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10 Largest Auto Insurance Companies (April 2023) by Abtpets

The 10 largest insurance companies in the United States write 70% of all the car insurance premiums. Progressive has the biggest market share, with 14% of all premiums.

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The biggest companies offer stability, along with a wider range of coverage options than you may find at a typical smaller insurer. But they vary on price, service quality and many other characteristics. To choose the best insurance company for you, review the list of the 10 largest auto insurance companies in the U.S. and what makes each of them unique.

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What are the largest auto insurance companies?

Progressive is the No. 1 auto insurance company in the country in terms of market share, followed by State Farm, Geico and Allstate.

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When looking at the rankings of the top auto insurance companies in the United States, most of the names are recognizable due to their name brands that include national television advertising campaigns.

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Yet the 10 largest insurance companies in the U.S. offer different insurance rates, customer claims experiences and features. For drivers looking for cheap rates, it's a good idea to compare quotes from multiple companies to find the best price.
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1. Progressive

Progressive offers especially competitive rates to drivers with previous accidents. However, claims satisfaction ratings and coverage options are average.
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Progressive is the largest car insurance company in the country and was established in 1937. The company offers the ability to buy auto insurance in person, online or by phone. Alternatively, customers can sign up through independent insurance agents.

The company employs about 49,000 people and has offices across the country. Progressive is a publicly traded company.

Average monthly premium: $156
Market share: 14%
Premiums written: $44.5 billion
ValuePenguin rating: 3/5
J.D. Power customer satisfaction score: 819
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2. State Farm

State Farm is a great auto insurance company for anyone who wants a local agent, a personalized experience and cheaper-than-average rates.

State Farm is the second-largest auto insurance company in the U.S. and controls just under 14% of the market.

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The company currently employs approximately 53,000 employees and has nearly 19,000 agents. State Farm operates as a mutual insurance company, meaning that its policyholders own it.

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Among the largest widely available car insurers on this list, State Farm offers the cheapest car insurance rates in most of the U.S.

3. Geico

Geico is one of the cheapest auto insurance companies. It offers national availability and an easy shopping experience.

Geico, known for its advertisements featuring an animated gecko, has served as an underwriter to more than 16 million auto policies, which insure more than 24 million vehicles. The company's size allows it to employ more than 43,000 people across 18 offices nationwide.

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Geico's original customer base consisted of U.S. government employees and military personnel. Today, the insurance company sells insurance to drivers of all stripes across the country.

Geico has the best car insurance for college students, according to our research.

4. Allstate

Allstate typically has better-than-average claims satisfaction ratings but high rates. However, the insurer offers a variety of discounts that can make policies more affordable for customers.

Established in 1931, Allstate is the second-largest publicly traded property and casualty insurance company in America. Like State Farm, Allstate has a roster of local agents ready to serve your needs. The company currently employs more than 54,000 people.

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Allstate also operates Esurance. Esurance is a good choice for people who value Allstate's dependable brand but are comfortable purchasing and managing their insurance completely online.

5. USAA

USAA is one of the best auto insurers in the country. You'll enjoy extremely competitive rates, great customer service and speedy claims responses from USAA. The biggest downside is USAA's restricted membership.

USAA was founded in San Antonio in 1922 by 25 Army officers who decided to insure each other's vehicles. Today, the company serves millions of members associated with the U.S. military, including current and former service members, family members of service members and cadets or midshipmen.

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Coverage from USAA is only available if you have served in the U.S. military or if your spouse or parent has had insurance from USAA at some point in their life.

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Because of its focus on the U.S. armed forces, USAA is our top pick for the best and cheapest car insurance for veterans and military service members.

6. Liberty Mutual

Liberty Mutual's rates vary by location more than the typical insurance company's rates, and customers rank the company's claims process as below average.

Liberty Mutual is one of the largest insurance companies in the U.S. and has been around for more than 100 years. It also has a large international presence, with operations in 29 countries. Besides car insurance, the company sells property and casualty, health and life insurance policies.

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You can get Liberty Mutual auto insurance through the company's call center or website, a local Liberty Mutual agent or broker, or representatives from its network of regional subsidiaries. One benefit of Liberty Mutual is that after you sign up, your rates are guaranteed for a year.

7. Farmers

Farmers offers good discounts and coverage options, plus highly rated customer service. However, Farmers' expensive rates may be a negative for some shoppers.

Farmers began as an insurance company providing coverage to farmers' vehicles. Since then, it has evolved to become the seventh-largest insurance company in the country.

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It’s hard to find an insurance company that offers more products than Farmers. It offers auto insurance, pet insurance and even investment products, among other insurance products. Farmers employs nearly 21,000 people, underwriting more than 19 million policies across all 50 states.

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8. Travelers

Adequate complaint ratings and a variety of discounts make Travelers a good choice for auto insurance coverage.

Travelers is more than 160 years old, making it one of the oldest insurance companies operating today. In fact, Travelers issued its first auto insurance policy in 1897, before the Ford Model T was invented.

