The top 10 car insurance companies include State Farm, Geico, Progressive and seven other household names, based on data from the Insurance Information Institute. Together, the top 10 companies represent over 70% of the market for personal auto insurance policies.
Largest Auto Insurance Companies by Market Share:
- State Farm: 16.0% market share
- Geico: 14.4% market share
- Progressive: 13.8% market share
- Allstate: 10.4% market share
- USAA: 6.0% market share
- Liberty Mutual: 5.1% market share
- Farmers: 4.8% market share
- Nationwide: 2.1% market share
- American Family: 2.1% market share
- Travelers: 2.0% market share
The top 10 auto insurance companies have remained largely the same over the past decade, with State Farm consistently holding the largest market share. Below, you will find an overview of each of the top 10 largest car insurance companies, including their market share, coverage options, and customer service record.
1.State Farm:
Taking up 16% of the entire auto insurance market, State Farm is the number one largest car insurer in the country. The company was founded in 1922 and now boasts more than 18,000 agents across the United States.
In addition to being the largest company, State Farm is also one of the top companies in the U.S. for its cheap insurance costs. The company is one of the more affordable options for coverage for young and old drivers, as well as those who have prior incidents on their records.
State Farm also has a history of highly rated customer service — somewhat uncommon among the largest car insurance companies. State Farm's strong local presence has helped the company achieve consistently high scores on J.D. Power's annual claims satisfaction study.
2.Geico:
Geico is one of the cheapest auto insurance companies.Taking up 14.4% of the entire auto insurance market It offers national availability and an easy shopping experience.
Geico, known for its advertisements featuring an animated gecko, has served as an underwriter to more than 16 million auto policies, which insure more than 24 million vehicles. The company's size allows it to employ more than 43,000 people across 18 offices nationwide.
Geico's original customer base consisted of U.S. government employees and military personnel. Today, the insurance company sells insurance to drivers of all stripes across the country.
Geico has the best car insurance for college students, according to our research.
3.Progressive:
The youngest of the largest insurance companies, Progressive was founded in 1937 as a specialty insurer for high-risk drivers. Today, Progressive serves a wide range of drivers across all 50 states and Washington, D.C.
Progressive's car insurance premiums are generally affordable. The company is also known for its popular cost-savings products. Its "Name Your Price" tool allows shoppers to explore coverage options within their budget. And its "Deductible Savings Bank" lets drivers lower their deductibles by $50 every six month they go without making a claim.
Many types of vehicle owners can get coverage with Progressive, too. Since the company has affordable options for motorcycle, renters, and boat owners — and more — you can also usually get discounts for bundling more than one line of coverage.
4.Allstate:
Allstate wrote $27.2 billion in direct premiums for car insurance customers in 2021. The company has a nationwide network of agents who make it easy for customers to purchase coverage, manage their policy, and file a claim. However, Allstate has a below-average rating from the NAIC, which means they have received more customer complaints than other insurance companies of comparable size.
5.USAA:
USAA was founded in San Antonio in 1922 by 25 Army officers who decided to insure each other's vehicles. Today, the company serves millions of members associated with the U.S. military, including current and former service members, family members of service members and cadets or midshipmen.
Coverage from USAA is only available if you have served in the U.S. military or if your spouse or parent has had insurance from USAA at some point in their life.
Because of its focus on the U.S. armed forces, USAA is our top pick for the best and cheapest car insurance for veterans and military service members.
6.Liberty Mutual:
Liberty Mutual has been in business for nearly 112 years. It's grown from a mutual company in New England to a multinational corporation that writes policies in every state and employs more than 45,000 employees.
Regardless of what you pay in your area for coverage at Liberty Mutual, the insurer offers a number of discounts that make saving money easy for many people. In particular, the company offers a 12% discount just for signing up online. It also partners with Navy Federal and offers a similar discount to members.
One weak point of Liberty Mutual compared to other large auto insurance companies is its reputation for customer satisfaction. Its claims satisfaction ranks below other major companies, though its local offices can make it easier to manage your policy if you prefer in-person service.
7.Farmers:
Farmers has great satisfaction numbers and several unique coverage options, including guaranteed value coverage and spare parts coverage. Those special coverages don't come cheap, as Farmers insurance has higher-than-average rates.
In recent years, this company was trending down, with its market share dropping by 0.3% since 2018. It made a big move in 2021 by purchasing MetLife and its $2.3 billion in premiums. Based on their combined market share numbers (MetLife has a 0.91% market share), Farmers is expected to become the sixth-largest auto insurer.
8.Nationwide:
Nationwide offers financial services, commercial lines and personal lines in all 50 states. The company has contributed more than $585 million to nonprofit organizations since 2000.
Nationwide has a motto called "On Your Side" that influences how auto insurance claims are handled and how policies and premiums are determined. The company also recommends getting an annual checkup to ensure policyholders understand their benefits and coverage, as well as new discounts or changes to keep premiums affordable. Nationwide calls this consultation its "On Your Side" review.
Among the largest car insurance companies, Nationwide offers one of the best deals for customers looking to bundle their home and auto insurance policies.
9.American Family:
Operating since 1927, American Family Insurance has lower-than-average rates than other large insurance companies, trailing only behind USAA, State Farm, and GEICO. The insurer is also highly rated for claims satisfaction.
Its main flaw? American Family only offers car insurance in 19 states (many of them in the central part of the country). Compared to the other major insurance companies on this list, American Family's market is much more limited.
10.Travelers:
Travelers is the oldest company on our list of the largest auto insurance companies. It was founded in 1864, meaning the insurer has been writing insurance policies since before the invention of the car.
The cost of car insurance with Travelers is lower than average for most people, with the minimum coverage policy ringing in at $1,586 per year. This places Travelers right in the middle of the other large insurance companies when it comes to price. You could also get lower rates by qualifying for any of the many discounts offered by Travelers.
Despite its average rates, Travelers has below-average claims satisfaction, according to J.D. Power's survey. However, the insurer's rank for its claims satisfaction service is better than Allstate's.
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