If you have ever felt overwhelmed shopping for car insurance, you are likely not alone. In 2019, nearly 6,000 insurance companies operated in the United States, with the 10 largest insurers providing coverage for the majority of customers. With the ever-growing number of carriers entering the market, it can be difficult to know which one offers the best and most affordable auto coverage.
If you are shopping for the best auto insurance for your needs, getting quotes from several companies is often the first step. Bankrate has reviewed the top companies by market share to help you choose an insurance company that suits your individual situation. We analyzed average premiums, coverage offerings, available discounts, unique company features and third-party ranking to give you an overview of the biggest auto insurance companies in the country.
Car insurance companies
When shopping for auto insurance, your first step may be to identify what factors matter most to you in a company, like digital tools, J.D. Power ratings, or specialty coverages. From there, you can create a list of car insurance companies that meet your needs. Getting quotes from several providers could help you find the company that offers the right coverage for you at the right price.
What are the 10 biggest car insurance companies?
Although there are thousands of auto insurance companies operating in the United States, a handful of the largest car insurance companies dominate the market.
Bankrate’s insurance editorial team analyzed each company’s average minimum and full coverage premiums from Quadrant Information Services, coverages, discounts, financial strength scores and customer service ratings. With this information, we assigned a Bankrate Score to each company. The scores are out of 5.0. The higher the Bankrate Score, the higher a company ranked in each of the scoring categories.
The following list of auto insurance companies demonstrates how the top 10 providers write about 73% of the nation’s auto insurance:
- State Farm: 16.19%
- Geico: 13.54%
- Progressive: 13.30%
- Allstate: 9.11%
- USAA: 6.32%
- Liberty Mutual: 4.75%
- Farmers Insurance: 3.98%
- Nationwide: 2.32%
- American Family: 2.07%
- Travelers: 1.96%
So how do these car insurance companies compare? Each has its own advantages, and the best company for one person may not be the best for another.
- Headquarters: Bloomington, Illinois
- Market share percentage: 16.19%
- Average annual full coverage rate: $1,457
- Average annual min coverage rate: $539
- Bankrate Score: 4.4
State Farm is the largest insurer of personal autos in the United States. The insurer offers insurance, banking products and loans, which are available through your State Farm agents. If you are in the market for insurance and banking services, State Farm is worth consideration.
State Farm’s overall customer satisfaction ratings from J.D. Power are mostly average. However, the company did earn an above-industry-average score for claims service. This indicates that customers are often satisfied with how State Farm handles claims in the event of a loss.
- Headquarters: Chevy Chase, Maryland
- Market share percentage: 13.54%
- Average annual full coverage rate: $1,405
- Average annual min coverage rate: $433
- Bankrate Score: 4.6
Geico is one of the nation’s largest auto insurance companies and insures more than 28 million vehicles. Its slogan, “15 minutes could save you 15% or more on car insurance,” is especially memorable when paired with its commercials featuring the Geico Gecko.
Geico’s customer satisfaction ratings from J.D. Power are impressive — the insurer wins first place in customer satisfaction in the Northwest, North Central and Southwest regions. This demonstrates that customers are generally satisfied with Geico’s customer service.
Geico’s app makes it easy to view your policy, get quotes and file claims from wherever you are.
Learn more: Geico Insurance review
- Headquarters: Mayfield Village, Ohio
- Market share percentage: 13.30%
- Average annual full coverage rate: $1,509
- Average annual min coverage rate: $582
- Bankrate Score: 4.1
Like others from the list of car insurance companies, Progressive offers more than auto coverage. You can insure your home, boats and RVs with Progressive as well.
Progressive’s customer satisfaction ratings from J.D. Power are mostly average. The company also received a below-average ranking from J.D. Power for claims service.
Progressive offers both standard and nonstandard car insurance. If you have accidents, tickets or DUI convictions and find it difficult to find car insurance, Progressive may be able to help.
Learn more: Progressive Insurance review
- Headquarters: Northbrook, Illinois
- Market share percentage: 9.11%
- Average annual full coverage rate: $1,921
- Average annual min coverage rate: $696
- Bankrate Score: 3.6
By offering auto, home, renters and life insurance policies, Allstate makes it easy to bundle multiple insurance types and earn a discount.
Allstate’s customer satisfaction ratings from J.D. Power vary according to where in the U.S. you are located — Allstate ranks above average in some regions but below average in others. If you are considering a quote from Allstate, you may want to review your region’s specific reviews first.
