Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
Farm Bureau Insurance review 2023
At a glance
Cost & ratings
Cost & ratings
About Bankrate Score
Farm Bureau offers an array of insurance and financial products tailored to the unique needs of each state’s customers, although the company is not available in every state and insureds must be a Farm Bureau member.
Who Farm Bureau may be good for: Farm Bureau coverage may be a good option for drivers who want a company that is familiar with the coverage needs of their specific area.
Who Farm Bureau may not be good for: Farm Bureau may not be the best fit for shoppers who have a poor driving history or don't want to partake in a membership-based coverage structure.
Farm Bureau car insurance
Coverage types and details will vary based on the Farm Bureau branch you are working with. For more specific information, we recommend you visit your Farm Bureau's website or contact your insurance agent. The Michigan Farm Bureau offers replacement cost coverage and roadside assistance as optional endorsements, while the Colorado Farm Bureau offers glass coverage, equipment buyback coverage and rental expense coverage.
Pros and cons of Farm Bureau car insurance
Part of researching car insurance companies is to find which carriers might be the best fit for your needs. To round out this Farm Bureau insurance review for car insurance, it may be helpful to consider these pros and cons:
Some Farm Bureaus offer telematics programs
Multiple discounts available from most branches
Additional membership perks may be available, depending on branch
Not available in every state
Optional coverage may be more limited compared to other car insurance carriers
Coverage options and discounts vary by state Farm Bureau
Farm Bureau car insurance cost
Average auto insurance premiums from Farm Bureau vary based on the state you live in, but the carrier's average annual premiums are lower than the national average cost of car insurance in many states. The national average car insurance rate is $2,014 per year for full coverage and $622 annually for minimum coverage. Drivers insured with the Idaho Farm Bureau pay an annual average of $1,219 for full coverage and $309 for minimum coverage. Kentucky Farm Bureau policyholders pay an average of $1,805 for full coverage and $389 for minimum coverage.
However, even the best car insurance companies rate policies based on your personal rating factors, so your price could be higher or lower than the average.
Farm Bureau car insurance discounts
Available discounts will vary based on which bureau you're working with. We took a look at the Michigan Farm Bureau as an example. This branch offers a handful of discounts that could help you save money on your car insurance premium. Some common savings are available, including a multi-policy discount and a good student discount. If you’re looking for the cheapest car insurance, a few of the more unique ways to save include:
Discount options vary by state, and eligibility can vary based on your personal rating factors. The best way to find the savings opportunities that you qualify for is to talk with an agent.
Farm Bureau home insurance
If you are looking for home insurance coverage, you may want to get a quote from your state's Farm Bureau. Although coverage options and details will vary based on your state bureau, most bureaus offer standard home insurance policies with a few options for customization, and it could be a good choice for homeowners looking for solid, basic coverage.
Pros and cons of Farm Bureau homeowners insurance
Choosing a homeowners insurance company can seem difficult, especially when it comes to comparing multiple carriers. Here’s a quick summary of the pros and cons of Farm Bureau home insurance:
Ability to bundle home and auto insurance coverage with most branches
Various discounts available to help save on premium
Coverage options may be tailored to your state's risk factors
Home insurance policy isn’t available nationwide
Some optional coverage types could vary by state
Digital tools may not be as robust as some competitors
Farm Bureau home insurance cost
When searching for home insurance quotes, cost may be an important factor. The average cost of homeowners insurance throughout the country is $1,428 per year for $250,000 in dwelling coverage. Comparatively, the average cost of a Farm Bureau policy is $1,938 for the same amount of coverage. The state you live in will play an important factor in your quoted premium, as will the size of your home, any recent renovations, chosen coverage levels and more. Requesting quotes from more than one company will help you find the cheapest home insurance for your needs.
|Dwelling coverage limit||Farm Bureau Insurance average premium||National average premium|
*All rates displayed are average annual rates.
Farm Bureau home insurance discounts
As with automobile policies, most Farm Bureau home insurance companies offer policyholders several ways to reduce the cost of their homeowners policies. Some common discounts, like multi-policy and protective advice, are commonly offered, but some branches offer more specialized savings. For example, with the Michigan Farm Bureau, these include:
Farm Bureau life insurance
Farm Bureau life insurance options vary based on the branch you're working with, but many bureaus offer several types of life insurance, such as term life, whole life and indexed universal life insurance.
