Farm Bureau vs. Electric Insurance

Which insurance carrier is right for you? Compare rates, insights, and quotes from Farm Bureau and Electric.

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Farm Bureau vs. Electric: 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.

The history of Electric Insurance Company began in 1927 when EMLICO, its former company was established to provide GE (General Electric Company)with Workers’ Compensation insurance in Massachusetts. The company was doing so well that it started providing coverage nationally for GE and also included general liability and commercial auto in its product portfolio. By1966, Electric Insurance Company was formed to ensure GE employees, but after a while, it expanded its business to all consumers. During the 1990sthe company becomes one of the first P&C carriers to offer consumers web-based insurance quotes. Today, Electric Insurance manages approximately$160 million in personal lines premiums for nearly 135,000 policyholders and has about $450 million in total written premium. Its services are offered in all 50 states directly via mobile applications and the web and through independent agencies. Its consumer base is 60% of GE employees and40% general customers.

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 Electric Overview.

Farm Bureau Mutual (IA Group) vs. Electric: 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 Electric. On average, Farm Bureau Mutual (IA Group) charges approximately $111.07 per month while Electric comes in at around $236.05 per month. For Farm Bureau Mutual (IA Group), the cheapest state average is Iowa at $74.12 per month and the most expensive is New Mexico at $131.40 per month. For Electric, the cheapest state average is Missouri at $187.75 per month and the most expensive is Virginia at $333.10 per month.

Farm Bureau Mutual (IA Group)

Average Rate

$111.07
Electric

Average Rate

$236.05
National

Average Rate

$117.77
State Farm Bureau Mutual (IA Group) Electric
Arizona $113.25 -
Connecticut- $191.45
Iowa $74.12 -
Kansas $119.37 $227.47
Kentucky- $223.47
Maine- $197.71
Minnesota $101.34 -
Missouri- $187.75
Nebraska $106.79 -
New Mexico $131.40 -
South Dakota $110.01 -
Utah $128.82 -
Virginia- $333.10

Farm Bureau Mutual (IA Group) vs. Electric: Rates by Number of Vehicle

Home

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 Electric typically charge for drivers who have more than 1 vehicle.

Number of Vehicles Farm Bureau Mutual (IA Group) Electric
1 Vehicle $100.23 $223.15
2 Vehicles $145.21 $284.24

Farm Bureau Mutual (IA Group) vs. Electric: Rates by Homeownership

Home

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 $109.22 per month and Electric charges $211.01 per month for customers who own their home.

Own/Rent Farm Bureau Mutual (IA Group) Electric
Own $109.22 $211.01
Rent $112.27 $249.88

What is Farm Bureau and Electric Insurance Rating?

Which car insurance company is better? We've made it easy to compare companies side by side. See how Farm Bureau and Electric ranked among the industry ratings.

ComparisonFarm BureauElectric
Year Founded19391966
A.M. Best RatingAA
BBB RatingA+A+
Financial StrengthExcellentExcellent
NAIC Complaint Ratio0.92

Farm Bureau or Electric: Insurance Products Offered

What coverage is available through Farm Bureau and Electric? Both insurance companies offer Auto, Condo, Home, Motorcycle, Renters, RV, and Umbrella insurance. Additional products from Farm Bureau insurance also includes Commercial, Farm, Health, and Life 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 Electric Insurance page.

InsuranceFarm BureauElectric
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 Electric: Ways To Save

Farm Bureau offers a wide range of discounts to its policyholders, including Continued In-Force Credit, Discounts for Multiple Cars, and Driven to Safety discounts. Whereas, Electric also offers a few discounts that Farm Bureau doesn’t, including Student-Away-from-Home, Safety Features, and Safe Driver discounts. Start taking advantage of discounts offered by insurance providers like Electric and Farm Bureau insurance and save yourself some money. You can review the full list of discounts that these two companies offer below.

Farm BureauElectric
Claim Free DiscountAccident-free Discount
Continued In-Force CreditDriver Training Credit
Discounts for Multiple CarsElectric and Hybrid Vehicles Discount
Driven to Safety DiscountEmployer Group Discounts
Driveology: The Science of Save Driving®Family & Friends Referral Discount
Farm Bureau Member’s ChoiceGood Student Discount
Good Student DiscountLow Annual Mileage Discount
Low Mileage DiscountMarried Status Discount
Safe Young Driver DiscountMature Driver Accident Prevention Course Discount
Multi-policy Discount
New Auto Insurance Customer Discount
New Vehicle Discount
Passive Restraints
Payment-in-full Discount
Plan Ahead (Early Purchase) Discount
Safe Driver Discount
Safety Features Discount
Student-Away-from-Home Discount

Pros & Cons of Farm Bureau & Electric

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.
Electric
  • A long list of discounts
  • Additional dedicated discount for General Electric employees
  • Provides the convenience of starting a claim online

Cons

Farm Bureau
  • Must have a Farm Bureau membership to get insurance.
Electric
  • Confusing website information: the company lists the products, benefits and discounts offered in different web pages making it difficult to get a full scope on what is offered.

Farm Bureau or Electric 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 Always On Mobile app is available for iOS and Android. This mobile app can help you to view your auto insurance information, report an auto claim, upload photos of the vehicle damage, access 24 hours / 7 days a week emergency roadside assistance services, schedule glass repair and much more.

Farm Bureau Mobile App
iOS     3.815 user reviews
Android     3.199 user reviews
Electric Mobile App
iOS     12 user reviews
Android     1.934 user reviews

Farm Bureau & Electric Contact Info

Farm Bureau Contact Info
Address5400 University Avenue West Des Moines, IA 50266-5997
Phone1-866-399-3237
Websitehttps://www.fbfs.com/
Facebookhttps://www.facebook.com/FarmBureauFinancialServices
Twitterhttps://twitter.com/fbfs
Youtubehttps://www.youtube.com/user/FarmBureauFinclSvcs
Linkedinhttps://www.linkedin.com/company/farm-bureau-financial-services/
Electric Contact Info
Address75 Sam Fonzo Drive, Beverly, MA 01915
Phone1-800-342-5342
Websitehttps://eic.electricinsurance.com/
Facebookhttps://www.facebook.com/ElectricInsuranceCompany/
Twitterhttps://twitter.com/ElectricInsCo
Youtubehttps://www.youtube.com/channel/UC2YooRh-4qPtDgZvFHdFMIw
Linkedinhttps://www.linkedin.com/company/electricinsurancecompany/

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.

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