The best in auto insurance for 2022

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Bankrate's Lizzie Nealon highlights the Best in Auto Insurance for 2022

Auto insurance is a mandatory purchase for drivers in most states, but a car insurance policy is more than just another bill to pay. It is a hugely important part of your overall financial plan. Having a solid policy in place can help protect your finances if you are in an accident, whether you’re at fault or not. The auto insurance market is competitive, with numerous companies selling coverage in any given area, radio and TV advertisements, and mailers promising lower rates or better coverage. How are you supposed to know which company to choose?
 
Bankrate’s insurance experts conducted an investigation into the largest auto insurance companies by market share in the country. We analyzed average premiums, availability, coverage offerings, available discounts, policy features and third-party scores. Our well-rounded research could help you make a well-informed and educated decision about your car insurance coverage.
 
These are the winners of the 2022 Bankrate Awards for Best Auto Insurance.
How we picked these auto insurance companies:
  • Our top insurance companies received the highest Bankrate Scores. Our proprietary scoring process uses weighted scores for third-party financial strength and customer satisfaction ratings.
  • We also analyzed average annual premium information for each company and compared the premium to the national average.
  • Finally, we combined the Bankrate Scores and average premium information with availability to ensure each company is available in most, if not all, states.

Best auto insurance company overall (tie)

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USAA

Read the full review by our Bankrate reporters
Highlights Low premiums for the military community Nationwide coverage High J.D. Power customer satisfaction scores

USAA’s average full coverage premium is much lower than the national average. Combine that with high customer satisfaction scores, excellent financial strength and USAA is a force to be reckoned with. USAA is only available for military members, veterans and eligible family members, but the carrier does sell coverage in all 50 states and Washington D.C. for those who qualify.

  • Low average annual full coverage premium
  • High customer satisfaction scores and financial strength scores
  • Nationwide availability

We consolidated each company’s third-party scores, average premium, coverage options, available discounts and technological offerings into a proprietary Bankrate Score. Our picks for the best auto insurance companies received the highest Bankrate Scores, with customer satisfaction and financial strength playing a significant role in the rankings. Because eligibility restrictions apply to USAA, State Farm is a good alternative for those who are not affiliated with the military.

Best auto insurance company overall (tie)

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State Farm

Read the full review by our Bankrate reporters
Highlights Low premiums Nearly nationwide coverage High claims satisfaction

State Farm is the largest car insurance carrier in the U.S. Although new business is unavailable in Rhode Island or Massachusetts, State Farm currently has active auto insurance policies in all 50 states and Washington, D.C. The insurance powerhouse has a competitive average annual full coverage premium, robust coverage options and excellent financial strength.

  • Competitive average full coverage premium for a broad audience
  • High claims satisfaction score and strong financial strength
  • Available by phone, online and through local agents
We consolidated each company’s third-party scores, average premium, coverage options, available discounts and technological offerings into a proprietary Bankrate Score. Our picks for the best auto insurance companies received the highest Bankrate Scores, with customer satisfaction and financial strength playing a significant role in the rankings. Because eligibility restrictions apply to USAA, State Farm is a good alternative for those who are not affiliated with the military.

Best budget auto insurance company

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Travelers

Read the full review by our Bankrate reporters
Highlights Wide range of coverage options Available in 42 states and Washington, D.C. Impressive technological tools

With an average annual premium of nearly $350 less than the national average, Travelers offers quality auto insurance policies that might help you save money. The company also offers an impressive array of optional coverage types and discounts, which could allow you to personalize your coverage without overpaying. Travelers receives high marks for its combination of low average premiums, exceptional coverage choices and strong technological features.

  • Low average premium
  • Robust coverage options, so you can save without sacrificing financial protection
  • Excellent financial strength
We consolidated each company’s third-party scores, average premium, coverage options, available discounts and technological offerings into a proprietary Bankrate Score. Our pick for the best budget auto insurance company is a combination of a low average annual full coverage premium and high Bankrate Score.

Best auto insurance company for high-risk drivers

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Geico

Read the full review by our Bankrate reporters
Highlights Nationwide availability Excellent financial strength Numerous discounts

Geico may be a great option for policyholders who have incidents like tickets, accidents or DUI convictions on their driving records. The carrier has an above-average claims satisfaction rating from J.D. Power, along with competitive premiums for drivers with less-than-stellar driving histories. Geico also offers a long list of discounts, which could offer additional savings to drivers facing surcharges due to driving incidents.

  • Coverage options are available for high-risk drivers
  • Above-average claims satisfaction scores and strong financial strength
  • Numerous discounts available
Because high-risk drivers may have a harder time finding insurance coverage, we chose the best company for high-risk drivers using a combination of our proprietary Bankrate Score and the available coverage options for policyholders with incidents on their driving records. Claims satisfaction also played a role in our scoring.
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