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Farm Bureau vs. Chubb Insurance
Which insurance company is right for you? Compare insights, price, and quotes from Farm Bureau and Chubb.
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- Farm Bureau Mutual (IA Group) vs Chubb
Farm Bureau vs. Chubb: What You Need to Know
In 1939, in Des Moines, Iowa, Farm Insurance Company was founded to meet the liability insurance needs of farmers. As the company grew and opened offices in other states, it expanded its product line to include car, home, and life insurance as well as other types of coverage. By the year 1996, the holding company, FBL Financial Group, was listed on the New York StockExchange. The company was formerly known as Farm Bureau Mutual InsuranceCompany but was reorganized and renamed in 2010. Today, the company goes by the name Farm Bureau Financial Services and is known for its superior car and home insurance products. It has around 1,600 employees and 4,000 field associates in different states.
In 1882, Thomas Caldecot Chubb and his son Percy founded Chubb & Son inNew York City selling with marine insurance. In 1901, Percy organized theFederal Insurance Company, writing marine insurance and expanded into fire two years later. The company acquired control of U.S Guarantee Company in1921 and they opened their first branch outside the U.S in Montreal, Canadain 1928. In the year 1967, the company changed its name to ChubbCorporation and at the same time, they acquired the Pacific IndemnityCompanies. In 1984 Chubb was listed on the New York Stock Exchange and their business expanded overseas by 1990. In 2012, after Superstorm Sandy, Chubb settled the highest number of claims in the company's history. Ace Limited and Chubb became one company and adopted the Chubb name by 2016. Today, Chubb is the world’s largest publicly traded P&C insurance company and the largest commercial insurer in the U.S, operating in 54 countries and provides property and casualty insurance to businesses and individuals, including personal products such as auto, home, travel, natural disasters, valuables, boats & yachts, cyber and life & health protection.
Below is a list of average rates, rankings, products, and discounts for the two companies. For full company overviews, you can visit Farm Bureau Mutual (IA Group) Overview and Chubb Overview.
Farm Bureau Mutual (IA Group) vs. Chubb: How much are the Average Rates?
Below is a list of the average rates that drivers typically pay with Farm Bureau Mutual (IA Group) and Chubb. On average, Farm Bureau Mutual (IA Group) charges approximately $117.36 per month while Chubb comes in at around $172.68 per month. For Farm Bureau Mutual (IA Group), the cheapest state average is Arizona at $109.69 per month and the most expensive is Arizona at $109.69 per month. For Chubb, the cheapest state average is Michigan at $153.63 per month and the most expensive is New York at $272.33 per month.
Average Rate
Average Rate
Average Rate
| State | Farm Bureau Mutual (IA Group) | Chubb |
|---|---|---|
| Arizona | $109.69 | - |
| Michigan | - | $153.63 |
| New York | - | $272.33 |
| Pennsylvania | - | $185.19 |
| Texas | - | $221.80 |
| Washington | - | $157.30 |
Farm Bureau Mutual (IA Group) vs. Chubb: Rates by Number of Vehicle
Drivers will typically get a discount if they insure multiple vehicles. Here is a list of average rates that Farm Bureau Mutual (IA Group) and Chubb typically charge for drivers who have more than 1 vehicle.
| Number of Vehicles | Farm Bureau Mutual (IA Group) | Chubb |
|---|---|---|
| 1 Vehicle | $119.76 | $159.07 |
| 2 Vehicles | $ | $333.35 |
Farm Bureau Mutual (IA Group) vs. Chubb: Rates by Homeownership
Drivers who own their home rather than rent can sometimes get a small discount. We found that on average Farm Bureau Mutual (IA Group) charges $99.49 per month and Chubb charges $157.11 per month for customers who own their home.
| Own/Rent | Farm Bureau Mutual (IA Group) | Chubb |
|---|---|---|
| Own | $99.49 | $157.11 |
| Rent | $127.19 | $176.64 |
What is Farm Bureau and Chubb Insurance Rating?
Which car insurance company is better? We've made it easy to compare companies side by side. See how Farm Bureau and Chubb ranked among the industry ratings.
| Comparison | Farm Bureau | Chubb |
|---|---|---|
| Year Founded | 1939 | 1882 |
| Market Share | 2.95% | |
| BBB Rating | A+ | |
| Financial Strength | Excellent | Excellent |
| Fitch Rating | AA | |
| Moody’s Rating | Aa3 | |
| NAIC Complaint Index | 0.46 | |
| NAIC Complaint Ratio | 0.92 | |
| S&P Rating | AA |
Farm Bureau or Chubb: Insurance Products Offered
What coverage is available through Farm Bureau and Chubb? Both insurance companies offer Auto, Commercial, Home, and RV insurance. Additional products from Farm Bureau insurance also includes Condo, Farm, Health, Life, Motorcycle, Renters, and Umbrella insurance. Considering these two top insurance providers? Check out the list below. To view a full list of products that are available, visit Farm Bureau Mutual (IA Group) and Chubb Insurance page.
