How to Cancel Your Farm Bureau Insurance Policy

Farm Bureau Insurance is a regional insurer that provides policies in select states across the Midwest and South. If you have an auto, home, life, or other insurance policy with Farm Bureau and need to cancel it, there are a few simple steps to take.

Below is a comprehensive guide on how to cancel any type of Farm Bureau insurance policy.

Overview of Farm Bureau Insurance

Before getting into the cancellation process, here’s some background on Farm Bureau Insurance:

• Farm Bureau Insurance was founded in 1939.

• It is headquartered in West Des Moines, Iowa.

• The company sells insurance policies through a network of exclusive agents.

• Farm Bureau Insurance is available in 15 states:

  Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Michigan, Mississippi, New Mexico, North Carolina, Oklahoma, Tennessee

• It offers auto, home, life, business, and specialty insurance products.

• Farm Bureau Insurance has an A (Excellent) rating from A.M. Best.

• In 2021, Farm Bureau Insurance held 0.7% of the U.S. private passenger auto insurance market.

• Farm Bureau Insurance is affiliated with the American Farm Bureau Federation but is a separate company.

Now that you know the basics about Farm Bureau Insurance, let’s look at how to cancel your policy.

Cancelling a Farm Bureau Insurance Policy

Cancelling any type of insurance typically requires submitting notice to your insurer in writing. Here are the recommended steps to cancel a Farm Bureau insurance policy:

1. Review your policy documents

Before cancelling, read through your policy paperwork and take note of:

• Effective cancellation date: Make sure you pick a cancellation date that complies with any notice period requirements outlined in your policy.

• Outstanding premiums or charges: Some policies may charge fees for early cancellation. Check to see if you have any premiums due or outstanding charges on your account.

• Refunds: Review refund provisions to see if you are owed any premium back upon cancellation.

2. Submit written cancellation request

To officially cancel your Farm Bureau insurance, you must submit notice in writing. Here are three options:

• Online: Log into your account on the Farm Bureau Insurance website or mobile app and submit a cancellation request electronically.

• Email: Email your cancellation notice to your agent or local Farm Bureau office. Make sure to include key details like your name, policy number, requested cancellation date, and reason for cancelling.

• Mail: Send a letter with your cancellation details to your agent or nearest local branch.

Keep a copy of your cancellation notice for your records.

3. Follow up on cancellation

• Call to confirm: Contact your agent or the Farm Bureau call center a few days after submitting your request to confirm it was received and processed.

• Review documentation: Farm Bureau will send you confirmation of the cancellation in writing. Review it to verify accuracy and keep it for your records.

• Get refund: If owed a premium refund, expect to receive a check or credit to your card within a few weeks of the policy end date.

And that’s it! Following these three simple steps will ensure your Farm Bureau policy is cancelled smoothly and efficiently.

Additional Cancellation Considerations

Here are some other important things to keep in mind when cancelling your Farm Bureau insurance:

Alternatives to Cancellation

Before cancelling altogether, consider these options:

• Non-renew: You can opt to not renew when your policy term expires rather than cancelling mid-term. This avoids fees and ensures coverage through the end of your current policy period.

• Change policy: You may be able to reduce your premiums by adjusting your coverage limits or deductibles rather than fully cancelling.

• Shop for lower rates: Get quotes from other insurers before cancelling your policy to see if you could find cheaper rates.

Policy Type Specifics

Exact cancellation procedures can vary slightly by insurance line. Here are some product-specific things to keep in mind:

Auto Insurance

• Notify your state DMV and/or lienholder of the cancellation if required.

• Consider state insurance requirements – make sure you have minimum liability coverage in place.

Homeowners Insurance

• You may need to provide proof of cancellation to your mortgage lender.

• If cancelling mid-term, ask about short-term policy options to avoid gaps in coverage.

Life Insurance

• Term life policies typically expire at the end of the term so you may just need to non-renew.

• For permanent life policies, work with your agent on options like reducing face values or cashing out.

Cancellation Fees

While less common these days, some insurers charge fees for cancelling a policy early. Farm Bureau’s cancellation fee policies include:

• Auto: No flat cancellation fees, but minimum earned premiums apply. You may owe for the time covered.

• Homeowners: If cancelled mid-term after 60 days, you may be charged a $50 cancellation fee.

• Life: Permanent life policies may charge surrender fees depending on when cancelled.

Check your specific policy paperwork for details on cancellation charges.

Step-by-Step Cancellation Checklist

Follow this checklist for a smooth Farm Bureau insurance cancellation process:

❏ Review policy documents and notes key details like the cancellation provision, premium owed, and any potential fees.

❏ Choose your desired cancellation date – this must comply with any notice period requirements.

❏ Decide cancellation method – online, email, mail, etc. Have your policy number handy.

❏ Submit official written cancellation notice through your selected method.

