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Best car insurance companies for September 2023
Geico, Amica and USAA are among the best car insurance companies in 2023, according to Bankrate’s research.
Updated Sep 20, 2023
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What To Know First
To help you find the best car insurance companies, Bankrate’s insurance editorial team reviewed some of the largest car insurance companies by market share. We based our picks on a well-rounded analysis of several metrics related to each company. Our review also highlights standout discounts to help drivers understand how to optimize their insurance rates. Keep in mind, though, that discount amounts and eligibility requirements vary based on state regulations, driver profiles and the company you choose.
Based on our research, the best car insurance companies are:
- Best overall: Geico and Amica
- Best for military-focused coverage: USAA
- Best for added perks: Safeco
- Best for discounts: Auto-Owners
- Best for local agents: State Farm
- Best for digital policy management: Progressive
- Best for coverage on a budget: New Jersey Manufacturers (NJM)
- Best for bundling numerous products: Liberty Mutual
- Best for personalized coverage: Travelers
The best car insurance companies in 2023
The best car insurance companies offer rates, coverage options, discounts, third-party scores and digital tools that fit your individual needs. Our research revealed that these 10 insurers are some of the best car insurance companies available. We’ve highlighted each company’s standout feature to help you decide which insurer fits your specific needs. Your car insurance needs are unique to your situation, so understanding those needs and shopping around can be an important step when looking for the best car insurance.
BEST OVERALL CAR INSURANCE COMPANY (TIE)
Bankrate score
4.4
Avg. min coverage rate
$373
Avg. full coverage rate
$1,353
Savings vs national avg.*
-$661
Overview
Geico
Why this company made our list: Geico's long history as a trusted, household-name auto insurer is reflected in its high Bankrate Score. Coverage is available for virtually every type of driver, making its car insurance coverage generally accessible, even for consumers with blemished driving histories. Geico’s winning combination of metrics helped it tie for the Best Auto Insurance Company Overall in our 2023 Bankrate Awards. The insurer also won in the Best Budget Auto Insurance Company category.
Scores and Ratings
| Bankrate Score | 4.4 |
| J.D. Power | 874/1,000 |
| AM Best score | A++ |
| States covered | All 50 states |
Geico standout features
- Long list of potential discounts
- DriveEasy telematics program
- Robust digital tools
- Nationwide availability
- Offers coverage to drive in Mexico
BEST OVERALL CAR INSURANCE COMPANY (TIE)
Bankrate score
4.4
Avg. min coverage rate
$429
Avg. full coverage rate
$1,467
Savings vs national avg.*
-$547
Overview
Amica
Why this company made our list: Amica’s exceptional claims service and customer-centric business model make it a standout choice for drivers seeking the best auto insurance company, based on Bankrate’s analysis. In fact, Amica tied with Geico for the Best Auto Insurance Company Overall in the 2023 Bankrate Awards. You can learn more about Amica at amica.com or by calling 1-800-242-6422.
Scores and Ratings
| Bankrate Score | 4.4 |
| J.D. Power | 903/1,000 |
| AM Best score | A+ |
| States covered | All except Hawaii |
Amica standout features
- Exceptional 2022 claims handling satisfaction according to J.D. Power
- Robust online claim center
- Dividend policies available
- Loyalty discount available if you’ve maintained a policy for at least two years
- Platinum Choice Auto policy offers several perks
BEST FOR MILITARY-FOCUSED COVERAGE
Bankrate score
4.3
Avg. min coverage rate
$371
Avg. full coverage rate
$1,361
Savings vs national avg.*
-$653
Overview
USAA
Why this company made our list: USAA cannot officially qualify for J.D. Power rankings because of its strict eligibility requirements; the company is only available to active-duty military, veterans and their eligible family members. However, it is still included in J.D. Power’s customer satisfaction and claims satisfaction studies — and is a frequent top scorer. Additionally, USAA has impressive financial strength ratings from Moody's, S&P and AM Best. Our analysis shows that this company could be the best for military-focused benefits, including a discount of up to 60 percent for qualifying military members who put their vehicles in storage while deployed.
