Which insurance carrier is right for you? Compare pros & cons, price, and quotes from Erie and Farm Bureau.
Erie Insurance Exchange was founded in 1925 by H.O. Hirt and O.G. Crawford, in the city of Erie, Pennsylvania. H.O. Hirt hoped to create a company based on superior service using the mantra, “The ERIE is Above all in sERvIcE,” with the letters "E-R-I-E" raised in capitals out of the word“service.” It still remains the company tagline today. Three years after being established, the company was doing so well that it expanded its business by opening its first office outside Erie, in Pittsburgh. By 1934, the company created the “Super Standard Auto Policy,” which was used as a model for other insurance companies across the country. The company later expanded its product portfolio into a home, business and in the year 1967, Erie Family Life Insurance Company was formed, offering life insurance to consumers. Erie Indemnity Company was registered with the Securities and Exchange Commission in 1994 and in the following year it was listed on NASDAQ. Today, Erie Insurance Company ranks number 381 on the 2019 FORTUNE500® list and has over 5,000 employees and 12,000 independent agents. Also, the company ranks highest among auto insurers in providing a satisfying purchase experience, with a score of 917 (on a 1,000-point scale).
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.
Below is a list of average rates, rankings, products, and discounts for the two companies. For full company overviews, you can visit Erie Overview and Farm Bureau Mutual (IA Group) Overview.
Which car insurance company is better? We've made it easy to compare companies side by side. See how Erie and Farm Bureau ranked among the industry ratings.
| Comparison | Erie | Farm Bureau |
|---|---|---|
| Year Founded | 1925 | 1939 |
| Market Share | 1.29 | |
| BBB Rating | A+ | |
| Financial Strength | Excellent | Excellent |
| NAIC Complaint Ratio | 0.22 | 0.92 |
What coverage is available through Erie and Farm Bureau? Both insurance companies offer Auto, Commercial, Condo, Health, Home, Life, Motorcycle, Renters, and RV insurance. Additional products from Farm Bureau insurance also includes Farm 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 Erie and Farm Bureau Mutual (IA Group) Insurance page.
| Insurance | Erie | Farm Bureau |
|---|---|---|
| Auto Insurance | ✔ | ✔ |
| Commercial Insurance | ✔ | ✔ |
| Condo Insurance | ✔ | ✔ |
| Farm Insurance | ✔ | |
| Health Insurance | ✔ | ✔ |
| Home Insurance | ✔ | ✔ |
| Life Insurance | ✔ | ✔ |
| Motorcycle Insurance | ✔ | ✔ |
| Renters Insurance | ✔ | ✔ |
| RV Insurance | ✔ | ✔ |
| Umbrella Insurance | ✔ |
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. In contrast, Erie also offers a few discounts that Farm Bureau doesn’t include Young Driver Loyalty, Teen Driver, and Student discounts. Start taking advantage of discounts offered by insurance providers like Farm Bureau and Erie insurance and save yourself some money. You can review the full list of discounts that these two companies offer below.
| Erie | Farm Bureau |
|---|---|
| Advance Quote Discount | Claim Free Discount |
| Age 55 Discount | Continued In-Force Credit |
| Driver Training Discount | Discounts for Multiple Cars |
| Multi-Policy Discount | Driven to Safety Discount |
| Multi-Vehicle Discount | Driveology: The Science of Save Driving® |
| New Vehicle Discount | Farm Bureau Member’s Choice |
| Paid in Full Discount | Good Student Discount |
| Prior Bodily Injury Limits (BIL) Discount | Low Mileage Discount |
| Reduced Usage Discount | Safe Young Driver Discount |
| Safe Driver Discount | |
| Safety Features Discount | |
| Student Discount | |
| Teen Driver Discount | |
| Young Driver Loyalty Discount |
