Farm Bureau Insurance Review 2022
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At a glance
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- Lower-than-average complaint index from the National Association of Insurance Commissioners (NAIC)
- Excellent financial strength
- Several product types available
- Mobile app is not well rated on the App Store
- Membership is required to get coverage
In 1939, Iowa Farm Mutual Insurance Company opened its doors in Des Moines, Iowa. As the company grew and opened offices in other states, it expanded its insurance product line to include car, home, life, health and business insurance. Today, the company is known as Farm Bureau Financial Services.
Is Farm Bureau insurance right for your auto, home or life coverage needs? Bankrate’s team of insurance editors and writers took a deep dive into the company. Our Farm Bureau insurance review analyzes the company’s auto, home and life insurance products, as well as the carrier’s third-party reviews, to help you decide if Farm Bureau is the best fit for your situation.
- Date established: 1939
- Insurance products offered: Auto, home, life, farm/ranch
- AM Best financial strength rating: A (excellent)
- NAIC complaint index: 0.80 (fewer complaints than average)
- Availability: 14 states
Farm Bureau car insurance
Farm Bureau offers a wide array of auto insurance coverage for a wide range of vehicles. You can even insure your farm vehicle or motorcycle with Farm Bureau, although these vehicles will need their policies rather than being included on your car insurance policy.
Types of coverage
Farm Bureau auto insurance comes with the standard coverage types that you would expect from a car insurance carrier. You can purchase liability coverage, collision coverage, comprehensive coverage, medical payments coverage, personal injury protection (PIP), and uninsured and underinsured motorist coverage. The company also offers optional coverage types that could help you personalize your policy, including:
- Replacement cost coverage: Vehicles up to four model years old may qualify for replacement cost coverage, which means that you’ll receive the amount it costs to replace your totaled or stolen vehicle with a new one of similar type.
- Roadside assistance: If you need a tow, locksmith or another type of roadside service, this coverage may pay for it with no out-of-pocket cost to you.
Cost of Farm Bureau car insurance
Farm Bureau’s average annual premiums are lower than the national average cost of car insurance, based on our research. On average, Farm Bureau drivers pay $423 per year for minimum coverage, whereas the national average is $565 per year. Full coverage is also cheaper, on average, with Farm Bureau, with an average price of $1,512 per year compared to the national average of $1,674.
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 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. Some of the more unique ways to save include:
- Young driver safety program: This program not only helps newer drivers learn safe driving habits, but can also reduce their car insurance policy premiums.
- Driveology: Farm Bureau’s telematics program tracks your driving patterns and could earn you a discount on your coverage.
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 Farm Bureau. The home insurance company offers standard home insurance policies with a few options for customization, and it could be a good choice for homeowners looking for solid, basic coverage.
Types of coverage
Farm Bureau home insurance is relatively basic, with standard options like dwelling coverage, liability coverage and guest medical coverage. There are a few more unique coverage options to help you tailor your policy to your needs, though. These include:
- Residential equipment breakdown: This optional coverage is designed to pay for the breakdown of home systems, like your furnace, AC or water heater. Electronic systems — like your TV and stereo systems — are also covered.
- Guaranteed replacement cost: This coverage is commonly called “extended replacement coverage” by other carriers. The endorsement provides you with 25% over your dwelling amount — so 125% dwelling coverage total — if your home is destroyed by a covered loss. This helps to ensure you have enough to rebuild.
As with automobile policies, Farm Bureau home insurance offers policyholders several ways to reduce the cost of their homeowners policies. Some common discounts, like multi-policy and protective advice, are offered, but there are also some more specialized savings. These include:
- New home: If you live in a newly-built home, you might qualify for this discount.
- New roof: Newer roofs are less likely to be damaged and can result in savings on your home insurance with Farm Bureau.
- Continued in-force credit: This discount may reward you for your time with and loyalty to Farm Bureau.
Farm Bureau life insurance
Farm Bureau life insurance could help you gain peace of mind that your loved ones will be taken care of financially if the worst happens to you. Farm Bureau offers several types of life insurance to help you find the best option for your needs. While life insurance rates don’t typically vary as much between providers as other types of insurance, you may still want to shop around with the best life insurance companies to make sure the product you purchase fits your situation.
Types of policies offered
Farm Bureau offers whole life, term life and indexed universal life policies.
- Whole life: The whole life option from Farm Bureau provides options to pay your premiums over a period of time or pay a single premium for coverage that lasts your whole life. The whole life policies earn cash value that you may be able to withdraw or borrow against.
- Term life: Farm Bureau offers term life insurance you can purchase in 10, 15, 20 or 30 year increments. You can add several riders — or benefits — to personalize your coverage, such as children’s term life insurance and waiver of premiums.
- Indexed universal life: Indexed universal life from Farm Bureau can help you save for retirement and provide life insurance protection at the same time. . Several optional coverage riders can be added to the policy to fit your budget and lifestyle.
Farm Bureau ratings, reviews, customer satisfaction and complaints
J.D. Power and Associates conducts an annual study of insurance companies and ranks insurers based on billing process and policy information, customer interaction, policy offerings, policy pricing and overall customer satisfaction.
In the 2021 J.D. Power U.S. Auto Insurance Study, Tennessee Farm Bureau Insurance ranked number one in the Southeast and Texas Farm Bureau was ranked number one in the Texas region. North Carolina Farm Bureau came in below average in the Southeast.
Additionally, Farm Bureau received a financial strength score of A (excellent) from AM Best. This means that, historically, the company has had strong financial performance and has been able to pay out claims in a timely manner.
Farm Bureau has a mobile app, but it is not well-rated on the App Store or Google Play. The App Store rating is just 2.5 stars, and Google Play ratings aren’t much better at 2.7 stars. There are numerous user complaints regarding some Farm Bureau customers being able to access the app, as some states are restricted. Other complaints center around the functionality of the app, which is allegedly glitchy at times.
Reasons why Farm Bureau is a good option
Farm Bureau members can use their membership to receive attractive discounts for things 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.
Farm Bureau’s average rates are lower than the national average, which may make it an attractive option for shoppers on a budget. The company also has excellent financial strength and mostly-high customer service scores. Keep in mind, though, that Farm Bureau is split between companies that operate on an individual state level, like Tennessee Farm Bureau and Indiana Farm Bureau. Because of this, customer service ratings vary. Rates may vary based on your state and your individual rating factors.
Remember, if you choose a Farm Bureau insurance quote for both your auto and home insurance coverage, you can bundle your policies for even greater savings.
Additional policies offered by Farm Bureau
Most people want to protect more than just their home and car. Farm Bureau has a large selection of insurance products available, including:
- Farm vehicle
- Recreational vehicle
- Residential equipment
- Mobile home
- Agricultural-related business
- Crop and livestock
- Commercial business
- Home-based business insurance
- Workers compensation
- Long-term care insurance
Frequently asked questions
Bankrate utilizes Quadrant Information Services to analyze 2022 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on a 40-year-old male and female driver with a cleaning 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 coverages that meet each state’s requirements. Our sample drivers own a 2020 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.