Can you name the country’s largest auto insurance companies from memory, although hundreds of companies sell car insurance?
There are numerous advantages to driving with the largest auto insurance companies. To ensure that they can step in during the insurance claims process, third-party agencies rate the largest auto insurance companies on an ongoing basis based on their customer service experience and financial strength.
Accordingly, you can use this information to help narrow down your options when you’re shopping for car insurance.
Largest Auto Insurance Companies in the United States
Direct premiums written in 2021 determine which auto insurance companies are the largest. The following are the ten largest U.S. auto insurance companies:
| Car Insurance Companies | Average Minimum Coverage | Average Full Coverage | Market share |
| State Farm | $546 | $1467 | 16% |
| Progressive | $591 | $1518 | 13% |
| Allstate | $705 | $1929 | 9% |
| USAA | $402 | $1236 | 6% |
| Liberty Mutual | Rates not available | Rates not available | 5% |
| Farmers | $819 | $2012 | 4% |
| Nationwide | $513 | $1503 | 2% |
| American Family | $927 | $1926 | 2% |
| Travelers | $459 | $1335 | 2% |
State Farm
State Farm is the leading auto insurance company in the United States, with a market share of 16% and a direct premium of nearly $40 million. Their mobile apps are also excellent for policy management and submitting claims.
Rental car insurance, travel expenses, and roadside assistance are just some of the coverage options available for your car insurance policy. In addition, State Farm’s exclusive discount programs, such as its Drive Safe & Save and Steer Clear usage-based insurance programs, provide additional savings opportunities. There are additional discounts available to you if you’re a college student.
Progressive
Progressive has the third-largest market share. Pet insurance, golf cart, and Segway insurance are available through Progressive. In addition, personal injury protection (PIP), gap insurance, and the value of customized parts and equipment are all included in auto insurance.
Rideshare insurance is also available if you drive for Uber or Lyft. You can save money on your car insurance policy if you bundle your homeowner’s or renters’ insurance with Progressive. In addition to special savings for teen drivers, discounts for multiple cars and continuous insurance. The Snapshot program and the Name Your Price tool from Progressive are two additional ways to save money on your insurance policy.
Allstate
Allstate holds the fourth-largest market share with nearly $26 million in direct premiums written in 2021. In addition, there are a variety of add-ons available through Allstate, including coverage for sound systems and roadside assistance, rental reimbursement, and a personal umbrella policy.
Having multiple policies, good grades, safe driving habits, and owning a new car can result in additional savings. In addition, Allstate’s eSmart and FullPay discounts are also available. Additional safety features, such as anti-lock and anti-theft devices, may lower your annual insurance premiums.
USAA
It’s no surprise that USAA ranks as one of the best auto insurers for customer satisfaction. As a military member, veteran, or member of their family, you are eligible for USAA’s coverage.
USAA’s auto insurance is tailored to meet the specific requirements of military personnel, including extended benefits, rental assistance, and loss of use exclusions. In addition, defensive driving, driver training, and multi-vehicle policies are all discounted by USAA. Car storage and annual mileage discounts are also available for military personnel.
Liberty Mutual
To provide comprehensive protection, Liberty Mutual offers a wide range of options, including replacing a new car, forgiveness of accidents, a lifetime repair guarantee, gap coverage, and the replacement of original parts.
Liberty Mutual offers insurance for all the teaching supplies you keep in your car to protect teachers. In addition, discounts for online quotes, homeowners, military members, good students, and vehicle safety features can help you save money on your insurance premiums.
Farmers
Towing and roadside service, rideshare coverage, loss of use, and Guaranteed Value protections are all available through Farmers. Farmers’ premiums may be higher than those of other major insurers, but numerous ways exist to lower them.
Discounts for older cars and safe drivers are available to help offset these costs. In addition, if you have multiple policies with Farmers, you can save even more money by bundling your homeowners, life, business, renters, and condo insurance policies.
Nationwide
Nationwide is in eighth place in the market. However, it’s a good option for drivers with poor credit because it provides additional discounts and innovative coverage options that help keep premiums low. Special features offered only by Nationwide include Gap Insurance, Accident Forgiveness, and a Deductible Waiver of up to $500.
Its usage-based insurance programs, SmartRide, SmartMiles, and Safe Drivers, reward you for safe driving, whether for low mileage or for staying accident-free. You can also save by using these programs. Use Nationwide’s On Your Side Review to ensure you’re paying the lowest possible premiums for your policy each year.
American Family
In addition to gap coverage, emergency road service, and accidental death and dismemberment coverage, classic car insurance is available for your vintage car.
You can save money with American Family by combining your auto and home insurance policies, being a loyal customer, getting a head start, purchasing multiple policies, and being a safe driver. You can save even more money by driving less than the recommended annual mileage. There are discounts for teen drivers, volunteers, and generational savings programs from American Family.
Travelers
Travelers is one of the best-rated national carriers in terms of customer satisfaction. They provide new car owners with essential protections, including loan/lease gap insurance, rental coverage, and roadside assistance. Travelers publish the exact discounts for its saving incentive on its corporate website, so discounts are both plentiful and transparent.
Why should you opt for the largest Auto Insurance Companies?
There are a few things to remember as you search for the best car insurance company for your situation. First, there are numerous advantages to working with a large auto insurance company because of the resources at its disposal.
A large insurance company is usually more financially secure than a smaller, regional carrier that is more limited in scope because of its larger premiums written and greater surplus. Therefore, regarding discounts and savings programs for policyholders, large auto insurance companies tend to offer more than regional insurers, even if their rates are higher.
Additionally, large auto insurance companies tend to offer extended customer service hours and sometimes even 24/7 instant phone and chat support. Unfortunately, smaller businesses usually lack the financial means to provide such high levels of customer service.
Whether a large or small insurance company is better for your auto insurance needs is entirely up to you.
Why do car owners change insurance companies?
As inflation continues to rise, more and more drivers are looking for ways to save money on their car insurance policies. As a result of rising insurance premiums and a decrease in driving, many people look for the best value when they shop for and switch insurance providers.
Additionally, higher rates encourage switching insurance providers for those with bad credit. Basically, usage-based insurance policies have become more popular among cost-conscious consumers with fair or poor credit who switch car insurance companies than those with better credit. Notwithstanding, those who are excellent drivers can benefit from usage-based insurance policies. All in all, these calculate rates based on how well you drive.
How to find the ideal car insurance company
There is a wide variety of auto insurance options available, from national giants like Allstate to smaller, regional insurers that could be a good fit for you.
Firstly, the first step in comparing the list of the largest auto insurance companies is gathering the necessary data. Included are the driving records of those whose policy and specifics will cover your cars, such as any safety features or the yearly mileage you put on them. Additionally, you’ll need to figure out what kind of coverage you need.
Is the minimum coverage required by your state enough? Do you need more coverage, like gap insurance or rideshare protection? Also, check if each company you are considering offers the features you need.
For comparison purposes, ensuring that each insurer offers the same coverage limits and deductibles is essential. Basically, you may not want to rely solely on the price when making a purchase. Besides, if a company has many customer complaints, it may be a bad sign about the quality of its service.
Basically, you may be able to buy insurance online, over the phone, or through an agent, depending on the company you choose. As long as you can get affordable and the best car insurance rates for yourself, never stop looking
Sara Sam may not look like your typical car and finance expert, but don’t let that fool you. With over four years of experience in the industry, she knows all the ins and outs of cars, car insurance, and refinancing. You can trust Sara to help you navigate the often-confusing world of automobiles and financing.