| Insurance | Farm Bureau | Chubb |
|---|---|---|
| Auto Insurance | ✔ | ✔ |
| Commercial Insurance | ✔ | ✔ |
| Condo Insurance | ✔ | |
| Farm Insurance | ✔ | |
| Health Insurance | ✔ | |
| Home Insurance | ✔ | ✔ |
| Life Insurance | ✔ | |
| Motorcycle Insurance | ✔ | |
| Renters Insurance | ✔ | |
| RV Insurance | ✔ | ✔ |
| Umbrella Insurance | ✔ |
Farm Bureau or Chubb: Ways To Save
Chubb offers a wide range of discounts to its policyholders, including Airbag, Anti-lock Braking System, and Anti-theft discounts. Whereas, Farm Bureau also offers a few discounts that Chubb doesn’t, including Safe Young Driver, Low Mileage, and Farm Bureau Member’s Choice discounts. Start taking advantage of discounts offered by insurance providers like Chubb and Farm Bureau insurance and save yourself some money. You can review the full list of discounts that these two companies offer below.
| Farm Bureau | Chubb |
|---|---|
| Claim Free Discount | Accident-Free Discount |
| Continued In-Force Credit | Airbag Discount |
| Discounts for Multiple Cars | Anti-lock Braking System Discount |
| Driven to Safety Discount | Anti-theft Discount |
| Driveology: The Science of Save Driving® | College Graduate Discount |
| Farm Bureau Member’s Choice | Defensive Driving Discount |
| Good Student Discount | Good Student Discount |
| Low Mileage Discount | Multi-Vehicle Discount |
| Safe Young Driver Discount |
Pros & Cons of Farm Bureau & Chubb
Pros
Farm Bureau
- Farm Bureau has high customer satisfaction.
- The company has a young driver program, which offers young drivers a 25%discount for completing its safe driving program.
- Affordable rates and transparent pricing.
Chubb
- Industry-leading claims and risk engineering services.
- Efficiency in paying claims and solid reputation.
- Multi-policy discounts and credits available.
- High level of expertise.
Cons
Farm Bureau
- Must have a Farm Bureau membership to get insurance.
Chubb
- Higher than the average rates, since it’s a premier carrier.
Farm Bureau or Chubb Mobile Apps Options
The Farm Bureau Member Benefits app is available for iOS and Android. This mobile app offers some benefits and services including financial services and insurance products, entertainment discounts at local attractions, savings on hotels, rental cars, vehicles, retail items and more.
The Chubb Mobile app is available for android and iPhones and iPads. The app features fingerprint and facial login to a dashboard where you can manage payments, download ID cards, submit claims, check the agent information and more.
| Farm Bureau Mobile App | ||
|---|---|---|
| iOS | 3.8 | 15 user reviews |
| Android | 3.1 | 99 user reviews |
| Chubb Mobile App | ||
|---|---|---|
| iOS | 3.3 | 14 user reviews |
| Android | 2.3 | 6 user reviews |
Farm Bureau & Chubb Contact Info
| Farm Bureau Contact Info | |
|---|---|
| Address | 5400 University Avenue West Des Moines, IA 50266-5997 |
| Phone | 1-866-399-3237 |
| Website | https://www.fbfs.com/ |
| https://www.facebook.com/FarmBureauFinancialServices | |
| https://twitter.com/fbfs | |
| Youtube | https://www.youtube.com/user/FarmBureauFinclSvcs |
| https://www.linkedin.com/company/farm-bureau-financial-services/ | |
| Chubb Contact Info | |
|---|---|
| Address | 15 Mountainview Rd, Warren, NJ 07059 |
| Phone | (908) 903-2000 |
| Website | https://www.chubb.com/us-en/ |
| https://www.facebook.com/ChubbInsurance/ | |
| Youtube | https://www.youtube.com/channel |
| https://www.linkedin.com/company/chubb/ | |
Methodology
The statistics listed on this page are from our own in house reporting. We track and record quotes that carriers have provided based on various criteria. The rates and averages shown on this page should only be used as an estimate.
Fran Majidi manages content on SmartFinancial's website. She's had nearly a decade's worth of experience writing about insurance-related topics. Prior, she was an arts and entertainment editor in New York City. She has a B.A. from Barnard College and an M.F.A. in writing from The New School. She writes books under her given name, Afarin Majidi.
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