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The top 10 auto insurance companies comprise more than three-quarters of the total auto insurance market, led by State Farm, Geico and Progressive.
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Written by Daniel Robinson: Written by Daniel Robinson Daniel is a group guide writer and has written on the topics of car finance and car care for a number of car news websites and marketing organizations in the US, UK and Australia. Daniel is the Guide Group Head of Auto Insurance, Loans, Warranty Options, Auto Services and more.
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Edited by: Rashaun Mitchner Edited by: Rashaun Mitchner Editor-in-Chief Rashaun Mitchner is a Guides editor with over 10 years of personal finance and insurance experience.
Reviewed by: Mark Friedlander Reviewed by: Mark Friedlander Consultant Mark Friedlander is director of corporate communications at the Insurance Information Institute (Triple-I), a New York-based nonprofit research and education organization focused on improving consumer awareness. Insurance. Mark serves as the national spokesperson for Triple-I and handles many media events in the insurance industry. His responsibilities include leading the association's communications strategy for the hurricane season and supporting member businesses and media outreach in Florida.
The top 10 auto insurance companies in the US cover 77% of the market, so there's a good chance you're at least familiar with them. These auto insurance providers are led by big names in the industry such as State Farm, Geco, Progressive, Allstate and USAA.
The Guide team reviewed research and data from the National Association of Insurance Commissioners (NAIC) to determine which companies have the largest market share in the auto insurance industry. Our team explains our coverage plans, costs and customer satisfaction ratings to help you decide which car insurance company is best for you.
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The Guide Team is committed to providing you with reliable information to help you make the best decision about insuring your vehicle. Because consumers trust us to provide objective and accurate information, we've created a comprehensive rating system to rank the best auto insurance companies. We collected data from dozens of auto insurance providers to rank companies based on various evaluation factors. After 800 hours of research, the final result was an overall ranking for each carrier, with the insurers with the most points at the top of the list.
According to the National Association of Insurance Commissioners (NAIC), the top 10 auto insurance companies will account for 77% of the total US market by 2022. Below are the market share percentages of the nation's largest auto insurance providers, along with the results of in-depth research by our editorial team:
*Ratings are provided by our group of car guides. Learn more about our scoring system at the end of this article.
Note that many of these companies offer other types of coverage, such as homeowners insurance, renters coverage, and life insurance. You may be able to save on car cover by combining it with other insurance products such as home insurance.
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The 10 largest auto insurance companies generate more than three-quarters of the direct premiums in the US auto insurance market. Below are more details on the nation's 10 largest insurers by market share and their average costs for full and limited coverage.
State Farm is the nation's largest auto insurer, accounting for 16.8% of all auto policies sold. The company maintains a reputation for customer service backed by industry-wide surveys and numerous positive reviews. While State Farm serves drivers in all 50 states, it does not sell new policies in Massachusetts or Rhode Island.
You'll find standard types of auto insurance, such as liability insurance and comprehensive insurance from State Farm. In addition, the company has extras such as roadside assistance, car rental compensation and passenger insurance. To take advantage of the usage-based savings program, State Farm offers policyholders Drive Safe & Save ™ . This program tracks speeding, heavy braking, time of day, speed and phone usage and calculates ticket prices via a mobile app.
According to Quadrant Information Services, the average cost of auto insurance in the U.S. is $1,730 per year or $144 per month for full coverage and $635 per year or $53 per month for limited coverage. These ratings and all that follow are based on the profile of a 35-year-old driver with an unblemished driving record and good credit history, unless otherwise stated. Below are the average prices of State Farm insurance policies.
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The state farm average price for full coverage is about 14% lower than the national average. If you're looking for even more savings, you'll find auto insurance discounts through State Farm with features like multi-car, multi-policy, accident-free, good student, driver training and vehicle safety.
The NAIC found Geico to be the second largest auto insurer in America, accounting for 14.05% of all auto insurance premiums sold. With a strong AM rating, excellent financial strength, and a slightly higher than average claims satisfaction rating, Geico has established itself as a reliable and affordable option for auto insurance.
Geico offers standard types of auto insurance along with extras like roadside assistance, rental car coverage, and mechanical breakdown coverage. DriveEasy, Geico's usage-based insurance platform, is available in most states and encourages safe driving habits by tracking and offering discounts.
The average Geico full coverage auto insurance rate is about 24% cheaper than the national average. In addition to cheap auto insurance, Geico also offers auto insurance discounts for things like airbags, good students, good drivers, new cars, and federal employees. The company is owned by Berkshire Hathaway, which gives it a strong ability to pay auto insurance claims.
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Progressive is the third largest auto insurer in the country, accounting for 13.76 percent of all insurance purchased. It has a strong BBB rating and an excellent AM financial strength rating, indicating its continued ability to meet insurance obligations. But Progressive scored below average in the J.D. Power 2022℠ American Auto Claims Satisfaction Survey, with the lowest scores among the five largest auto insurers.
Progressive offers policyholders a variety of options, from standard types of coverage such as collision coverage to add-ons such as loan/lease payments and a deductible savings account. Like other leading insurance companies, Progressive has a program called Snapshot® that tracks safe driving habits and rewards you with additional savings on your auto insurance.
Progressive's typical cost of full coverage auto insurance is 7% lower than the national average at $1,730 per year or $144 per month. Offers offered by Progressive include permanent insurance, multi-car insurance, home owner, good student and paperless insurance.
With a market share of 10.69%, Allstate ranks fourth among the largest auto insurers. Various insurance options and a strong J.D. Power Claims has a satisfaction rating. In addition, the claims satisfaction guarantee is included in every Allstate policy and covers up to six months of premium costs if drivers are not satisfied with the insurance claims process.
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With Allstate, you get six standard types of auto insurance along with additional coverage like new car replacement, accident waivers, and insured property protection, also known as gap coverage.
Allstate has two different usage-based insurance programs: Drivewise® and Milewise®. Drivewise tracks driving habits via a mobile app and rewards discounts based on responsible behaviour. Milewise is a pay-per-mile insurance program with a daily base price and additional charges per additional mile driven.
Average prices for full coverage auto insurance at Allstate are 21 percent higher than the national average. However, Allstate offers discounts such as multi-policy, good student, early signing, new car and auto insurance premiums.
USAA is the fifth largest auto insurer with a 5.92% share of the auto insurance market. It is known for its low car insurance rates, strong financial strength rating and excellent performance in JD Power customer surveys. However, USAA auto insurance is only available to military members, veterans and their families.
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USAA offers standard auto insurance in addition to various add-ons. With USAA, you can get accident forgiveness, car trade-in assistance, shared ride coverage, and classic car insurance. In addition, it offers a telematics insurance application called SafePilot™ that offers policyholders discounts of up to 30% based on their driving habits.
USAA's average interest rates are the best among the five largest auto insurance companies. Average provider costs are 39% lower than the national average for full coverage auto insurance.
Liberty Mutual is the sixth largest provider of auto insurance in the United States. It offers auto insurance discounts that can benefit families with college students, high school students, and young drivers. In addition, Liberty Mutual's RightTrack® telematics program rewards drivers for good driving behavior with additional discounts of up to 30%.
You must contact Liberty Mutual to get a quote based on your driving profile
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