Top 10 Auto Insurance Companies in USA
Before buying a car, as much inquiry is necessary about its model, it is equally important to know about the insurance company and insurance plan before getting it insured. Now you can get information about Insurance Plans by visiting the websites of companies sitting at home. But, the question arises that by visiting the websites of which companies? We have tried to find the solution of your problem in this article. Here we will know about the top 10 auto insurance companies in USA that have been the top performers in the field of car insurance for the last few years.
To help you find the best car insurance for you, Our editorial team researched average premiums, coverage options, discount offerings and third-party customer service scores and financial strength rankings. When Buying for auto insurance, your first step may be to identify what factors matter most to you in a company, like digital tools, J.D. Power ratings, financial strength ratings or specialty coverage options. From there, you can create a list of car insurance companies that meet your needs.
Car insurance helps you reduce the financial obligations that may arise due to an unfortunate event involving your car like road accident, fire, theft, natural calamities etc. Whatever your preference, you may benefit from guidance while determining which company best fits your needs.
The following includes national and regional auto insurance companies that Our Team has analyzed as potentially good options for drivers across the U.S.:
Top 10 Car Insurance Companies in USA
See the chart below to find out how the largest insurers compare in market share for private passenger auto insurance.
1) State Farm ( Market share 16.73% )
State Farm Insurance is a large group of mutual insurance companies throughout the United States with corporate headquarters in Bloomington, Illinois. State Farm is the nation’s largest insurer of personal autos. The company offers numerous lines of insurance, banking products and loans, which are available through a network of local State Farm agents across the U.S.
State Farm is the largest property and casualty insurance provider, and the largest auto insurance provider, in the United States.State Farm is ranked 36th in the 2019 Fortune 500, which lists American companies by revenue.
State Farm was founded in June 1922 by retired farmer George J. Mecherle as a mutual automobile insurance company owned by its policyholders. The firm specialized in auto insurance for farmers and later expanded services into other types of insurance, such as homeowners and life insurance, and then to banking and financial services.
If you are in the market for insurance and banking services, State Farm is worth consideration because this is the one of the best car insurance company under Top 10 Auto Insurance Companies in USA.
2) Allstate ( Market share 9.88% )
The Allstate Corporation is an American insurance company, headquartered in Northfield Township, Illinois, near Northbrook since 1967. Founded in 1931 as part of Sears, Roebuck and Co., it was spun off in 1993.The company also has personal lines insurance operations in Canada. This is one of the largest insurance companies in the nation. By offering auto, home, renters and life insurance coverage.
Allstate is a large corporation, and with 2018 revenues of $39.8 billion it ranked 79th in the 2019 Fortune 500 list of the largest United States corporations by total revenue.Its current advertising campaign, in use since 2004, asks, “Are you in good hands?”, leveraging its well-established prior ads showing a suburban-styled dwelling, cradled protectively in a pair of presumably giant human hands. Allstate is a very good insurance company overall and one of the best for auto insurance.
If you are considering a quote from Allstate, you may want to review your region’s specific reviews first. This insurance company is also under Top 10 Auto Insurance Companies in USA.
3) Progressive ( Market share 9.71% )
The Progressive Corporation is an American insurance company, the third largest insurance carrier and the No. 1 commercial auto insurer in the United States. The company was co-founded in 1937 by Jack Green and Joseph M. Lewis, and is headquartered in Mayfield Village, Ohio.
The company insures passenger vehicles, motorcycles, RVs, trailers, boats, PWC, and commercial vehicles. Progressive also provides home, life, pet, and other insurance through select companies. Progressive has expanded internationally as well, offering auto insurance in Australia.
This company is one of the largest auto insurers in the United States, with over 13 million policies in force. Progressive primarily offers its services through the internet or by telephone and through independent insurance agents. Progressive’s Agency business sells insurance through more than 30,000 independent insurance agencies and progressiveagent.com where customers can quote their own policies and then contact an agent to complete the sale.
