Hanover vs. Farm Bureau Insurance

Which insurance carrier is right for you? Compare products, pros & cons, and quotes from Hanover and Farm Bureau.

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Hanover vs. Farm Bureau: What You Need to Know

From 2003-2007, the Wall Street Journal ranked The Hanover Insurance Companies #1 in the property and casualty industry for increasing shareholder value over a 5-year-period. In 2009, The Hanover acquired commercial business from OneBeacon Insurance Group, which enabled rapid Western U.S. expansion. In the same year, A.M. Best upgraded its company rating to “A” (excellent). From 2010 to 2011, it continued to acquire more businesses both in the U.S. and abroad, which included Lloyd’s of London Chaucer Holdings. In 2013, The Hanover exceeded $5 billion worth of written premiums and wrote business in 179 countries. In 2015, Standard & Poor’s upgraded the company’s financial rating to “A” and The Hanover was recognized by Forbes as one of America’s best employers and one of America’s most trustworthy financial companies.

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 Stock Exchange. The company was formerly known as Farm Bureau Mutual Insurance Company 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.

Below is a list of average rates, rankings, products, and discounts for the two companies. For full company overviews, you can visit Hanover Overview and Farm Bureau Mutual (IA Group) Overview.

Hanover vs. Farm Bureau Mutual (IA Group): How much are the Average Rates?

Below is a list of the average rates that drivers typically pay with Hanover and Farm Bureau Mutual (IA Group). On average, Hanover charges approximately $465.06 per month while Farm Bureau Mutual (IA Group) comes in at around $109.62 per month. For Hanover, the cheapest state average is Massachusetts at $199.21 per month and the most expensive is Michigan at $646.00 per month. For Farm Bureau Mutual (IA Group), the cheapest state average is Iowa at $73.31 per month and the most expensive is New Mexico at $126.71 per month.

Hanover

Average Rate

$465.06
Farm Bureau Mutual (IA Group)

Average Rate

$109.62
National

Average Rate

$120.30
State Hanover Farm Bureau Mutual (IA Group)
Arizona- $112.13
Arkansas $407.97 -
Connecticut $459.42 -
Illinois $494.09 -
Indiana $495.59 -
Iowa- $73.31
Kansas- $121.10
Maine $245.48 -
Massachusetts $199.21 -
Michigan $646.00 -
Minnesota- $101.87
Nebraska- $102.06
New Hampshire $389.49 -
New Jersey $635.73 -
New Mexico- $126.71
New York $328.40 -
South Dakota- $103.67
Utah- $122.35

Hanover vs. Farm Bureau Mutual (IA Group): 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 Hanover and Farm Bureau Mutual (IA Group) typically charge for drivers who have more than 1 vehicle.

Number of Vehicles Hanover Farm Bureau Mutual (IA Group)
1 Vehicle $428.70 $101.62
2 Vehicles $638.18 $138.70
3 Vehicles $1,057.10 $206.98
4 Vehicles $1,480.92 $

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

Home

Drivers who own their home rather than rent can sometimes get a small discount. We found that on average Hanover charges $476.13 per month and Farm Bureau Mutual (IA Group) charges $107.12 per month for customers who own their home.

Own/Rent Hanover Farm Bureau Mutual (IA Group)
Own $476.13 $107.12
Rent $460.81 $110.78

What is Hanover and Farm Bureau Insurance Rating?

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

ComparisonHanoverFarm Bureau
Year Founded18521939
A.M. Best RatingAA
BBB RatingA+A+
Financial StrengthExcellentExcellent
JD Power RankingAbove Average
NAIC Complaint Index1.28
NAIC Complaint Ratio0.92
S&P RatingA

Hanover or Farm Bureau: Insurance Products Offered

What coverage is available through Hanover and Farm Bureau? Both insurance companies offer Auto, Commercial, Home, RV, and Umbrella insurance. Additional products from Farm Bureau insurance also includes Condo, Farm, Health, Life, Motorcycle, and Renters insurance. Considering these two top insurance providers? Check out the list below. To view a full list of products that are available, visit Hanover and Farm Bureau Mutual (IA Group) Insurance page.

InsuranceHanoverFarm Bureau
Auto Insurance
Commercial Insurance
Condo Insurance
Farm Insurance
Health Insurance
Home Insurance
Life Insurance
Motorcycle Insurance
Renters Insurance
RV Insurance
Umbrella Insurance

Hanover or Farm Bureau: 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, Hanover also offers a few discounts that Farm Bureau doesn’t, including Student Away at School, Pay-in-Full, and One Bill discounts. Start taking advantage of discounts offered by insurance providers like Farm Bureau and Hanover insurance and save yourself some money. You can review the full list of discounts that these two companies offer below.

HanoverFarm Bureau
Accident Prevention Course DiscountClaim Free Discount
Affinity GroupsContinued In-Force Credit
Anti-theft Device DiscountDiscounts for Multiple Cars
Good Student DiscountDriven to Safety Discount
Hanover Platinum ExperienceDriveology: The Science of Save Driving®
Multi-Car DiscountFarm Bureau Member’s Choice
No-Fee Electric Funds TransfersGood Student Discount
One BillLow Mileage Discount
Pay-in-Full DiscountSafe Young Driver Discount
Student Away at School Discount

Pros & Cons of Hanover & Farm Bureau

Pros

Hanover
  • The Hanover Insurance Group platinum coverages come in a great bundle.
  • Useful mobile app
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.

Cons

Hanover
  • The Hanover Insurance Group does not offer rideshare insurance or accident forgiveness options.
  • Very few discounts
  • Hanover Insurance is more expensive than most options and a lower customer service rating.
  • Hanover only writes auto insurance in 18 states.
Farm Bureau
  • Must have a Farm Bureau membership to get insurance.

Hanover or Farm Bureau Mobile Apps Options

The Hanover Mobile app is available for iOS and Android. With this app, you’ll be able to see vital policy information and billing information. You can also file a home or auto claim without making a phone call.

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.

Hanover Mobile App
iOS     3.517 user reviews
Android     2.621 user reviews
Farm Bureau Mobile App
iOS     3.815 user reviews
Android     3.199 user reviews

Hanover & Farm Bureau Contact Info

Hanover Contact Info
Address440 Lincoln Street, Worcester, MA 01653
Phone1-508-855-1000
Websitehttps://www.hanover.com/
Facebookhttps://www.facebook.com/hanoverinsurance/
Twitterhttps://twitter.com/The_Hanover
Youtubehttps://www.youtube.com/channel/UCe9zQijKTBxGff55FKAvytg
Linkedinhttps://www.linkedin.com/company/the-hanover-insurance-group/
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/

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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