Oklahoma Farm Bureau Review: Auto & Homeowners Insurance Complaints, AM Best, BBB, & JD Power Ratings

Oklahoma Farm Bureau Insurance sells auto & home insurance in the state of Oklahoma only, and is the leading Oklahoma-based insurance company in the state. You don’t have to be a farmer or rancher to be eligible for Oklahoma Farm Bureau Insurance. If you live in Oklahoma, you may know about the company, but do you really know how good Oklahoma Farm Bureau is for auto & home insurance? I’ll review the AM Best financial strength ratings, JD Power customer satisfaction ratings, and Better Business Bureau ratings for the Oklahoma Farm Bureau Insurance companies, such as Oklahoma Farm Bureau Mutual Insurance Company, including their auto & home insurance complaint records over the last three years. My review summary will give you my opinion if Oklahoma Farm Bureau Insurance is performing better than average, average, or worse than average, compared to its competitors, like State Farm, Allstate, Progressive, GEICO and others. The smart insurance buyer shops for the best combination of coverage, price, and service, so be sure to use the ad below this paragraph (or the ad at the end of this review) to get price quotes from multiple insurance companies and find the best insurance company for you.


Oklahoma Farm Bureau Insurance Review

This Oklahoma Farm Bureau Insurance review is divided into five parts, consisting of: 1. A company overview including the Oklahoma Farm Bureau Insurance website, and the best way to get an insurance price quote, 2. The AM Best financial strength ratings for Oklahoma Farm Bureau, 3. The JD Power customer satisfaction ratings and BBB rating for Oklahoma Farm Bureau Insurance, 4. the auto & homeowners insurance customer complaint records for Oklahoma Farm Bureau over the last three years, 5. a review summary of Oklahoma Farm Bureau Insurance rating its complaint record as average, better than average, or below average, and comparing its rates and auto & homeowners insurance to competing insurance companies.

1. About Oklahoma Farm Bureau Insurance

Oklahoma Farm Bureau Insurance started in 1946, originally to provide for the insurance needs of rural Oklahomans, but now provides coverage for all rural & urban areas of Oklahoma, with sales & service locations in all 77 counties, and with 11 claims offices located strategically throughout the state. To be eligible for Oklahoma Farm Bureau Insurance, you don’t need to be a farmer, but you do need to be a member of the Oklahoma Farm Bureau. To report a new claim on any Oklahoma Farm Bureau policy except for crop, life, health, disability, and long term care you may call 1-877-OFB-CLAIM or 1-877-632-2524, which is available 24 hours a day seven days a week, according to the company website.

Oklahoma Farm Bureau Insurance offers a wide range of personal insurance products, including auto, off-road vehicle, homeowners, condominium, renters (tenants), mobile home, flood, rental property (dwelling-fire), boat and liability umbrella policies, as well as a commercial insurance for farms, ranches, and businesses.

Oklahoma Farm Bureau Insurance Website & Price Quotes

You can’t get auto or home insurance price quotes through the Oklahoma Farm Bureau Insurance website, but you can locate the office of a Oklahoma Farm Bureau insurance agent near you through the website, and contact an agent for price quotes. Oklahoma Farm Bureau customers can pay bills & access their claims and insurance information through the website.

Source: Oklahoma Farm Bureau Insurance website

2. Oklahoma Farm Bureau Insurance AM Best Financial Strength Ratings

The Oklahoma Farm Bureau insurance companies (Oklahoma Farm Bureau Mutual Insurance Company and AgSecurity Insurance Company) had their “B-” (Fair) AM Best Financial Strength Rating upgraded to “B” (Fair), and their financial outlook upgraded from stable to positive (another ratings upgrade is possible in the near future) on 03/08/2016. The AM Best rating of “B” is the 7th ranked rating (six ratings are higher: A++, A+, A, A-, B++, B+) for AM Best, and is also a rating the AM Best website places in the “vulnerable” category. The revision in AM Best’s financial outlook for Oklahoma Farm Bureau Mutual Insurance company was reported in this Insurance Journal article, Oklahoma Farm Bureau Mutual Insurance Co., Subsidiary Upgraded.

