There are a large number of auto insurance companies out there; however, some companies are significantly larger than others. The monetary value of premiums written determines the size of the auto insurance company. The majority of auto insurance premiums are written by a select group of auto insurance companies. In fact, almost three fourths of the US auto insurance market is controlled by the top 10 largest auto insurance companies. For people looking for a large, financially solid company with millions of policies in place, here are the top ten largest auto insurance companies in the United States based on their market share and premiums written.
|Company||Market Share in 2018||Premiums Written in 2018|
|1. State Farm||17.1%||$42.0 billion|
|2. Geico||13.5%||$33.1 billion|
|3. Progressive||11.0%||$27.1 billion|
|4. Allstate||9.2%||$22.7 billion|
|5. USAA||5.9%||$14.5 billion|
|6. Liberty Mutual||4.8%||$11.8 billion|
|7. Farmers||4.3%||$10.5 billion|
|8. Nationwide||2.7%||$6.7 billion|
|9. Travelers||1.9%||$4.7 billion|
|10. American Family||1.9%||$4.7 billion|
1. State Farm
State Farm is the largest auto insurer in the United States with 18% of the market share. The company has $41.8 billion in premiums written. Furthermore, it had over $87.6 billion in revenue in 2017. State Farm has an A++ financial strength rating from A.M. Best. Moreover, in addition to auto insurance, State Farm offers a wide variety of other insurance products so that a consumer can take care of all of his insurance needs with one company.
|State Farm Car Insurance Overview|
|Availability||State Farm auto insurance is available in all 50 states.|
|Rates||State Farm’s rates are mid-rage when compared to other auto insurance companies. Companies such as Geico, American Family, USAA, and Progressive tend to offer better rates in most categories. However, State Farms rates are competitive and tend to be lower than companies such as AllState, Farmers, and Travelers.|
|Claims Satisfaction||State Farm’s claims satisfaction rating is just above the industry average.|
|Key Selling Point||State Farm has over 18,000 agents across the nation and is a choice for consumers who wish to take care of their insurance needs through and agent.|
|Drawbacks||State Farm almost never has the cheapest rates.|
Read More: The full review of State Farm by BravoDollar.
Geico is the second largest auto insurer in the United States. The company had $25.48 billion in revenue in 2017. Furthermore, Geico has $29.6 billion in premiums written and controls 13% of the U.S. auto insurance market. It is rated an A++ by A.M. Best for financial strength. Geico is a wholly owned subsidiary of Berkshire Hathaway.
Geico is a digital direct-buy insurance company which means it sells policies directly to the consumer through its website platform and over the phone. This allows consumers to forgo paying agent commissions which may be the reason Geico is known for offering great rates compared to other auto insurance companies.
|Geico Car Insurance Overview|
|Availability||Geico is available in all 50 states.|
|Rates||Geico tends to offer the best rates in many categories when compared to other auto insurance companies. There are some exceptions to this general rule so consumers should still shop around for the cheapest rates.|
|Claims Satisfaction||Geico claims satisfaction rating is below the industry average.|
|Key Selling Point||Geico’s main selling point is its rates. Furthermore, the company gives the consumer the chance to manage their own auto insurance online without having to deal with an agent.|
|Drawbacks||For consumers who want to work with an agent for their car insurance matters, especially if they want to compare car insurance rates through an independent agent or broker, Geico is not a good option|
Read More: The full review of Geico by BravoDollar
Progressive is the United States’ third largest auto insurer with approximately 10% of the market share. The company has almost $23 billion in premiums written and $30 billion in revenue in 2018. The company has an A+ rating for financial strength. Similar to Geico, Progressive is a digital direct seller of insurance. Without brick and mortar stores, Progressive does not have the overhead expenses and agent commissions that many other auto insurance companies have and Progressive passes these savings on to its customers. Moreover, Progressive offers several other insurance types. Furthermore, the company offers a large number of auto insurance discounts.
|Progressive Car Insurance Overview|
|Availability||Progressive is available in all 50 states.|
|Rates||Progressive’s rates are very competitive with many large auto insurance companies in most categories. However, while both Geico and Progressive are digital direct buy companies, Geico’s rates almost always beat Progressive with the exception of a person with a DUI. Progressive’s rates are still considered to be the low to mid-range for most categories; Progressive’s rates for young drivers, however, are high.|
|Claims Satisfaction||Progressive’s claims satisfaction rating is significantly below the industry average. However, the company still earned three out of five stars.|
|Key Selling Point||Progressive offers consumers an online platform from which they can manage their own auto insurance. In addition, the company has its ‘Name Your Price’ Tool which makes it easier for consumers to find auto insurance in their price range. Progressive also has a telematics program called SnapShot which allows good drivers to save as much as 31% off of their car insurance.|
|Drawbacks||Progressive’s rate for young drivers is too high for it to be a good choice.|
Read More: The full review of Progressive by BravoDollar
AllState, the fourth largest auto insurance company in the United States has $21.4 billion on premiums written giving this company approximately 9% of the market share in auto insurance. The 88-year-old company had $38.52 billion in revenue in 2017. AllState has a financial strength rating of A+. The company has over 15,000 agents and offers a varity of other insurance products as well as a number of coverage options for its auto insurance.
