10 Largest American Car Insurance Companies – Did you know the car insurance business in 2018 was an all-time high? A static by NAIC showed the car insurance industry reached $200 billion mark and it is expected to reach $285 billion by 2019, but with the new marketplace many car insurance companies try to compete in this crowded field for new customers especially having car insurance is mandatory in most states, although having a car insurance may sound pushy actually the car insurance can give you coverage to the damage if you are involved in a car accident, in order to make the safest decision you might to take a look at the most famous car insurance companies, Here are the 10 best car insurance companies:
- State Farm
State Farm is the largest car insurance company in the US and has an 18% market share with Bloomington, Illinois as its headquarter. Since 1922 the company has offered its customers with mutual insurance fund which means the insurance is owned only by the policyholder.
Why you should choose State Farm
State Farm is a good option if you want to have a local agent and a personalized insurance experience like 24 hours service, easy claim settlement, discounts for premium, and online policy access.
Geico is in second place with a market share of around 13%, the company is best known for its lizard-like mascot with its insurance service covering over 24 million vehicle owners.
Why you should choose Geico
Geico is the best place if you are a driver at a low risk of getting an accident. Since the company itself is a preferred insurance company, it may not the best place when it comes to price because Geico also offers its customers a variety of additional services which would make the insurance rate higher.
Progressive is one of the largest insurance companies with a market share of around 10% and trusted by 18 million drivers.
Why you should choose progressive
Progressive offers you competitive rates and tons of discount one of them is bundling your car and property saving to 5%. Progressive is also a good option if you want the insurance rate to be judged by how you drive not how you look.
All state is one of the largest insurance companies with 9% of market share. At first, the company is not a car insurance provider, back in 1925 they used to sell tires but in 1930 when an insurance broker introduced the idea of selling auto insurance by 1931 they began to sell car insurance with high-quality insurance policies and discounts.
Why you should choose Allstate
If you are looking for a car insurance company that has physical and local agents then All-state is the right choice. Another thing the company has to offer is multiple opportunities for discounts like bundling, anti-theft devices, and passive restraint.
USAA (United Services Automobile Association) is founded by a group of 25 U.S army officers that offer insurance plans to the people or families who serve or served in the United States Army. Its insurance service covering 12.4 million members with a 6% market share.
Why you should choose USAA
If you are a veteran or currently serve in any arm forces then USAA is the best choice for you with their top ratings of customer satisfaction, superior customer service, and diverse policy options to meet your needs.
- Liberty Mutual
Since 1922 the company has offered its customers a wide range of insurance services like personal automobile, worker’s compensation, commercial automobile and more. By now the company has about 5% of the market share.
Why you should choose Liberty Mutual
Liberty Mutual is a good option if you need more coverage other than collision and comprehensive coverage, you may as well given option to add:
- Accident forgiveness
Your rate won’t go up when you get your first accident.
- New car replacement
If the value of your car is less than a year old and below 15.000 miles drive, the insurance company will reimburse you the cost of a new car, not just the depreciated value.
- Farmer Insurance Group
In 2019 the company became the 7 largest car insurance provider in the US market and currently holding 4% of the market share. Farmer Group provides its customers who mostly farmers with affordable coverage.
Why you should choose Farmer Insurance Group
Farmer Insurance Group offers you the best car insurance rate, meaning you can get the insurance without spending too much and save more money for other expenses when driving a car.
By 2019 Nationwide hold 3% of the market share, although the number still low with its customer satisfaction ratings above the industry average, the company lives up to provide support for new customer.
Why you should choose Nationwide
If you are looking for liability insurance and additional accident forgiveness then Nationwide can help you to build a custom policy and if you are looking for a cheap premium with financial stability then Nationwide is also your best interest.
Currently, Travelers hold the market share which is a bit lower than nationwide (2%) but they only offer insurance for the people who live in Alaska, Lousiana, Michigan, South Dakota, Massachusetts, Hawaii, and Wyoming.
Why you should choose Travelers
If you live in those states then Travelers may be a good option because the company offers you premier responsible plan with affordable price that could give you:
- Decreasing deductible: It could give you $50 up to $500 credit that will be added to your deductible for every 6 months if you don’t violate traffic offense.
- Total loss deductible waiver: You don’t have to pay if your car is totaled.
- American Family
The original goal of the American Family is to ensure farmers, but as time went by the company began to focus on no farmer as well, and by now the company has 2% of the market share.
Why you should choose an American Family
American family is a solid choice if you need car insurance that has a decent rate.