While life insurance rates don’t typically vary as much between different insurance providers as other types of insurance products, you may still want to shop around with the best life insurance companies to make sure the product you purchase fits your situation. Requesting quotes from more than one carrier can help you learn what options are available to you.
Pros and cons of Farm Bureau Insurance life insurance
When shopping around for life insurance, you’ll also need to consider the carrier as well as its offerings. Here’s a brief overview of some of the pros and cons of Farm Bureau life insurance:
Most bureaus offer a wide variety of policy types
Farm Bureau membership may come with additional perks and deals
Home and auto are also available from most bureaus, which could simplify policy management
Service and digital tools may vary based on the bureau you work with
Medical exams may be required
Not all endorsements are universally available across all of Farm Bureau's term life products
Farm Bureau Insurance life insurance endorsements
Each of Farm Bureau’s life insurance policy types comes with a specific set of endorsement options. Depending on the branch you work with, some customizations for Farm Bureau life insurance may include:
- Living benefits: Some Farm Bureau term policies may give you the option to access a portion of your death benefit early if you are diagnosed with a terminal illness and have purchased this endorsement.
- Term coverage for children: This endorsement provides term life insurance for children between one week and 23 years old.
- Guaranteed re-entry: This endorsement allows you to renew your term coverage without a medical exam when your term ends.
Compare Farm Bureau with other insurers
Searching for the best insurance company means finding the one that fits all your needs. If you’re unsure about Farm Bureau, you may want to consider these alternatives:
Farm Bureau Insurance vs. Erie
As another regional carrier, Erie may be a good fit for those who want a local option for their home, auto and life insurance needs. Similar to Farm Bureau, Erie also offers another life insurance option for flexibility. Its ERIExpress life program is intended for individuals aged 18-55 and may not require a medical exam.
Learn more: Erie Insurance review
Farm Bureau Insurance vs. Safeco
Safeco is a more widely available carrier compared to Farm Bureau and also offers auto and home insurance. Its auto insurance comes with optional add-ons like new vehicle replacement, diminishing deductibles and a unique claims free cash back program that rewards drivers up to 2.5 percent of their policy premium every six months they don’t have an accident.
Learn more: Safeco Insurance review
Farm Bureau Insurance vs. New Jersey Mutual (NJM)
New Jersey Mutual Insurance (NJM) only offers coverage for home and auto insurance in Connecticut, Maryland, New Jersey, Ohio and Pennsylvania. However, it could be the right fit for those who don’t live within Farm Bureau’s coverage areas but still want to find a regional carrier to meet their insurance needs.
Learn more: NJM Insurance review
Is Farm Bureau a good insurance company?
Many Farm Bureau home, auto and life insurance policies come with a variety of attractive discounts and coverage add-ons to help customers personalize their own policy. Additionally, Farm Bureau policies may be specifically tailored to your region, and bureau membership may come with added perks and benefits.
However, Farm Bureau’s average home rates are higher than the national average, which may not make it an attractive option for shoppers on a budget. Ultimately, we recommend investigating your local bureau's coverage options, discounts and customer service metrics for more information.
Farm Bureau customer satisfaction
When it comes to grading insurance companies for customer satisfaction, third-party agencies can help. Some, like J.D. Power, will conduct an annual study of insurance companies and rank insurers based on billing process and policy information, customer interaction, policy offerings, policy pricing and overall customer satisfaction.
With Farm Bureau, it’s important to remember that the carrier is made up of different companies that operate on a state level. For this reason, be sure to review your state’s Farm Bureau when it comes to customer service experience.
Farm Bureau auto claims satisfaction
Various branches of Farm Bureau insurance ranked well in the 2023 J.D. Power U.S. Auto Insurance Study. These include the Michigan Farm Bureau and Indiana Farm Bureau, which both ranked above-average in the North Central region. The North Carolina Farm Bureau scored above-average in the Southeast region and the Texas Farm Bureau ranked above-average in the Texas region.
Farm Bureau home claims satisfaction
J.D. Power’s 2023 Home Insurance Study is conducted on a nationwide scale. With Farm Bureau’s limited availability, it is understandable that the carrier did not rank compared to insurance companies that are available in every state. For a better understanding of Farm Bureau’s home insurance policies, it may be helpful to reach out to current policyholders to learn more about their experience.
