Many Texans know Texas Farm Bureau is a major insurer of homes and private passenger vehicles in the Lone Star State. But how does Texas Farm Bureau compare to other major auto & home insurance companies competing in Texas, such as Progressive, GEICO, State Farm, Allstate, Nationwide, Farmers & 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 Texas 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 #7), to find out if my analysis concludes the auto & home insurance customer service, claims handling, and rates for Texas Farm Bureau is below average, average, or above average. Reading this review will help you decide if Texas Farm Bureau is a good company to insure your cars, trucks, or home.
Texas Farm Bureau Insurance Review
This Texas Farm Bureau insurance review is divided into seven parts, consisting of: 1. an overview of the company, the Texas Farm Bureau website, and the best way to get auto or home insurance price quotes, 2. The AM Best Financial Strength ratings for the Texas Farm Bureau insurance companies, 3. The JD Power auto & home insurance customer satisfaction ratings for the Texas Farm Bureau, 4. the auto insurance customer complaint ratings for each Texas Farm Bureau subsidiary over the last three years, 5. the home insurance customer complaint ratings for each Texas Farm Bureau subsidiary over the last three years, 6. Texas Farm Bureau auto & home insurance compared to major competitors, and 7. a Texas 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. Texas Farm Bureau, its website, and requesting auto & home insurance price quotes
Here’s some basic information potential customers should know about Texas Farm Bureau:
About Texas Farm Bureau Insurance
Texas Farm Bureau began offering insurance in 1952, and sells Automobile, Property (Homeowner’s Plan, Tenant’s (Renter’s) Plan, & Dwelling (Landlord’s) Plan), Farm/Ranch, Commercial (for businesses), and Life insurance through local Texas Farm Bureau agents located in communities throughout Texas. Texas Farm Bureau insurance is available only in the state of Texas, and you must pay a membership to join the Texas Farm Bureau to be eligible for its insurance coverage, and to receive other Texas Farm Bureau benefits & discounts. Texas Farm Bureau has more than 750 agents and 250 offices statewide, servicing more than 300,000 customers.
Texas Farm Bureau Insurance Website & Getting Auto or Home Insurance Price Quotes
Like the websites of many major auto & home insurance companies, customers can create an account online to manage their policy, pay a bill, or file a claim. You can get an auto insurance quote from the Texas Farm Bureau Insurance website, with the option of getting an estimate without having to provide your social security number and having your credit checked. You can locate Texas Farm Bureau agents close to you and obtain their contact information through the website, if you prefer to have an agent quote you. If you desire a property insurance quote (homeowners, renters, or landlord) you will need to contact an agent. For convenience, get an auto insurance quote through the website, but I’d recommend finding a good Texas Farm Bureau agent to review the quote, too, to make sure you are getting the best price, the right coverage for you, and to confirm its accuracy.
Source: Texas Farm Bureau Insurance website
2. AM Best Financial Strength Rating for the Texas Farm Bureau insurance companies
Texas Farm Bureau insurance consists of the following subsidiary companies: Farm Bureau County Mutual Insurance Company of Texas, Texas Farm Bureau Casualty Insurance Company, Texas Farm Bureau Mutual Insurance Company, and Texas Farm Bureau Underwriters.
Farm Bureau County Mutual Insurance Company of Texas and Texas Farm Bureau Casualty Insurance Company had their “A” (Excellent) AM Best Financial Strength Rating with a stable outlook (no ratings upgrade or downgrade is expected in the near future) reaffirmed on 05/27/2015. The AM Best rating of “A” is the third highest rating for AM Best.
Texas Farm Bureau Mutual Insurance Company and Texas Farm Bureau Underwriters had their “A-” (Excellent) AM Best Financial Strength Rating with a stable outlook (no ratings upgrade or downgrade is expected in the near future) reaffirmed on 05/27/2015. 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 Texas Farm Bureau companies’ claims adjusting, but an opinion about its 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. Some major auto & home insurance companies have higher financial strength ratings than the Texas 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: AM Best
3. JD Power Auto & Home Insurance Customer Satisfaction Ratings for Texas Farm Bureau
Texas Farm Bureau is included in only one of the annual JD Power insurance studies: The JD Power US Auto Insurance Customer Satisfaction Study — Texas region.
2015: Texas Farm Bureau scored 27 points (on a 1,000 point scale) or 2.7% above the 2015 Texas region average, at 859 out of 1,000 points.
