policy? You've probably seen commercials and billboards from companies offering huge discounts, but exactly how much money can you save by switching?

You've maybe even narrowed it down to Farm Bureau Financial Services or Progressive as potential options, but which one has cheaper premiums for insurance?

Looking at the national average rates for both companies, Farm Bureau Financial Services is about $10 per month more affordable than Progressive.

That being said, that doesn't necessarily mean Farm Bureau Financial Services will be the less expensive option for every single driver. Auto insurance carriers use a variety of complex algorithms to calculate rates, so depending on how good your credit score is or how old you are (among multiple other factors), you could see wildly different prices from the ones above.

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

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

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

There's a lot more that goes into your insurance payment than just where you call home. Keep reading to find out more.

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Which is the Best Company For Young Drivers?

You might already know that teen drivers typically pay a lot more for car insurance than any group out there on the road. That's because young, inexperienced drivers are statistically much more likely to cause collisions and other accidents that will result in an insurance claim.

However, that doesn't mean teen drivers can't still save money on their auto insurance. For example, 18-year-old drivers pay an average of more than $100 less a month by choosing Farm Bureau Financial Services over Progressive.

But both companies will reduce premiums by the time you turn 25. For example, average prices for Farm Bureau Financial Services policyholders drop nearly 55% and Progressive's rates lower almost 70% over that time.

Which is the Best Company for Retired Drivers?

Once you approach retirement age, you'll generally enjoy the most affordable car insurance prices out there. You've been on the road for years, and all that experience pays off when it comes to your monthly premiums for auto insurance.

So, which carrier offers the best rates to retired drivers? Farm Bureau Financial Services gets the slight edge here, with average prices coming in at around $127 a month compared to Progressive's $131. Even so, the difference is only about 5%, so other factors (such as your driving record is or your credit score) will likely come into play when determining which company has the cheapest rates for you.

Which is the Best Company for Married Drivers?

Did you know that insurance premiums are normally more expensive for single policyholders than they are for married couples? That's because policies for married policyholders usually cover more than one car, which a lot of carriers will offer you a discount for.

When it comes to relationship status, Farm Bureau Financial Services is the clear winner for those who are single, with rates around $27 per month more affordable than Progressive, on average. It's not quite so glaring for married drivers, where drivers who use Progressive save nearly $15 a month.

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

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

Surprisingly, women typically pay about $5 per month more than men with Farm Bureau Financial Services, while with Progressive, the difference is closer to $5 a month.

Looking at overall affordability, Farm Bureau Financial Services comes out as the most affordable option for both genders, with average premiums 8% less for men and 3% cheaper for women.

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

But most policies end up falling into two different types of coverage -- liability only (which covers the other party's property damage and injuries if you cause an accident) and full coverage (which normally refers to having comprehensive and collision coverages in addition to what you get with liability).

In this case, Farm Bureau Financial Services offers the lowest average prices for state minimum liability limits, while Progressive 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 around $3 cheaper with Progressive.

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

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

You'll probably end up paying more with tickets and at-fault accidents on your record, but which of these two companies offers the cheapest premiums to drivers with less-than-ideal driving 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 per month if they get a ticket, while Progressive usually raises rates about $31 a month, on average.

However, Farm Bureau Financial Services has less expensive premiums for drivers in both categories, offering rates that are 19% and 19% cheaper, respectively, compared to Progressive.

Which Company is Best for Drivers After an Accident?

Farm Bureau Financial Services policyholders who get in a collision can expect to see their prices rise by over $65, while those who have insurance through Progressive will see around a $65 increase.

Overall, Farm Bureau Financial Services offers the most affordable premiums for drivers with an at-fault accident on their records, with monthly prices averaging $187 compared to Progressive's $214.

Which Company is Best for Drivers with a DUI?

If you get a DUI charge on your record, it's probably going to cost you more than a simple speeding ticket or even an accident. On average, Farm Bureau Financial Services will raise your rates about 46% after a DUI, while Progressive's average prices climb by over 15%.

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

Did you know that many car insurance carriers take into account your credit score when calculating rates? This isn't always the case (Massachusetts, for example, has banned the use of credit score as a rating factor) but it does affect several drivers out there.

