Tennessee Farm Bureau insures more homes and automobiles in Tennessee than any other company, but how does Tennessee Farm Bureau compare to other major auto insurance companies competing in the state of Tennessee, like Auto-Owners, Nationwide, Safeco, State Farm, Allstate, Progressive, and GEICO? 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 Tennessee Farm Bureau companies, and compares them with major competitors to assess the quality of customer service and claims handling with Tennessee Farm Bureau. If you don’t want to read the entire review, you can skip to my review summary at the end (Section #6), to find out if my analysis concludes the auto & home insurance customer service & claims handling at Tennessee Farm Bureau is below average, average, or above average. Reading this review will help you decide if Tennessee Farm Bureau is a good choice to insure your car, home, or provide for your other insurance needs.
Tennessee Farm Bureau Auto & Home Insurance Review
Tennessee Farm Bureau started in 1948, to insure farms in Tennessee. According to the TN Farm Bureau website, farming was a more dangerous occupation in the 1940s & 1950s than it is now, and many insurance companies were unwilling to insure farm structures at the time. So the farmers of Tennessee, working through the Tennessee Farm Bureau, began their own insurance company. Tennessee Farm Bureau states it has more offices in Tennessee communities than any other insurance company, and there is at least one in every county. Tennessee Farm Bureau Insurance operates 16 regional claims centers throughout the state, with more than 650,000 member families. Tennessee Farm Bureau Insurance states it insures one in four people in Tennessee.
You don’t have to be a farmer to qualify for Farm Bureau Insurance, but you do have to be a member of the Tennessee Farm Bureau, and the current cost of membership is $25 a year per family.
Tennessee Farm Bureau website, types of insurance available, and requesting price quotes
You can get an auto insurance price quote online for private passenger vehicles, but not for RVs, motorcycles, or trailers. You must be a Tennessee resident and your vehicles must be registered in Tennessee. You can also get home insurance quotes online. Your home must be in Tennessee and it must be your primary residence. If you prefer, there is a feature on the site to help you locate the offices of insurance agents representing Tennessee Farm Bureau near you, and you can contact an agent for an insurance price quote. Tennessee Farm Bureau sells auto, homeowners, renters, farm owners, commercial property and life insurance policies, but like all insurance companies, only to customers qualifying under its risk selection criteria, and requires membership with Tennessee Farm Bureau.
Current Tennessee Farm Bureau customers can use the company website to pay their bill, review their account information, renew their membership, and other customer service.
Source: Tennessee Farm Bureau Insurance website.
The rest of this Tennessee Farm Bureau Insurance review is divided into six parts, consisting of: 1. The AM Best Financial Strength ratings for the Tennessee Farm Bureau insurance companies, 2. Any recent JD Power ratings for Tennessee Farm Bureau, 3. the auto insurance customer complaint ratings for the Tennessee Farm Bureau Insurance companies over the last three years, 4. the home insurance customer complaint ratings for the Tennessee Farm Bureau Insurance companies over the last three years, 5. Tennessee Farm Bureau complaints & ratings compared to major competitors, and 6. a Tennessee 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. AM Best Financial Strength Rating for the Tennessee Farm Bureau Insurance Companies
Tennessee Farm Bureau Insurance currently consists of two subsidiary companies: Tennessee Farmers Mutual Insurance Company and Tennessee Farmer Assurance Company. Tennessee Farm Bureau also owns Tennessee Farmers Life Insurance Company, to sell life insurance to its members.
Tennessee Farmers Mutual Insurance Company and Tennessee Farmer Assurance Company had their “A+” (Superior) AM Best Financial Strength Rating with a stable outlook (no ratings downgrade or downgrade is expected in the near future) reaffirmed on 06/10/2015, a rating these companies have maintained since they were downgraded from A++ in 2011. The AM Best rating of “A+” is the second highest rating for AM Best.
Tennessee Farmers Life Insurance Company had its “A+” (Superior) AM Best Financial Strength Rating with a stable outlook (no ratings upgrade or downgrade is expected in the near future) reaffirmed on 06/10/2015, a rating this company has maintained since 2011 or longer. The AM Best rating of “A+” is the second highest rating for AM Best.
