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Farm Bureau Motorcycle Insurance Review

Farm Bureau Motorcycle Insurance Review

  • Customer Service
  • Cost
  • Coverage

Farm Bureau Insurance is a company owned by the financial services company FBL Financial Group.  The FBL Financial Group is a holdings company based in West Des Moines, Iowa that aims to protect financial livelihoods and futures. In 2012 the company made over $655 million in revenue. The primary subsidiary of FBL Financial is Farm Bureau Life Insurance Company – this subsidiary is responsible for underwriting and marketing a broad range of life insurance and annuities to individuals and businesses. FBL Financial also oversees the business and management of the Farm Bureau Insurance company.

This is a company that offers a wide range of policies including: automobile, homeowners, renters, life, health, business, farm and crop, and motorcycle insurance coverage. They also offer financial services, umbrella policies, as well as flood and boat insurance. The nice thing about this company is that they account for nearly every type of insurance so you don’t have to shop around if you’d like to buy multiple policies. Below you can read more in-depth about Farm Bureau Insurance to help you decide whether they have the coverage that you need for your motorcycle.

Farm Bureau Company History

The Farm Bureau Insurance Company was founded in January 1939 to help meet unique insurance needs of farmers during the Great Depression. It was established in Iowa to help the farmers in that particular locale get insurance. As they expanded, they eventually developed a branch to sell life insurance on October 30, 1944. It was initially founded as Iowa Life Insurance Company and opened for business in 1945. Eventually the name of the life insurance branch would change to Farm Bureau Life Insurance Company.

Eventually various state Farm Bureau companies merged their insurance services and operations into a single entity. By July 1996, the management group FBL Financial was offered on the New York Stock Exchange under the ticker symbol “FFG.” The Farm Bureau Insurance Group has gone on to develop a variety of insurance products and financial services as the company continued expansion. They now have over 1,600 employees and excess of 4,000 field associates working for the company.

There isn’t much more documented history regarding Farm Bureau Insurance Company. They have continued to experience growth as a company and have weathered difficult financial times in the past. They are not a top insurer in the motorcycle insurance industry, but could be considered if you like what the company has to offer. Read below for information regarding coverage options.

Farm Bureau Motorcycle Insurance Coverage Options

There are many different Farm Bureau Insurance companies throughout the United States. With this particular company that is managed by FBL Financial, you can only get coverage in a total of eight states. The following states that you can get coverage through include: Arizona, Iowa, Kansas, Minnesota, Nebraska, New Mexico, South Dakota, and Utah. If you live in a different state, you can still get Farm Bureau coverage, but the coverage details will vary depending on the company.

Auto Death Indemnity – This type of insurance pays out the amount you select when your death or that of another covered insured is from an accident while occupying or being struck by a land motor vehicle or trailer. This is not typically an aspect of coverage most people like to talk about, but is something you can think about.

Collision Coverage – When you collide with another vehicle or property, collision insurance pays to fix all damages that occur to your motorcycle following the accident. This will have your bike fixed up back to normal and running as soon as possible.

Comprehensive Coverage – If you want to be protected from all incidents other than collision – you should get comprehensive insurance. This will protect your bike from damage resulting from: vandalism, theft, animals, fires, natural disasters, weather, and more.

Bodily Injury Liability – If someone is injured or incurs death at the scene of an accident involving your vehicle, this will help keep you insured. This type of coverage is typically required, but it is up to you to select greater limits if you’d like them. This helps protect your personal assets in the event you would get sued for accident damages.

Medical Coverage – Should you be in an accident that requires significant medical attention, this insurance will help cover costs. Things like emergency transportation, treatment, and other things will all be covered by Farm Bureau.

Property Damage Liability – In the event that you would crash into someone else’s property, you will need to pay for the damages. With this type of insurance coverage, Farm Bureau will pay for whatever damage you’ve inflicted upon the property of another party.

Replacement Cost Coverage – If your vehicle is less than three years old, you can get it replaced with a new bike of the same or similar model if it is declared a “total loss.” This type of coverage can be purchased for extra, but is not required.

Uninsured / Underinsured Coverage – If you are injured by another driver that lacks insurance to cover the damages that they’ve caused, your own insurance company will make sure everything is paid. Although people are required to have insurance, not all drivers carry proper coverage – this will help you feel safer on the road. Passengers in your vehicle are covered as are household members and pedestrians.

Extra Optional Coverage:

Emergency Roadside Assistance – If you’d like to have emergency coverage for towing expenses and mechanical labor to get your bike back up and running, you can purchase it for extra. There are people available 24/7 to help get you back on the road.

Identity Services & Fraud Expense Coverage – This is available for $25 per year to help you protect your personal and financial reputation. I’m not sure why this is included in coverage for motorcycle insurance, but if you need this service – check it out.

Residential Equipment Breakdown – All appliances and electronic systems installed on your bike can be protected for an additional few dollars a month. If you’d like the peace of mind associated with having everything protected, consider adding this insurance.

Trailer Personal Effects Coverage – This helps pay for all losses and damages to your personal belongings in a travel trailer to the limits that you select. This comes at an additional fee and is not part of standard coverage.

Farm Bureau Motorcycle Insurance Payment Options

I spoke with one of the Farm Bureau representatives on the phone and he informed me of all their payment options. They have a wide variety of ways in which you can pay for your coverage – so at least one of these payment timeframes should fit your budget and/or personal needs.

