The Top 10 Car Insurance Providers in the U.S.
Introduction
In the latest market share data released by the National Association of Insurance Commissioners (NAIC), more than three-quarters (77%) of the nation’s auto policies are underwritten by the top ten car insurance providers. It’s equivalent to slightly more than $213.1 billion in direct written premiums – a 14.5% increase over the previous year.
In spite of the fact that there are only a few major players in the auto insurance industry, these insurance giants still provide a diverse range of products, benefits, and services to their clients.
Rankings and Insights
Insurance Business ranks the largest auto insurance companies in this article to give insurance buyers an idea of the coverage provided by the country’s top auto insurers. We will also give you a rundown of the different policies you can access from these insurers and how these companies fare in terms of customer experience. The following 10 insurance companies are ranked according to market share in the U.S.
1. State Farm Insurance Company
Market Share: 16.8%
Direct Premiums: $46.7 billion
Shopping Experience Rating: 877
Claims Satisfaction Rating: 882
Financial Position: A++
With almost 17% of the overall market, State Farm is the largest car insurance provider in the U.S. …
2. Progressive
Market Share: 14%
Direct Premiums: $38.9 billion
Shopping Experience Rating: 853
Claims Satisfaction Rating: 861
Financial Strength: A+
Some of the coverages offered by the nation’s second-largest car insurance provider are not available from many of its competitors…
3. GEICO
Market Share: 13.8%
Claims Satisfaction Rating: 874
Financial Position: A++
It is a pretty expensive option, however, for drivers with a DUI record…
4. Allstate Insurance Company
Market Share: 10.8%
Direct Premiums: $29.6 billion
Shopping Experience Rating: 853
Claims Satisfaction Rating: 889
Financial Position: A++
Allstate offers a range of helpful coverage options that are not typically available from most of its industry competitors…
5. USAA
Market Share: 5.9%
Direct Premiums: $16.4 billion
Shopping Experience Rating: 874
Claims Satisfaction Rating: 890
Financial Position: A++
We found USAA to be among the best car insurance companies in terms of customer service and claim satisfaction…
6. Liberty Mutual Insurance Company
Market Share: 4.9%
Direct Premiums: $13.7 billion
Shopping Experience Rating: 865
Claims Satisfaction Rating: 870
Financial Position: A
For those who prefer online convenience rather than working directly with an agent, Liberty Mutual is a top choice…
7. Farmers
Market Share: 4.6%
Direct Premiums: $12.6 billion
Shopping Experience Rating: 846
Claims Satisfaction Rating: 882
Financial Position: A
A Farmers auto insurance policy usually costs more than most other top auto insurance providers in the U.S…
8. Travelers
Market Share: 2.1%
Direct Premiums: $5.8 billion
Shopping Experience Rating: 848
Claims Satisfaction Rating: 854
Financial Position: A++
Several car insurance providers in the U.S offer competitive premiums, including Travelers…
9. American Family
Market Share: 2.1%
Direct Premiums: $5.8 billion
Shopping Experience Rating: 867
Claims Satisfaction Rating: 874
Financial Position: A
According to claims satisfaction and shopping experience, American Family scores above average…
10. Nationwide
Market Share: 2%
Direct Premiums: $5.5 billion
Shopping Experience Rating: 861
Claims Satisfaction Rating: 868
Financial Strength: A+
A Nationwide policy can be relatively affordable depending on the type of driver you are…
Conclusion
The article provides insights into the top 10 car insurance providers in the U.S., covering market share, direct premiums, customer satisfaction ratings, and additional information about each company’s offerings. If you are interested in finding out which insurers made the list and why market capitalization is an important metric, you can click here.