The AM Best financial strength ratings for Tennessee Farm Bureau Insurance companies are not a measure of customer service or the quality of the company’s claims adjusting, 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, property insurance company with lower than an “A-” rating for financial strength from AM Best. Not too many major auto & home insurance companies have a higher financial strength rating than the Tennessee Farm Bureau companies, but 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: Tennessee Farmers Mutual Insurance Company AM Best ratings
2. JD Power US Auto Insurance Customer Satisfaction Study Ratings for Tennessee Farm Bureau
The annual JD Power Auto Insurance Customer Satisfaction Study now consists of many regional or single state studies. Tennessee Farm Bureau is included in just one regional study, the Southeast study, which should be expected, since the company sells insurance in Tennessee only. I’ll compare the JD Power Southeast regional study scores and ratings in 2012, 2013, 2014, & 2015 for Tennessee Farm Bureau with other major auto insurance companies, such as Allstate, State Farm, Progressive, Safeco, Nationwide, Liberty Mutual, Auto-Owners, Farmers, etc.
2015 Southeast Study
Tennessee Farm Bureau scored 34 points (on a 1,000 point scale) or 3.4% above the 2015 Southeast region average, at 859 out of 1,000 points.
Here is how Tennessee Farm Bureau rated in the Southeast Region for the five factors used to determine its overall auto insurance customer satisfaction score in 2015:
Policy Offerings: Five Power Circles (among the best)
Price: Five Power Circles (among the best)
Billing & Payment: Five Power Circles (among the best)
Interaction: Five Power Circles (among the best)
Claims: Five Power Circles (among the best)
Overall Customer Satisfaction: Five Power Circles (among the best)
These companies scored 6% higher than Tennessee Farm Bureau in the 2015 Southeast Region study (from highest scoring company to lowest scoring company): USAA.
These companies scored 2.8% or more lower than Tennessee Farm Bureau in the 2015 Southeast Region study (from highest scoring company to lowest scoring company): Alfa, Allstate, Progressive, North Carolina Farm Bureau, Kentucky Farm Bureau, State Farm, Auto-Owners, GEICO, Nationwide, Travelers, Liberty Mutual, and Safeco.
2014 Southeast Study
Tennessee Farm Bureau was the highest scoring company in this regional study, with the exception of USAA (available only to US Military & honorably discharged veterans and their immediate families) scoring much higher, by 81 points (8.1%). However, Auto-Owners Insurance scored only 5 points lower (.5%) than Tennessee Farm Bureau, which on a 1,000 point scale, is about the same level of auto insurance customer satisfaction. Tennessee Farm Bureau received a five power circle rating (among the best) in the categories of Price and Claims, where Auto-Owners rated four power circles (better than most) in these categories, but a wise auto insurance comparison shopper would consider and get price quotes from both Auto-Owners & Tennessee Farm Bureau, as well as USAA, if you are eligible. Other companies available in Tennessee receiving the best JD Power rating in the category of auto insurance pricing were GEICO & USAA. Other companies available in Tennessee receiving the best JD Power rating in the category of auto insurance claims processing were Alfa & USAA.
Tennessee Farm Bureau received the rating of five power circles (among the best) for overall auto insurance customer satisfaction, scoring 844 points out of 1,000 points, which is 28 points higher (2.8%) than the Southeast regional average score of 816 points on the 1,000 point scale. Tennessee Farm Bureau scored 5 points (.5%) higher than Auto-Owners (which still scored 23 points higher than the SE regional study average) and much higher than than these companies: GEICO by 24 points (2.4%); Liberty Mutual & State Farm by 25 points (2.5%); Progressive by 27 points (2.7%); Safeco & Travelers by 39 points (3.9%), Nationwide by 46 points (4.6%) and Allstate by 50 points (5.0%). Safeco, Travelers, Nationwide, and Allstate all scored below the Southeast regional study average.
Tennessee Farm Bureau scored less than its 2013 score in the 2014 regional study, by 6 points (.6%).
2013 Southeast Study
Tennessee Farm Bureau was the highest scoring company in the 2013 Southeast region study. As usual, USAA score much higher than all other companies in the region, and 51 points (5.1%) higher than Tennessee Farm Bureau. Tennessee Farm Bureau scored much better than all other companies, beating its nearest competitors, State Farm by 28 points (2.8%) and Auto-Owners by 31 points (3.1%).
