List of car insurance companies | Fintech Zoom

If you didn’t know, the auto insurance market is dominated by a few players whose commercials you may have seen on TV. Think State Farm, GEICO, Progressive and the like.

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The largest insurers offer nationwide policies and dozens of different options to help customers find the right combination of coverage and value. But bigger doesn’t necessarily mean better, which makes it all the more important to be a savvy shopper and do your due diligence comparing auto insurance rates from multiple insurers – big or small.

“Buying insurance is not just shopping for the cheapest rate. While it is very important to get a fair price, you should also think about what you need. There’s more research to do than insurance companies lead with their crazy ad campaigns, ”said Douglas Heller, an insurance consultant and expert at the Consumer Federation of America.

Top 5 largest auto insurance companies

When buying insurance, people often only focus on the price. But knowing how carriers differ in their insurance product offerings, claims reputation, quality of service and many other features is just as important.

“You will have different coverage needs as your own exposure increases,” says Heller. “Just because you might be able to find a cheap policy doesn’t mean it’s the right policy for you.”

We’ve compiled a list of the five largest insurance companies, from largest to smallest by market share. These insurance companies usually provide the most value to a range of consumers, so use this information as a guide to help you navigate your options, but also keep in mind that what you are looking for in auto insurance can be very specific. .

State farm

State Farm is the largest personal auto insurance company, with nearly 20,000 agents located across the US. The Illinois-based company began in 1922 and has a wide selection of insurance products.

Not only does it offer standard auto insurance, but insurance for your home, life and more. If you bundle your auto insurance with another type of coverage, such as homeowner or renters insurance, you can get a discount of up to 17%, according to the website.

State Farm is available all over the US, but some coverage features are not. Many of the reviews show that customers appreciate the level of service for claims and that they have a local agent that they can contact quickly.

What strikes us: State Farm offers many unique discounts, such as up to 15% off for a driver safety course, and a whopping 20% ​​off if two or more cars in your household are insured by State Farm. In addition, State Farm offers ride insurance in most states. If you drive for a car pool company such as Uber or Lyft, this type of coverage allows you to combine personal and car pool use in one policy.

Average annual premium for full coverage: $ 1,422 *

JD Power claims satisfaction score: Above average

GEICO

A subsidiary of the Berkshire Hathaway conglomerate, owned by investor Warren Buffett, GEICO offers some of the lowest rates, national availability and an easy shopping experience. GEICO insures more than 28 million vehicles and has more than 17 million auto policies in place, according to its website. It is available in all 50 states and Washington DC

As the second largest auto insurer in the country, it offers all the typical auto insurance coverage, plus a few extras, add-ons and discounts. For example, GEICO offers a discount because you are a good driver; you can save up to 22% on most coverages if you haven’t had an accident in five years. Check out this list of all the discounts on GEICO’s auto insurance policies. Reviews for GEICO indicate that customers are consistently satisfied with their customer service and below average rates.

What strikes us: GEICO’s easy-to-use digital tools ensure a smooth service and shopping experience. GEICO’s app makes it easy to manage your policy, get quotes and make claims wherever you are. For more traditional service, there is 24/7 online customer service, or you can speak to a call center agent.

Average annual premium for full coverage: $ 1,325 *

JD Power claims satisfaction score: Under average

Progressive

As the third largest auto insurance company in the US, Progressive offers all the standard auto insurance you need, plus a number of useful add-ons, such as auto insurance, gap insurance, pet injury protection, and auto insurance valid in Mexico. The average cost of Progressive’s liability-only auto insurance policy ranges between $ 114 and $ 190 per month, depending on where you live. Additionally, the company offers a slew of discounts, ranging from loyalty-based car discounts to driver-based car discounts, and claims that 99% of its customers earn at least one discount.

What strikes us: Known as the “Name Your Price Tool”, Progressive’s well-known feature provides you with quotes from other insurers so you can compare prices side by side and see the best coverage options available. Another notable feature that Progressive offers is the Snapshot program, a free optional program that uses technology to collect information about your driving. The safer you drive, the more you can save – up to $ 145 per year. But you are neglecting some elements of privacy when you sign up for a program like this because you attach a device to your car that sends data about your driving activity to the insurance company. For example, Progressive could track the location of the car using GPS, the speed of the car, and how often you drive.

Average annual premium for full coverage: $ 1,419 *

JD Power claims satisfaction score: Under average

Allstate

Allstate – known for its slogan “You’re in good hands” – is the fourth largest auto insurance company in the US. Allstate is available throughout the US and offers generous features that typically don’t cost extra. For example, Allstate gives up to six months of credit on your auto insurance premium if you’re unhappy with how a claim was handled. In more than 40 states where it’s available, the warranty is free with all standard policies. However, Allstate’s average annual premium for full coverage is higher than many other major insurance companies.

What strikes us: Allstate has great savings programs for teen and young drivers, safe driver discounts through the Drivewise program, and a pay-per-mile program called Milewise. The company also helps protect your driving with accident forgiveness. Allstate has a huge reach, so it’s a good choice for customers who want access to local agents anywhere in the country.

Average annual premium for full coverage: $ 1,920 *

JD Power claims satisfaction score: Above average

USAA

USAA, known for high customer satisfaction ratings, has the cheapest annual premium of the top five. But there’s a catch: it only offers insurance to military members, veterans, and their families. USAA offers various types of auto insurance and generous discounts to its customers, as well as accident insurance and car pool insurance. It is one of the more comprehensive carriers as it offers various financial products outside of insurance, making it an ideal one-stop shop for military or veterans.

What strikes us: USAA auto insurance has features specifically designed for the needs of military members. For example, customers can get reduced rates for low annual mileage and up to 60% discount for vehicles that are parked during implementation. USAA also offers several other discounts for having a car with advanced safety features, driving safely, and bundling car with homeowners or renters. In addition, the company has one of the highest claims satisfaction ratings, according to JD Power.

Average annual premium for full coverage: $ 1,252 *

JD Power claims satisfaction score: Above average

* Average annual premium rates are from Fintech Zoom’s latest dataFull coverage includes liability, comprehensive and collision insurance.