AM Best financial strength ratings are not a measure of customer service or the quality of the claims adjusting for the Oklahoma 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.

Source: AM Best Rating for Oklahoma Farm Bureau Mutual Insurance Company

3. Oklahoma Farm Bureau Insurance JD Power Ratings & BBB Rating

JD Power Customer Satisfaction Ratings

Oklahoma Farm Bureau Insurance, like many other smaller insurance companies operating in a single state, does not have enough auto or homeowners insurance customers at this time in any one state, region, or nationally to be included in any of the recent annual JD Power insurance customer satisfaction studies, which evaluate the largest national and regional auto or homeowners insurance companies in the USA. Not being included in a JD Power insurance study does not make Oklahoma Farm Bureau Insurance better or worse than large or JD Power rated companies, but it does make it harder to evaluate the quality of customer service provided by a company not rated by JD Power, like Oklahoma Farm Bureau Insurance.

Better Business Bureau (BBB) Rating

Although customer complaints are best directed toward a customer’s state department of insurance, the Better Business Bureau is a well-known and popular choice for consumers filing complaints against companies. If many customers are having difficulty resolving an issue with their insurance company and take the time to contact the Better Business Bureau about it, it’s a pretty good sign customers in general may be unhappy with the service provided by their insurance company. If a lot of complaints are made to the BBB about a company, in greater numbers than similar-sized insurance companies, it’s reflected in the BBB rating, and is one indicator the company may have more dissatisfied customers than some of its competitors.

Oklahoma Farm Bureau Mutual Insurance Company is rated with the highest rating of “A+” by the Better Business Bureau, and Oklahoma Farm Bureau Insurance has been BBB accredited since 9/1/1951. Oklahoma Farm Bureau Insurance had 13 BBB complaints in the last three years, with none occurring in the last 12 months. 6 complaints were for the category of a problem with service, 4 complaints were for billing / collections issues, 1 complaint was for advertising / sales issues, 1 complaint was for guaranty/ warranty issues, 1 complaint was for delivery issues. All complaints have been closed and resolved according to the BBB.

I don’t consider an A+ BBB rating to be a reliable indication of a good insurance company, but a lower than “A” rating should be considered as a sign of below average customer service. To date, the BBB rating & complaint record For Oklahoma Farm Bureau Mutual Insurance Company should not be a concern for its customers or prospective customers.

Source: BBB ratings for Oklahoma Farm Bureau Mutual Insurance Company

4. Oklahoma Farm Bureau Auto & Homeowners Insurance Complaints

The auto & home insurance (including homeowners, mobile home, condominium-owners, and renters) complaint statistics for Oklahoma Farm Bureau Insurance listed below were calculated by the NAIC, and display the ratio of the company’s U.S. Market Share of closed complaints compared to its 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 insurance company with complaint ratios much less than 1.00 each year, over the last three years.

So you don’t have to worry about comparing complaint ratio numbers, I devised a rating system to help you identify if Oklahoma Farm Bureau Insurance 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.

I prefer companies with the longest recent history of “B” ratings each year (or at least in the most recent three years). Companies with “B” or “C+” ratings are okay, too, particularly if they have less market share, with less than $100,000,000 in premiums for that line of insurance (auto or home) each year. I prefer to avoid companies with a consistently higher than average number of complaints, or with inconsistent complaint records, unless there are mitigating factors, such as small market share.

Oklahoma Farm Bureau Insurance consists of two subsidiary companies, but AgSecurity Insurance Company does not seem to be selling auto or home insurance policies, and has too few auto & home insurance customers, having only $123,142 in 2013 auto insurance premiums and $147,205 in 2013 homeowners insurance premiums, for its complaint statistics to be relevant, so only the complaint statistics for Oklahoma Farm Bureau Mutual Insurance Company are included in this review.