Full Payment – If you’d like, you can pay for your entire insurance in full. This is an option that you can choose to get an extra discount. By paying in full you will get extra savings and you won’t have to worry about having unpaid insurance bills. This will cover you for the entire year so you and your bike are insured.

Semi Annual – If you don’t want to make a full payment, but also don’t like paying as frequent as quarterly, you can pay semi annually (2 times per year). This is a smart way to go about things if you can manage making two fairly large payments to cover your policy each year.

Quarterly – If you’d like, Farm Bureau has a quarterly billing option. This allows you to get billed once every quarter (i.e. once every 3 months). Most people that don’t want to be automatically billed, but would like to pay in smaller increments select this particular payment structure.

Monthly – If you decide that you want to pay on a monthly basis, these must be made automatically. So simply sign up for their automatic payment option, link it to your checking account, and you’re done. Money will be withdrawn each month to cover what you owe for your bill.

Farm Bureau Payment Methods

  • Agent – You do have the option of paying your agent or working with them to make a payment, but they would prefer if you took care of your payments on your own. Considering there are many ways to pay, this is not really a big deal.
  • Automatic – As already mentioned, you can have money withdrawn automatically from your checking account to make your payments. Automatic payments are required if you decide that you’d like to pay monthly.
  • Check – If you’d like you can write out a check to Farm Bureau to cover what you owe on your bills.
  • Credit Card – You can use a credit or debit card to make your bill payment.
  • Mail – For people that aren’t technologically inclined, you can still send your payment in via mail.
  • Online – Perhaps one of the easiest ways to pay is from the comfort of your own computer.
  • Phone – If you’d like, you can call Farm Bureau and make a payment for your bill over the phone.

Does Farm Bureau offer paperless billing?

No. At this time there is no official paperless billing option on their website. You can set up automatic payments through their website, but this is no guarantee that all operations will be paperless. I would suspect that eventually they may upgrade to showcasing a paperless option on their website, but there are no guarantees. If paperless is a big priority for you, there are plenty of other companies that offer this option.

Farm Bureau Motorcycle Insurance Discounts

One thing to consider before you purchase a policy is the discounts that a particular company has to offer. Discounts can be a useful way to save yourself money and get a better deal than your initial quote. Below are various options to save with Farm Bureau’s policy.

Continued In-Force Credit – If you continue to renew your existing policy with Farm Bureau, they will reward you as a customer by getting loyalty credit.

Driven to Safety – If you are under 25 years old and complete the Driveology program set up by Farm Bureau, you can earn this discount.

Good Student Discount – Do you get good grades in school? For students, you can save more money on your policy by getting a GPA with at least a “B” average.

Low Mileage Discount – If you don’t ride your motorcycle much and accrue a low number of miles, you can stand to save more money with this discount. You need to drive your bike less than 7,500 miles annually to qualify.

Multiple Policy Discount – If you bundle your auto, home, motorcycle, and/or another personal property line of insurance in a Member’s Choice policy, you may get a discount on umbrella coverage.

Package Discount – If you insure multiple vehicles (trucks, boats, RV’s, motorcycles, etc.) with the Farm Bureau Member’s Choice policy, you can get further savings. Insuring your home and/or personal property with them is another way in which you can save.

Paid-In-Full Discount – Save money on your annual policy premium by paying for everything in one full payment.

Safe Driver Discount – Do you have a good driving record? If you are claim free and don’t have any accidents, you can qualify for an extra discount. Having no tickets and being conviction free has its own reward: savings.

Senior Discount – If you are over the age of 50, you may qualify for a discount – Farm Bureau rewards mature riders.

A.M. Best Rating: A (Excellent)

Farm Bureau Insurance was given the grade of an “A” by A.M. Best which indicates that they are of “Excellent” financial stability. This is a well managed company and they have been around for quite a long time as a company. If you need claims processed, this company should have the financial backing to get you the money you deserve in a timely manner. Really the only problem that some people have with this company is that all of their policies are sold through agents. So you cannot buy through the company directly. Farm Bureau will refer you to an agent to get quotes and take care of your insurance needs – this allows the agents to make commission.

The fact that their agents make commission means that you may be paying an increased amount on your premiums. Most consumer reviews of Farm Bureau are on the negative side if you look around the internet. I personally wouldn’t buy my motorcycle policy through this company, but if you are already doing business with them and want to consider them – go for it. The average independent review of this company seems to be about a 3/5 stars.

This company has been around for many years and have survived many economic downturns. If you are going to get a life insurance policy or try some of their financial services, this company may be recommended. However, if we are focusing specifically on motorcycle insurance, they are nothing better than average – and usually have increased rates compared to most companies.

Get Free Farm Bureau Motorcycle Insurance Quotes Online!

When it comes to Farm Bureau Insurance, you should know that there are many different divisions of “farm bureaus” across the United States. Each one has slightly different policies and coverage options. This review focused on one of the larger bureaus that deals with the eight states listed. If you are looking to buy quality motorcycle insurance, you should always make sure that you compare rates with other companies.

In order to find the insurance company that is going to give you the best coverage for your money, you need to do a little research on your own. Be sure to use the free comparison tool below (or at the top of the page) to compare companies and rates for your specific location. To compare rates simply enter your Zip Code and click “Start!” This should make the process of finding a good motorcycle insurer less time consuming.

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