Why USAA is best for military-focused coverage: USAA earns top marks from all major third-party rating agencies for customer service and financial strength. Coupled with having a lower-than-average full coverage premium, USAA is a powerhouse. The company offers several common car insurance discounts, as well as military-focused ones.
Scores and Ratings
| Bankrate Score | 4.3 |
| J.D. Power | 890/1,000 |
| AM Best score | A++ |
| States covered | All 50 states |
USAA standout features
- SafePilot telematics program
- Military on-base discount
- MyUSAA Legacy discount
- USAA Perks offers savings on a variety of brands and experiences
- Also offers banking and investment products
BEST CAR INSURER FOR ADDED PERKS
Bankrate score
4.3
Avg. min coverage rate
--
Not available
Avg. full coverage rate
--
Not available
J.D. Power score
865/1,000
Overview
Safeco
Why this company made our list: Our industry experience has taught us that the best car insurance company offers more than just the cheapest rates. Instead, some drivers may want to consider the overall value their company can provide. Although average rates aren’t available for Safeco, the company offers numerous perks that may pique your interest. From its extensive list of unique add-on coverage options, like its claims-free cash back and diminishing deductible offerings, to its networks of local agents, you may want to consider Safeco if you value a breadth of coverage options.
Why Safeco is best for added perks: Of the companies we studied, Safeco offers an above-average value to consumers with options like its Claims Free Cash Back program, which could pay you back a portion of your premium if you are claims-free for six months. The company also offers a Guaranteed Repair Network for auto claims in most states. If you get your vehicle repaired at a Safeco-approved shop after a covered loss, your repairs will be guaranteed for as long as you own the vehicle.
Scores and Ratings
| Bankrate Score | 4.3 |
| J.D. Power | 865/1,000 |
| AM Best score | A |
| States covered | All states except Alaska, Delaware and Hawaii. |
Safeco standout features
- Claims Free Cash Back perk
- RightTrack telematics program
- Guaranteed Repair Network
- Diminishing deductible option
- Sold by local, independent agents
BEST CAR INSURANCE COMPANY FOR DISCOUNTS
Bankrate score
4.2
Avg. min coverage rate
$325
Avg. full coverage rate
$1,361
Savings vs national avg.*
-$653
Overview
Auto-Owners
Why this company made our list: If you live in one of the 26 states where Auto-Owners writes car insurance policies, you might want to include it on your list. Not only does Auto-Owners have a low NAIC complaint index, but it also received a top AM Best rating for financial strength. Young drivers and teens may want to pay special attention to Auto-Owners: it offers three different student discounts and fairly competitive rates for drivers 25 and under. But drivers older than 25 can likely find good deals with Auto-Owners, as well.
Why Auto-Owners is best for discounts: Auto-Owners offers an impressive menu of more than a dozen discount opportunities. Drivers could save by getting a quote ahead of their current policy’s expiration or by opting for paperless billing and payment options.
Scores and Ratings
| Bankrate Score | 4.2 |
| J.D. Power | 865/1,000 |
| AM Best score | A++ |
| States covered | 26 states |
Auto-Owners standout features
- Offers an auto insurance discount for having a qualifying life insurance policy
- Three discounts geared toward young drivers
- Offers diminished value coverage
- Superior AM Best financial strength rating
BEST INSURANCE COMPANY FOR LOCAL AGENTS
Bankrate score
4.2
Avg. min coverage rate
$464
Avg. full coverage rate
$1,480
Savings vs national avg.*
-$534
Overview
State Farm
Why this company made our list: As the largest national auto insurer based on market share, State Farm's reach and reputation make it one of the best auto insurance companies for drivers in most states. Its extensive local agent network showcases its customer-first approach to providing consumers with various personal and commercial insurance products. We chose State Farm as the Best Auto Insurance Company for High-Risk Drivers in the 2023 Bankrate Awards.
Why State Farm is best for local agents: State Farm has over 19,000 licensed insurance professionals, available in communities across the U.S., who can offer guidance to those who value expert insight when discussing their policy. Digital management options allow for an on-the-go approach, including a mobile app where you can file auto claims and contact your agent.
