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

Quick Facts

• Based on national averages for insurance, State Farm offers slightly more affordable prices than Farm Bureau Financial Services
• Farm Bureau Financial Services offers cheaper average rates for policyholders who live in suburban areas
• State Farm offers more affordable prices for policyholders who are looking to purchase insurance with a spouse

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Farm Bureau Financial Services or State Farm: 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 huge savings. But exactly how much can you save by switching?

You might have narrowed your search down to Farm Bureau Financial Services or State Farm as your top options, but which one will save you the most?

Looking at nationwide averages, Farm Bureau Financial Services is around $12 more a month than State Farm.

Even so, that doesn't necessarily mean State Farm will be the less expensive option for each driver. After all, auto insurance carriers can offer drastically different rates to every driver depending on rating factors like your credit score, your driving record, your age, or even where you call home (among other things), so premiums could differ drastically from person to person.

So, if you want to find out which of Farm Bureau Financial Services or State Farm is really the best for you, keep reading to see average rates for each company broken down by many different rate factors.

Farm Bureau Financial Services vs. State Farm: Average Car Insurance Rates by State

Farm Bureau Financial Services and State Farm compete against each other in eight states, with Farm Bureau Financial Services offering more affordable prices to the average driver in all of them. New Mexico has the most noticable difference, where State Farm premiums are $78 less expensive than car insurance rates at Farm Bureau Financial Services.

There are plenty of other factors that go into your insurance cost than just where you call home. Continue reading to learn more about how other variables will affect your rates.

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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 group on the road. It's because teen drivers are statistically much more likely to get into an accident that results in an insurance claim, making them much riskier to insure.

But that doesn't mean teen drivers can't still save money on their car insurance. For example, 18-year-old drivers pay an average of 6% less per month by choosing Farm Bureau Financial Services over State Farm.

That being said, with both companies, you'll see your premiums decrease significantly by the time you turn 25. For example, average rates for Farm Bureau Financial Services policyholders lower almost 55% and State Farm's prices reduce nearly 60% over that time.

Which is the Best Company for Retired Drivers?

Drivers around retirement age generally enjoy some of the most affordable insurance premiums you'll ever find. After all, they've likely been driving for quite some time, which usually decreases their chances of collisions and other infractions that can raise rates.

When looking at Farm Bureau Financial Services and State Farm specifically, which carrier is best for retired drivers? State Farm gets the edge, with prices for drivers 65 and older $16 cheaper than the national average for Farm Bureau Financial Services.

Which is the Best Company for Married Drivers?

You may not be aware, but car insurance premiums tend to be less expensive for married couples than they are for single policyholders. That's because policies for married drivers typically cover several vehicles, which lots of carriers will give you a discount for.

For those who are single, the difference in average rates between these two companies is not very significant, with State Farm prices coming in at about 6% less than Farm Bureau Financial Services's. The advantage for married policyholders is more obvious, where drivers who use State Farm save over 10% a month.

Farm Bureau Financial Services or State Farm: Average Rates by Gender

Men are statistically more likely than women to get into a collision or get pulled over for speeding. That means when it comes to insurance men will normally end up paying a little more.

Surprisingly, with Farm Bureau Financial Services, men usuallypay around $5 per month less than women, and about $12 more with State Farm.

Looking at overall affordability, State Farm comes out as the lowest option for both genders, with average rates 2% less for men and 12% cheaper for women.

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Farm Bureau Financial Services vs. State Farm: 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.

Auto insurance isn't the easiest topic to understand. Everyone needs insurance, but there are so many different coverages and limits that it can be hard to find the right policy for you.

However, most policies that drivers look at fall into two categories -- liability coverage (which provides bodily injury and property damage coverage for other drivers and their 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).

When it comes to state minimum limits for liability insurance, Farm Bureau Financial Services has the edge, while State Farm offers the cheapest average prices for full coverage policies with similar coverage limits. Policyholders looking for basic state minimum coverage can save around $10 with Farm Bureau Financial Services, while full coverage comes out to be around $35 more affordable with State Farm.

Is Farm Bureau Financial Services or State Farm 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 Financial Services or State Farm -- has the lowest prices for drivers with less-than-ideal driving records?

Which Company is Best for Drivers with Speeding Tickets?

Drivers who use Farm Bureau Financial Services for their car insurance can generally expect their monthly bill to go up about 17% after getting a speeding ticket. State Farm policyholders can expect a less drastic increase of around 14%.

But Farm Bureau Financial Services tends to offer the best prices for both drivers who have clean records and those with a recent ticket, offering premiums that are $13 and $9 cheaper, respectively, compared to State Farm.

Which Company is Best for Drivers After an Accident?

After an accident, drivers who have their auto insurance through Farm Bureau Financial Services can expect to see about an $66 -- or around 35% -- rise in their car insurance rates. Drivers who use State Farm for their insurance will see a monthly bill about $29 (or 18%) more expensive after reporting a collision to their auto insurance carrier.