The company has more than 30,000 employees and 13,500 independent agents and brokers in multiple countries, including the United States, Canada and Brazil.

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9. Nationwide

Nationwide is a fairly pricey option for car insurance, but its customers tend to be happy with the service they receive. Nationwide offers standard coverages and discounts you’d expect from a large national insurance company.

Nationwide offers financial services, commercial lines and personal lines in all 50 states. The company has contributed more than $585 million to nonprofit organizations since 2000.

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Nationwide has a motto called "On Your Side" that influences how auto insurance claims are handled and how policies and premiums are determined. The company also recommends getting an annual checkup to ensure policyholders understand their benefits and coverage, as well as new discounts or changes to keep premiums affordable. Nationwide calls this consultation its "On Your Side" review.

Among the largest car insurance companies, Nationwide offers one of the best deals for customers looking to bundle their home and auto insurance policies.

10. American Family

American Family is a solid choice for auto insurance. The company offers decent rates, which have the potential to be great when policyholders take advantage of some of its many discounts.

American Family was originally established to insure farmers' crops. In the 1930s, the company expanded and began to focus on insuring nonfarmers as well. Today, the company is one of the biggest insurance companies in the U.S., especially in Midwestern states like Wisconsin, Kansas and Minnesota.

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American Family is known for its extensive discounts that can make its rates even more affordable for customers. American Family operates in 44 states, though some states are only eligible for Connect by American Family.

List of the largest car insurance companies by state

Although it's the most popular insurance company nationwide, Progressive is the largest company in just 15 states. State Farm is the top choice in 24 states, and Geico is the biggest in nine states. Allstate and Mapfre account for one state each.

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Big vs. small insurance companies

The trade-off between large insurance companies and small ones typically involves giving up the competitive rates and financial stability of a large company for an improved customer experience with a small company.

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When working with a small insurance company for your auto insurance, you'll likely communicate exclusively with one insurance agent. However, it may be more challenging to get in contact with them if you're stuck in the middle of the night or you're far from your home. It's also possible that a smaller regional company could be more vulnerable to regional perils. A hailstorm that damages 10,000 cars in one city may put a regional insurance company out of business; a national company can spread that expense across a country's worth of insurance policies.

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Car insurance company ratings

To help you choose the best company for you, we compared the 10 largest auto insurance companies according to our editor's rating, J.D. Power score and financial strength rating by AM Best. USAA and State Farm are our top recommendations overall, though USAA is only available to people connected to the military.

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Another consideration is availability, coverage options and discounts. While you're likely to have a more personalized experience with a small insurance company, it may not have the availability, benefits and discounts of large insurance companies. And the major or biggest insurance companies often have representatives that are available to speak with policyholders 24/7.

Mutual vs. stock insurance companies

There are two main ownership structures insurance companies can have: a mutual company and a stock company. Stock companies are privately owned or publicly traded insurance companies that offer voting rights to stockholders. Mutual insurance companies, however, are owned by their policyholders, meaning the companies' profits are paid back to their customers.

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Since stockholders benefit from the stock's appreciation, some say that the short-term interests of investors don't always align with the company’s long-term interests. As a result, many feel that mutual insurance companies are better because the policyholders' interests align well with what's best for the company, specifically lowering insurance rates and paying out dividends to attract more customers.

Most of the top 10 largest auto insurance companies are stock insurance companies, excluding USAA, which is an insurance exchange for military personnel.

Stock insurance companies
Mutual insurance companies
Progressive State Farm
Geico Liberty Mutual
Allstate Nationwide
Farmers American Family
Travelers
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How to find the right insurance for you

With all the large auto insurance companies out there, it's still important to pick the best company for your unique situation. We always recommend comparing quotes from multiple insurers in order to find cheap rates that fit your personal driver profile and history.

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The type of auto insurance policy you choose — whether minimum or full coverage — will affect your quote, so it helps to have a general idea of which coverages you'd like before getting one.
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Minimum-coverage car insurance is specified by the minimum auto insurance requirements in your state. Full-coverage car insurance adds comprehensive and collision coverage to your policy in order to protect you against physical damage to your vehicle.

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We typically suggest all drivers consider full-coverage car insurance, particularly if their car is worth more than $3,000 or under 10 years old.

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Expert insights to help you make smarter financial decisions

ValuePenguin has curated an exclusive panel of professionals, spanning various areas of expertise, to help dissect complex subjects and empower you to make smarter financial decisions.

Flo from Progressive and Jake from State Farm are household names now. How does the perceived value of larger companies impact the smaller, yet potentially just as competitive, ones?
How does market share ownership impact a customer's perception of quality of service?
Generally speaking, what is the impact on customer satisfaction after an acquisition and/or consolidation?
Living in this digital revolution, is it necessary for companies, like insurance providers, to maintain localized agents and personalized experiences?
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