Scores and Ratings
| Bankrate Score | 4.2 |
| J.D. Power | 882/1,000 |
| AM Best score | A++ |
| States covered | All 50 states |
State Farm standout features
- Knowledgeable, local agents available in most communities
- Two safe driving programs — Drive Safe & Save and Steer Clear
- Numerous discounts offered
- Sells many other kinds of insurance
- Also offers banking and investment products
BEST FOR DIGITAL POLICY MANAGEMENT
Bankrate score
4.4
Avg. min coverage rate
$429
Avg. full coverage rate
$1,467
Savings vs national avg.*
-$547
Overview
Progressive
Why this company made our list: Progressive closely trails State Farm on the list of largest car insurance companies, dominating just over 14 percent of the market. Its nationwide availability and extensive list of coverage options make it a great choice for all types of drivers, even those who have a DUI conviction and need their insurer to file an SR-22 or FR-44 on their behalf. With average full coverage rates 22 percent below the national average and minimum coverage rates 13 percent cheaper, Progressive might also appeal to a more budget-minded driver.
Why Progressive is best for digital policy management: It can be difficult to fully understand all the different car insurance coverage options, and Progressive’s suite of digital tools helps to break that barrier. The Name Your Price tool allows potential new customers to see exactly what they can get with Progressive within their budget, and the AutoQuote explorer allows you to compare rates across multiple companies. Plus, with the company’s Snapshot telematics program, drivers can potentially save based on their driving habits.
Scores and Ratings
| Bankrate Score | 4.4 |
| J.D. Power | 903/1,000 |
| AM Best score | A+ |
| States covered | All 50 states |
Progressive standout features
- Snapshot telematics program
- Name Your Price shopping tool
- AutoQuote Explorer lets you compare rates from multiple companies
- Online quote and sign online discounts
- Offers numerous other insurance products
BEST FOR AUTO COVERAGE ON A BUDGET
Bankrate score
4.1
Avg. min coverage rate
$357
Avg. full coverage rate
$1,229
Savings vs national avg.*
-$785
Overview
NJM
Why this company made our list: Although it’s only available in five states (Connecticut, Maryland, New Jersey, Ohio and Pennsylvania), New Jersey Manufacturers (also called NJM) is an impressive insurer. In fact, a regional insurer might even be a boon to some drivers since, hypothetically, agents who specialize in a region should be more familiar with the needs of the drivers they serve. The company earned the second-highest official ranking for claims satisfaction from J.D. Power in 2022, offers low average rates and has local agents available for its customers.
Why NJM is best for coverage on a budget: According to our analysis of proprietary rate data from analytics company Quadrant Information Services, NJM’s average rates tend to be much lower than the national average. Additionally, the company offers an impressive list of discounts, many of which are tailored to the individual states it serves. NJM even offers a discount for full coverage car insurance policies, which means you may get more coverage for a lower price than you would elsewhere.
Scores and Ratings
| Bankrate Score | 4.1 |
| J.D. Power | 896/1,000 |
| AM Best score | A+ |
| States covered | Connecticut, Maryland, New Jersey, Ohio, Pennsylvania |
NJM standout features
- Offers specialized coverage for trailer and camper bodies
- Transportation Network Companies (ridesharing) endorsement is extensive
- Quotes offered online, by phone or in a local agency
- Has insurance options for classic and collector cars
- Offers limited pet coverage for pet injuries sustained in auto accidents
BEST FOR BUNDLING NUMEROUS PRODUCTS
Bankrate score
4.1
Avg. full coverage rate
--
Not available
Avg. min coverage rate
--
Not available
J.D. Power score
Not rated
Overview
Liberty Mutual
Why this company made our list: Liberty Mutual auto insurance can be a great option for those who want the convenience of housing multiple policies with one insurer. Not only is bundling a convenient choice, but it can also help save. Liberty Mutual advertises that drivers who switch and bundle their home and auto policies together can save up to $950 annually. Liberty Mutual’s average car insurance rates are not available, so you must contact a Liberty Mutual agent for a quote.
Why Liberty Mutual is best for bundling numerous products: Liberty Mutual offers a long list of insurance products, including auto, home, umbrella, life, pet, small business and identity theft. If you like to keep your insurance products in one place for ease of management, Liberty Mutual might be a good fit.
