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The 10 largest auto insurance companies account for three-quarters of the entire auto insurance market and are led by State Farm, Geico and Progressive.
New York’s Auto Insurance Complaint Ranking: What It Means For You
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The top 10 auto insurance companies in the US combined account for 77% of the market, so there’s a good chance you’re at least familiar with them. These auto insurers are led by big industry names like State Farm, Geico, Progressive, Allstate and USAA.
We at The Guides 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 will explain their coverage plans, costs and customer satisfaction scores to find the best auto insurance company for you.
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Our team of guides are ready to provide you with reliable information to help you make the best decision about your car insurance. Because consumers rely on us to provide objective and accurate information, we’ve created a comprehensive rating system to rank the best auto insurance companies. We’ve collected data on dozens of auto insurance providers to rate companies based on a variety of rating factors. After 800 hours of research, the end result was an overall rating for each provider, with the top-scoring insurers on the list.
According to 2022 data from the National Association of Insurance Commissioners (NAIC), the top 10 auto insurance companies account for 77% of the US market. Below are the market share percentages of the nation’s largest auto insurers and scores compiled after careful analysis by our editorial team:
* Ratings are determined by our team of Guides. Learn more about our collection methodology 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 can keep your car covered if you bundle it with other insurance products, such as home insurance.
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The top 10 auto insurance companies write three-quarters of the direct premiums in the US auto insurance market. Find out more about the nation’s 10 largest insurance companies by market share and the nation’s average costs for comprehensive and minimum coverage.
State Farm is the nation’s largest auto insurance company, accounting for 16.8% of all auto policies sold. The company maintains a reputation for excellent customer service, industry-leading research and many positive reviews. Although 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 and comprehensive insurance from State Farm. In addition, the company has extras like roadside assistance, car rental and car sharing insurance. If you’re interested in taking advantage of a consumption-based savings program, State Farm offers Drive Safe & Save™ to policymakers. The app calculates fares through a mobile app by tracking acceleration, hard braking, time of day, speed and phone usage.
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 minimum coverage. These estimates and all subsequent ones are based on the driver profile of a 35-year-old with a clean driving record and good credit history, unless otherwise stated. Below are the average prices of State Farm insurance policies:
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State Farm’s average price for full coverage is 14% cheaper than the national average. If you’re looking for more savings, you’ll find auto insurance discounts like multi-car, multi-policy, no-accident, good student, driver’s training and vehicle safety through State Farm.
NAIC Geico is the second largest auto insurance company in the United States, accounting for 14.05% of all auto insurance premiums sold. With a strong AM Best Financial Strength rating and an average claims satisfaction rating, Geico has established itself as a reliable and affordable option for auto insurance.
Geico offers the standard types of auto insurance, plus add-ons like roadside assistance, rental car and mechanical breakdown insurance. DriveEasy, Geico’s usage-based insurance platform, is offered in most states and promotes safe driving habits by monitoring and offering discounts.
Geico’s average price for auto insurance is 24% lower than the national average. In addition to low auto insurance rates, Geico offers discounts for auto insurance, good bags, good students, good drivers, new cars, and federal employees. The company is also owned by Berkshire Hathaway, giving it a strong position in paying auto insurance claims.
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Progressive is the third largest auto insurance company in the country, accounting for 13.76% of all insurance plans purchased. Its strong BBB rating and AM BEST financial strength indicate its ability to meet ongoing insurance obligations. However, the Progressive J.D. Power 2022 scored below average on US auto insurance coverage, with the lowest score of the five largest auto insurance companies.
Progressive offers policyholders a variety of options, from standard types of coverage, to add-ons such as collision insurance, loan/rental payments, and a fee-based savings bank. Like other reputable insurers, Progressive has a Snapshot® program that tracks and rewards safe driving habits by saving you extra money on your auto insurance.
Progressive’s typical price for auto insurance is an average of $1,730 annually or $144 per month for 7% less. Discounts offered by Progressive include comprehensive insurance, multi-car, home owner, good student and paperless.
Allstate ranks fourth among the largest auto insurance companies with a market share of 10.69%. It has a variety of insurance options and a strong J.D. Power requires a satisfaction rating. In addition, a claims satisfaction guarantee is included with every Allstate policy and covers premium costs for up to six months if drivers are not satisfied with the insurance claims process.
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You’ll find six standard auto insurance options with Allstate, plus additional coverages such as new car replacement, breakdown cover, and guaranteed asset protection, which also includes gap insurance.
Allstate has two different usage-based insurance programs: Drivewise® and Milewise®. Monitors driving habits through a mobile app and rewards drivers with discounts based on responsible behavior. Meanwhile, there is a pay-per-mile insurance program that charges a daily base rate with additional costs per additional kilometer.
Average rates for comprehensive auto insurance from Allstate are 21% higher than the national average. However, Allstate offers discounts such as multi-policy, good student, early sign-up, new car and car payments that can lower your car insurance rates.
USAA is the fifth largest auto insurance company with a 5.92% share of the auto insurance market. It has affordable auto insurance rates, a strong financial strength rating and a J.D. Power is known for its excellent performance in 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 more unique extras. You can find coverage for accidents, car replacement assistance, reinsurance and classic car insurance with USAA. In addition, it offers a telematics insurance application called SafePilot™, which can provide drivers with discounts of up to 30% based on their driving habits.
USAA’s average rates are among the best rates among the top five car insurance companies. The provider’s average costs are 39% cheaper than the national average for comprehensive car insurance.
Liberty Mutual is the sixth largest auto insurance company in the United States, offering many car insurance discounts that can benefit families who are good students, school-goers and young drivers. In addition, Liberty Mutual’s RightTrack® telematics program rewards drivers with up to 30% additional discounts for good driving behavior.
You should contact Liberty Mutual for a quote
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