Tennessee Farm Bureau received the best JD Power rating of five power circles for overall auto insurance customer satisfaction, scoring 850 points out of 1,000 points, which is 46 points higher (4.6%) than the Southeast regional average score of 804 points on the 1,000 point scale. Companies scoring below the 2013 SE regional study average: Nationwide, Safeco, GEICO, Progressive, Travelers &, Allstate.
Tennessee Farm Bureau scored more than its 2012 score in the 2013 regional study, by 22 points (2.2%).
2012 Southeast Study
Tennessee Farm Bureau was the highest scoring company in the 2012 Southeast region study. As usual, USAA score much higher than all other companies in the region, and 102 points (10.2%!) higher than Tennessee Farm Bureau. However, Tennessee Farm Bureau scored not much better than State Farm, beating it by 7 points (.7%) or GEICO, beating it by 13 points (1.3%). Tennessee Farm Bureau beat Auto-Owners by 26 points (2.6%) in 2012
Tennessee Farm Bureau received the best JD Power rating of five power circles for overall auto insurance customer satisfaction, scoring 828 points out of 1,000 points, which is only 14 points higher (1.4%) than the 2012 Southeast regional average score of 814 points on the 1,000 point scale.
Summary: USAA provides much higher auto insurance customer satisfaction than Tennessee Farm Bureau, as well as all other companies, but Tennessee Farm Bureau has scored higher than all companies surveyed, other than USAA, in auto insurance customer satisfaction (as measured by JD Power in the SE regional study) in 2012, 2013, 2014, and 2015. However, in some years, State Farm & Auto-Owners have similar levels of auto insurance customer satisfaction. Tennessee Farm Bureau is not included in JD Power studies measuring home insurance customer satisfaction, so there is less information to compare the quality of Tennessee Farm Bureau home insurance to its competitors. State Farm and Auto-Owners usually score well in JD Power home insurance customer satisfaction studies.
Source: JD Power Insurance Ratings
Tennessee Farm Bureau Insurance Complaint Statistics & Ratings
I analyze the most recent three-year complaint records for the Tennessee Farm Bureau Insurance companies in the next two sections for auto insurance complaints and for home (homeowners, condo, renters) insurance complaints. I also look at the growth or reduction in annual premium for each product line, as a possible indication of low or high auto or home insurance pricing.
The most common reasons for policyholders to file auto & home insurance complaints with a state insurance department against insurance companies, are for claim-related issues, such as delays in a claim payment, unsatisfactory payment of a claim, or denial of a claim. The complaint statistics used in this Tennessee Farm Bureau Insurance review are the number of upheld complaints filed against each of the Tennessee Farm Bureau Insurance companies with a state’s insurance regulatory authority (most often in Tennessee), adjusted for its home or auto insurance market share, as determined by the National Association of Insurance Commissioners. This Tennessee Farm Bureau Insurance review provides valuable complaint information to help you decide if Tennessee Farm Bureau Insurance is the best insurance company for you. By choosing an insurance 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 poor experience, when you need your auto or home insurance company the most.
Source: Home & auto insurance complaint ratios & annual written premiums obtained from the National Association of Insurance Commissioners website
3. Auto Insurance Complaint Statistics & Ratings for Tennessee Farm Bureau companies
Here’s how I establish my auto 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.
Tennessee Farm Bureau has one subsidiary company selling auto insurance:
B = Better than Average C = Average W = Worse than Average
2015 Auto Insurance Complaint Ratio = B (.62)
2015 US auto insurance premium = $605,558,666
2014 data is missing
2013 Auto Insurance Complaint Ratio = B (.26)
2013 US auto insurance premium = $583,932,526
2012 Auto Insurance Complaint Ratio = B (.14)
2012 US auto insurance premium = $570,849,918
2011 Auto Insurance Complaint Ratio = B (.06)
2011 US auto insurance premium = $561,232,778
Tennessee Farmers Mutual Insurance Company has an excellent auto insurance complaint history over the last three years, much lower than average, with its number of auto insurance complaints, in its worst year during this period, at only 26% of the industry average. The auto insurance market share for Tennessee Farmers Mutual Insurance Company has increased each year since 2011, which may indicate it has competitive auto insurance rates for at least some drivers in Tennessee.
