1. Statefarm (17% market share)
About :
They are one of the biggest insurance providers with largest market share. Founded in 1922, they are know for providing auto, home, disability, motorcycle, small business, boat, life, supplemental health, medicare supplement and renters insurance.
Highlights (Pros) :
- Coverage options include accident forgiveness, rideshare coverage, emergency roadside assistance, uninsured and underinsured motorist, medical payments.
- Insurance discount includes defensive driving, steer clear (advantage for young drivers), good student, multi auto, vehicle safety.
- A++ financial rating from A.M. Best that helps proving their capability to pay claims without any issues.
- Policyholders have easy option to file claim online or talk to local agent (18000 plus).
Lowlights (Cons) :
- They earned three out of five stars in overall satisfaction, estimation process, repair process and settlements according to 2019 J.D. Power US auto claims satisfaction study.
- Definitely not the cheapest but competitive.
2. Geico (13% market share)
About :
Geico stands for Government Employees Insurance Company. With second largest market share, they are known to provide low cost car insurance for almost any type of vehicle you might own. Founded in 1936, they are know for providing auto, homeowners, renters, motorcycle/ATV RV, collector auto, boat, rideshare, mexico auto, flood, condo, professional liability, business owners, general liability, workers compensation, medical malpractice, wellness and fitness, commercial auto, travel, jewellery, pet etc.
Highlights (Pros) :
- In 1996, GEICO became a wholly owned subsidiary of Berkshire Hathaway headed by Warren Buffet. They have A++ rating from A.M.Best and AA+ rating from Standard and Poor's.
- Coverage options include rideshare and on-demand drivers insurance, emergency roadside assistance, uninsured and underinsured motorist, medical payments, mexico insurance.
- Insurance discount includes defensive driving, good driver, seat belt use, multi vehicle, vehicle equipment, driver education, military and public service.
- Geico offers low rates, national availability and have easy option to file claim online or talk to local Geico exclusive associates.
Lowlights (Cons) :
- They earned three out of five stars in overall satisfaction according to 2019 J.D. Power US auto claims satisfaction study.
- If there are prior accidents, their premiums tend to be unfavorable.
3. Progressive (13% market share)
About :
Founded in 1937, they have the third biggest market share. They have appeared on Forbe's best employers in America for diversity, new grads and women. They offer full portfolio of individual and business insurance coverages, personal loans, home mortgages, bundled auto and property, motorcycle, life and home warranty. Over 30+ products to chose from.
Highlights (Pros) :
- Coverage options include bodily injury, property damage liability, comprehensive, collision, medical payments, under and uninsured, rideshare, rental car reimbursement, roadside assistance.
- Insurance discount includes automatic payment, continuity, distant student, good student, homeowner, multicar, multi policy, online quote, paperless document, teen driver, online sign-up.
- They provide highly competitive rates to drivers with previous accidents.
- Easy option to file claim online or talk to local agents.
- They have A+ rating from A.M.Best and A rating from Standard and Poor's.
- They provide name your price tool that matches the coverage available with the price you can afford and pay.
Lowlights (Cons) :
- They earned three out of five stars in overall satisfaction according to 2019 J.D. Power US auto claims satisfaction study.
4. Allstate (9% market share)
About :
Founded in 1931, they have the fourth biggest market share. Esurance is a subsidiary of Allstate that targets online driven customers. They have consistently advocated for automobile safety features including seatbelts, airbags etc. They also offers wide varities of coverage including auto, home, life, employee benefits, investments, roadside assistance etc.
Highlights (Pros) :
- Coverage options include bodily injury, property damage liability, comprehensive, collision, medical payments, roadside assistance.
- Insurance discount includes accident forgiveness add-on where the rates will not go up after one accident even at policy holders fault, safe driving bonus every six months for accident free record.
- Easy option to file claim online or talk to local agents.
- They have A+ rating from A.M.Best.
Lowlights (Cons) :
- They earned three out of five stars in overall satisfaction according to 2019 J.D. Power US auto claims satisfaction study.
- Their rates tends to be expensive with moderate customer satisfaction.
5. USAA (6% market share)
About :
Founded in 1922 by 25 army officers who decided to insure each others vehicales. Today the company is known to provide services to the military community and their families. They offer coverage to active or former military, elligible family member, cadet and midshipman. Their products include auto, home, renters, life, property, annuities, small business and umbrella.
Highlights (Pros) :
- Coverage options include vehicle protetcion, finance protection, passenger protection, roadside assistance, rental reimbursements and accident forgiveness.
- Insurance discount includes defensive driving course, loyalty points, multi policy and accident free discounts.
- Easy option to file claim online using app with payment flexibility.
- They have one of the higest satisfaction rating in all categories.
Lowlights (Cons) :
- Eligibility limited to military community.
