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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 Mutual (IA Group) vs Electric
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 $117.68 per month while Electric comes in at around $344.99 per month. For Farm Bureau Mutual (IA Group), the cheapest state average is Arizona at $118.53 per month and the most expensive is Arizona at $118.53 per month. For Electric, the cheapest state average is at $0.00 per month and the most expensive is at $0.00 per month.
Average Rate
Average Rate
Average Rate
| State | Farm Bureau Mutual (IA Group) | Electric |
|---|---|---|
| Arizona | $118.53 | - |
Farm Bureau Mutual (IA Group) vs. Electric: 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 Electric typically charge for drivers who have more than 1 vehicle.
| Number of Vehicles | Farm Bureau Mutual (IA Group) | Electric |
|---|---|---|
| 1 Vehicle | $114.32 | $381.16 |
Farm Bureau Mutual (IA Group) vs. Electric: 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 $113.39 per month and Electric charges $ per month for customers who own their home.
| Own/Rent | Farm Bureau Mutual (IA Group) | Electric |
|---|---|---|
| Own | $113.39 | $ |
| Rent | $121.72 | $479.16 |
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.
| Comparison | Farm Bureau | Electric |
|---|---|---|
| Year Founded | 1939 | 1966 |
| BBB Rating | A+ | A+ |
| Financial Strength | Excellent | Excellent |
| NAIC Complaint Ratio | 0.92 |
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.
| Insurance | Farm Bureau | Electric |
|---|---|---|
| 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 Bureau | Electric |
|---|---|
| Claim Free Discount | Accident-free Discount |
| Continued In-Force Credit | Driver Training Credit |
| Discounts for Multiple Cars | Electric and Hybrid Vehicles Discount |
| Driven to Safety Discount | Employer Group Discounts |
| Driveology: The Science of Save Driving® | Family & Friends Referral Discount |
| Farm Bureau Member’s Choice | Good Student Discount |
| Good Student Discount | Low Annual Mileage Discount |
| Low Mileage Discount | Married Status Discount |
| Safe Young Driver Discount | Mature 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 | 3.8 | 15 user reviews |
| Android | 3.1 | 99 user reviews |
| Electric Mobile App | ||
|---|---|---|
| iOS | 1 | 2 user reviews |
| Android | 1.9 | 34 user reviews |
Farm Bureau & Electric 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/ | |
| Electric Contact Info | |
|---|---|
| Address | 75 Sam Fonzo Drive, Beverly, MA 01915 |
| Phone | 1-800-342-5342 |
| Website | https://eic.electricinsurance.com/ |
| https://www.facebook.com/ElectricInsuranceCompany/ | |
| https://twitter.com/ElectricInsCo | |
| Youtube | https://www.youtube.com/channel/UC2YooRh-4qPtDgZvFHdFMIw |
| https://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.
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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