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Courtney Roy is a financial and technology writer. Create content that makes a difference in the lives of your readers by helping them understand personal finance matters. In addition to years of experience in various industries, Courtney holds an insurance license, a real estate license, and a bachelor's degree in electrical engineering.
What Are The Top Car Insurance Companies
John Leach is an insurance content editor who has worked in print and online media. He has many years of experience in car and home insurance and tries to make these topics understandable for everyone. He has a degree in Linguistics from UC Santa Bárbara.
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The top 10 auto insurance companies serve more than 72 percent of the US. Fittingly, his namesake, Mr. Benjamin Franklin, also started part of the insurance business.
Franklin helped create the Philadelphia Contributionship in 1751, which was the first in the colonies to offer fire insurance. From there we move 150 years into the future to Ohio, which led automotive development in the late 1800s and early 1900s. In 1897, Top 10 Companies issued the first auto insurance policy, 11 years before the Ford Model T was introduced.
Assembly line innovation and mass production increased car ownership among early drivers. All of these top 10 companies were founded when the worst of the Great Depression began.
Each company focused on a specific area, such as government employees or military personnel. But most concentrated on uninsured farmers because they rarely drove in the winter and drove far fewer miles than city dwellers year-round. Low risk equals high profits for insurance companies. Some things never change.
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Fast forward to the end of World War II and prosperous Americans wanted cars, suburbs, and consumer goods. That's when insurance companies saw that they needed to go beyond the regional model and reach every state, in other words, nationwide. Sound familiar?
And the rest, as they say, is history. But the real secret to the amazing success of auto insurers is minimizing underwritten losses and reinvesting excess premiums. Put your money in the oven for over 90 years, compound interest and get:
When you're ready to snag a piece, use it to compare cheap auto insurance from these companies and more in less than two minutes. And if you want to know more ways to save, check out the top 10 companies:
Drivers who love a strong brand, need insurance for Lyft or Uber, or want a telematics discount should check out State Farm for barn-sized deals, but high-risk drivers looking for low auto insurance rates should turn to greener pastures.
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Would you buy insurance from legendary singer-songwriter Barry Manilow? In 1971 the company commissioned him to write the jingle and he wrote "like a good neighbor there is the State Farm". The famous words have become the slogan of the largest auto insurance company since 1942.
As a leader, the company sold 44 million auto insurance policies in 2019. Not bad when you consider that the company started 98 years ago with a handshake and a smile. Honors go to a retired farmer turned insurance salesman named George J. Mecherle.
People who need a low rate, have clean driving records or want to be rewarded for loyalty can invest "15 minutes", but those with spotty records or a desire for high-end telematics should pass.
Warren Buffett bought GEICO through his company in 1996 because the Oracle of Omaha was able to predict the growth of geckos. And from its humble beginnings in 1936, it has grown as a company targeting government employees and military personnel. GEICO now insures more than 28 million vehicles.
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Geico skips the agent model and expects funny ads to be their personal touch. However, it employs more than 40,000 employees who take care of 17 million auto insurance policies. The company advertises that "you could save 15 percent" and continues to win customers with all those savings. Being the second largest auto insurance company in the country, there's a reason a gecko looks good in green.
Customers looking for grouping, quick claims checks or lots of coverage options should check out Flo, but high-risk, multi-accident drivers and those who prefer local insurance agents should say goodbye to it.
With a smile that makes the sun jealous and an infectious cheer that caffeinates audiences, Flo makes Progressive's agentless model. The company's strategy includes strong direct-to-consumer advertising and passes savings from not paying commissions to policyholders.
The company also refers "bad risks" to other companies. The plan operated with more than 21 million policies in force, keeping 42,000 employees busy. Innovative programs like Snapshot telematics and the name-your-price tool have policyholders pulling out those pearly whites like Flo.
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Drivers who want a financially stable company, new driver discounts or affordable carpool cover will find themselves "in good hands", but those who need the lowest price, no advanced features or no mobile app can cause "chaos".
Dennis Haysbert, an elegant speaker with a voice deep enough to sink in, wants to know, "are you in good hands?" More than 16 million households hold these hands. Including employees, agency owners and their employees, the company has 77,000 people ready to serve across the country.
What most people don't know is that the company is trying to reach all market segments with its other brands, Answer Financial, Esurance and Encompass. Sears has grown greatly since its founding in 1931 and will continue to grow by protecting its members from the "chaos" policy.
People with a military background and their immediate family members, including spouses, ex-spouses and children, should call USAA for affordable rates and excellent customer service, and everyone else has their marching orders.
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USAA understands the unique needs of military families and tailors its insurance, banking and even investment products to serve its target market. They help the segment well because the company was founded by 25 army officers who were trying to insure each other's vehicles.
That was in 1922, and almost 100 years later, the company protects 12 million members. They have key financial centers around the country to serve you, or you can "enroll" online or over the phone. Families who are entitled to their savings and great service are almost obligated to get a quote.
Customers who value easy-to-use mobile apps, safety discounts, telematics discounts and accident forgiveness should pick up the Lady Liberty torch, but those who need extremely low loyalty rates or discounts should skip it.
It's a bird. It's a plain yellow shirt. LiMu Emu and Doug save the day by ensuring customers "only pay for what they need". That's Liberty Mutual's version of "truth, justice and the American way," and the company has been protecting policyholders since 1912, the second oldest on the list.
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Its unique mix of auto, home and life insurance products works best for its target market of college-educated multi-car homeowners. There are 45,000 employees ready to serve you online, by phone or in person. Freedom has an equation that says "you + Emu + Doug too = moola back in your pocket." A quick quote can tell if this is true.
Drivers who prefer a comprehensive claims process, want a great insurance company or need carpool insurance should copy "Old MacDonald", but those who need the cheapest car insurance or regional flair should "E-I-E-I-go" somewhere else
You may have caught the commercial with actor J.K. Simmons in his college professor's tie and vest. Educates the public about the farm "Hall of Claims". It's funny that the company emphasizes its commitment to making things right when things go wrong.
Since 1928, when two salesmen went from farm to farm, he promised to do things right. Now people from the countryside to the big cities in 10 million households, along with the 48,000 agents who serve them, can say: "We are farmers."
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People looking for a single package, established insurance companies, or low credit score acceptance should quote Nationwide, but those who need the lowest rate or best customer service should go with another company.
In 1926, the company sided with rural Americans and was called the Farm Bureau Mutual Automobile Insurance Company. In 1955, 29 years later, the name changed as the insurance company wanted to help both rural and urban residents from Connecticut to California and beyond.
Today, Nationwide offers packages for your auto and renters or owners policies, along with financial services products, commercial insurance and a variety of other products. Nationwide also leads in pet insurance and farm and ranch policies. Benefits like "disappearing deductibles" and annual reviews have many people looking to see if "Nationwide is on their side."
Qualified customers for piles
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