❏ Call Farm Bureau within 72 hours to confirm receipt of your request.

❏ Look for a cancellation confirmation letter in the mail within 7-10 days.

❏ Verify accuracy of cancellation details like the effective date.

❏ If owed a refund, expect a check or credit within 3-4 weeks post cancellation.

❏ Notify lienholders or lenders if required. Provide proof of cancellation.

❏ Secure replacement insurance if needed. Avoid coverage gaps.

❏ File away cancellation paperwork and refund details for future reference.

Following this comprehensive checklist will ensure you complete all necessary steps to successfully cancel your Farm Bureau insurance policy.

Alternatives to Cancelling Your Farm Bureau Insurance

While cancelling your current Farm Bureau policy is one option, you may want to consider these alternatives first:

1. Adjust your coverage

Tweaking your policy could potentially lower your rates. Things to try:

• Increase deductibles on auto or homeowners policies
• Remove optional coverages you don’t need
• Adjust liability limits or policy limits if appropriate
• Exclude drivers or vehicles if possible

2. Bundle policies

Ask your agent about bundling discounts. Insuring multiple policies with Farm Bureau can lead to savings of up to 25%.

3. Take advantage of discounts

Farm Bureau offers savings for:

• Insuring your home and auto together
• Maintaining life insurance policies
• Paying premiums in full
• Having multiple Farm Bureau policies
• Being accident and violation free

4. Improve your credit

Farm Bureau uses credit when pricing auto and homeowners insurance in some states. Improving your credit could potentially lower your premiums.

5. Ask about loyalty discounts

Long-time customers may be eligible for policy renewal discounts after being with Farm Bureau for several consecutive years.

6. Shop for lower rates

Compare quotes from other top insurers to see if you could get cheaper rates. Be sure to match coverages when comparing.

7. Address risk factors

Improving things like your driving record or home security could potentially qualify you for lower premiums.

If after exploring these options you still want to cancel, follow the steps outlined earlier in this guide.

What to Do After Cancelling Farm Bureau Insurance

Once your Farm Bureau policy has officially been cancelled, here are some things to keep in mind:

Maintain continuous insurance

Make sure you secure a new policy if required to avoid gaps in auto, home, or health insurance coverage. Even a lapse of just a few days could negatively impact your rates when getting new insurance.

Consider replacement insurance

Shop quotes from other carriers immediately after cancelling so you can find affordable replacement coverage quickly. Compare policies as soon as possible.

Check for cancellation reflect ins your credit report

Cancelling an insurance policy may show up on your credit report and impact your scores. Check your credit report a few months after cancelling to ensure proper reporting.

Provide proof of new insurance

If you financed your home or car, the lender will require you send proof of continuous insurance. Forward the policy documents from your new insurer.

Update insurance records

If you get new policies after cancelling Farm Bureau insurance, make sure to update any insurance records with companies, employers, or organizations as needed.

Review savings on new policy

Once you have new coverage, compare old vs. new declarations pages to confirm you’re getting the savings and rate reduction you expected.

Following up on these items can help ensure a smooth transition after cancelling your Farm Bureau insurance coverage.

Answers to Common Farm Bureau Cancellation Questions

Here are answers to some frequently asked questions about cancelling Farm Bureau insurance policies:

How long does it take Farm Bureau to cancel a policy?

Farm Bureau will typically process and finalize cancellations within 5-7 business days after receiving written notice. The cancellation date will be effective as of the date requested.

When can I cancel my Farm Bureau auto insurance?

You can submit a cancellation request at any time. However, Farm Bureau recommends waiting until the end of your current 6-month policy term if possible to avoid fees.

Does Farm Bureau charge a cancellation fee?

Farm Bureau does not charge standard cancellation fees for auto policies. However, they may charge $50 to cancel a homeowners policy mid-term after 60 days of coverage.

How do I cancel Farm Bureau homeowners insurance?

To cancel your Farm Bureau homeowners policy, submit written notice by mail, email, or online. Provide your policy number, requested cancellation date, and reason for cancelling.

What is Farm Bureau’s cancellation policy?

Farm Bureau requires written notice submitted by mail, email, or their website to cancel a policy. Exact timeframe requirements depend on your state and policy type.

Can I backdate my Farm Bureau cancellation request?

No, Farm Bureau will not backdate cancellation requests. The cancellation date must be the date you submitted notice or a future date.

When will I get my Farm Bureau cancellation refund?

Any premium refund owed will be sent via check or credited to your card within 3-4 weeks after the effective cancellation date.

Does cancelling Farm Bureau insurance hurt your credit?

Cancelling alone does not hurt your credit. Just make sure to maintain continuous insurance coverage to avoid lapses that would show up negatively on your credit report.

Hopefully this guide provided you with all the key information needed to successfully cancel your Farm Bureau insurance policy. Reach out to your agent directly if you have any other questions.