Cheapest Car Insurance Companies in the U.S :
State Farm, Geico, and Progressive are the top three companies among the top ten auto insurance providers, which account for more than 75% of the market.
Since the top ten auto insurance providers in the US account for 77% of the market, chances are you’ve heard of or at least are familiar with them. Leading brands in the industry like State Farm, Geico, Progressive, Allstate, and USAA lead this list of auto insurance companies. Car Insurance
Top Largest Car Insurance Companies
The National Association of Insurance Commissioners (NAIC) reports that as of 2022, the top ten auto insurance providers in the United States hold 77% of the market. The market share percentages and ratings of the top auto insurance companies in the nation are shown below, along with extensive research conducted by our editorial staff: Car Insurance
Biggest Auto Insurance Providers: A Detailed Examine
More than 75% of direct premiums in the US auto insurance market are written by the top 10 biggest auto insurance providers. More information about the average premiums for full and minimum coverage as well as the market shares of the top ten insurance providers in the nation can be found below. Car Insurance
State Farm:
- C-rated by the Better Business Bureau (BBB)
- The highest financial strength rating is AM A++.
- The 2023 J.D. Power claims satisfaction rating is 891 out of 1,000.
- Headquarters: Bloomington, Illinois
State Farm holds 16.8% of all auto policies sold in the country, making it the largest auto insurance provider. The business has a stellar reputation for customer service, which is supported by numerous positive reviews and industry-wide studies. Although State Farm provides services to drivers in all 50 states, it is no longer offering new policies in Rhode Island or Massachusetts. Car Insurance
Geico:
- A+ BBB rating
- The highest financial strength rating is AM A++.
- 871 out of 1,000 is the score for 2023 J.D. Power claims satisfaction.
- Headquartered in Chevy Chase, Maryland Car Insurance
With 14.05% of all sold auto insurance premiums, Geico is the second-biggest auto insurance provider in the United States, according to the NAIC. Geico has established itself as a trustworthy and reasonably priced choice for auto insurance, as evidenced by its strong AM Best financial strength rating and slightly above-average claims satisfaction rating. Car Insurance
Progressive:
- A+ BBB rating
- AM Top rating for financial strength: A+
- 870 out of 1,000 is J.D. Power’s 2023 claims satisfaction score.
- Headquarters: Ohio’s Mayfield Village
With 13.76% of all insurance policies bought, Progressive is the third-biggest auto insurance provider in the US. Its solid AM Best financial strength score and BBB rating demonstrate its capacity to fulfill continuing insurance obligations. But out of the five biggest auto insurers, Progressive had the lowest score in the J.D. Power 2022 U.S. Auto Claims Satisfaction StudyTM, giving it a below-average rating. Car Insurance
Allstate:
- A+ BBB rating
- AM Top rating for financial strength: A+
- The 2023 J.D. Power claims satisfaction rating is 882 out of 1,000.
- Headquarters: Northbrook, Illinois
Allstate holds the fourth position among the major auto insurance providers, holding a 10.69% market share. It boasts a high J.D. Power claims satisfaction rating and a broad range of insurance coverage options. Every Allstate policy also comes with a claims satisfaction guarantee that pays up to six months’ worth of premiums in the event that drivers are dissatisfied with the company’s insurance claims handling. Car Insurance
USAA:
- BBB standing: Unrated
- The highest financial strength rating is AM A++.
- 900 out of 1,000 is the J.D. Power 2023 claims satisfaction score.
- Head office: Texas’s San Antonio
With a 5.92% market share for auto insurance, USAA ranks as the fifth-largest auto insurance provider. It is well-known for its affordable auto insurance costs, high financial strength rating, and outstanding results in J.D. Power client surveys. However, only active duty personnel, veterans, and their families are eligible for USAA auto insurance.