Scores and Ratings
| Bankrate Score | 4.1 |
| J.D. Power | Not rated |
| AM Best score | A |
| States covered | All 50 states |
Liberty Mutual standout features
- Sells multiple insurance products
- Local agencies available
- Offers a military discount
- Offers specialized coverage for teachers
- Sells coverage to drive in Mexico
BEST COMPANY FOR PERSONALIZED COVERAGE
Bankrate score
4
Avg. min coverage rate
$495
Avg. full coverage rate
$1,551
Savings vs national avg.*
-$463
Overview
Travelers
Why this company made our list: Travelers has over 150 years of experience in the auto insurance industry. Its strong independent agent network, numerous endorsement options, robust savings opportunities and proven financial track record make it a worthwhile option for drivers nationwide.
Why Travelers is best for personalized coverage: Travelers offers many ways to personalize coverage to your specific needs. In addition to standard liability, collision, comprehensive, uninsured/underinsured motorist, personal injury protection (PIP) and medical payments coverage, Travelers advertises a solid selection of car insurance add-ons to round out your policy. These include gap coverage, rental coverage, new car replacement, roadside assistance and accident forgiveness.
Scores and Ratings
| Bankrate Score | 4 |
| J.D. Power | 854/1,000 |
| AM Best score | A++ |
| States covered | 42 states and Washington D.C. |
Travelers standout features
- Hybrid/electric car discount
- New car replacement endorsement
- Online quotes available
- Travelers Affinity offers special rates if you are affiliated with certain groups
- Sells many other types of coverage, including event and travel insurance
How Bankrate picked the best auto insurance companies
We used our car insurance expertise and extensive data to assess the insurance industry's landscape and provide an easy-to-use shopping and comparison tool for consumers. Along with reviewing each company’s coverage options, discount opportunities, digital features and third-party scores, we obtained up-to-date average rate information for both full and minimum coverage from Quadrant Information Services. We combined this information into a Bankrate Score out of 5.0 total points. The higher a company’s Bankrate Score, the more competitively that company ranked in each scoring category. Our picks highlight auto insurers that:
- Generate a 4.0 or higher Bankrate Score
- Earn a J.D. Power claims satisfaction score within 20 points of the industry average or higher in the 2022 U.S. Auto Claims Satisfaction Study
- Carry an “Excellent” or “Superior” financial strength rating from AM Best
- Have a strong digital presence with a consumer-friendly mobile app or digital policy management features
- Are deemed by Bankrate to be the best in a particular market category
46
years of industry expertise
122
carriers reviewed
20.7K
ZIP codes examined
1.2M
quotes analyzed
What is the best car insurance company?
Best auto insurance company overall (tie)
Geico
Learn more
in our Bankrate review
Highlights
Long list of discounts
Robust digital tools
Available nationwide
If Geico’s lengthy list of insurance discounts wasn’t enough, its low average rates make it all the more appealing. Bankrate’s analysis of rate data from Quadrant Information Services shows that Geico’s average full coverage and minimum coverage rates sit a comfortable 49 percent and 67 percent below the national average, respectively. Additionally, Geico boasts an above-average rating from J.D. Power for claims satisfaction.
- Offers extensive discount opportunities
- Available in all 50 states and Washington, D.C.
- Has an A++ (Superior) AM Best financial strength rating
Best auto insurance company overall (tie)
Amica
Learn more
in our Bankrate review
Highlights
Near-nationwide availability
Unique dividend policies
High J.D. Power auto claims satisfaction score
Amica earned the highest official ranking in the latest J.D. Power claims satisfaction study. Customer representatives are also available to support policyholders 24/7. Amica also offers a robust array of coverage options and discounts to help you personalize your policy.
- Is available in all states except Hawaii
- Has a strong claims satisfaction rating from J.D. Power
- Offers numerous coverage options and discounts
The best auto insurance companies by state
While we stand by our picks for the top car insurance companies on a national level, it is important to know that the best insurers could vary by state. To determine the best auto insurance company in your state, you’ll likely want to look at more than just each carrier’s average cost of car insurance.
