Indiana Farm Bureau Review: Auto & Home Insurance Complaints, AM Best & JD Power Ratings

Some Indiana residents may know Indiana Farm Bureau is a major insurer of homes, trucks, and automobiles in their state, but how does Indiana Farm Bureau compare to other major car & home insurance companies, such as Progressive, GEICO, State Farm, Country, Hartford, Allstate, Nationwide, Travelers, Safeco, Auto-owners, & Liberty Mutual? This review analyzes the JD Power customer satisfaction ratings, AM Best financial strength ratings, and the most recent three-year home & auto insurance customer complaint records for the Indiana Farm Bureau insurance companies, and compares them with major competitors.

There is a lot of useful information in this review, but if you don’t want to read the entire review, you can skip to my review summary in the last section (section #5), to find out if my analysis concludes the auto & home insurance customer service, claims handling, and rates for Indiana Farm Bureau is below average, average, or above average. Reading this review can help you decide if Indiana Farm Bureau is a good company to insure your cars, trucks, or home.

Be sure to use the information in this review and the ad below this paragraph (or the ad at the end of this review) to request price quotes from multiple insurance companies, and find the best auto or home insurance company for you.

The detailed information in this review compares Indiana Farm Bureau auto & homeowners insurance to the industry average and competing companies for customer service, claims processing performance, customer complaints, financial strength, and insurance rates, but if If you don’t want to read all the details, you can go to this review on my website here, to see if Indiana Farm Bureau consistently performs better than average, average, or worse than average for customer service, claims, and pricing, and compare Indiana Farm Bureau to over 40 other U.S. auto & home insurance companies.

I update my reviews throughout the year as new data becomes available, so be sure to bookmark or place my website in your favorites, so you can keep up on how Indiana Farm Bureau & other major insurance companies perform in the future. If the information in this review helps you, please like this review on Facebook and share the link to it on the Web and through social media.


Indiana Farm Bureau Insurance Review

This Indiana Farm Bureau insurance review is divided into five parts, consisting of: 1. an overview of Indiana Farm Bureau Insurance, 2. The AM Best Financial Strength ratings for the Indiana Farm Bureau insurance companies, 3. The JD Power auto & home insurance customer satisfaction ratings for Indiana Farm Bureau, 4. the auto & homeowners insurance customer complaint ratings for the Indiana Farm Bureau Mutual insurance companies over the last three years, and 5. an Indiana Farm Bureau insurance review summary, rating the company average, better than average, or below average, based on its annual auto & home insurance complaint records & ratings over the last few years.

1. About Indiana Farm Bureau Insurance

Indiana Farm Bureau has been in business for nearly 80 years, with its home office in downtown Indianapolis and local offices in all 92 counties. Indiana Farm Bureau, a leader in auto and homeowners insurance in the Hoosier state, sells auto, home, condo, renters, farm, life & other types of insurance, and is represented by more than 450 agents.

Indiana Farm Bureau is available to Indiana residents, whether they are farmers or non-farmers, but membership in the Indiana Farm Bureau is required.

You can request an auto insurance quote through the Indiana Farm Bureau website.

Source: Indiana Farm Bureau Insurance website

2. AM Best Financial Strength Ratings for the Indiana Farm Bureau insurance companies

Indiana Farm Bureau has four insurance company subsidiaries: United Farm Family Mutual Insurance Company, UFB Casualty Insurance Company, United Farm Family Life Insurance Company, and United Home Life Insurance Company.

The two Indiana Farm Bureau companies insuring autos & homes, United Farm Family Mutual Insurance Company and UFB Casualty Insurance Company had their “B++” (Good) AM Best Financial Strength Rating with a stable outlook (no possible ratings upgrade or downgrade is expected in the near future) reaffirmed on 03/20/2015. The AM Best rating of “B++” is the fifth highest rating for AM Best.

One of the Indiana Farm Bureau companies selling life insurance, United Farm Family Life Insurance Company, had its A (Excellent) AM Best Financial Strength Rating with a stable outlook (no possible ratings upgrade or downgrade is expected in the near future) also reaffirmed on 03/20/2015. The AM Best rating of “A” is the third highest rating for AM Best.

