National Car Insurance Companies
The insurance industry contributes over $600 billion to the US economy every single year, accounting for more than 3% of Gross Domestic Product (GDP). Auto insurers play a big role in this, as 7 out of 8 drivers are insured and there are over 220 million drivers nationwide. What’s surprising, is that most of this stems from just a few of the biggest providers, companies that have a stranglehold on the auto insurance sector.
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In this guide, we’ll look at the biggest and the best insurance companies in the United States, considering everything from customer satisfaction ratings to total coverage and more, and asking whether or not these dominant companies are deserving of their market share.
Biggest Auto Insurers
The ten biggest auto insurance companies in the United States underwrite 7 out of every 10 policies and the top two providers on this list control a massive 30% of the market.
With a 17% market share, State Farm is the biggest by far and dominates the auto insurance sector. It is also the biggest provider of home insurance and one of the two biggest providers of life insurance. In auto insurance alone, State Farm has policies worth over $40 billion.
As dominant as this provider is, it doesn’t always offer the cheapest policies. It’s the go-to provider because of its customer service record and a high claims satisfaction ratio, but there are cheaper options available if value is your main concern.
GEICO has an 13% market share. It is owned by Berkshire Hathaway, hires over 40,000 employees and covers all 50 states, with several types of coverage available. GEICO currently covers around 25 million vehicles nationwide, with very competitive rates across the board.
At 11%, Progressive is the third largest auto insurer in the United States. Auto insurance is its main focus and it offers affordable cover for all vehicles. One of the standout features of this insurer is its favourable rates for drivers without a great driving record. This can greatly increase the price of your premiums, but with Progressive you may be offered more competitive rates.
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Allstate offers nationwide coverage and spans 9% of the market. It is one of the biggest and the richest insurers in the US and its revenue makes it one of the biggest companies in the world. In terms of insurance agents, Allstate hires more than many of its competitors, which is ideal for buyers who would rather go through an agent.
The United Services Automobile Association has 6% of the market. It’s a Texas-based financial services group with more than 12 million members and a focus on members of the armed forces and their families.
If you are a current or former member of the military, this may be the cheapest and best option.
Liberty Mutual has a 5% share in the auto insurance sector, but it’s the third largest provider of property insurance and casualty insurance in the US and is one of the 70 richest companies in the country. Liberty Mutual is also one of the largest international providers on this list, with a presence in 17 countries.
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Farmers Insurance has a 4% market share and is owned by the Zurich Insurance Group, a Swiss-based company with a presence in several countries. Although it was originally founded with the goal of offering insurance exclusively to farmers, this company currently provides a wide range of products and services to all Americans.
The Nationwide Mutual Insurance Company has 3% of this market. It hires over 32,000 employees and has a revenue of close to $50 billion, making it one of the biggest insurers in North America.
Travelers offers insurance products and services to families and individuals in Canada, the United States, and the United Kingdom, and it has been providing these services for over a century and a half. It controls roughly 2% of the auto insurance industry.
AmFam has 2% of the market. It provides a wealth of insurance and financial services aimed at American families, giving them the support and protection they need. American Family began with a focus on farmers insurance only but expanded its reach many years ago.
The Best Car Insurance Companies
Now that we’ve gotten the biggest auto insurance companies out of the way, it’s time to look at the best, focusing on those with the widest reach, the cheapest policies, and the best customer satisfaction. Some of these were included above and have a large market share, others are much smaller but still more than capable of covering your needs.
Esurance may not have as many policyholders as State Farm or the other providers in the top ten, but it’s on its way up. With a respectable customer service rating and some fantastic prices, it’s well worth considering if you need extensive cover (roadside assistance, bodily injury) that doesn’t cost the earth.
You sacrifice a little customer support and the benefits that experienced agents provide, but in exchange you get some great car insurance rates and coverage options.
It’s the biggest for a reason. State Farm doesn’t have the cheapest policies, not by a long shot, but it provides policyholders with a number of options. They can use a mobile app to hasten the process, chose from an array of insurance coverage plans, and benefit from easy access to agents.
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The Hartford is considered one of the best auto insurance companies because of its low prices. In terms of customer satisfaction, it’s probably somewhere in the middle, in line with Esurance.
But because the rates are so low, providing the average motorist with more options and lower premiums, it’s up there with the best of them.
Amica is the oldest mutual insurer of automobiles in the US. This Rhode Island based insurer offers great support, liability coverage, and more, and while its prices are not the cheapest it still has some very affordable policies.
Another solid all-rounder offering respectable customer support and satisfaction, along with low prices and wide coverage. Erie is not available nationwide however, and can only be used in 12 states, including New York, Kentucky, Ohio, Pennsylvania, Virginia, and Wisconsin.
Another one of the top ten insurance providers that also deserves to be included on this list of the best car insurers. GEICO has low prices, expansive coverage, and a solid reputation.
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Its services can also be used in all fifty states.
Summary: Comparing Nationwide Insurance Quotes
The average American family spends upwards of $5,000 on insurance every year, covering them for everything from property damage to broken arms, diseases, and death. Health insurance, collision coverage, life insurance, casualty insurance–there is seemingly no end to the amount of coverage you can have. And the scary thing is that the vast majority of these are essential if you want to stay safe and prevent a single catastrophe crippling your finances.
Car insurance is one of the most essential, but getting comprehensive cover is expensive if you have multiple drivers in your family.
It’s important, therefore, to look at as many insurance quotes as you can, comparing, contrasting, negotiating, and only settling when you have the cheapest auto insurance policy. It may seem like we’re stating the obvious, but many Americans will ignore this advice and settle for the first seemingly respectable offer they receive.
The comparisons shouldn’t end here, either. Car insurance gets cheaper as you age, especially if you’re moving from your teens to your twenties. The difference between a 16-year-old and a 25-year-old is massive, as the former is significantly more likely to be involved in a car accident and claim. In fact, a 16-year-old is twice as likely to claim than someone just 2 years older than them, and they in turn an 18-year-old about twice as likely to likely than someone aged 25.
As a result, a 16-year-old may be quoted three or four times more for their premiums, so if you have a teenager on your policy, you’ll want to get them off as soon as possible!