There are more than a hundred auto insurance companies in the United States. But only a small number them underwrite most of the policies. If you are in the market to buy car insurance, you could choose to go with a large provider that has a wide network and a relatively more reliable 24-hours customer service. The size of a provider also reflects their financial strength. Here we take a look at the top 10 largest auto insurance companies in the United States.
Of course, the size of a company doesn’t guarantee low rates, superior customer service, hassle-free claims process, and high customer satisfaction. You’d want to dig deeper into details such as customer satisfaction, coverage, claims process, and trustworthiness to make a decision.
These are the ten largest auto insurance companies, according to the National Association of Insurance Commissioners. I have also specified their direct premium written in 2018 next to their names.
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10- American Family, $4.7 billion
American Family offers insurance policies primarily in the West and Midwest. It serves fewer than half of the US states. The company has a 1.91% market share with $4.7 billion worth of direct premiums written in 2018. In its early days, American Family used to serve the insurance needs of farmers. It started serving the non-farmer population in the 1930s. The company also sells life insurance, renters’ insurance, home insurance, and flood protection.
9- Travelers, $4.7 billion
Founded in 1853, Travelers is the 9th largest insurance company in the country. You can buy auto insurance through agents in 44 states or directly through the company’s website. Travelers issued its first auto insurance way back in 1897, even before Ford launched the Model-T. If you have a clean driving history, you can expect great rates from Travelers.
8- Nationwide, $6.7 billion
Nationwide paid more than $18 billion in claims and other benefits in 2017. The company sells auto insurance through agents and its website in all the US states. Nationwide is known for offering an excellent customer service. Though it doesn’t offer the lowest rates, you can expect a decent discount if you bundle your auto insurance with other policies such as life insurance, home insurance, or boat insurance.
7- Farmers, $10.5 billion
Farmers has a 4.27% share in the US auto insurance market. It was launched to provide insurance coverage to rural farmers’ vehicles. It sells auto insurance in all states except Hawaii and Alaska. Farmers gives you a decent discount if you bundle auto insurance with other policies. It has a wide range of products including umbrella, homeowners, landlord, business, motorcycle, life, renters, and pet insurance. The company has more than 21,000 employees.
6- Liberty Mutual, $11.8 billion
Liberty Mutual is more than a century old. It sells a wide range of insurance products in all states of the US. Customers can choose to add insurance cover for off-road vehicles, trailers, antique cars, and recreational vehicles. Auto insurance accounts for more than a third of Liberty Mutual’s net written premium.
5- USAA, $14.5 billion
USAA sells insurance only to the current and former military members and their families. It is known for offering an excellent customer service, speedy claims process, and attractive rates. Headquartered in San Antonio, it also sells umbrella policies, life, home, renters, and landlord insurance. It is also one of the best financial services companies to work for.
4- Allstate, $22.7 billion
Founded in 1931, Allstate sells a wide range of insurance products including auto, landlords, boats, homeowners, and renters insurance all over the United States. Allstate has a large army of insurance agents in all 50 states. The company also sells insurance directly to customers through its Esurance brand.
3- Progressive, $27.1 billion
Progressive is one of the largest insurers in the country. You can purchase auto insurance directly from the company through its website or by phone. If you want a more personalized experience, you can sign up through agents. Progressive gives you competitive rates, even to drivers with previous accidents. The company also offers a wide range of other insurance products.
2- Geico, $33.1 billion
Geico is the second-largest auto insurance company in the US with 13.45% market share. It has underwritten policies for more than 24 million vehicles. You can buy auto insurance through agents, website, or by phone. Geico also offers insurance for all-terrain vehicles and motorcycles. It’s one of the best auto insurance companies in the country with low rates, wide network, and easy claims process.
1- State Farm, $42 billion
State Farm is the largest auto insurance company in the US. It has 70,000 employees and close to 20,000 agents. State Farm sells insurance through agents, though you can manage policies online. It is a great choice if you are not looking for the cheapest rates. State Farm also offers many other products such as homeowners, commercial auto, off-road vehicles, boats, and renters insurance.