There is a strong possibility that you are at least aware of the top 10 vehicle Insurance Companies in the US, which account for 76% of the market. Leading companies in the market, like State Farm, Geico, Progressive, Allstate, and USAA, are in charge of these vehicle insurance providers.
The MarketWatch Guides Team has examined data to identify the firms that have the greatest market shares in the auto insurance sector. Our staff will discuss their pricing, coverage options, and customer satisfaction ratings.
Key Learnings:
- Major auto insurance providers provide a range of coverage options and financial stability.
- You must compare prices from several suppliers if you want to discover low auto insurance rates.
Largest ten auto insurance providers
The National Association of Insurance Commissioners (NAIC) said that the top 10 auto Insurance Companies accounted for 76%. The largest auto insurance companies in the nation’s market share percentages are listed below, along with scores that our editorial team has compiled after extensive research.
1.Editor’s Pick: State Farm
A+ rating from the Better Business Bureau (BBB).
AM Best ranking for financial stability: A++
Score for 2022 J.D. Power claims satisfaction: 882/1000
Headquarters: Illinois’s Bloomington
With 15.9% of all auto plans sold in the country, State Farm is the largest auto insurance provider. Studies conducted across the industry and numerous favourable evaluations support the business’s enviable reputation for providing excellent customer service. Despite providing services for motorists in all 50 states. State Farm no longer offers new insurance in Massachusetts or Rhode Island.
State Farm Insurance Programmes
Standard car insurance policies like liability and comprehensive insurance are available from State Farm. The business also offers add-ons like rideshare insurance. Rental car reimbursement, and roadside assistance. Drive Safe & SaveTM is a usage-based savings programme that State Farm makes available to policyholders.
Average Cost of State Farm
According to information from Quadrant Information Services, the average cost of car insurance in the United States is $635 per year, or $53 per month, for basic coverage, and $1,730 per year, or $144.
2. Affordable for Most Drivers Geico
A+ for BBB rating
AM Best ranking for financial stability: A++
Score for 2022 J.D. Power declares satisfaction: 874/1000
Centre of operations: Chevy Chase, Maryland
According to the NAIC, Geico is the second-largest auto insurance provider in the United States, selling 14.3% of all auto insurance premiums. Geico has established itself as a dependable and reasonable option for auto insurance, earning a good AM Best financial strength rating and a slightly above-average claims satisfaction rating.
Geico Protection Plans
The typical forms of auto insurance are available from Geico, along with extras like roadside assistance, reimbursement for rental vehicles, and mechanical breakdown insurance. The majority of states provide Geico’s DriveEasy usage-based insurance technology, which encourages safe driving practises by monitoring patterns and offering discounts as necessary.
Average Cost of Geico
Compared the national average, Geico’s full-coverage auto insurance costs around 24% less on average. Geico provides discounts for air bags, good students, safe drivers, new automobiles. Government employees in addition to low auto insurance premiums.
3. Progression: Reduced Fees for Risky Drivers
A+ for BBB rating
AM Best ranking for financial stability: A+
Score for 2022 J.D. Power claims: 861 out of 1,000
Centre of operations: Mayfield Village, Ohio
With 13.7% of all insurance plans purchased, Progressive ranks third in the country among auto insurance providers. It can fulfil its insurance commitments. Because of its outstanding BBB rating and AM Best financial strength score.
Progressive Insurance Programmes
It offers a wide range of alternatives to policyholders, ranging from basic forms of protection like collision insurance to add-ons like loan/lease payback and a deductible savings account.
Incremental average cost
Progressive offers discounts for continuous insurance, multiple cars, homeowners insurance, good students, and paperless.
4. A+ Allstate
BBB rating
AM Best ranking for financial stability: A+
Score for 2022 J.D. Power claims satisfaction: 889/1000
Office location: Northbrook, Illinois
With a market share of 10.4% among the top five vehicle insurance providers, Allstate sits in fourth. It features numerous insurance coverage options and a high J.D. Power rating for claim satisfaction. Every Allstate policy also comes with a claims satisfaction guarantee. That pays up to six months’ worth of premium payments. If customers are dissatisfied with the company’s handling of their insurance claims.
Plans for Allstate Coverage
Along with additional coverages like new car replacement, accident forgiveness, and guaranteed asset protection, often known as gap insurance, Allstate offers the six common forms of auto insurance.
Drivewise® and Milewise® are two unique usage-based insurance programmes offered by Allstate. Through a smartphone app, Drivewise monitors your driving patterns and offers savings in exchange for safe driving.
Cost Average for Allstate
The table below shows the nationwide average prices for full- and minimum-coverage auto insurance from Allstate.
Allstate charges about 21% more on average for full-coverage auto insurance than the national average. Allstate does, however, provide discounts for multiple policies, good students, early signing, new cars, and autopay that may result in a reduction in your car insurance costs.
5. USAA: Military Discounts
Not rated by BBB.
