Farm Bureau Auto Insurance Review for 2023
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Jeff is a well-known speaker and expert in insurance and financial planning. He has spoken at top insurance conferences around the U.S., including the InsuranceNewsNet Super Conference, the 8% Nation Insurance Wealth Conference, and the Digital Life Insurance Agent Mastermind. He has been featured and quoted in Nerdwallet, Bloomberg, Forbes, U.S. News & Money, USA Today, and other leading fina...
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UPDATED: Nov 27, 2023
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Farm Bureau Insurance Review
It appears as though the ratings for FBFS are somewhat mixed. If you go by what the BBB and A.M. Best have to say, then it appears as though this is a solid company – both financially, as well as with overall customer satisfaction. However, the popular advocacy website Consumer Affairs only has a 3/5 star rating for the company. And if you look closely at the reviews, nearly all of the ones left in the past year are only 1-star reviews.
|AM Best Financial Strength Rating||A|
|Consumer Affairs||3/5 Stars|
|Better Business Bureau Rating||A+|
Farm Bureau Insurance Discounts
According the FBFS website customers can apply for the following discounts with an FBFS auto policy:
- Farm Bureau Member’s Choice – Bundling your home + auto insurance
- Good Student Discount – lower premiums for good grades
- Safe Drive Discount – lower premiums for safe driving
- Continued In-Force Credit – loyalty credits for staying maintaining an active policy with FBFS
- Low Mileage Discount – savings for driving less than 7,500 miles per year
- Safe Young Driver Discount – a discount for any driver under the age of 25 who completes the Young Driver Safety Program
They do not, however, explain how much you can expect to save with each discount. This is not uncommon with companies who do business in several different states, since different laws and regulations might conflict with their ability to offer a uniform discount nationwide. The best way to get the most accurate information is to get in touch with a local FBFS agent near you.
Farm Bureau Auto Insurance Options
In order for an automotive insurance company to be able to sell you insurance legally, they have to provide at least the minimum mandatory coverages and dollar amounts of coverage as required by your state laws. Many companies also offer extras such as Collision or comprehensive. Like most other companies, Farm Bureau offers the following types of coverage on its auto policies:
- Liability (Property Damage and Bodily Injury)
- Medical/No-Fault Coverage (varies by state)
- Uninsured/Underinsured Motorist
- Replacement Cost Coverage (optional; varies by state)
Comparing Farm Bureau Insurance Quotes
When comparing quotes, you should make sure that the information you’re getting accurately reflects your personal driving history and circumstances. Otherwise, your rates might vary wildly:
Farm Bureau is, clearly, an automotive insurance company which wants to attract business from “Preferred Risk” drivers. The numbers in the chart above reflect this. Drivers who are less likely to file a claim, such as married people, homeowners, and drivers with good credit, are rewarded with lower rates. Riskier drivers who are more likely to file claims, on the other hand, will be charged more on average.
Pros and Cons of Farm Bureau Insurance
|Strong company emphasis on customer service||Recent customer reviews don’t reflect the corporate philosophy|
|Affordable rates in their service markets||Service not available in all areas|
If recent customer testimonials are to be believed, it seems as though there have been some changes in the way FBFS works. Older, loyal customers are angry about having policies cancelled only to be offered newer, more expensive insurance. However, if you are new to FBFS, you could take advantage of their relatively competitive rates if you are a preferred-risk driver. At the end of the day, though, you should still compare any quote from Farm Bureau with 2-3 of their local competitors. This will help you get the most affordable policy.Corporate Headquarters
5400 University Avenue
West Des Moines, IA 50266-5997