Here is how Texas Farm Bureau rated in the Texas 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 3.3% higher than Texas Farm Bureau in the 2015 Texas Region study (from highest scoring company to lowest scoring company): USAA.
These companies scored 3.2% or more lower than Texas Farm Bureau in the 2015 Texas Region study (from highest scoring company to lowest scoring company): State Farm, Progressive, GEICO, Farmers, Allstate, Nationwide, and Liberty Mutual.
2014: Texas Farm Bureau scored the highest in the 2014 TX region study (if you don’t include USAA, which scored much higher, but has restricted membership to military families), which was 32 points (on a 1,000 point scale) or 3.2% above the Texas regional study average, at 852 out of 1,000 points.
Here is how Texas Farm Bureau rated in the five factors used to determine its overall auto insurance customer satisfaction score in 2014:
Policy Offerings: Five Power Circles (among the best)
Price: Five Power Circles (among the best)
Billing & Payment: Four Power Circles (better than most)
Interaction: Five Power Circles (among the best)
Claims: Five Power Circles (among the best)
2013: Texas Farm Bureau scored 65 points (on a 1,000 point scale) or 6.5% above the Texas regional study average, at 862 out of 1,000 points.
2012: Texas Farm Bureau scored 46 points (on a 1,000 point scale) or 4.6% above the Central region study (there was no Texas regional study in 2012) average, at 857 out of 1,000 points.
Summary: Texas Farm Bureau consistently scored 2.7% or more above the regional study average each year since 2012, scoring much higher than most other companies, and is one of the auto insurance companies deserving its highest rating by JD Power. Although USAA, in a class by itself, scores much higher for auto insurance customer satisfaction than Texas Farm Bureau over the same period, and much, much higher than other auto insurance companies in Texas, as measured by JD Power.
4. Auto Insurance Complaint Statistics & Ratings for the Texas Farm Bureau Insurance Companies
The complaint ratios for the Texas 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 a good or poor complaint record.
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.
These three Texas Farm Bureau companies sell auto insurance: Texas Farm Bureau Mutual Insurance Company, Texas Farm Bureau Casualty Insurance Company, and Farm Bureau County Mutual Insurance Company of Texas.
B = Better than Average C = Average W = Worse than Average
2015 Auto Insurance Complaint Ratio = B (.37)
2015 US auto insurance premium = $342,370,009
2014 data is missing
2013 Auto Insurance Complaint Ratio = B (.41)
2013 US auto insurance premium = $262,771,040
2012 Auto Insurance Complaint Ratio = B (.21)
2012 US auto insurance premium = $218,751,507
2011 Auto Insurance Complaint Ratio = B (.24)
2011 US auto insurance premium = $178,529,482
Texas Farm Bureau Mutual Insurance Company is the Texas Farm Bureau subsidiary with the most auto insurance customers in Texas. Texas Farm Bureau Mutual Insurance Company has a consistent, better-than-average auto insurance complaint history from 2011 to 2013, with the number of auto insurance complaints in its worst year (2013) during this period, still at only 41% of the industry average. I prefer to choose auto insurance companies with a consistent history of lower than average number of auto insurance complaints each year, like Texas Farm Bureau Mutual Insurance Company.
The auto insurance market share for Texas Farm Bureau Mutual Insurance Company has increased quite a bit each year since 2011, which may be a sign this subsidiary has competitive auto insurance rates in the Lone Star State.
B = Better than Average C = Average W = Worse than Average
2015 Auto Insurance Complaint Ratio = C+ (.77)
2015 US auto insurance premium = $221,726,621
2014 data is missing
2013 Auto Insurance Complaint Ratio = B (.13)
2013 US auto insurance premium = $242,114,565
2012 Auto Insurance Complaint Ratio = B (.15)
2012 US auto insurance premium = $248,421,583
2011 Auto Insurance Complaint Ratio = B (0) (No complaints)
2011 US auto insurance premium = $257,237,520
Texas Farm Bureau Casualty Insurance Company almost has as many auto insurance customers as the largest Texas Farm Bureau subsidiary insurer of autos, Texas Farm Bureau Mutual Insurance Company. Texas Farm Bureau Casualty Insurance Company also has a consistent, better-than-average auto insurance complaint history from 2011 to 2013, with the number of auto insurance complaints in its worst year (2012) during this period, still at only 15% of the industry average. However, auto insurance market share is dropping for Texas Farm Bureau Casualty Insurance Company, so it’s possible this subsidiary is no longer selling new auto insurance policies.