|AllState Car Insurance Overview|
|Availability||AllState is available in all 50 states.|
|Rates||AllState’s rates tend to be on the high side. The company has a difficult time being competitive in this area.|
|Claims Satisfaction||AllState’s claims satisfaction rating is below the industry average.|
|Key Selling Point||AllState is a well-known national company with a lot of advertising. The company sells a full array of insurance products and also contributes to the community and social causes. Furthermore, AllState makes it easy for consumers to interact with an agent if they desire.|
|Drawbacks||AllState’s rates are on the high side and the company does not seem to have any special features.|
Read More: The full review of AllState by BravoDollar
USAA, which has over $13 billion in premiums written, is the fifth largest auto insurance company in the United States with 6% of the car insurance market. The company is rated an A++ by A.M. Best for its financial strength. It is only open to current and former members of the military and their families. In addition to auto insurance, the company also offers homeowners insurance and life insurance.
|USAA Car Insurance Overview|
|Availability||USAA is available in most states; however, it is only available to current and former military members and their families.|
|Rates||USAA often has the best rates in many categories. In fact, USAA’s rates often beat Geico. Thus, USAA’s members are privy to great rates.|
|Claims Satisfaction||USAA is the highest ranked company on J.D. Power’s 2018 US Auto Claims Satisfaction Study, receiving more than 5 stars.|
|Key Selling Point||USAA has a number of selling points including its rates, its claims satisfaction and customer service. The company also caters to members of the military making it an excellent choice for people who qualify.|
|Drawbacks||The only drawbacks to this company are that its is not available to citizens of all states and that you must be a member of USAA.|
Read More: The full review of USAA by BravoDollar
6. Liberty Mutual
Liberty Mutual, the sixth largest auto insurance company in the United States, has over $11 billion in premiums written and controls over 5% of the market share. Liberty Mutual had over $39.4 billion in revenue in 2017. The company is rated an A for financial strength by A.M. Best. Furthermore, Liberty Mutual has over 900 locations throughout the world.
|Liberty Mutual Car Insurance Overview|
|Availability||Liberty Mutual is available in 45 states.|
|Rates||Liberty Mutual’s rates are not as competitive as many other auto insurance companies on the list. The company’s rates tend to be on the mid to high side. Its rates are competitive with companies like State Farm in some categories.|
|Claims Satisfaction||Liberty Mutual’s claims satisfaction rating is rather low. In fact, the company came in near the bottom of the list on the 2018 U.S. Auto Claims Satisfaction Study.|
|Key Selling Point||Liberty Mutual offers an excellent online platform and a full array of coverage options which include Gap insurance, Better Car Replacement, and New Car Replacement. Furthermore, it is easy to change from another auto insurance company to Liberty Mutual.|
|Drawbacks||Not only are the companies rates high and its claims satisfaction rating low, some customers have complained that they have experience unexpected rate increases.|
Read More: The full review of Liberty Mutual by BravoDollar
Farmers, the nation’s seventh largest auto insurance company, gives consumers extensive access to an agent with over 48,000 exclusive and independent agents across the country. The company has over $10 billion of auto insurance premiums written and 4% of the market share. Moreover, Farmers has an A.M. best financial strength rating of A-.
|Farmers Car Insurance Overview|
|Availability||Farmers Insurance is available in all 50 states.|
|Rates||Farmers Insurance rates tend to be in the mid-range to slightly high side. Farmers rates cannot compete with companies such as Geico, American Family, and USAA as well as a number of smaller auto insurance companies. However, Farmers rates are competitive with State Farm and AllState. Furthermore, the company’s rates clearly beat out companies such as Liberty Mutual.|
|Claims Satisfaction||Farmers is one of the best performing companies in the area of claims satisfaction according to the J.D. Power 2018 U.S. Auto Claims Satisfaction Study. Farmers ranked higher than State Farm, Geico, Progressive, AllState, Liberty Mutual, Nationwide, Travelers, and American Family.|
|Key Selling Point||Farmers strongest selling point is that it excels in the area of customer service and friendliness to the consumer. In addition to its high claims satisfaction rating and its large number of agents, Farmers is known to have an excellent online management system that is very consumer friendly.|
|Drawbacks||In addition to Farmers’ rates being high, the company’s repair process may not be straightforward enough according to consumer complaints.|
Read More: The full review of Farmers by BravoDollar
Nationwide is the eighth largest auto insurance company in the United States with over $46.5 billion in revenue in 2017. The company has over $7 billion in auto insurance premiums written and controls 3% of the market share. It has an A.M. Best financial strength rating of A+. The company offers a wide range of car insurance coverage options as well as a number of other insurance products.