The reasoning insurance companies 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 generally be forced to pay more.

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

Which Company is Best for Drivers with Good Credit?

Which Company is Best for Drivers with Bad Credit?

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Is Farm Bureau Financial Services or Progressive 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 pretty big impact on your monthly premiums? Usually, those who drive less will end up with more affordable rates since there's less of a chance of getting into a collision and causing an insurance claim.

As you can see in the table above, annual mileage doesn't have much of an impact on how much Progressive charges. However, there's a small difference in monthly prices for Farm Bureau Financial Services, with policyholders who drive the least paying around $11 less each month compared to those who drive 12,000 miles every year. Still, Farm Bureau Financial Services is the cheaper option for drivers in both categories.

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

Where your home is can play a large role in how much you pay for auto insurance. Normally, if you live in an urban area with more cars on the road, you'll pay a little more for insurance, while the opposite is true for people in rural areas.

When comparing these two carriers side-by-side, Farm Bureau Financial Services typically comes out as the more affordable option for drivers in urban and suburban areas, while Progressive wins in rural areas.

In urban areas, Farm Bureau Financial Services's average rates are about $11 less than Progressive. Drivers in suburban ZIP codes pay around $20 less with Farm Bureau Financial Services compared to Progressive. If you live in a rural area, you can expect to save about $1 with Progressive compared to Farm Bureau Financial Services.

Farm Bureau Financial Services vs. Progressive Discounts

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

But where do you even start? With so many discounts out there, it may seem challenging to find all the of the ones you can take advantage of.

Below, we've taken a look at all of the different discounts Farm Bureau Financial Services and Progressive offer their customers so that you can see which company can save you the most money each month.

Progressive knocks Farm Bureau Financial Services out of the park when it comes to the sheer number of discounts available, offering 25 more discounts than Farm Bureau Financial Services.

There are a couple discounts both companies offer, but Progressive also offers ABS discounts, advance quote discounts, advanced safety feature 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.

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

So, we've broken down the average premiums for many of the variables insurance carriers look at, and we've shown you all the discounts each carrier offers. That's all well and good, but when it comes down to it, which company is the best carrier for you and your specific driver profile?

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

• You want to save money on your car insurance after an accident.
• You want basic auto insurance coverage at the state minimum limits.
• You drive often but have a short commute.

Progressive might be best for you if...

• You are considering moving to another state -- undefined only offers policies in.
• You care about discounts (Progressive offers the most).
• Your neighborhood is in a rural area.

We hope this guide helps you get a good idea of the differences between Farm Bureau Financial Services and Progressive and that it aids in making a more informed decision about 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 multiple companies, not just Farm Bureau Financial Services and Progressive. Luckily, sites like Compare.com make it easy for you to do just that. Simply enter your ZIP codes below and get multiple free quotes from some of the best car insurance carriers in your area, all in just a few minutes.

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Farm Bureau Financial Services vs. Progressive FAQs

Is Farm Bureau Financial Services or Progressive cheaper?

Looking just at the national average rates, Farm Bureau Financial Services is the less expensive of the two companies, offering average rates of $170 per month compared to $180 for Progressive. That being said, Farm Bureau Financial Services won't necessarily be the cheapest carrier for each driver, since there are a bunch of different factors that are considered when it comes to your insurance cost.

Who is better, Farm Bureau Financial Services or Progressive?

Sadly, the answer truly is "it depends.". No one company is "better" for everyone -- it all depends on the makeup of your unique car insurance profile. For example, Progressive offers more affordable prices for drivers with a recent DUI, while Farm Bureau Financial Services is less expensive for drivers with excellent credit.

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

Auto insurance carriers take a look at many different variables when determining the premiums they charge policyholders. Factors like where you park your vehicle, gender, where you live, age, and sometimes even things like your credit score can all be used. Both Farm Bureau Financial Services and Progressive calculate prices differently, 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 many different companies.

How do I know if Farm Bureau Financial Services or Progressive is right for me?

The only way to find the car insurance company 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, Compare.com does all the hard work for you. Just enter your ZIP code 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 best premium. And who knows, the best carrier for you might not be Farm Bureau Financial Services or Progressive at all!

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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.