4. Home Insurance (Homeowners, Condo, Renters) Complaint Statistics & Ratings for the Tennessee Farm Bureau companies
Here’s how I establish my home 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.
Tennessee Farm Bureau has one subsidiary company selling home insurance:
B = Better than Average C = Average W = Worse than Average
2015 Home Insurance Complaint Ratio = C (.92)
2015 US home insurance premium = $366,280,106
2014 data is missing
2013 Home Insurance Complaint Ratio = B (.64)
2013 US home insurance premium = $337,046,824
2012 Home Insurance Complaint Ratio = C+ (.83)
2012 US home insurance premium = $316,139,914
2011 Home Insurance Complaint Ratio = B (.51)
2011 US home insurance premium = $287,876,166
Tennessee Farmers Mutual Insurance Company has a better than average home insurance complaint history over the last three years, with its number of home insurance complaints, in its worst year during this period, at 83% of the industry average. The home insurance market share for Tennessee Farmers Mutual Insurance Company has increased each year since 2011, which may indicate competitive home insurance rates in Tennessee.
5. Tennessee Farm Bureau Insurance companies’ Complaint Record compared to the Complaint Records of Allstate, State Farm, GEICO, & Progressive Insurance.
For auto insurance, Tennessee Farmers Mutual Insurance Company has a superior three year auto insurance complaint history, compared to Allstate, GEICO, Progressive and State Farm. For home insurance, Tennessee Farmers Mutual Insurance Company has a slightly better three year home insurance complaint history compared to most Allstate subsidiaries. State Farm has a better three year home insurance complaint record than Tennessee Farm Bureau.
6. Tennessee Farm Bureau Insurance Review Summary
Here’s my review summary for Tennessee Farm Bureau auto, home, and life insurance:
Tennessee Farm Bureau Life Insurance
Although its life insurance was not the focus of this review, Tennessee Farm Bureau is a leading seller of life insurance in Tennessee. However, companies best known for their auto and home insurance, like Tennessee Farm Bureau, State Farm, and Allstate, often sell life insurance based on the relationship they have with their auto & home insurance customers, not because they have competitive rates or the best life insurance products. When it comes to life insurance, independent insurance agents with experience selling different types of life insurance, representing many life insurance companies, usually can find you better rates and better life insurance coverage. If you have a Tennessee Farm Bureau life insurance policy, or you are considering buying life insurance from Tennessee Farm Bureau, you should comparison shop with other agents, including a few independent insurance agents, to make sure you have the right coverage for you at a reasonable price.
Tennessee Farm Bureau Auto & Home Insurance
Here’s the bottom line on the customer satisfaction & rates for Tennessee Farm Bureau insurance, to see if the company performs better than average, average, or worse than average. For auto insurance, my evaluation is based on JD Power study results, as well as auto insurance complaint statistics for Tennessee Farm Bureau over the last three years. For homeowners insurance, Tennessee Farm Bureau is not rated by JD Power, so customer service & claims handling is evaluated based on its three year home insurance complaint record.
Tennessee Farm Bureau Auto Insurance Customer Satisfaction & Claims Handling:
Better than average
Tennessee Farm Bureau Home Insurance Customer Satisfaction & Claims Handling:
Better than average
I summarize the auto & home insurance customer & claims satisfaction in this same way for over 40 other major companies on my homepage. Compare Tennessee Farm Bureau with other insurance companies at: smartshopyourcarinsurance.com.
Tennessee Farm Bureau Auto & Home Insurance Rates
Current Tennessee Farm Bureau auto insurance customers rate the pricing of its auto insurance at five power circles (among the best) as surveyed by JD Power in 2015. Since JD Power does not include Tennessee Farm Bureau in any of its home insurance studies, there is no rating for the price of its home insurance coverage. As regular readers of my blog know, I don’t recommend using the opinions of others about a company’s rates without checking the company’s rates for yourself. No single auto or home insurance company has competitive rates for everyone, with some companies charging a lot more than others for the same coverage. Your auto & home insurance rates are unique to your situation. All companies seem to save some people money, but have higher rates for other people. This is why many insurance companies can advertise about the big savings some people find with them.
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