Allstate’s usage-based Drivewise program gives you around a 40% discount if you maintain good driving habits. Drivewise participants can also earn rewards points, which they can redeem for car rentals, magazine subscriptions, gift cards and merchandise.
Learn more: Allstate Insurance review
- Headquarters: San Antonio, Texas
- Market share percentage: 6.32%
- Average annual full coverage rate: $1,225
- Average annual min coverage rate: $384
- Bankrate Score: 4.8
An insurance provider for military families, USAA offers heavily discounted auto insurance policies to service members with an average annual savings of $725 when you switch. USAA is the fifth largest auto insurance provider in the United States.
USAA consistently received high customer service scores with J.D. Power, although the company is not eligible for official ranking due to its eligibility restrictions.
For military members who are deployed, USAA offers vehicle storage options and convenient payment schedules.
Learn more: USAA Insurance review
- Headquarters: Boston, Massachusetts
- Market share percentage: 4.75%
- Bankrate Score: 3.9
You can purchase insurance for just about anything through Liberty Mutual, from home insurance to pet insurance. The company’s auto insurance policies are user friendly and easy to purchase and bundle with other policies. Bundling is not the only way to save. Liberty Mutual lists 17 different discounts on its website to help customers get the best price on their car insurance.
Like Allstate, Liberty Mutual’s J.D. Power customer satisfaction scores vary by region. You may want to research customer satisfaction in your area if you get a quote from this company.
Farmers Insurance Group
- Headquarters: Los Angeles, California
- Market share percentage: 3.98%
- Average annual full coverage rate: $2,000
- Average annual min coverage rate: $808
- Bankrate Score: 3.8
As the seventh-largest auto insurer in the U.S., Farmers offers robust insurance policies with a long list of unique features. For example, you can purchase ridesharing coverage if you drive for a company like Uber or Lyft. You may also be able to purchase OEM coverage, which will source original manufacturer parts for your vehicle if it is damaged. Farmers received an above-average ranking for claims satisfaction from J.D. Power.
The Farmers Insurance Group recently purchased MetLife Auto & Home. Drivers currently insured with MetLife may begin to see changes to the branding on their policies, and different coverage options or discounts may become available as the companies merge.
If you have recently purchased a new car, you may want to consider Farmers’ New Car Replacement Coverage. This optional coverage is designed to replace your totaled car with a brand new model, as long as your vehicle is less than two years old and has fewer than 24,000 miles.
Learn more: Farmers Insurance review
- Headquarters: Columbus, Ohio
- Market share percentage: 2.32%
- Average annual full coverage rate: $1,485
- Average annual min coverage rate: $501
- Bankrate Score: 4.3
Nationwide offers both personal and business insurance services. Nationwide offers all the essentials in its policies, as well as optional coverages like towing, rental car coverage and gap coverage, which is designed to pay for the difference between your car’s value and what you owe on the lease or loan if your vehicle is totaled.
Nationwide’s J.D. Power scores also fluctuate by region, but the company did receive an above-industry-average rating for claims service.
- Headquarters: Madison, Wisconsin
- Market share percentage: 2.07%
- Average annual full coverage rate: $1,911
- Average annual min coverage rate: $918
- Bankrate Score: 3.7
American Family, widely referred to as AmFam, sells auto, home, life, health, travel and identity theft insurance, along with other insurance products. The company puts an emphasis on convenience, providing smartphone apps with features like easy bill paying and a Teen Safe Driver program.
American Family’s Dreams Restored Program takes the stress out of finding a repair shop by connecting you with partner shops in your area. Bills are sent directly to the insurance company, so you never have to see them. The work also gets a lifetime workmanship guarantee from American Family.
Learn more: American Family Insurance review
- Headquarters: New York City, New York
- Market share percentage: 1.96%
- Average annual full coverage rate: $1,325
- Average annual min coverage rate: $469
- Bankrate Score: 4.5
Travelers offers standard auto insurance coverages, as well as options to tailor your policy, like rental car coverage, new car replacement and accident forgiveness. The company’s savings and discounts might allow you to save on your policy for bundling, safe driving or shopping early for a new policy. For example, adding a multi-policy discount can save you up to 13% on your car insurance premiums.
Travelers received below-average claims service ratings from J.D. Power, as well as below-average customer service satisfaction scores in the specific regions in which it is available.
Drivers in some states can take advantage of IntelliDrive, a smartphone app that tracks driving habits for 90 days and reduces the cost of your premium for safe driving, although you could also see a premium increase if your driving habits are not safe.