Although average price is important, third-party customer satisfaction scores can vary widely between regions. This means that one company might shine in one part of the country by not fare as well in another. Bankrate conducted extensive research into the car insurance markets in all 50 states and Washington, D.C. and evaluated the largest carriers by market share using our proprietary Bankrate Score method. Our research might help you find the best car insurance in your state.
Compare the best car insurance companies by state
To assist our readers no matter where they live, we’ve created the interactive map below. This information can give you a holistic view of how much car insurance averages in your state and may provide a benchmark for you to use to determine how competitive your current premium is.
Average auto insurance premiums based on a 40-year-old driver with a clean driving record and good credit.
| State | Avg. annual full coverage premium | Avg. annual min. coverage premium |
|---|---|---|
| Alabama | $1,843 | $441 |
| Alaska | $1,946 | $421 |
| Arizona | $1,810 | $587 |
| Arkansas | $1,907 | $443 |
| California | $2,291 | $636 |
| Colorado | $2,121 | $500 |
| Connecticut | $1,533 | $620 |
| Delaware | $2,103 | $801 |
| Florida | $3,183 | $1,128 |
| Georgia | $2,085 | $639 |
| Hawaii | $1,275 | $344 |
| Idaho | $1,133 | $267 |
| Illinois | $1,806 | $552 |
| Indiana | $1,295 | $327 |
| Iowa | $1,315 | $223 |
| Kansas | $1,878 | $416 |
| Kentucky | $2,124 | $678 |
| Louisiana | $2,909 | $805 |
| Maine | $941 | $225 |
| Maryland | $1,971 | $815 |
| Massachusetts | $1,262 | $429 |
| Michigan | $2,691 | $1,104 |
| Minnesota | $1,760 | $585 |
| Mississippi | $1,771 | $446 |
| Missouri | $1,943 | $490 |
| Montana | $1,889 | $310 |
| Nebraska | $1,624 | $359 |
| Nevada | $2,779 | $973 |
| New Hampshire | $1,262 | $319 |
| New Jersey | $1,754 | $782 |
| New Mexico | $1,591 | $346 |
| New York | $3,139 | $1,371 |
| North Carolina | $1,446 | $432 |
| North Dakota | $1,302 | $269 |
| Ohio | $1,266 | $338 |
| Oklahoma | $1,998 | $406 |
| Oregon | $1,415 | $616 |
| Pennsylvania | $2,040 | $428 |
| Rhode Island | $1,886 | $551 |
| South Carolina | $1,532 | $524 |
| South Dakota | $1,553 | $276 |
| Tennessee | $1,429 | $371 |
| Texas | $2,019 | $565 |
| Utah | $1,510 | $539 |
| Vermont | $1,061 | $238 |
| Virginia | $1,439 | $494 |
| Washington | $1,410 | $515 |
| Washington D.C. | $2,072 | $607 |
| West Virginia | $1,580 | $421 |
| Wisconsin | $1,292 | $358 |
| Wyoming | $1,582 | $263 |
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Finding the best auto insurance company for you
A general overview of the best auto insurance companies, both nationally and at a state level, can be a good place to start your search for car insurance. But, more important than learning about the best overall car insurance companies is finding out which one is best for you — the one that fits your budget, has the coverage you are seeking and meets your customer service expectations.
What are the different types of car insurance?
One of the first steps to finding the best auto insurance for you is to understand your needs. That starts with learning about the key coverage options available and how these options work together to provide financial protection.
- Bodily injury liability coverage can help pay for costs related to the other party’s injuries if you are found at fault for an accident. Most states mandate that you carry a certain amount of bodily injury liability per person and per accident.
- Property damage liability coverage helps pay for damage you cause to someone else’s vehicle or property if you are found at fault for an accident. Property may include fences, poles, buildings and more.
- Uninsured and underinsured motorist coverage pay for your injuries (and, in some states, your property damage) if it was caused by a driver who either lacks sufficient coverage or any coverage at all.
- Personal injury protection (PIP), also known as no-fault insurance and only available in certain states, pays for medical expenses you and your passengers incur following an accident, regardless of fault. It also accounts for non-medical expenses incurred as a result of an accident, such as lost wages or the cost of childcare.
