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2021 Farm Bureau auto insurance review

Fact-checked with HomeInsurance.com

    Article Highlights

    Farm Bureau Insurance was established in 1939 in Des Moines, Iowa as Iowa Farm Mutual Insurance Company. Despite the name, Farm Bureau is not an insurance company specifically for farmers. Available in every U.S. state, either through Farm Bureau or its Partners (Alfa Insurance, American National Insurance, and Nationwide Insurance), Farm Bureau is open to all drivers and is an excellent choice for auto insurance because of its low rates. Farm Bureau also covers businesses, farms, and recreational vehicles. 

    Its name varies in each state and generally carries the state’s name, such as Farm Bureau Insurance of Tennessee, Farm Bureau Texas, Indiana Farm Bureau, and Farm Bureau Mutual in the central United States. Members join Farm Bureau for an annual fee of $20-$90 and are then eligible to purchase Farm Bureau insurance.  In most states, the discounted auto insurance rates easily offset the annual fee. However, a few states such as South Carolina, tend to be more costly, so always price-shop the competition before making a decision.

    Carrier quick points

    • Average full coverage premium: $1,570
    • Region offered: All states in the U.S.
    • AM Best rating/financial strength profile: A (Excellent)
    • J.D. Power rating: 828
    • Specialty coverages: farm equipment, commercial, RV/trailers
    • Caveats for eligibility: Farm Bureau membership required.

    Farm Bureau customer satisfaction and complaints

    In the J.D. Power 2020 U.S. Auto Insurance Satisfaction Study, Farm Bureau insurance rating is 828 for overall customer satisfaction. Overall customer satisfaction measures several factors: claim servicing, estimation processes, repair process, rental experience, and settlement. Farm Bureau’s score is a bit below average for the industry.    

    In auto insurance reviews, higher or lower levels of satisfaction can be attributed to many factors: overall higher number of policyholders, a decline in the number of auto insurance repair claims, digital use and availability, and the use of direct repair programs with affiliated repair shops. 

    How factors affect Farm Bureau’s auto insurance rates

    When comparing 2021 car insurance rates by carrier, Farm Bureau is highly ranked among its competitors because it has highly competitive coverage rates. The national average cost of car insurance is $1570/year for full coverage and $449/year for minimum coverage. With Farm Bureau, full coverage averages $1479/year and minimum liability coverage averages $373/year. 

    The Auto Insurance Guide details full coverage and mandatory insurance requirements (for example, minimum liability coverage). The table below explores the impact events on your personal driving record can have on your premium. This demonstrates the importance of avoiding a speeding ticket or traffic accident, to keep premiums low — and how raising a poor credit could potentially mean getting lower rates.

    Average ratesAccidentSpeeding ticketPoor credit
    $1,570$2,043$1,570$2,377

    How driving record affects Farm Bureau car insurance rates

    Accidents

    Premiums are based on the amount of risk an insurance company faces for covering the insured. With each accident, the insured becomes a greater risk to insure. Consequently, insurance premiums typically increase after an accident. Like most insurance companies, at-fault accidents are treated differently than not at-fault accidents. 

    Your premium may rise if you are in an accident that is your fault; on the contrary, you may be able to recover your deductible in an accident that is not your fault. Farm Bureau offers a single-time at-fault accident forgiveness if a policy holder has Accident Forgiveness Protection added to their auto insurance policy, so the premium will not rise after the first accident. 

    Speeding ticket

    Since speeding can increase the probability of being in an accident, a speeding ticket can increase the amount of risk an insurance company faces to cover the insured. Insurance companies generally look at the last 3-5 years on a driving record, although some smaller violations, like speeding tickets, are forgiven by insurers the first time.

    Poor credit

    Insurance companies also consider credit records when determining risk. If you improve your credit score over time, you may be able to obtain lower insurance premiums when it comes time to renew your policy. If you open a new policy when you have poor credit, it is advisable to check your credit scores occasionally and contact your insurance agent if your score goes up.

    Farm Bureau auto insurance discounts

    Farm Bureau offers discounts for safe driving, bundling automobile and homeowners insurance policies, multiple vehicles, good students, good driving records and low mileage driven annually.  These discounts are generally offered by most insurance companies, but since Farm Bureau generally has lower rates than some of its competitors, taking advantage of these discounts can result in considerably low premiums. Farm Bureau also offers some unique discounts to its members, not offered by its competitors.

    Unique discounts offered by Farm Bureau 

    • Loyalty discount for Member’s Choice members. Members can save by bundling home and auto policies, and taking advantage of new home or new roof discounts, protective device discounts, and loyalty credits. 
    • Claim-free discounts that reward drivers without a history of claims. Discount eligibility varies by state, so contact an agent to determine if you would qualify.
    • Driveology program for safe-driving discounts that can save up to 30% off premiums
    • Discounts of $200-$5000 on several farm equipment brands, such as John Deere, Caterpillar, Case, Grainger, Grasshopper, as well as Sherwin Williams paint and supplies.
    • Discounts up to 80% on select office supplies at Office Depot and OfficeMax.
    • Discounts on hotel stays, rental cars, pharmacies, and theme parks.

    The takeaway

    • Farm Bureau is an insurance provider that offers coverage and discounts especially suited to those in the farming industries but its competitive rates may also appeal to other drivers.
    • Farm Bureau offers unique discounts that can significantly lower your premium and offers additional travel, entertainment, and pharmaceutical benefits not offered by its competitors.
    • Farm Bureau offers many types of insurance, including auto insurance, homeowners, renters, RV, farm equipment, commercial and life insurance.

    Farm Bureau Insurance should not be considered an insurance just for farmers, but one with competitive insurance rates for the general public that is highly ranked in overall customer satisfaction and claims service satisfaction. Drivers should compare prices and seek out all the available discounts to obtain the lowest premium possible. Drivers should also try to avoid accidents and speeding tickets as these can raise insurance premiums. Increasing a low (poor) credit rating can also help to decrease insurance premiums as well.           

    Methodology

    Coverage utilizes Quadrant Information Services to analyse quoted rates from thousands of zip codes across all 50 states and the District of Columbia, using Farm Bureau’s premiums written. Quoted rates are based around the profiles of a 30-year-old male and female with a clean driving record, good credit and the following full coverage details:

    • $100k bodily injury liability per person
    • $300k bodily injury liability coverage per crash
    • $100k property damage liability coverage per crash
    • $500 collision coverage deductible
    • $500 comprehensive coverage deductible

    Minimum coverages were applied to match state requirements. Both drivers used a new, financed 2018 Toyota Camry, commuting 5 days a week and driving 12,000 miles per year.

    An accident was defined as an at-fault accident with $3k in property damage. A speeding incident was defined as speeding 16-20 MPH over the limit.

    These rates were publicly sourced from insurer filings and should be used for comparative purposes only – your own quotes may be different.

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