Best Auto Insurance Companies Massachusetts - There are thousands of licensed insurance companies in the United States, but the top 10 insurance companies account for 74% of the auto insurance coverage market. Although these top auto insurance companies are well-known, they have different fees, customer service ratings, and coverage options. We've broken down the differences below.
The largest auto insurance company in the country is State Farm, which has 16% of the US auto insurance market. According to the latest data from the National Association of Insurance Commissioners, State Farm wrote $40.4 billion in premiums — nearly $7 billion more than the second largest insurer, GEICO.
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Together, the top 10 auto insurance providers earned $184 billion in premiums written in 2020, the most recent year for which data is available. The entire industry generated $250 billion in premiums in the same year. The most popular auto insurance companies themselves take 74% of that amount.
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Seven of the top 10 auto insurance companies wrote at least $10 billion in auto premiums by 2020, and all earned at least $1 billion. In fact, no insurer among the nation's 28 largest insurers earned less than $1 billion that year.
Rating How we rate: ' ratings are determined by our editorial team. Our methodology takes into account several factors, including price, financial rating, quality of customer service and other special features of the product.
In addition to being the nation's largest auto insurance company, State Farm is known for its affordable coverage and top-rated customer service.
With 16% of the entire auto insurance market, State Farm is the nation's largest auto insurance company. The company was founded in 1922 and today has more than 18,000 agents throughout the United States.
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In addition to being the largest company, State Farm is also one of the best companies in the US with low insurance costs. This company is one of the more affordable coverage options for young and old drivers, as well as those who have had an incident on record.
State Farm also has a history of highly rated customer service – somewhat unusual among the largest auto insurance companies. State Farm's strong local presence has helped the company consistently rank high in J.D.'s annual accounts receivable satisfaction study. power.
In addition to being one of the largest insurance companies in the US, GEICO is also the cheapest car insurance for most people.
Originally founded 86 years ago as an insurance provider for federal employees, GEICO began selling auto insurance to the general public in 1974. Today, GEICO has more than 18 million policies in force, insuring more than 28 million vehicles across the country and Washington, D.C.
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GEICO is known for its low cost coverage. We found that a GEICO policy costs $402 per year for minimum coverage and $1,179 for full coverage. Also, the various insurance discounts that GEICO offers to its customers means that many policyholders can get car insurance at a lower price.
In addition to being the best insurance company for most people looking for low rates, GEICO is also a great choice for people who want insurance with a convenient app. Customer service, however, is close to the national average for auto insurance.
Progressive is usually a cheap alternative not only for car insurance, but also for motorcycle insurance and other products.
The youngest of the major insurance companies, Progressive was founded in 1937 as a specialty insurance company for high-risk drivers. Today, Progressive serves a variety of drivers in all 50 states and Washington, D.C.
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Progressive auto insurance premiums are generally affordable. The company is also known for its popular savings products. The "Your Name" tool allows customers to explore coverage options according to their budget. And the "Deductible Savings Bank" allows drivers to lower their deductible by $50 every six months without filing a claim.
Many types of vehicle owners can also get coverage with Progressive. Because the company has affordable options for motorists, renters and boat owners - and more - you can usually get a discount for packing more than one coverage.
Allstate has higher-than-average rates compared to other major auto insurance companies, but its local presence can attract customers.
Allstate was founded in 1931 by Sears as a way to sell auto insurance by mail. Today, Allstate has grown into a leading auto insurance company with nearly 50,000 employees and an extensive network of local offices.
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Although Allstate's rates are more expensive than the average cost of coverage, customers who want easy access to a physical office in their community will be satisfied with the company. Also, Allstate's rebate and Drivewise usage-based programs allow some drivers to lower their coverage costs.
USAA is one of the best and cheapest insurance companies in the country for military members and their families.
USAA was founded in 1922 as a way to provide affordable insurance to members of the armed forces. That mission continues today, as USAA still offers coverage only to active, reserve, and retired military members and their families.
If you can get car insurance from USAA, you have access to one of the best (and cheapest) insurance companies out there. Compared to other major companies - even GEICO - USAA is the cheapest option for coverage.
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The company's claims satisfaction is also consistently higher than other top auto insurers. J. D. Power has ranked USAA at the top of its claims satisfaction survey for years. USAA has also received several complaints from policyholders about its services — even though the insurer doesn't have the physical presence of the other largest insurers on our list.
Liberty Mutual has been in business for almost 112 years. It has grown from a joint venture in New England to a multinational company that writes policy in every country and employs more than 45,000 people.
Regardless of how much you pay in the area for coverage at Liberty Mutual, the insurance company offers a variety of discounts that make it easy for many to save money. Specifically, the company is offering a 12% discount for online applications only.
One weak point of Liberty Mutual compared to other major insurance companies is its reputation for customer satisfaction. Claims settlement falls under the umbrella of other large companies, although local offices can make managing your policy easier if you prefer personal service.
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Farmers Insurance has a good reputation for quality customer service, although its rates are more expensive than other major insurance companies.
Farmers was originally launched as an alternative way for farmers to get affordable insurance, but today the insurance company has more than 19 million policies (and coverage is not just for farmers) in 10 million homes, along with more than 21,000 employees.
The customer service that Farmers provides is often highly rated. According to a satisfaction survey by J.D. Power Claims Satisfaction Farmers has the best customer service among all the other top auto insurance companies (except USAA).
Although farmer satisfaction is high, insurance can be expensive. We found that auto coverage costs an average of nearly $2,000 per year for a comprehensive coverage policy. This makes Farmers the most cost-effective choice of major insurance providers in the US. However, you can still find cheap coverage thanks to a long list of discount options from insurance companies.
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When it was discovered that farm workers tended to be more careful drivers than their urban counterparts, Nationwide was founded 96 years ago in Ohio as a way to provide affordable coverage to farmers. Today, Nationwide is a Fortune 100 company with millions in policies in force - and not just for farmers.
If you are looking for cheap car insurance, Nationwide can be a good option for you. At a cost of $1,569 per year for a comprehensive coverage policy, insurance premiums are lower than average. Nationwide also offers some discounts that can make your car insurance more affordable.
While the price may be low for some, Nationwide doesn't have a highly rated customer service history. J. D. Power is rated below average to meet requirements. However, Allstate ranks top in this category.
American Family offers low-cost car insurance and highly rated customer service, although coverage can be difficult to find depending on where you live.
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In business since 1927, American Family Insurance has lower-than-average rates than any other major insurance company, behind only USAA, State Farm and GEICO. The insurer is also rated highly for claims settlement.
Its main flaw? American Family offers auto insurance in only 19 states (many in the Midwest). Compared to the other large insurance companies on this list, American Family's market is more limited.
Travelers is the oldest company on the list of the largest car insurance companies. It was established in 1864, meaning that insurers were writing insurance policies even before the invention of the automobile.
The cost of car insurance with Travel is lower than average for most people, with
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