One of the Indiana Farm Bureau companies selling life insurance, United Home Life Insurance Company, had its A- (Excellent) AM Best Financial Strength Rating with a stable outlook (no possible ratings upgrade or downgrade is expected in the near future) reaffirmed, too, on 03/20/2015. The AM Best rating of “A-“ is the fourth highest rating for AM Best.

AM Best financial strength ratings are not a measure of customer service or the quality of the claims adjusting for the Indiana Farm Bureau insurance companies, but an opinion about their ability to pay claims, remain financially solvent, and stay in business. I recommend avoiding, if possible or practical, any auto or homeowners insurance company with lower than an “A-” rating for financial strength from AM Best.

Most major auto & home insurance companies have higher financial strength ratings than the two Farm Bureau insurance companies insuring auto & homes. The difference in financial strength among A++, A+, A, & A- rated companies is not significant to me unless higher rated companies are the same or better in terms of price, coverage, claims handling, and customer service.

Source for the Indiana Farm Bureau company insuring the most autos & homes: AM Best Rating for United Farm Family Mutual Insurance Company

3. JD Power Auto & Home Insurance Customer Satisfaction Ratings for Indiana Farm Bureau

Indiana Farm Bureau is included in only one of the annual JD Power insurance studies: The JD Power US Auto Insurance Customer Satisfaction Study for the North Central region. 2015 was the first year Indiana Farm Bureau was included in this JD Power study.

The 2015 U.S. Auto Insurance Study is based on responses from 46,256 auto insurance customers. The survey data was collected in March and April 2015.

2015: Indiana Farm Bureau scored 14 points (on a 1,000 point scale) or 1.4% above the 2015 North Central region average, at 822 out of 1,000 points.

Here is how Indiana Farm Bureau rated in the North Central Region for the five factors used to determine its overall auto insurance customer satisfaction score in 2015:

Policy Offerings: Four Power Circles (better than most)

Price: Four Power Circles (better than most)

Billing & Payment: Three Power Circles (about average)

Interaction: Three Power Circles (about average)

Claims: Three Power Circles (about average)

Overall Customer Satisfaction: Four Power Circles (better than most)

Country, Hartford, and American Family scored about the same as Indiana Farm Bureau.

These companies scored .6% or more higher than Indiana Farm Bureau in the 2015 North Central Region study (from highest scoring company to lowest scoring company): USAA, Auto-Owners, and Nationwide.

These companies scored .6% or more lower than Indiana Farm Bureau in the 2015 North Central Region study (from highest scoring company to lowest scoring company): State Farm, Erie, Progressive, Farmers, GEICO, Allstate, Grange, Liberty Mutual, Metlife, Michigan Farm Bureau, Automobile Club Group (AAA), Hanover, and Safeco.

Summary: Indiana Farm Bureau scored 1.4% above the North Central regional auto insurance customer satisfaction study average in 2015. Of particular note is its better than average rating for Price in 2015, but its “about average” rating (three power circles) for Claims & Interaction in 2015 indicates Indiana Farm Bureau does not provides better than average auto insurance customer satisfaction in important categories.

4. Auto Insurance Complaint Statistics & Ratings for the Indiana Farm Bureau companies

Another measure of quality for an auto or home insurance company is the number of upheld complaints filed against it with a state’s insurance regulatory authority, adjusted for the company’s market share. This section of my review will show you if Indiana Farm Bureau auto & home insurance has a better-than-average, average, or below-average complaint record for 2012, 2013 & 2014.

You may really like your car or home insurance company, or you may have heard from relatives or friends about the insurance companies they think are best, but you never really know how good your insurance company will be, until you have a serious claim. The good news is many insurance companies settle a good portion of their claims in a manner acceptable to the majority of their customers. However, the wise consumer should avoid insurance companies with a worse than average history of auto or home insurance complaints.

The most common reasons, for people to file auto & home insurance complaints with a state insurance department against insurance companies, are for delays in a claim payment, unsatisfactory payment of a claim, and denial of a claim. The complaint statistics used in this Indiana Farm Bureau insurance companies review are the number of upheld complaints filed against the Indiana Farm Bureau companies with a state’s insurance regulatory authority, adjusted for the company’s market share, as determined by the National Association of Insurance Commissioners. This part of the review provides valuable information to help you decide if Indiana Farm Bureau is best for you. By choosing a company with a better-than-average complaint history, or at least avoiding companies with consistent, worse-than-average complaint records, you decrease the likelihood you will have a negative experience, when you need your auto or home insurance company.