- Medical payments coverage is similar to PIP insurance coverage but includes only payments for medical expenses. It is required in some states and optional in others.
- Comprehensive coverage is for a broad range of non-collision-related damage. This can include vehicle theft, fire, weather damage and more. Comprehensive coverage can also help if you hit an animal.
- Collision coverage helps cover damage to your vehicle if you’re involved in a collision, whether you hit another vehicle, a stationary object or a pedestrian.
While the main types of car insurance coverage are listed above, every carrier is different and may offer unique or specialized coverage options. For instance, if you purchase a brand-new vehicle, you may be interested in new car replacement coverage. Or, if the roads near you are full of potholes that could pop your tire, roadside assistance might be worth looking into. Speaking with your agent and reviewing your options online can help you find coverage tailored to your needs.
Car insurance basics
What factors impact the cost of car insurance?
The coverage you choose is not the only thing that influences the cost of your policy. Insurance providers use unique underwriting algorithms to determine how much of a risk you are to insure and the likelihood that you will file a claim. Not all carriers weigh each factor the same, and they may not be able to take certain factors into account depending on your state’s laws.
- Driving record: If you have a history of at-fault accidents, tickets or DUI convictions, you may find fewer companies to choose from since high-risk drivers are not eligible for coverage from every carrier.
- Age and driving experience: Younger drivers have less experience on the road, leading to a higher accident frequency. This can often lead to higher car insurance rates. Unless you’re in Hawaii or Massachusetts, which ban age as a rating factor, the best company for drivers insuring young drivers may be ones that offer student or telematics discounts to offset premium increases.
- State and city: States have different insurance laws, accident statistics, crime rates and living costs. Because of this, insurance companies may not be available in certain states or even in some cities or ZIP codes.
- Vehicle make and model: If you drive a well-selling vehicle with easy-to-source replacement parts, your insurer may lower your rate. Driving a vehicle that comes equipped with safety features may also help you save on insurance.
- Credit-based insurance score: Unless you live in California, Hawaii, Massachusetts or Michigan, your credit score will factor into your insurance premium. Drivers with poor credit generally pay more, while drivers with good or excellent credit tend to pay less.
- Insurance lapse history: If you’ve allowed your car insurance coverage to lapse, your insurer may charge more for your policy. A lapse in coverage could signal that you are a higher-risk driver and therefore more likely to file a costly claim.
Learn how to find the best rates on car insurance
Although you can’t control some of the factors that are used to determine the cost of your car insurance, there are a few things you can do to help secure a competitive rate:
- Shop around: Car insurance companies use unique rating algorithms to determine your premium, so you’ll get a different rate with each carrier. You may wind up paying a lower premium if you take a little extra time to compare auto insurance companies.
- Shop early: Shopping up to a month ahead of your renewal date can be helpful, as it allows you time to gather quotes and make a decision. Most companies require at least a month’s down payment, so make sure you account for that in your budget.
- Utilize discounts: Most carriers, from the top auto insurance companies to local agencies, offer their customers a selection of discounts. Exact offerings and eligibility will vary among providers.
- Participate in a telematics program: A telematics device tracks your driving habits. If you drive safely and obey traffic laws, your insurer might reward you with a discount.
- Keep a clean driving record: At-fault accidents and tickets are signs that you may engage in risky driving behaviors and can significantly increase your rates.
- Consider your vehicle: While not the most practical step for everyone, you could consider shopping for a different vehicle if you need to lower your rates drastically.
- Set realistic expectations: Not all drivers will be able to score an amazing deal on their insurance. For example, if you have a DUI conviction on your record, data show that average rates for a full coverage policy increase by 53 percent.
What customer satisfaction metrics should you consider?
It may not be as obvious as price or coverage options, but customer satisfaction is just as important as those other metrics when you shop for car insurance. After all, you want to make sure your company is there for you when you need it most — when you file a claim. Third-party rating agencies, which maintain neutrality, provide a basis for understanding a company’s overall level of service, number of complaints and financial strength ratings. These metrics help you gain a deeper view of a carrier’s performance and can help you choose a company based on more than just a quoted rate. This helps ensure you find a carrier that meets all of your needs.