The auto insurance market share for Texas Farm Bureau Casualty Insurance Company has decreased each year since 2011, which could be a sign this subsidiary no longer has competitive auto insurance rates.
B = Better than Average C = Average W = Worse than Average
2015 Auto Insurance Complaint Ratio = C (1.01) 6
2015 US auto insurance premium = $67,532,159
2014 data is missing
2013 Auto Insurance Complaint Ratio = B (0) (No complaints)
2013 US auto insurance premium = $65,851,403
2012 Auto Insurance Complaint Ratio = B (.28)
2012 US auto insurance premium = $63,541,940
2011 Auto Insurance Complaint Ratio = B (.26)
2011 US auto insurance premium = $64,471,271
Farm Bureau County Mutual Insurance Company of Texas insures far few autos in Texas than the other two Texas Farm Bureau subsidiaries described above, about 25% the size of the TX auto insurance market as Texas Farm Bureau Mutual Insurance Company. But like the other two subsidiaries, Farm Bureau County Mutual Insurance Company of Texas has a consistent, better-than-average auto insurance complaint history from 2011 to 2013, with the number of auto insurance complaints in its worst year (2012) during this period, still at 28% of the industry average.
The auto insurance market share for Farm Bureau County Mutual Insurance Company of Texas decreased a bit from 2011 to 2012, but is up slightly for 2013, so the auto insurance market share change for Farm Bureau County Mutual Insurance Company of Texas over the last few tears does not indicate anything about the competitiveness of its auto insurance rates.
5. Home Insurance (Homeowners & Renters) Complaint Statistics & Ratings for the Texas Farm Bureau Insurance Companies
My home insurance complaint rating definitions are the same as my auto insurance complaint rating definitions, and the home insurance complaint ratios work the same as the auto insurance complaint ratios, where you want to see complaint ratios less than 1.00 each year, over the last three years.
Here’s how I determine 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 home insurance complaint ratios slightly worse than average (1.01 to 1.25) and a plus sign (+) for home 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.
These two Texas Farm Bureau companies sell home insurance: Texas Farm Bureau Mutual Insurance Company and Texas Farm Bureau Underwriters.
B = Better than Average C = Average W = Worse than Average
2015 Home Insurance Complaint Ratio = B (.35)
2015 US home insurance premium = $171,481,229
2014 data is missing
2013 Home Insurance Complaint Ratio = B (.17)
2013 US home insurance premium = $133,593,936
2012 Home Insurance Complaint Ratio = B (.31)
2012 US home insurance premium = $106,928,744
2011 Home Insurance Complaint Ratio = B (0) (No complaints)
2011 US home insurance premium = $85,626,422
Texas Farm Bureau Mutual Insurance Company is the Texas Farm Bureau subsidiary with the most home insurance customers in Texas. Texas Farm Bureau Mutual Insurance Company has a consistent, better-than-average home insurance complaint history from 2011 to 2013, with the number of home insurance complaints in its worst year (2012) during this period, still at only 31% of the industry average. I prefer to choose home insurance companies with a consistent history of lower than average number of home insurance complaints each year, like Texas Farm Bureau Mutual Insurance Company.
The home insurance market share for Texas Farm Bureau Mutual Insurance Company has increased quite a bit each year since 2011, which may be a sign this subsidiary has competitive home insurance rates in the Lone Star State.
B = Better than Average C = Average W = Worse than Average
2015 Home Insurance Complaint Ratio = B (.29)
2015 US home insurance premium = $68,154,378
2014 data is missing
2013 Home Insurance Complaint Ratio = B (.47)
2013 US home insurance premium = $71,105,232
2012 Home Insurance Complaint Ratio = B (.11)
2012 US home insurance premium = $73,882,609
2011 Home Insurance Complaint Ratio = B (.11)
2011 US home insurance premium = $75,097,184
Texas Farm Bureau Underwriters has a little more than half as many home insurance customers as the largest Texas Farm Bureau subsidiary insuring homes, Texas Farm Bureau Mutual Insurance Company. But Texas Farm Bureau Underwriters has a consistent, better-than-average home insurance complaint history from 2011 to 2013, with the number of home insurance complaints in its worst year (2013) during this period, still at 47% of the industry average. However, home insurance market share is dropping for Texas Farm Bureau Underwriters, so it’s possible this subsidiary is no longer selling new home insurance policies.
The home insurance market share for Texas Farm Bureau Underwriters has decreased each year since 2011, which could be a sign this subsidiary no longer has competitive home insurance rates.