The complaint ratios for the Indiana Farm Bureau insurance companies listed below display the ratio of the company’s U.S. Market Share of closed complaints compared to the company’s U.S. Market Share of premiums for a specific policy type. Complaint ratios lower than “1” have less complaints than average, and complaint ratios over “1” have more complaints than average. The lower the complaint ratio, the less complaints against the company. Ideally, you want to choose an auto or home insurance company with complaint ratios less than 1.00 each year, at least over the most recent three years.

So you don’t have to worry about comparing complaint ratio numbers, I devised a rating system to help you identify if Indiana Farm Bureau has a good or poor complaint record.

Here’s how I establish my auto & homeowners insurance complaint ratings:

B = Better than average. Insurance companies with complaint ratios less than 75% of the average insurance company.

C = Average. Insurance companies with complaint ratios from 75% to 125% of the average insurance company. I use a minus sign (-) to indicate auto insurance complaint ratios slightly worse than average (1.01 to 1.25) and a plus sign (+) for auto insurance complaint ratios slightly better than average (.99 to .75).

W = Worse than average. Insurance companies with complaint ratios more than 125% of the average insurance company.

Indiana Farm Bureau has two subsidiary companies insuring private passenger vehicles & homes in Indiana, but almost all of its auto & homeowners insurance customers are insured with United Farm Family Mutual Insurance Company.

The use of more than one auto or home insurance subsidiary company is usually to offer different pricing to specific risk profiles (for example, drivers with a clean driving record vs. drivers with tickets and accidents) or affinity groups (like teachers), operate in a certain US state or group of states, or offer different lines of insurance, such as motorhome / RV or motorcycle insurance. Different subsidiaries can also be used for different sales distribution methods, such as selling direct from the company, or through independent insurance agents. Each subsidiary has its own rates, so the price you pay may be different if you are insured with United Farm Family Mutual Insurance Company or UFB Casualty Insurance Company.

I. Auto Insurance Complaint Record for the Indiana Farm Bureau companies.

These two Indiana Farm Bureau companies insure private passenger vehicles in Indiana:

United Farm Family Mutual Insurance Company Auto Insurance Complaint Statistics & Ratings

B = Better than Average C = Average W = Worse than Average

2014 Auto Insurance Complaint Ratio = B (.69)

2014 US auto insurance premium = $246,521,506

2013 Auto Insurance Complaint Ratio = C+ (.75)

2013 US auto insurance premium = $247,373,495

2012 Auto Insurance Complaint Ratio = C- (1.04)

2012 US auto insurance premium = $243,877,014

UFB Casualty Insurance Company Auto Insurance Complaint Statistics & Ratings

B = Better than Average C = Average W = Worse than Average

2014 Auto Insurance Complaint Ratio = B (0) (No complaints)

2014 US auto insurance premium = $75,466

2013 Auto Insurance Complaint Ratio = B (0) (No complaints)

2013 US auto insurance premium = $69,161

2012 Auto Insurance Complaint Ratio = B (0) (No complaints)

2012 US auto insurance premium = $363,336

II. Homeowner Insurance Complaint Record for the Indiana Farm Bureau companies.

These two Indiana Farm Bureau companies insure homes, condos, & apartments in Indiana:

United Farm Family Mutual Insurance Company Homeowner Insurance Complaint Statistics & Ratings

B = Better than Average C = Average W = Worse than Average

2014 Homeowner Insurance Complaint Ratio = B (.40)

2014 US homeowner insurance premium = $137,742,927

2013 Homeowner Insurance Complaint Ratio = C+ (.86)

2013 US homeowner insurance premium = $139,970,753

2012 Homeowner Insurance Complaint Ratio = C- (1.04)

2012 US homeowner insurance premium = $132,308,263

UFB Casualty Insurance Company Homeowner Insurance Complaint Statistics & Ratings

B = Better than Average C = Average W = Worse than Average

2014 Homeowner Insurance Complaint Ratio = B (0) (No complaints)

2014 US homeowner insurance premium = $9,060,003

2013 Homeowner Insurance Complaint Ratio = B (0) (No complaints)

2013 US homeowner insurance premium = $8,784,813

2012 Homeowner Insurance Complaint Ratio = C- (1.04)

2012 US homeowner insurance premium = $7,761,223

5. Indiana Farm Bureau Auto & Home Insurance Review Summary

Here’s my summary to give you the bottom line on the customer satisfaction & rates for Indiana Farm Bureau auto & home insurance, to see if it performs better than average, average, or worse than average.