To determine a company’s level of service, consider taking these steps:
Bankrate’s take: If you know someone who has their car insurance with a company you are considering, ask them about their experience. You can ask about general service, billing and payment service, and claims service to get a sense of what it’s like to be insured with that company.
Car insurance industry trends
Between 2022 and 2023, the cost of car insurance increased. Bankrate’s proprietary rate data indicate that the average cost of full coverage car insurance rose from $1,771 per year to $2,014 per year. This is a 14 percent increase, and rates are expected to continue rising throughout 2023. Insurance rates are reactionary — claims get more expensive, and companies increase premiums in response. This means that, even if inflation cools, we’ll likely feel the effects of higher rates for a while.
As premiums continue to rise, it’s important to understand how car insurance costs are affected. If you are facing a premium increase upon your next policy renewal, shopping for a new car insurance company may be worth considering. But the price isn’t everything. As vehicle repairs and medical care costs increase, finding the best coverage for your needs is also crucial. Ensuring you have proper coverage could help reduce the financial risk of being underinsured. Bankrate’s editorial team continues to monitor the insurance industry and speak to industry experts.
Bankrate talked to three experts in the car insurance industry to get their takes on the current environment.
Our industry experts weigh in
Adam Pichon
Vice President and General Manager of U.S. Personal Lines Insurance for LexisNexis
“Liability claim severity has been rising significantly over the last 10 years or so. Medical costs have been rising very quickly for a long time. So the question is, is your coverage going to be sufficient?”
Summary: The top rated car insurance companies
The best car insurance company will likely be different for each person. For instance, some drivers may prefer to choose an insurer with a robust network of agents around the country, while others may prefer to manage their policy online or through an app. Budget, location, discounts and other factors can also help narrow down which insurance provider best suits your needs.
| Insurance company | Bankrate score | Who it may be good for |
|---|---|---|
| Geico | 4.4/5 | Best overall (tie) |
| Amica | 4.4/5 | Best overall (tie) |
| USAA | 4.3/5 | Best for military-focused coverage |
| Safeco | 4.3/5 | Best for added perks |
| Auto-Owners | 4.2/5 | Best for discounts |
| State Farm | 4.2/5 | Best for local agencies |
| Progressive | 4.2/5 | Best for digital policy management |
| NJM | 4.1/5 | Best for coverage on a budget |
| Liberty Mutual | 4.1/5 | Best for bundling numerous discounts |
| Travelers | 4.0/5 | Best for personalized coverage |
Frequently asked questions
Methodology
Bankrate utilizes Quadrant Information Services to analyze 2023 rates for ZIP codes and carriers in all 50 states and Washington, D.C. Rates are weighted based on the population density in each geographic region. Quoted rates are based on a 40-year-old male and female driver with a clean driving record, good credit and the following full coverage limits:
- $100,000 bodily injury liability per person
- $300,000 bodily injury liability per accident
- $50,000 property damage liability per accident
- $100,000 uninsured motorist bodily injury per person
- $300,000 uninsured motorist bodily injury per accident
- $500 collision deductible
- $500 comprehensive deductible
To determine minimum coverage limits, Bankrate used minimum coverage that meets each state’s requirements. Our base profile drivers own a 2021 Toyota Camry, commute five days a week and drive 12,000 miles annually.
These are sample rates and should only be used for comparative purposes.
Bankrate Scores methodology
Our 2023 Bankrate Score considers variables our insurance editorial team determined impacts policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories.
Like our previous Bankrate Scores, each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. This year, our 2023 scoring model provides a more comprehensive view, indicating when companies excel across several key areas and better highlighting where they fall short.
- Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, 2023 quoted premiums from Quadrant Information Services (if available), as well as any of the latest third-party agency ratings from J.D. Power, AM Best and the NAIC were analyzed.
- Tier 2 (Coverage & savings): We assessed companies’ coverage options and availability to help policyholders find a provider that balances cost with coverage. Additionally, we evaluated each company’s discount options listed on its website.
- Tier 3 (Support): To encompass the many ways an auto insurance company can support policyholders, we analyzed avenues of customer accessibility along with community support. This analysis incorporated additional financial strength ratings from S&P and Moody’s and factored a company’s corporate sustainability efforts.