6. Liberty Mutual (5% market share)
About :
Founded in 1912, they are one of the top insurance companies in the US. Auto insurance is biggest part of their business. They also offers wide varities of coverage including auto, home, life, motorcycles, business, boats, pets etc.
Highlights (Pros) :
- Coverage options include lifetime repair gurantee, accident forgiveness, new car replacement, better car replacement, dednd, gap insurance and teachers auto insurance.
- Insurance discount includes accident forgiveness, personal driving history, vehicle features, bundle.
- Easy option to file claim online or talk to local agents.
- They have A+ rating from A.M.Best.
Lowlights (Cons) :
- They earned three out of five stars in overall satisfaction according to 2019 J.D. Power US auto claims satisfaction study.
- Their customers rank the claims satisfaction process as below average.
7. Farmers (4% market share)
About :
Founded in 1928, they started providing coverage to rural farmer's vehicles. Today they offer wide varities of coverage including auto, home, life, motorcycles, business, boats, pets etc. and is well know for wide network and excellent disaster response.
Highlights (Pros) :
- Coverage options include new car replacement, comprehensive and collision coverage, custom equipments, liability, under and uninsured, medical payments, roadside assistance, accident forgiveness, loss of use and rideshare.
- Insurance discount includes farmers occupation, loyalty, distant student, bundle with multi vehicle.
- Easy option to file claim online or talk to local agents.
- They have A rating from A.M.Best and A+ from BBB.
Lowlights (Cons) :
- They earned three out of five stars in overall satisfaction according to 2019 J.D. Power US auto claims satisfaction study.
- If only one policy is needed without bundling, they tend to be very expensive.
8. Nationwide (3% market share)
About :
Founded in 1926, Nationwide mutual insurance company and affiliated companies are group of large US insurance anf financial services company. They sell much more than auto insurance and provide coverage for homes, farms, pets, RVs. They also offer investment products such as pension plans, savings plans, annuities and mortgages.
Highlights (Pros) :
- Coverage options include bodily injury liability, property damage, personal injuries, medical payments, collision coverage, comprehensive coverage, towing and roadside assitance, total loss deductible waiver, safe driving record.
- Insurance discount includes multi policy, safe driver, accident free, defensive driving, anti theft, automatic payment, paperless.
- Easy option to file claim online or talk to local agents.
- They have A+ rating from A.M.Best and from BBB.
Lowlights (Cons) :
- They earned two out of five stars in overall satisfaction according to 2019 J.D. Power US auto claims satisfaction study.
- Number of complaints and negetive satisfaction ratings from customers in processing claims. Various also cited miscommunications regarding claims.
9. Travelers (2% market share)
About :
Founded in 1853, they are one of the oldest insurance companies know to provide solid but not the cheapest plans. They offer auto, home, renters, condo, boat, landlord, umbrella, jewellery, wedding, travel and affinity car program.
Highlights (Pros) :
- Coverage options include accident forgiveness, premier new car replacement, loan or lease gap, ridesharing, rental car, roadside assistance, towing, comprehensive, liability, personal injury, medical payments, under and uninsured.
- Insurance discount includes intellidrive program, multi-policy, electric and hybrid vehicles, home ownerships, safe driver, EVs, continuous, online payments, good payer, good student, away student, driver training, early quote.
- Easy option to file claim online or talk to local agents.
- They have A+ rating from rom BBB.
Lowlights (Cons) :
- They earned three out of five stars in overall satisfaction according to 2019 J.D. Power US auto claims satisfaction study.
- Not a great choice for people with history of accident on record and previous violations.
10. American Family (2% market share)
About :
Founded in 1927 by one insurance agent helping farmers, they grew to a multi billion dollar company offering wide rsnge of policies. They offer auto, home, renters, boat, umbrella, travel, health and business.
Highlights (Pros) :
- Coverage options include comprehensive and collision, bodily injury, rideshare, lease and gap coverage, road side and towing, under and un-insured.
- Insurance discount includes know your drive program, multi vehicle, defensive driver, good driving, low mileage, loyalty, early bird, generational, paperless, fullpay, good student, away student, young volunteer, teen safe driver.
- Easy option to file claim online or talk to local agents.
- They have A+ rating from rom BBB.
Lowlights (Cons) :
- They did not receive high rankings on consumer affairs.
- Slow claims processing.
Something to consider before shopping for Auto insurance.....
1. What coverages at minimum are legally required for your state? At the minimum bodily injury liability and property damage liability are required upto a certain amount.
2. What options you want in your coverage? Almost every insurance company have many policies and options to choose from. Highly recommended to go with comprehensive if it makes sense at the very minimum.
3. Research all the available options as listed below for pros and cons.
4. Shop around by calling and talking to various agents and online promotions with all possible discounts applied.
5. Sign up for a plan thats affordable. Please note - its not recommended but you can change plans, coverages and companies at any time. You will be refunded any amount remaining on a prorated basis.