Indiana Farm Bureau had somewhat less than the average number of auto insurance complaints in 2013 & 2014, and scored above average in the 2015 JD Power auto insurance customer satisfaction study, but it received an about average rating in the important categories of auto insurance claims & interaction as rated by its customers in that 2015 study.

Indiana Farm Bureau Auto Insurance Customer Satisfaction & Claims Handling:

Average

Because Indiana Farm Bureau is not rated for homeowners insurance satisfaction in any recent JD Power studies, my evaluation for its home insurance is based on its three year home insurance complaint statistics for its largest home insurance subsidiary, United Farm Family Mutual Insurance Company. Indiana Farm Bureau has an about average homeowners insurance complaint record in two of the last three years.

Insurance companies with great reputations for customer service, like Amica, USAA, & others, consistently scoring above average in JD Power customer satisfaction studies, usually do so for both auto & home insurance. Using the performance of Indiana Farm Bureau in recent JD Power auto insurance customer satisfaction studies as a proxy for its level of home insurance customer satisfaction, I think Indiana Farm Bureau Farm Bureau home insurance customers should expect about average customer service.

Indiana Farm Bureau Home Insurance Customer Satisfaction & Claims Handling:

Average

I summarize the auto & home insurance customer & claims satisfaction in this same way for over 40 other major companies on my homepage. Compare Indiana Farm Bureau with other insurance companies at: smartshopyourcarinsurance.com.

Indiana Farm Bureau Auto & Home Insurance Rates

For pricing, the most reliable way to know if any auto or home insurance company has low or high rates is to conduct your own pricing survey, by requesting price quotes from all the leading auto & homeowners insurance companies in your state to find the best company for you.

However, JD Power studies, and a company’s recent rapid increase or decrease in market share, may indicate whether a certain insurance company has higher or lower auto or home insurance rates. Large growth in the last year is a strong sign of low insurance rates, but a company’s size or market share growth can sometimes have more to do with advertising than competitive rates.

Indiana Farm Bureau saw a slight decrease in its auto insurance market share from 2013 to 2014, but received a “better than most” rating of four power circles, in the category of pricing for the 2015 JD Power auto insurance customer satisfaction study.

Please remember no single insurance company has low rates for every person’s situation, and you can’t depend on reviews, pricing studies, or the opinions of other people, to find the auto or home insurance companies with the best rates for you. It can be an expensive mistake to make assumptions about an auto or home insurance company’s rates without getting a price quote, and it’s best to shop with all the major insurance companies operating in your state, but here’s some pricing information about other insurance companies to help you comparison shop:

The following companies offering auto insurance in Indiana received the best JD Power rating for pricing in the 2015 JD Power auto insurance customer satisfaction study for the North Central region: Erie, GEICO, and USAA.. Grange, Hartford, & Progressive also received an above average rating for pricing, so these companies may have competitive auto insurance rates for some drivers.

The following companies insuring homes in Indiana rated better than average for pricing in the 2014 JD Power homeowners insurance customer satisfaction study: AMICA, GEICO, HARTFORD, and AUTO-OWNERS..

It really pays to shop. Auto & homeowners insurance companies charge twice as much or more than other companies for the same coverage depending on each customers specific circumstances. Like with any auto or home insurance company, if you are insured with Indiana Farm Bureau, you may have good rates or you may be able to save a lot of money, while keeping the same or getting better coverage, by insuring with another company.

Many people pay too much for their insurance because they never shop for better rates, or if they do shop, they don’t check the rates of enough companies. With auto & home insurance, you don’t get better service or coverage because you pay more. Some of the best companies have competitive rates. But no single company has low rates for everyone. You have to shop with all the leading companies, to find the company with the best coverage and best price for you. The ad below will take you to links to get online quotes from leading Home, Auto, Health, & Life insurance companies in your area. Choose the type of insurance, put in your zip, and start shopping now!

What do you think about Indiana Farm Bureau auto & home insurance coverage? Was this Indiana Farm Bureau insurance review useful to you? Comment or ask me questions on my facebook page. Follow me on Twitter for important insurance consumer news & new blog entries at CarInsWatch.