The company is ranked No. 74 on the 2021 Fortune 500 list of the top American corporations. This company is also under the Top 10 Auto Insurance Companies in USA.
4) Geico (Berkshire Hathaway Inc. ( Market share 9.49% )
The Government Employees Insurance Company (GEICO) is a private American auto insurance company with headquarters in Chevy Chase, Maryland. It is the second largest auto insurer in the United States, after State Farm. GEICO is a wholly owned subsidiary of Berkshire Hathaway that provides coverage for more than 24 million motor vehicles owned by more than 15 million policy holders as of 2017.
GEICO writes private passenger automobile insurance in all 50 U.S. states and the District of Columbia. The insurance agency sells policies through local agents, called GEICO Field Representatives, over the phone directly to the consumer via licensed insurance agents, and through their website.
GEICO also offers property insurance, as well as umbrella coverage which GEICO sells, but the risk on the policies are transferred to third party companies. GEICO manages the policies as the “insurance agent” and has a separate customer care team that handles the property and umbrella policies. Leo Goodwin Sr. and his wife Lillian Goodwin originally founded the company in 1936 to sell auto insurance to federal government employees.
5) USAA ( Market share 6.41% )
The United Services Automobile Association (USAA) is a San Antonio-based Fortune 500 diversified financial services group of companies including a Texas Department of Insurance-regulated reciprocal inter-insurance exchange and subsidiaries offering banking, investing, and insurance to people and families who serve, or served, in the United States Armed Forces.
USAA was founded in 1922 in San Antonio by a group of 25 U.S. Army officers as a mechanism for mutual self-insurance when they were unable to secure auto insurance because of the perception that they, as military officers, were a high-risk group.USAA has since expanded to offer banking and insurance services to past and present members of the Armed Forces, officers and enlisted, and their families. The company ranked No. 100 in the 2018 Fortune 500 list of the largest United States corporations by total revenue.
The organization was originally called the United States Army Automobile Association. In 1924, the name was changed to United Services Automobile Association, when commissioned officers of other U.S. military services became eligible for membership.
USAA’s car insurance offers unique features to make being insured as a military service member more convenient. This includes vehicle storage discounts while on deployment and automatic payment schedules. Top 10 Auto Insurance Companies in USA
6) Liberty Mutual ( Market share 5.26% )
Liberty Mutual Group is an American diversified global insurer and the sixth-largest property and casualty insurer in the United States. It ranks 71st on the Fortune 100 list of largest corporations in the United States based on 2020 revenue. Based in Boston, Massachusetts, and featuring the Statue of Liberty on its logo, it employs over 45,000 people in more than 900 locations throughout the world. As of December 31, 2021, Liberty Mutual Insurance had $156.043 billion in consolidated assets, $128.195 billion in consolidated liabilities and $48.2 billion in annual consolidated revenue.
The company, formed in 1912, offers a wide range of insurance products and services, including personal automobile, homeowners, workers’ compensation, commercial multiple peril, commercial automobile, general liability, global specialty, group disability, fire insurance and surety. Liberty Mutual’s Better Car Replacement program is designed to replace your totaled vehicle with a model one year newer with up to 15,000 fewer miles than your insured vehicle.
In the United States, Liberty Mutual remains a mutual company in which policyholders holding contracts for insurance are considered shareholders in the company. However, Liberty Mutual Group’s brand usually operates as a separate entity outside the United States, where a subsidiary is often created in countries where legally recognized mutual-company benefits cannot be enjoyed.
7) Farmers Insurance ( Market share 4.43% )
Farmers Insurance Group is an American insurer group of automobiles, homes and small businesses and also provides other insurance and financial services products. Farmers Insurance has more than 48,000 exclusive and independent agents and approximately 21,000 employees. Farmers is the trade name for three reciprocal insurers, Farmers, Fire, and Truck owned by their policyholders. The non-claims activities of Farmers are managed by an attorney in fact, Farmers Group Inc, which is a wholly owned subsidiary of Zurich Insurance Group.
