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Although larger companies underwrite a large number of policies, they vary in price, quality of service, and many other features. To help you choose the best insurance company for you, compare the list of the 10 largest auto insurance companies in the United States and what makes them unique.
State Farm is the number one auto insurance company in the country in terms of market share and premiums written, followed by Geico, Progressive and Allstate. When we look at the rankings of major US auto insurance companies, most of the names are recognized for their national television advertising campaigns.
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However, the 10 largest insurance companies in the United States listed below offer different insurance rates, customer claims experiences, and features. For buyers looking for affordable rates, we always recommend comparing quotes from various insurers to find the best price.
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State Farm is the largest auto insurance company in the United States and holds 16% of the total available market share. More than 15% of the dollars spent on private car awards in the country goes to State Farm.
The company currently employs approximately 60,000 employees and nearly 19,000 agents. State Farm operates as a mutual insurance company, which means that its policyholders own it.
Of the major auto insurers on this list, State Farm offered the cheapest auto insurance rates in most of the United States.
Geico, known for his advertisements featuring an animated gecko, has been the insurer for over 16 million auto policies, which insure over 24 million vehicles. The size of the company allows it to employ more than 40,000 people in nine regional offices, three service centers and three complaint centers.
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Geico’s original customer base was made up of US government employees and military personnel. Currently, the insurance company’s customer base has expanded to include individuals from the private sector.
Progressive, the country’s third largest insurance company, was founded in 1937. The company offers the ability to purchase auto insurance in person, online or over the phone. Alternatively, customers can subscribe through independent insurance agents.
Allstate usually has better-than-average complaint satisfaction rates, but higher rates. However, the insurer offers a number of discounts that can make the policies more affordable for customers.
Founded in 1931, Allstate is the second-largest property and accident insurance company listed in the United States. Like State Farm, Allstate has a list of local agents ready to meet your needs. The company currently employs more than 46,000 people.
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Esurance, a subsidiary of Allstate, operates in the same space. According to Allstate, the Esurance brand caters to self-directed and brand-sensitive customers, while Allstate caters to customers who want local and personal service.
USAA is one of the best auto insurers in the country. You’ll enjoy extremely competitive rates, excellent customer service, and quick responses to USAA complaints. The only drawback is limited membership in the USAA.
USAA was founded by 25 Army officers who decided to insure the vehicles of others in 1922. Today, the company serves millions of associate members of the United States Army, including current service members and former relatives of members. service and cadets or sailors.
USAA is headquartered in San Antonio. The length of the corporate campus spans three-quarters of a mile. USAA is the largest privately held company based in San Antonio.
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Due to its focus on the U.S. military, USAA is our best selection for the best and cheapest auto insurance for veterans and members of the military.
Farmers started out as an insurance company that offered coverage to farmers’ vehicles. Since then, it has evolved to become the seventh largest insurance company in the country.
It is difficult to find an insurance company that offers more products than Farmers. It offers auto insurance, pet insurance, and even investment products, among other insurance products. Farmers employ around 13,000 people and adhere to over 19 million policies in the 50 states.
Liberty Mutual rates vary by location more than the typical insurer, and customers rate the company’s claims process as below average.
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Liberty Mutual is one of the largest insurance companies in the United States and has been in existence for over 100 years. It has a large international presence, with operations in 17 countries. The company sells accident, health and life insurance policies.
You can get Liberty Mutual auto insurance through your call center, website, a local Liberty Mutual agent or broker, or representatives from your regional affiliate network. One thing to note about Liberty Mutual’s coverage is that the company guarantees rates for one year.
Nationally it is below average in terms of accessibility and customer reviews tend to be negative. Nationwide offers standard coverage and discounts that you would expect from a large national insurer.
Nationwide offers financial services, lines of business and personal lines in all 50 states. The company has contributed over $ 430 million to nonprofits since 2000.
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Nationwide has a motto called “By Your Side” which influences how auto insurance claims are handled and how policies and premiums are determined. The company also recommends conducting an annual review to make sure policyholders understand their benefits and coverage, as well as new discounts or changes to keep premiums affordable. Nationwide calls this query its “By Your Side” review.
In this list of the largest auto insurance companies, Nationwide offers the best deals for customers who want to bundle their home and auto insurance policies.
American Family is a solid choice for auto insurance. The company offers decent rates, which can be excellent when policyholders take advantage of some of their many discounts.
The American family was originally formed to insure farmers. In the 1930s, the company expanded and began to focus on insurance for 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.
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American Family is known for its large discounts that can make its already decent rates even more affordable for customers. However, American Family insurance is not available in all states.
Travelers is over 160 years old, making it one of the oldest insurance companies currently operating. In fact, Travelers issued their first auto insurance policy in 1897, before the Ford Model T was invented.
The company has more than 30,000 employees and 13,500 independent agents and brokers in several countries, including the United States, Canada and Brazil.
Specifically, Travelers offers a fare program known as IntelliDrive, which determines your fares by evaluating your safe driving behavior with a smartphone app. IntelliDrive membership can potentially reduce your annual insurance rates by up to 20% if you show good driving habits.
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State Farm is the largest insurer on our list, ranking # 1 in 24 states. After State Farm, Progressive is by far the largest insurer, with the largest market share in 15 states. Geico is the largest auto insurance company in nine states, and Allstate and MAPFRE each represent a state.
Compromising between large and small insurance companies usually involves forgoing competitive rates and financial stability to improve the customer experience.
When you work with a small insurance company for your auto insurance, chances are you are communicating exclusively with an insurance agent. However, you may also have to worry about creditworthiness if you choose a policy from a smaller company due to lack of financial strength. If you are able to find a small insurer with a basic level of financial stability that you are comfortable with, consider the amount you are willing to pay for better service.
To help you choose the best company for you, we’ve compared the top 10 auto insurance companies based on the rating of our editor, J.D. Evaluation of the financial strength of Power and AM Best.
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Another consideration is availability, coverage options and discounts. While you may have a more personalized experience with a small insurance company, you may not have the availability, benefits, and discounts offered by large insurance companies. And larger or larger insurance companies often have representatives who are still available to talk to policyholders 24 hours a day.
The main difference between mutuals and equity insurance companies is who owns the business. Public limited companies are privately owned or publicly traded insurance companies that offer voting rights to shareholders. Mutual insurance companies, however, are owned by their policyholders.
As shareholders benefit from stock appreciation, some argue that investors’ short-term interests do not always align with the company’s long-term interests. As a result, many believe that insurance mutuals are better because the interests of policyholders align well with what’s best for the company, particularly by reducing insurance rates and paying dividends to attract more customers.
Most of the top 10 auto insurance companies are joint stock insurance companies, with the exception of the USAA which is an insurance exchange for military personnel.
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With all the big auto insurance companies out there, it’s still important to choose the best company for your unique situation. We always recommend that you compare quotes from various insurers to find affordable rates that fit your personal profile and your history as a driver.
The type of auto insurance policy you choose, whether it is minimum or full coverage, will affect your quote, so it will help you get a general idea of what coverage you would like before you get one.
Minimum coverage auto insurance is specified by minimum auto insurance
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