Top 10 Best Insurance Companies - Although the largest companies write a large number of policies, they differ in price, quality of service and many other features. To help you choose the best insurance company for you, compare this list of the 10 largest auto insurance companies in the United States and what makes each unique.
State Farm is the nation's number one auto insurance company in terms of market share and premiums written, behind Geico, Progressive and Allstate. When looking at the rankings of the best car insurance companies in the United States, most of the names are recognizable because of their national television advertising campaigns.
Top 10 Best Insurance Companies
The 10 largest insurance companies in the United States listed below offer different insurance rates, customer claims experience and features. For buyers looking for cheap rates, we always recommend getting a free online insurance quote to find the best price from multiple insurers.
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State Farm is a great auto insurance company for anyone looking for local agents, a personalized experience, and lower than average rates.
State Farm is the largest auto insurance company in the United States, with a current market share of 16%. State farms more than 15% of the dollars spent on private passenger car premiums in the country.
Currently, the company employs about 60,000 people and has about 19,000 agents. State Farm operates as a mutual insurance company, meaning its policyholders own it.
Among the most common auto insurers on this list, State Farm offers the cheapest auto insurance rates in most of the United States.
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Geico is one of the cheapest car insurance companies. It offers a national presence and an easy shopping experience.
Known for its commercials featuring the animated gecko, Geico has produced more than 16 million auto policies, insuring more than 24 million vehicles. The company's size allows it to employ more than 40,000 people across nine regional offices, three service centers and three claims centers.
Geico's primary customer base consists of US government employees and military personnel. Today, the client base of insurance companies has expanded to include individuals working in the private sector.
According to our study of the largest auto insurance carriers, Geico is the best insurer for college students.
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Progressive offers especially competitive rates to drivers with previous accidents. However, claim satisfaction ratings and coverage options are average.
Progressive - the country's third largest insurance company - was founded in 1937. The company offers the ability to purchase car insurance in person, online or over the phone. Alternatively, customers can sign up through an independent insurance agent.
The company has more than 35,000 employees and more than 400 offices. Progressive is a publicly traded company.
Allstate generally has a good, but high rate of an average claim satisfaction rating. However, insurers offer various discounts that can make insurance policies more affordable for customers.
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Founded in 1931, Allstate is America's second largest public property and casualty insurance company. Like State Farm, Allstate has a list of local agents ready to serve your needs. Currently, the company employs more than 46,000 people.
Insurance, a subsidiary of Allstate, operates in the same location. According to Allstate, the Insurance brand targets self-directed and brand-conscious consumers, while Allstate targets consumers who want local and personal service.
USAA is one of the nation's top auto insurers. You'll enjoy highly competitive rates, excellent customer service and fast claims response from USAA. The only downside is USAA's limited membership.
USAA was founded in 1922 by 25 army officers who decided to insure each other's cars. Today, the company serves millions of members of the U.S. military, including current and former military personnel, military families, and cadets or midshipmen.
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USAA is headquartered in San Antonio. The corporate campus spans three-quarters of a mile. USAA is the largest private company based in San Antonio.
Because of its focus on the US Armed Forces, USAA is our top choice for the best and cheapest auto insurance for veterans and service members.
Farmers offers decent discounts, coverage options and excellent customer service. However, high prices from farmers may be a negative for some buyers.
Farmers as an insurance company provides farmers car insurance. It has since become the seventh largest insurance company in the country.
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It is difficult to find an insurance company that provides more products than farmers. Among other insurance products, it offers car insurance, pet insurance and even investment products. Farmers employs about 13,000 people, covering more than 19 million policies in all 50 states.
Liberty Mutual's rates vary more by location than typical insurers, and customers rate the company's claims handling process below average.
Liberty Mutual is one of the largest insurance companies in the United States and has been in business for over 100 years. It has a great international reputation in 17 countries. The company sells property and casualty, health and life insurance policies.
You can purchase Liberty Mutual auto insurance through its call center, website, local Liberty Mutual agent or broker, or representatives in its regional subsidiary network. One thing to note about Liberty Mutual's coverage is that the company guarantees rates for one year.
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It's below average nationally for affordability and has negative customer reviews. Nationwide offers the standard coverage and discounts you'd expect from a major national insurer.
Nationwide offers financial services, commercial lines and personal lines in all 50 states. The organization has contributed more than $430 million to nonprofit organizations since 2000.
Nationwide, there's a slogan called "On Your Side" that influences how auto insurance claims are handled, policies and premiums are set. The company recommends an annual screening to ensure policyholders understand their benefits and coverage, as well as any new discounts or changes to keep premiums affordable. Nationwide calls this consultation the "On Your Side" review.
Among this list of top auto insurance companies, Nationwide offers the best deals for customers looking to combine home and auto insurance policies.
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American families have a tough choice for auto insurance. The company offers decent rates that are likely to be great if policyholders take advantage of some of its many discounts.
American Family was originally created to insure farmers. In the 1930s, the company expanded and began insuring non-farmers as well. Today, the company is one of the largest insurance companies in the United States and the largest insurer by market share in Wisconsin
American Family is known for its extensive discounts that can make already modest rates even more affordable for customers. However, American Family coverage is not available in every state.
With over 160 years, Travelers is one of the oldest insurance companies in business today. In fact, Travelers issued its first auto insurance policy in 1897, before the Ford Model T was invented.
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The company has more than 30,000 employees and 13,500 independent agents and brokers in multiple countries, including the United States, Canada and Brazil.
Note that Travelers offers a fare pricing program called IntelliDrive, which determines your fare by evaluating your safe driving behavior through a smartphone app. If you demonstrate good driving habits, signing up for IntelliDrive can reduce your annual insurance rates by up to 20%.
State Farm is the largest insurer on our list, the highest among the 24 states. After State Farm, Progressive is the largest insurer with the largest market share in 15 states. Geico is the largest auto insurance carrier in nine states, and Allstate and MAPFRE account for each state.
Competition between large insurance companies and smaller companies usually means sacrificing competitive rates and financial stability for a better customer experience.
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When you work with a small insurance company for your car insurance, you will likely only be dealing with an insurance agent. However, if you choose a policy from a small company due to lack of financial strength, you may also have solvency concerns. If you find a small insurer with a level of comfort with financial stability, consider how much you're willing to pay for better service.
To help you choose the best company for you, our editor's rating, J.D. We compared the 10 largest auto insurance companies based on Power Score and AM Best's Financial Strength Rating.
Another consideration is availability, coverage options, and discounts. While you're likely to have a more personalized experience with a smaller insurance company, it may not have the same availability, benefits, and discounts as larger insurance companies. The largest or largest insurance companies often have representatives available to speak with policyholders 24/7.
The main difference between a mutual insurance company and a joint stock insurance company is who owns the company. Joint stock companies are private or publicly traded insurance companies that give voting rights to shareholders. Mutual insurance companies are owned by their insureds.
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Because shareholders benefit from stock appreciation, some argue that investors' short-term interests are not always aligned with the company's long-term interests. As a result, many feel that mutual insurance companies are better because the interests of the policyholders are best aligned with the company, especially with lower insurance rates.
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