Farm Bureau customer complaints
The National Association of Insurance Commissioners (NAIC) tracks complaints against insurance companies. These complaints are categorized by product type and compared against a company's market share to calculate complaint indexes. The index has a baseline of 1.00 with a figure above 1.00 indicating more complaints than expected and vice versa.
The NAIC splits up indexes for Farm Bureau Insurance by state subsidiary companies, so you will need to look up the complaint index for your specific branch to get an idea of how many complaints are filed against the company for its home or auto product.
Other Farm Bureau Insurance tools and benefits
Farm Bureau offers more than just home, auto and life insurance. Here’s a sampling of the other benefits Farm Bureau members may be able to access depending on their location:
- Financial planning: This includes planning for investments, college, retirement, estate and more.
- Farm and ranch insurance: Farm Bureau got its start insuring farmers and ranchers and continues to insure them today.
- Business insurance: If you run your own business, it may be worthwhile to check out Farm Bureau’s offerings.
- Various member benefits: Farm Bureau members can receive savings like hotels, pharmacies, rental cars, farm equipment and even theme parks. Additionally, members can take part in several programs, like competitive events for young farmers and ranchers, and participate in advocacy.
Frequently asked questions about Farm Bureau
Bankrate utilizes Quadrant Information Services to analyze 2023 rates for ZIP codes and carriers in all 50 states and Washington, D.C. Auto insurance rates are weighted based on the population density in each geographic region.
Quoted rates are based on a 40-year-old male and female driver with a clean driving record, good credit and the following full coverage limits:
- $100,000 bodily injury liability per person
- $300,000 bodily injury liability per accident
- $50,000 property damage liability per accident
- $100,000 uninsured motorist bodily injury per person
- $300,000 uninsured motorist bodily injury per accident
- $500 collision deductible
- $500 comprehensive deductible
To determine minimum coverage limits, Bankrate used minimum coverage that meets each state’s requirements. Our base profile drivers own a 2021 Toyota Camry, commute five days a week and drive 12,000 miles annually.
These are sample rates and should only be used for comparative purposes.
Age: Rates were calculated by evaluating our base profile with the ages 16-60 (base: 40 years) applied. Depending on age, drivers may be a renter or homeowner. Age is not a contributing rating factor in Hawaii and Massachusetts.
The rates for drivers ages 16-20 added to their parents' policy reflect the good student and driver's training discounts applied. The rates for drivers aged 16-20 on their own policy do not include the good student and driver's training discounts. Additionally, 25-year-old rates are based on the driver as a renter and 30+ on the driver as a homeowner.
Incidents: Rates were calculated by evaluating our base profile with the following incidents applied: clean record (base), single speeding ticket and single at-fault accident.
Quoted rates are based on 40-year-old male and female homeowners with a clean claim history, good credit and the following coverage limits:
- Coverage A, Dwelling: $150,000, $250,000, $350,000, $450,000, $750,000
- Coverage B, Other Structures: $15,000, $25,000, $35,000, $45,000, $75,000
- Coverage C, Personal Property: $75,000, $125,000, $175,000, $225,000, $375,000
- Coverage D, Loss of Use: $30,000, $50,000, $70,000, $90,000, $150,000
- Coverage E, Liability: $300,000, $300,000, $300,000, $300,000, $500,000
- Coverage F, Medical Payments: $1,000
The homeowners also have a $1,000 deductible and a separate wind and hail deductible (if required).
These are sample rates and should be used for comparative purposes only. Your quotes will differ.
Our 2023 Bankrate Score considers variables our insurance editorial team determined impacts policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories.
Like our previous Bankrate Scores, each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. This year, our 2023 scoring model provides a more comprehensive view, indicating when companies excel across several key areas and better highlighting where they fall short.
- Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, 2023 quoted premiums from Quadrant Information Services (if available), as well as any of the latest third-party agency ratings from J.D. Power, AM Best and the NAIC, were analyzed.
- Tier 2 (Coverage & savings): We assessed companies’ coverage options and availability to help policyholders find a provider that balances cost with coverage. Additionally, we evaluated each company’s discount options listed on its website.
- Tier 3 (Support): To encompass the many ways an auto and home insurance company can support policyholders, we analyzed avenues of customer accessibility along with community support. This analysis incorporated additional financial strength ratings from S&P and Moody’s and factored a company’s corporate sustainability efforts.
Tier scores are unweighted to show the company's true score in each category out of a possible five points.