At the end of the day, drivers who use State Farm end up with the cheaper prices after an accident, with average premiums coming in at $163 compared to Farm Bureau Financial Services's $187.

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. For example, Farm Bureau Financial Services increases average rates by more than $100 a month -- that's more than a 45% increase.

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

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

Insurance companies argue that those with poor credit scores are less likely to pay their bills on time each month, which raises the risk involved on their end, while the opposite is true for those with good credit.

So, which company offers the best premiums 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?

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Is Farm Bureau Financial Services or State Farm 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 auto insurance payment. Typically, the more milage you put on your vehicle, the more you can expect to pay for insurance.

For both remote workers and those taking short commutes, State Farm tends to be the less expensive option. Farm Bureau Financial Services's average rates for drivers with 6,000 annual miles come in nearly 10% more expensive than State Farm. Those who drive 12,000 miles every year can expect to pay 7% more with Farm Bureau Financial Services over State Farm.

Farm Bureau Financial Services or State Farm: Compare Rates for Urban, Suburban, and Rural Drivers

Where you call home can play a pretty big role in how much you pay for car insurance. Generally, policyholders who live in less densely populated rural areas will pay quite a bit less than urban drivers because of the small number of cars that are on the roads where they live.

Looking at these carriers side-by-side, State Farm boasts the most affordable average premiums in rural and urban areas, while Farm Bureau Financial Services wins in suburban areas.

If you live in a rural area, you can expect to pay around $127 monthly with State Farm and $155 with Farm Bureau Financial Services. People in suburban areas pay about $159 with Farm Bureau Financial Services compared to State Farm's $161 a month. In urban areas, State Farm's average prices are around $185 per month compared to Farm Bureau Financial Services's $196.

Farm Bureau Financial Services vs. State Farm Discounts

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

The difficult part is finding all of the discounts you can take advantage of, since it can feel sometimes like every company has different discounts and each one is advertised differently.

Luckily, we did the hard work for you and broke down all of the different discounts offered by both Farm Bureau Financial Services and State Farm so that you can easily see which company offers the most discounts and, therefore, the largest savings.

State Farm blows Farm Bureau Financial Services away when it comes to the sheer amount of discounts available, offering 23 different discounts to Farm Bureau Financial Services's nine.

Both companies offer lots of the same discounts -- like anti-theft discounts, discounts for being a good driver, and discounts for being a good student -- but State Farm also offers discounts for ABS, annual mileage, distant student, and more.

On the other hand, Farm Bureau Financial Services has a few proprietary discounts of their own for things like life policy discounts, paid in full discounts, safe young driver discounts, and more.

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

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

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

• Your driving record contains an at-fault collision.
• You want the most robust protection via a "full coverage" policy.
• You don't spend much time in your car.

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

• You've received a ticket for speeding recently and don't want to see your rates climb.
• Your neighborhood is in the suburbs.
• You want to save money while purchasing car insurance for a teenager.

Hopefully, this guide helps you get a good idea of the differences between Farm Bureau Financial Services and State Farm. We also hope we've given you the information you need to make the best decision about your 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 auto insurance -- comparing quotes from multiple companies, not just Farm Bureau Financial Services and State Farm. Luckily, Compare.com does all the hard work for you. Simply enter your ZIP codes below and get free quotes from dozens of top car insurance carriers in your area, all in just a few minutes.

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Farm Bureau Financial Services vs. State Farm FAQs

Is Farm Bureau Financial Services or State Farm cheaper?

State Farm is the more affordable of the two companies when looking at national average prices, with policies averaging $158 a month with State Farm and $170 for Farm Bureau Financial Services. Even so, that doesn't mean State Farm will be the lowest carrier for each driver, since there are a variety of different variables that come into play when it comes to your auto insurance bill.

Who is better, Farm Bureau Financial Services or State Farm?

Unfortunately, the answer truly is "it depends.". One company is not "better" for every policyholder -- it all depends on what your unique car insurance profile looks like. For example, Farm Bureau Financial Services is cheaper for drivers who have less-than-stellar credit scores, while State Farm offers more affordable premiums for policyholders with an at-fault accident on their record.

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

Insurance carriers use many different factors when calculating the rates they charge. Variables such as gender, where you live, your driving record, age, and sometimes even things like your credit score can all be used. Both Farm Bureau Financial Services and State Farm calculate prices differently, so it's likely they'll offer different premiums. The best way to determine which carrier is the cheapest for you is by comparing personalized quotes from multiple different companies.

How do I know if Farm Bureau Financial Services or State Farm 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, Compare.com makes it easy for you to do just that. Just enter your ZIP code and you'll get quotes from dozens of your local top car insurance companies for free. That way, you can guarantee you're getting the most affordable price. And maybe you'll find that the best carrier for you isn't Farm Bureau Financial Services or State Farm at all, but another you hadn't even thought of!

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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.