AM Best ranking for financial stability: A++
Score for 2022 J.D. Power claims: 890 out of 1,000
Office location: San Antonio, Texas
With a 6% market share, USAA is the fifth-largest provider of auto insurance. It is renowned for offering affordable auto insurance, having a high grade for financial stability, and performing exceptionally well in J.D. Power consumer surveys. However, only active-duty troops, veterans, and their families are eligible for USAA auto insurance.
USAA Insurance Programmes
In addition to more specialised add-ons, USAA offers basic auto insurance coverage options. With USAA, you may get rideshare insurance, automobile replacement aid, accident forgiveness, and even classic car insurance.
USAA Cost on Average
The following are the typical prices for vehicle insurance coverage from USAA:
Among the top five biggest auto insurance providers, USAA offers the best average rates. The provider’s typical premiums for full-coverage auto insurance are a remarkable 39% less than the national average.
6. Liberty Mutual: Youthful Driver Education Programmes
A+ for BBB rating
AM A is the highest financial strength ranking.
Score for 2022 J.D. Power claims: 870 out of 1,000
Headquarters: Massachusetts’s Boston
The sixth-largest provider of auto insurance in the United States is Liberty Mutual. It provides vehicle insurance savings for families with young drivers, including good student, student away at school, and multi-car. Additionally, Liberty Mutual’s RightTrack® telematics programme offers additional reductions of up to 30% to drivers in exchange for safe driving practises.
In order to receive a price based on your driving history and insurance requirements, you must contact Liberty Mutual. With this provider, our team was unable to obtain the national average for minimum- and full-coverage policies.
7. Agriculture Insurance
A BBB rating
AM A is the highest financial strength ranking.
Score for 2022 J.D. Power claims satisfaction: 882/1000
Office location: Woodland Hills, California
Farmers Insurance, the seventh-largest motor insurer in the country, provides distinctive extra plans like rideshare insurance, personal umbrella insurance, loss of use coverage, and customised equipment coverage.
Farmers’ minimum-coverage auto insurance plans cost, on average, $881 yearly, while full-coverage plans cost, on average, $2,140.
8. National BBB score: A+
AM Best ranking for financial stability: A+
Score for 2022 J.D. Power declares satisfaction: 868/1000
Office location: Columbus, Ohio
Nationwide, which ranks as the eighth-largest auto insurance provider, offers all common auto coverage options to consumers. Additionally, it provides discounts for having numerous insurance, avoiding accidents, and either driving safely or being a good student.
With Nationwide, a minimum-coverage auto insurance policy costs $613 year, whereas full coverage costs $1,281 annually. Both the minimal and full coverage averages for auto insurance are less expensive than the national rates.
9. U.S. Family Insurance
A BBB rating
AM A is the highest financial strength ranking.
Score for 2022 J.D. Power declares satisfaction: 874/1000
Office location: Madison, Wisconsin
The ninth-largest auto insurance company in the United States, American Family Insurance, offers a variety of discounts, including those for young volunteers, generational, low mileage, early bird, and multi-vehicle customers. It also provides a few non-standard insurance policies, such as coverage for accidental death and dismemberment, gap insurance, and rental car reimbursement.
American Family Insurance’s average premium for minimal coverage is $685 year, while the average for comprehensive coverage is $1,537 annually. The normal cost of an American Family full-coverage insurance policy is significantly less than the national average.
10. Travellers: Most Options for Coverage
A BBB rating
AM Best ranking for financial stability: A++
Score for 2022 J.D. Power claims: 854 out of 1,000
Administration: New York City
Travellers, the tenth-largest supplier of auto insurance, has achieved the title of “Company with the Most Coverage Options” from our staff. It provides optional coverages such named non-owner coverage, accident forgiveness, and loan/lease gap insurance.
Minimum-coverage insurance from Travellers typically costs $730 year, while full-coverage policies cost an average of $1,669 annually. Although Travellers’ required minimum coverage is more expensive than the industry standard, a full coverage policy is marginally less expensive.
Largest Automobile Insurance Companies: The Final Results
With coverage add-ons and top-notch telematics insurance programmes, numerous sizable vehicle insurance businesses across the nation provide policyholders trustworthy and financially secure possibilities. We suggest comparing auto insurance quotes to obtain the best coverage for your needs because they differ significantly in price, customer satisfaction, and available discounts.
Our Technique
Because customers depend on us to deliver unbiased and correct information, we developed a detailed rating system to compile our list of the top auto insurance providers. To rate the companies on a variety of ranking parameters, we gathered information on dozens of vehicle insurance suppliers.
The following are the elements that our ratings consider:
Cost: Discount opportunities as well as auto insurance rate projections produced by Quadrant Information Services were both taken into account.
Coverage: Organisations that provide a range of insurance coverage options are more likely to satisfy customer needs.
Availability: Companies that offer auto insurance in more states and have fewer qualifying conditions received the best ratings in this category.
Our qualifications:
800 research hours
45 firms were examined
8,500+ consumers were polled.