Farmers’ future co-founders John C. Tyler and Thomas E. Leavey first met after Tyler moved to California.Tyler and Leavey had both grown up with rural backgrounds and believed that farmers and ranchers, who had better driving records than urbanites, deserved lower insurance premiums. As the seventh-largest auto insurer in the U.S., Farmers offers robust coverage, with a long list of unique features. Top 10 Auto Insurance Companies in USA
8) Travelers ( Market share 2.76% )
The Travelers Companies, Inc., commonly known as Travelers, is an American insurance company. It is the second-largest writer of U.S. commercial property casualty insurance, and the sixth-largest writer of U.S. personal insurance through independent agents. Travelers is incorporated in Minnesota, with headquarters in New York City, and its largest office in Hartford, Connecticut. It has been a component of the Dow Jones Industrial Average since June 8, 2009.
The company has field offices in every U.S. state, plus operations in the United Kingdom, Ireland, Singapore, China, Canada, and Brazil. Travelers ranked No. 98 in the 2021 Fortune 500 list of the largest United States corporations with total revenue of $32 billion.
The Travelers Insurance Company was founded in Hartford by a stone contractor, James Batterson, who became aware for the first time of accident insurance for travelers while traveling in England in 1859 from Leamington to London.
Travelers offers standard auto insurance coverage types, as well as options to tailor your policy, like rental car coverage, new car replacement and accident forgiveness. Drivers in some states can take advantage of IntelliDrive, the company’s usage-based smartphone app that tracks driving habits for 90 days and reduces the cost of your premium for safe driving.
9) American Family Insurance ( Market share 2.70% )
American Family Insurance, also abbreviated as AmFam, is an American private mutual company that focuses on property, casualty, and auto insurance, and also offers commercial insurance, life, health, and homeowners coverage as well as investment and retirement-planning products. A Fortune 500 company, its revenues were over $9.5 billion in 2017.
American Family insurance products include: term, universal, and whole life insurance; personal and business auto insurance, personal umbrella insurance, home insurance; motorcycle, boat, motor home, snowmobile and car insurance; business liability key policy, and business policy package insurance; farm and ranch liability insurance; travel, trip cancellation, and global medical insurance.
The company also offers a reward system for their insureds titled “Dreamkeep Rewards,” which provides small to large rewards for completing various online tasks. AmFam’s Dreams Restored Program takes the stress out of finding a repair shop by connecting you with partner shops in your area. Top 10 Auto Insurance Companies in USA
10) Nationwide ( Market share 2.68% )
Nationwide Mutual Insurance Company and affiliated companies, commonly shortened to Nationwide, is a group of large U.S. insurance and financial services companies based in Columbus, OH. The company also operates regional headquarters in Scottsdale, AZ; Des Moines, IA; San Antonio, TX; Gainesville, FL; Raleigh, NC; Sacramento, CA, and Westerville, OH. Nationwide currently has approximately 25,391 employees, and is ranked #76 in the 2019 Fortune 500 list. Nationwide is currently ranked #25 in Fortune’s “100 Best Companies to Work For”.
Nationwide Financial Services (NFS), a component of the group, was partially floated on the New York Stock Exchange prior to being repurchased by Nationwide Mutual in 2009. It had owned the majority of NFS common stock since it had gone public in 1997.
Nationwide offers full lines of personal and commercial insurance products. Nationwide provides all the essentials in its auto policies, as well as optional coverage add-ons like towing, rental car coverage and gap coverage. Through Nationwide’s Vanishing Deductible program, you can potentially earn $100 off your collision and/or comprehensive deductible for each year you practice safe driving, up to a maximum of $500.
Conclusion : Finding the right car insurance provider can take some time, but it can be worth the effort to find the car insurance company that best meets your needs.
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