The top 10 insurance companies hold the market share of the car insurance industry. Find out which one is right for you.
When you think about auto insurance, a few big names probably come to mind and for good reason – there are some dominant players. Before you choose the first auto insurance company that you find, though, consider each company carefully. Below we outline the top ten auto insurance providers available today.
Also, don't forget to take the Automotive Financial Fitness Quiz!
Allstate
Founded in 1931, Allstate continually gives back to the community, playing a big role in rebuilding communities after a catastrophe. Allstate current insures more than 16 million households and is one of the leading insurance companies in urban areas. Allstate’s subsidiary Esurance, offers insurance directly to consumers online whereas Allstate’s policies are through agents.
Allstate benefits include:
- Accident forgiveness which keeps your rates the same even if the accident is your fault
- Safe driving bonuses and discounts with the Drivewise program
- Bundling discount if you purchase home and auto insurance from Allstate
- A variety of other discounts including EZPay discounts, economy car discount, FullPay Discount, early signing discount, and good student discount
- The ability to file a claim online
State Farm
State Farm holds just over 18% of the auto insurance market in the United States. State Farm has more than 100 years of experience in auto insurance and offers competitive pricing. They employ more than 19,000 agents throughout the country, making it easy to locate an agent near you.
State Farm’s benefits include:
- Auto insurance for all drivers including teens
- Rental car auto insurance
- Insurance for sports cars and antique cars
- Offers a usage-based program to save on premiums as well as defensive driving course discounts, and accident-free discounts
- Provides rideshare insurance
GEICO
GEICO has been providing affordable car insurance for more than 75 years and has more than 17,000 auto insurance policies in effect right now. With a 97% customer satisfaction rating and the promise to save customers an average of $500 per year on car insurance, it’s easy to see why people choose GEICO.
GEICO’s benefits include:
- Insurance for other vehicles including motorcycles, RVs, ATVs and boats
- Provides rideshare insurance
- Provides Mexico auto insurance (you need a separate policy if you drive your car in Mexico)
- Offers a variety of discounts including good student, senior driver, federal employees discount, and military discounts
- 24/7 customer service
Progressive
Everyone knows ‘Flo from Progressive’, but their story goes back long before Flo came around. Progressive started in 1937 and right off the bat, they created an affordable insurance program that anyone could afford. Today, Progressive Progressive has more than 400 offices and 33,000 employees. Today, Progressive is one of the leading insurance companies online thanks to its tech-savvy approach to insurance.
Progressive benefits include:
- Snapshot, a safe driving program that helps you save on your premiums
- A price comparison tool that allows you to compare premiums side-by-side from multiple companies
- A ‘Name Your Price’ tool that allows you to say what you want to pay for insurance and Progressive will show you what coverages fit into that budget
- A variety of discounts including good student, multi-car, bundled policies (homeowner’s insurance), and sign online discounts
- A variety of coverage options including rental car reimbursement, gap insurance, and uninsured/underinsured coverage
USAA
USAA has been serving the military community since 1922. Today they service millions of military members and their families. Since USAA is only for military members and their families, their membership is restricted, but if you serve in the military they offer a variety of benefits.
USAA benefits include:
- Competitive rates
- A variety of discounts including bundling, safe driving, good student, multi-vehicle, and stored vehicle discounts
- Flexible payment plans
- A user-friendly mobile app that allows you to manage your policies easily
- Rideshare insurance coverage
Liberty Mutual
In business for more than 100 years, Liberty Mutual offers unique car insurance options that provide more coverage than you’ll find elsewhere. They also offer unique discount options and are very into educating consumers before they buy car insurance.
Liberty Mutual benefits include:
- You can set up a deductible fund that puts a part of your premium toward a saved deductible
- The option to buy new car replacement insurance that provides you with a new car if you total a new car without worrying about depreciation
- The option to add on rental car coverage, as well as towing and labor coverage
- Save instantly when buying your policy online
- Bundled discounts when you buy more than one policy
Farmers
Despite its name, Farmers Insurance doesn’t just insure farmers, although that’s how they started. Today, they offer a variety of insurance plans across 50 states. Farmers prides themselves on their ‘customer first’ policy even with their 19 million+ policies written throughout the country.
Farmers' benefits include:
- Offers 24/7 roadside assistance coverage
- Offers rental car reimbursement coverage
- Offers Rideshare insurance for Uber and Lyft
- Provides coverage for unique and specialty cars including antiques
- Offers a ‘New Car Pledge’ that replaces a new car should you total it within 2 years or 24,000 miles
Nationwide
Nationwide has been in business for the last 85 years, providing insurance and financial services to people throughout the US. Nationwide puts the customer first despite their numerous affiliated companies; they have not strayed from their original mission to focus on and value people.
Nationwide’s benefits include:
- They offer an ‘On Your Side Auto Repair Network’ that helps keep your repair bills within reason
- Annual check-ins with a personal agent to review your insurance needs
- Discounts including the SafeRide program, multi-policy discounts, accident forgiveness, and easy pay discounts
- Offers gap and rental car insurance
- Offers 24/7 roadside assistance
Travelers
In business for more than 160 years, Travelers is one of the oldest insurance companies around today. Travelers has more than 30,000 employees and 13,500 agents throughout the country. Farmers offers a large variety of insurance products and have been named one of the best property casualty companies today.
Travelers’ benefits include:
- A variety of discounts including multi-policy, multi-car, hybrid car, good student, new car, and early quote discounts.
- Offers rental reimbursement and gap coverage
- Provides rideshare insurance for Uber and Lyft
- Provides extra coverage with New Car Replacement coverage
- Opportunities for bundling discounts
The General
Not as well known by name, The General is an affiliate of American Family Insurance. PGC Holdings is the parent company, which has been in business for more than 50 years. The General is a financially stable company that offers a variety of insurance products including auto insurance.
The General benefits include:
- Accepts most drivers, even those with a poor driving history
- Monthly payment options and low down payment requirements
- File claims right in their mobile app
- Obtain a quote online in less than 2 minutes
- Accepts most cars
Choosing the Right Insurance Company
While each of the 10 insurance companies above offer benefits, GEICO is our top choice because they combine top-notch customer service with affordable rates and quality coverage, giving you everything you need.
When you shop for car insurance, don’t focus on the rates alone. Look at the big picture. What type of coverage are you getting? What discounts can you receive? How is the customer service? These are all factors you should consider before choosing the insurance company that’s right for you.