Oklahoma Farm Bureau Auto Insurance Customer Complaints

Oklahoma Farm Bureau Mutual Insurance Company Auto Insurance Complaint Statistics & Ratings

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

2013 Auto Insurance Complaint Ratio = B (.38)

2013 US auto insurance premium = $115,738,742

2012 Auto Insurance Complaint Ratio = B (.61)

2012 US auto insurance premium = $118,592,385

2011 Auto Insurance Complaint Ratio = C+ (.83)

2011 US auto insurance premium = $124,705,654

Oklahoma Farm Bureau Mutual Insurance Company consistently has lower than average number of annual auto insurance complaints from 2011 to 2013.

Oklahoma Farm Bureau Homeowners (including Homeowners, Mobile Home, Condo, Renters) Insurance Customer Complaints

Oklahoma Farm Bureau Mutual Insurance Company Homeowners Insurance Complaint Statistics & Ratings

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

2013 Home Insurance Complaint Ratio = B (.23)

2013 US home insurance premium = $46,879,561

2012 Home Insurance Complaint Ratio = W (2.15)

2012 US home insurance premium = $48,846,419

2011 Home Insurance Complaint Ratio = W (1.32)

2011 US home insurance premium = $67,166,795

Oklahoma Farm Bureau Mutual Insurance Company has an inconsistent homeowners (including homeowners, mobile home, condo, & renters insurance) complaint history from 2011 to 2013, with worse than average homeowners insurance complaint ratios in 2011 & 2012, where its number of home insurance complaints were at 32% & 115% above the annual industry average respectively. I prefer companies with consistent, lower than average number of homeowners insurance complaints each year, unlike Oklahoma Farm Bureau Mutual Insurance Company’s recent home insurance complaint history.

5. Oklahoma Farm Bureau Insurance Review Summary

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

Oklahoma Farm Bureau auto insurance customer & claims service as measured by its 2011-2013 complaint record:

Better than Average

Oklahoma Farm Bureau Homeowners insurance customer & claims service as measured by its 2011-2013 complaint record:

Worse than Average

Oklahoma Farm Bureau Financial Stability:

Much worse than average

Oklahoma Farm Bureau has many more auto insurance customers than it has homeowners insurance customers, and although it has a better than average auto insurance complaint history, I would advise even its auto insurance customers to consider insuring with other insurance companies, because of Oklahoma Farm Bureau Mutual Insurance Company’s poor financial strength rating. You may be very happy with Oklahoma Farm Bureau Insurance now, but the company may have trouble paying its claims or being solvent when you need it.

How does Oklahoma Farm Bureau Insurance compare to other major auto & home insurance companies, like State Farm, Allstate, Nationwide, GEICO, & Progressive? Compare Oklahoma Farm Bureau with over forty other companies at my home page: smartshopyourcarinsurance.com.

Oklahoma Farm Bureau Insurance Rates

For pricing, the most reliable way to know if your insurance company charges too much is to conduct your own pricing survey, by obtaining price quotes from all the leading insurance companies in your state, to find the best company for you. However, a recent rapid increase or decrease in market share may indicate whether a company has higher or lower insurance rates for at least some people.

If you look at the annual auto insurance premiums for Oklahoma Farm Bureau Mutual Insurance Company in section #4 of this review, its auto insurance market share has decreased each year since 2011, which may indicate Oklahoma Farm Bureau no longer has competitive auto insurance rates.

If you look at the annual home insurance premiums for Oklahoma Farm Bureau Mutual Insurance Company in section #4 of this review, its home insurance market share has decreased each year since 2011, which may indicate Oklahoma Farm Bureau no longer has competitive homeowners (or renters, or condo) insurance rates.

It really pays to shop with all the leading auto and/or home insurance companies in Oklahoma. 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. 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!

Did this Oklahoma Farm Bureau Insurance review explain what you need to know about Oklahoma Farm Bureau auto & home insurance? Tell me about it. Please leave a comment on my facebook page. Follow me on Twitter for important insurance consumer news and new blog entries at CarInsWatch.