6. Texas Farm Bureau compared to Progressive, GEICO, State Farm, Allstate, Nationwide, Farmers, and Liberty Mutual Auto & Home Insurance
Texas Farm Bureau Auto Insurance compared to:
Progressive: Progressive auto insurance has lower JD Power auto insurance customer satisfaction scores than Texas Farm Bureau in the 2013 and 2014 Texas (and Central regional study in 2012) studies, with Texas Farm Bureau scoring 3.9% or more higher than Progressive each year.
GEICO: GEICO auto insurance has lower JD Power auto insurance customer satisfaction scores than Texas Farm Bureau in the 2013 and 2014 Texas (and Central regional study in 2012) studies, with Texas Farm Bureau scoring 2.7% or more higher than GEICO each year.
State Farm: State Farm auto insurance has lower JD Power auto insurance customer satisfaction scores than Texas Farm Bureau in the 2013 and 2014 Texas (and Central regional study in 2012) studies, with Texas Farm Bureau scoring 2.5% or more higher than State Farm each year.
Allstate: Allstate auto insurance has lower JD Power auto insurance customer satisfaction scores than Texas Farm Bureau in the 2013 and 2014 Texas (and Central regional study in 2012) studies, with Texas Farm Bureau scoring 2.2% or more higher than Allstate each year.
Nationwide: Nationwide auto insurance has lower JD Power auto insurance customer satisfaction scores than Texas Farm Bureau in the 2013 and 2014 Texas (and Central regional study in 2012) studies, with Texas Farm Bureau scoring 5.4% or more higher than Nationwide each year.
Farmers: Farmers auto insurance has lower JD Power auto insurance customer satisfaction scores than Texas Farm Bureau in the 2013 and 2014 Texas (and Central regional study in 2012) studies, with Texas Farm Bureau scoring 4.9% or more higher than Farmers each year.
Liberty Mutual: Liberty Mutual auto insurance has lower JD Power auto insurance customer satisfaction scores than Texas Farm Bureau in the 2013 and 2014 Texas (and Central regional study in 2012) studies, with Texas Farm Bureau scoring 5.6% or more higher than Liberty Mutual each year.
Texas Farm Bureau home insurance compared to competing companies in Texas:
It may be Texas Farm Bureau home insurance customers are as satisfied with Texas Farm Bureau as its auto insurance customers, but JD Power does not include Texas Farm Bureau in any of its home insurance studies.
Based on the recent home insurance complaint ratios for Texas Farm Bureau, Texas Farm Bureau Underwriters & Texas Farm Bureau Mutual Insurance Company have home insurance complaint records about the same or better than most other home insurance companies insuring homes in Texas.
7. Texas Farm Bureau Auto & Home Insurance Review Summary
Here’s my summary to give you the bottom line on the customer satisfaction & rates for the auto & home insurance of the Texas Farm Bureau companies, to see if they perform better than average, average, or worse than average.
Since Texas Farm Bureau is not rated by JD Power for home insurance satisfaction, my evaluation is based only on its three year home insurance complaint statistics of its largest subsidiary.
Texas Farm Bureau Auto Insurance Customer Satisfaction & Claims Handling:
Better Than Average
Texas 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 Texas Farm Bureau with other insurance companies at: smartshopyourcarinsurance.com.
Texas Farm Bureau Auto & Home Insurance Rates
For pricing, the most reliable way to know if an insurance company is over-priced is to conduct your own pricing survey, by requesting price quotes from all the leading insurance companies in your state, to find the best company for you, but a recent rapid increase or decrease in market share may indicate whether a company has higher or lower auto or home insurance rates.
Texas Farm Bureau Mutual Insurance Company has seen healthy increases in Texas market share for both auto & home insurance in recent years, and received the best rating in the category of pricing for the 2014 JD Power auto insurance customer satisfaction study. However, no single insurance company has good rates for every person’s situation.
To help you comparison shop:
The following companies in the Texas region also rated better than average for pricing in the 2015 JD Power auto insurance customer satisfaction study: USAA.
The following companies insuring homes in Texas rated better than average for pricing in the 2014 JD Power homeowners insurance customer satisfaction study: Amica Mutual, GEICO, The Hartford, and Auto Club of SC (Auto Club Indemnity Company).
Some insurance companies charge twice as much or more than other companies for the same coverage, and a company’s size or market share growth may have more to do with advertising than competitive rates. Like with any auto or home insurance company, if you are insured with Texas 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.
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