Learn more: Travelers Insurance review
How to choose the right auto insurance company
When shopping for car insurance, you may want to follow a few guidelines to help you find the best coverage for the best price.
- Shop around. Get quotes from several insurers, which will allow you to compare coverages, discounts, optional coverages and price.
- Inquire about discounts. Most insurance carriers offer discounts that you can qualify for to obtain additional savings. Ask potential insurers which ones might help you save on your premium.
- Consider your coverage needs. Depending on your budget or financial goals, vehicle value, whether you have a financed vehicle and other personal rating factors, your coverage choices may vary in type and limit.
- Bundle your policies. Most carriers that write several lines of insurance offer discounts to policyholders that purchase more than one policy type with them.
- Review financial strength ratings. You can check an insurer’s financial strength rating with companies like AM Best, Moody’s and Standard & Poor’s. A low rating could indicate that a company may not be able to pay out claims if it is inundated with a large amount.
- Research customer service reviews. Companies like J.D. Power publish studies that rank insurance companies based on customer service satisfaction, claims service satisfaction and overall customer experience.
Finding the right car insurance provider can take some time, but it can be worth the effort to find the provider that best meets your needs.
Frequently asked questions
How much does car insurance cost?
The average yearly cost of car insurance in the United States is $565 for minimum coverage and $1,674 for full coverage. Your premium will depend on your specific rating factors, like the company you choose, your age, the type of car you drive and your driving record.
How much car insurance do I need?
Everyone’s car insurance needs are different, but nearly every state will require you to purchase at least minimum coverage. To decide what coverages and what limits to buy, you might want to consider a few things. For example, do you have the money to repair or replace your vehicle if it is damaged? If not, you may want to consider full coverage insurance. You might also want to consider the financial ramifications of causing an accident. Purchasing an appropriate amount of liability coverage could protect you from financial devastation.
Can I change my car insurance to a new company?
Yes, you can change your car insurance to a new company at any time during your policy period. However, some companies may have early cancellation fees, so checking your company’s guidelines before cancelling might be a good idea. If you have found a company that you want to switch your coverage to, just make sure you know when your new policy starts before you cancel your old one, to avoid a lapse in coverage.
Bankrate utilizes Quadrant Information Services to analyze 2021 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. 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 coverages that meet each state’s requirements. Our base profile drivers own a 2019 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 primarily reflect a weighted rank of industry standard ratings for financial strength (AM Best, S&P, Moody’s) and customer experience (J.D. Power, NAIC), in addition to average quoted rates from Quadrant Information Services. The J.D. Power studies utilized include the 2020 Auto Insurance Study and the 2020 Auto Claims Study. Our Bankrate editorial team’s extensive research and analysis provided a secondary assessment of each insurer’s online and mobile resources and policy management options, which also contributed to overall ratings.
Road Trips in 2021
Americans are traveling again
Last year, travel plans were put on hold for many people, but as we head into summer and the vaccine becomes more available across the country, many have warmed up to the idea of traveling again. There are still some countries that are not open to international travel, but many are, such as Mexico, Canada, the Caribbean and parts of Europe. The CDC recommends not travelling internationally until you are fully vaccinated, and there are still possible risks involved. They state that even fully vaccinated travelers might be at increased risk of getting and possibly spreading some COVID-19 variants. Although some flights do not require proof of vaccination, a recent survey by tripit.com showed that 56% of Americans would only feel comfortable flying after getting the COVID-19 vaccine. However, for many international flights, passengers are only required to show a negative result to a molecular COVID-19 PCR test 72 hrs prior to boarding.
Americans are choosing road travel
Although international and air travel options are available, many Americans are opting for domestic travel instead, specifically road trips. Despite gas prices increasing by over 60% in the past year, Americans are still opting for road travel as the ideal mode of transportation for long distance trips. The survey also showed that 97% of vaccinated Americans (or those who expect to get vaccinated) are planning to travel this year, with 83% saying they would be ready for a road trip with a personal car as early as this June. With so many exciting locations within the U.S., such as national parks, historical monuments, museums, aquariums and theme parks, this opens up a multitude of destinations for travelers.
However, another study by AHLA.com found that what’s really driving Americans to travel this year is to reconnect with family with 51% likely to travel for a family event, such as a wedding or family reunion. July 4th comes in as the second best reason to travel this year with 33% of people most likely to travel during this time. Road travel also eliminates the headache of an overcrowded airport and possibly overbooked flights. Of course, health safety is still something to keep in mind, so make sure not to forget the key items that help prevent the spread of COVID-19 while packing for your road trip.