|Nationwide Car Insurance Overview|
|Availability||Nationwide auto insurance is available in 46 states and Washington D.C. Nationwide is not available in Alaska, Hawaii, Louisiana, and Massachusetts.|
|Rates||Although Nationwide is not known for its great rates like companies such as Geico, Nationwide’s rates consistently beat out the rates of many of the top ten largest auto insurance companies as well as smaller auto insurance companies. Nationwide’s rates are very competitive with Geico in many areas, actually being cheaper for people with one at-fault accident.|
|Claims Satisfaction||Nationwide fell just below the industry average for its claims satisfaction. The company still received three out of five stars.|
|Key Selling Point||Nationwide has a very popular slogan and great advertising. Furthermore, the company has a very consumer friendly website with downloadable apps so that consumers can manage their own auto insurance. These factors along with Nationwide’s rates make this a good choice for auto insurance.|
|Drawbacks||The company’s claims satisfaction rating is below the industry average. Furthermore, some customers have experienced some unexplained rate increases. Nationwide, also, does not have rideshare coverage for Uber and Lyft drivers.|
Read More: The full review of Nationwide by BravoDollar
Travelers Insurance only has 2% of the auto insurance market share. Yet, with over $4 billion premiums written, it is still the ninth largest auto insurance company in the United States. Rated an A++ by A.M. Best for financial strength. The company has over 30,000 employees and 13,500 independent agents.
|Travelers Car Insurance Overview|
|Availability||Travelers is available in all 50 states.|
|Rates||Travelers rates are often higher than that of other auto insurance companies. It’s rate for drivers in their 30’s with no accidents is competitive; however, Travelers is not competitive in many areas.|
|Claims Satisfaction||Travelers claims satisfaction rating is above the industry average, beating out State Farm and a number of other companies in the top ten largest auto insurance companies in this area.|
|Key Selling Point||Travelers offers more other insurance types than many other large auto insurance companies. This is especially true regarding its business insurance offerings. The company offers coverage for small businesses, large businesses, and multi-national businesses.|
|Drawbacks||The company’s rates or young drivers is excessive. The company’s rates in other areas are high as well.|
Read More: The full review of Travelers by BravoDollar
10. American Family
American Family, the tenth largest auto insurance company in the United States, is only available in 19 states. The company controls 2% of the U.S. auto insurance industry with over $4 billion in premiums written. Furthermore, American Family is rated an A for financial strength by A.M. Best. In addition to auto insurance, American Family also offers life insurance, business insurance, health insurance, identity theft protection, travel insurance and property insurance.
|American Family Car Insurance Overview|
|Availability||American Family is available in 19 states. These states include Arizona, Colorado, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Minnesota, Missouri, Nebraska, Nevada, North Dakota, Ohio, Oregon, South Dakota, Utah, Washington, and Wisconsin.|
|Rates||American Family’s rates may be cheaper than Geico if you have a DUI or an at-fault accident. American Family also offers good rates to young drivers along with some discounts for people who fit into this category. American Family is very competitive in the rate category.|
|Claims Satisfaction||American Family’s claims satisfaction rating is a number of spots below the industry average.|
|Key Selling Point||American Family’s rates are often the cheapest, especially for young drivers. Furthermore, American Family offers more other insurance types including health insurance.|
|Drawbacks||American Family is only available in 19 states and it has a rather low claims satisfaction rating.|
Read More: The full review of American Family by BravoDollar
A Final Thought
The ten largest auto insurance companies in the United States all have their strong suits and drawbacks. Companies such as Geico and American Family excel in offering good rates. Nationwide’s rates are very competitive as well. USAA is a good company for current and former military members. State Farm and AllState offer a lot of agent interaction. Progressive offers competitive rates and an online platform where consumers can take charge of their own insurance. Travelers offers a wide array of other insurance coverages. Liberty Mutual offers a wide array of auto insurance coverage options. Moreover, Farmers Insurance offers a high level of claims satisfaction.