Enter your ZIP Code to get insurance quotes in your area
Wrong zip code

Farm Bureau vs. Geico

When you buy car insurance you are entering into a contract. In return for your payments, known as premiums, you get certain predetermined financial protection from costs resulting from an automobile accident. The covered costs for life and property will be expressly spelled out in your policy along with the exact nature of vehicular misfortune which will trigger your coverage or claim. The economic costs of a car crash can be sizeable and is a reason why almost every state mandates that motorists owning and operating cars within their borders must carry car insurance.

Auto insurance is seldom, if ever, a fixed price for all type of consumer product. Each state determines a floor level of coverage that drivers must have, but most insurance providers will offer various tiers of coverage that would potentially cover you for higher and higher dollar amounts that could potentially stem from a truly serious accident. In addition to the dollar levels you can buy other types of coverage besides the standard liability insurance. If your car is new or relatively new, you may want to buy collision insurance to help defray the costs of repairing your car after a fender bender.

You can usually get different levels of deductibles for your coverage and you can also get products like temporary car replacements, roadside assistance and others. Your price will also be determined by factors such as your residence, your age and gender, the age of your vehicle, the average cost to repair your particular make and model of car, and the length of your daily commute.

Car insurance rates by age

Age bracket Farm Bureau Mutual avg. annual premium GEICO avg. annual premium
Teens $2,767 $3,508
20s $1,545 $1,438
30s $984 $1,438
40s $961 $1,189
50s $866 $1,160
60s $870 $1,065

All About Farm Bureau

The insurance company known popularly as Farm Bureau is a subsidiary of the FBL Financial Group, a Midwestern based financial services company. The company was formed in 1939 as a mutual insurance company to serve the needs of local farmers. They were one of many offshoots of a Washington agricultural advocacy group. They expanded and got into the Life Insurance business in the mid 1940’s. Over the years many of those original offshoot groups banded together into a larger entity with deeper financial resources. The newly merged company, called FBL Financial Group, floated an initial public offering in 1996 and is listed on the New York Stock Exchange.

Headquartered in West Des Moines, Iowa, the company has a sizable property, casualty, life and financial services business with annual revenues of over $700 million and net income of almost $100 million. They are a financially stable company and enjoy strong ratings from the A.M. Best Credit Agency.

Farm Bureau Discounts and Saving

You need to be aware that Farm Bureau is essentially a regional operation. It is only licensed to operate in fourteen states throughout the Midwest, west, and northern plains so check to see they operate in your state of residence. If you reside in of the states served by Farm Bureau you can get some discounts on your coverage. Like many insurance carriers that provide a diversified portfolio of insurance products, you can get lower prices if you bundle home insurance with your car insurance. Farm Bureau is one of many providers that now offer discounts to drivers willing to use a plug-in device in their car for a period of time. The device will record a few driving patterns like overly sudden stops, jack-rabbit starts and miles driven. Drivers who score well on those criteria will get a discount.

All About Geico

The company was formed in the 1930’s with an eye towards targeting government workers as a customer base for insurance products. The founders saw them as a stable market segment in trying economic times. Geico, formerly known as the Government Employee Insurance Company is a very profitable subsidiary of the Berkshire Hathaway conglomerate. Berkshire’s well known leader, Warren Buffet, first became aware of Geico in Business school in the 1950’s from one of his professors. Soon thereafter he bought a few shares. Over the years he bought more and eventually brought fully into the folds of his successful conglomerate. Geico is one of the leading providers of car insurance to American motorists (they claim to be the 2nd largest provider) with over 24 million vehicles covered.

Geico is well known to consumers through their ongoing series of humorous, offbeat commercials featuring everything from Neanderthals, camels, lizards and assorted other edgy pitchmen.

Geico Discounts & Savings

The exact amount of discounts you can receive from Geico may vary from state to state but, like most other carriers, they will reward safe drivers with some of their best discounts. If you are a government worker or a member of the armed forces you should definitely give Geico a look as they still provide discounts to their original customer base. They will give an even higher discount to service personnel deployed overseas. You should also see about potential lower prices for people who have taken defensive driver courses, early payment of premiums, multi vehicle discounts and many others. Car insurance is a big purchase and it pays to be a diligent researcher of bargains Ask Geico to price out all options for you before committing to any policy.

Check and compare discounts - Farm Bureau and GEICO

Discount Type Farm Bureau Financial Services GEICO
Farm Bureau Discount Varies --
Low Mileage Discount Varies --
Multiple Policy Discount Varies Varies
Accident Free Discount Varies Varies
Multiple Vehicle Discount Varies Varies
teenSMART Discount Varies Varies
Loyalty Discount Varies --
Good Driver Discount Varies up to 26%
Good Student Discount Varies up to 15%
Youth Driving Discount Varies --
Passive Restraint Discount -- up to 25%
Federal Employee Discount -- up to 25%
Emergency Deployment Discount -- up to 25%
Anti-Theft Device Discount -- up to 25%
Seat Belt Use Discount -- up to 15%
Military Discount -- up to 15%
Anti-lock Brake Discount -- up to 5%
Daytime Running Lights Discount -- up to 3%
Driving training discount -- Varies
Organization Discount -- Varies
Defensive Driver Discount -- Varies
Senior Adult Discount -- Varies

Comparing car insurance rates

Due to the complexities surrounding the price you or any motorist could expect to pay for car insurance, it’s virtually impossible to say with any certainty which of these two fine providers would be best for you and your family. Your specific premiums are dependent on too many variables. The very best way to try to get the lowest car insurance rates is to get free quotes so you can match competing companies head to head. Be a smart shopper and essentially make companies compete for your business. Our web based research tool at General,.com can make it easy for you to punch in some information, select a carrier and coverage levels and quickly get a no cost quote. Be smart.

Start now and save »
Wrong zip code