What is the best car insurance company?

The best car insurance company for you depends on what you are looking for in an auto insurer. Taking into consideration financial strength, customer service ratings, available coverage options and possible discounts is important when picking the right insurance company for you. Also consider the daily usage of your vehicle, especially if you drive for a service like Uber or Lyft, as you may want to find a car insurance company that also provides the right amount of rideshare insurance for your usage needs.

What do I need for a car insurance quote?

To get the most accurate car insurance quote, be sure to have the full names of all drivers that will be listed on the policy, as well as their birthdays and drivers’ license numbers on hand. You’ll also need the year, make, model and vehicle identification number (VIN) of all the vehicles you’ll be insuring on the policy. Knowing and selecting what types of coverage you want can also help you review quotes from multiple insurers to ensure you’re comparing rates accurately.

How much car insurance coverage do I need?

One of the biggest questions that drivers have is how much car insurance they need. The minimum coverage requirements for auto insurance vary by state, so consider talking to a licensed insurance agent about what coverage you need and what additional options they offer. Typically, most states require at least a minimum amount of liability insurance, and if you live in a no-fault state, you may also be required to purchase personal injury protection (PIP). Insurance experts typically recommend purchasing coverage beyond your state’s minimum requirements to ensure you have greater financial protection in the event of a large at-fault loss.

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Largest car insurance companies

Written by

Cate Deventer

Edited by

Mariah Posey

Reviewed by

Mark Friedlander

Updated Aug 24, 2022

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Choosing a large, well-known insurance company could come with several benefits. Along with nationwide availability, expanded policy options and discount opportunities, the largest auto insurance companies also tend to regularly score highly in customer service experience and rate well in financial strength by third-party agencies. Having access to this information can be helpful when narrowing down the options while shopping for auto insurance.

Bankrate reviewed the most recent Insurance Information Institute (Triple-I) analysis of data from National Association of Insurance Commissioners (NAIC) to determine the largest car insurance carriers by market share. We also considered ratings from industry experts, such as J.D. Power for customer satisfaction and AM Best, which assesses financial stability.

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What are the largest auto insurance companies?

The largest auto insurers are determined by their direct premiums written in 2021. Using the most recent NAIC data compiled by the Triple-I, these are the 10 largest auto insurance companies in the U.S.:

Company	J.D. Power score	Average annual minimum coverage premium	Average annual full coverage premium	Market share
State Farm	892/1,000	$456	$1,397	16%
Geico	881/1,000	$365	$1,297	14%
Progressive	862/1,000	$542	$1,561	14%
Allstate	870/1,000	$558	$2,438	10%
USAA*	909/1,000	$354	$1,209	6%
Liberty Mutual	876/1,000	Rates not available	Rates not available	5%
Farmers	893/1,000	$550	$1,524	5%
Nationwide	876/1,000	$549	$1,383	2%
American Family	889/1,000	$592	$1,627	2%
Travelers	871/1,000	$477	$1,447	2%

*Not officially ranked by J.D. Power due to eligibility restrictions

State Farm

State Farm is the top auto insurance writer in the U.S., with the largest market share (16.0%) and over $41.6 million in direct premiums written in 2021. It also boasts an A++ (Superior) financial strength rating from AM Best.

Standout features:

Large network of local agents
Two safe-driving programs available

Learn more: State Farm Insurance review

Geico

Owned by Berkshire Hathaway, Geico is a giant in the auto insurance industry and carries 14.4% of U.S. market share, writing over $37.4 million in direct premiums in 2021. The company has earned an A++ (Superior) financial strength rating from AM Best.

Standout features:

Long list of discounts
Robust digital tools

Learn more: Geico Insurance review

Progressive

Progressive boasts the third-largest U.S. market share with over $35.8 million direct premiums written in 2021. The insurer also carries an A+ (Superior) financial strength rating from AM Best, indicating that the company has a strong history of paying out to its policyholders when they have claims.

Standout features:

Numerous discounts
Rideshare insurance available

Learn more: Progressive Insurance review

Allstate

Allstate boasts an A+ (Superior) financial strength rating from AM Best. It has the fourth-largest market share with just over $27.2 million in direct premiums written in 2021.

Standout features:

Offers a points-based rewards system
Coverage available for classic or custom vehicles

Learn more: Allstate Insurance review

USAA

USAA maintains an impressive A++ (Superior) financial strength rating from AM Best. It ranks in the top five for largest market share, writing more than $15.7 million in direct premiums in 2021.

Standout features:

Coverage types and discounts are geared toward military needs
Several types of insurance available

Learn more: USAA Insurance review

Liberty Mutual

Liberty Mutual has the sixth-largest market share with more than $13.2 million in direct premiums written in 2021. The company has a lower financial strength rating than other top carriers on our list — although still relatively high — with an A (Excellent) from AM Best.

Standout features:

Available in all 50 states and Washington, D.C.
Offers a wide range of discounts

Learn more: Liberty Mutual Insurance review

Farmers

Farmers has the seventh-largest market share, generating over $12.4 million in direct premiums in 2021. The company carries an A- (Excellent) financial strength rating from AM Best, placing its financial strength just below Liberty Mutual.

Standout features:

Multiple unique discounts available
Robust website with plentiful resources

Learn more: Farmers Insurance review

Nationwide

Nationwide ranks eighth for market share with more than $5.5 million in direct premiums written in 2021. Nationwide is backed by an A+ (Superior) financial strength rating from AM Best.

Standout features:

Local, independent agents available
Offers two usage-based programs

Learn more: Nationwide Insurance review

American Family

American Family maintains the ninth-largest market share with just under $5.5 million in direct premiums written in 2021. The carrier has an A (Excellent) AM Best financial strength rating.

Standout features:

24/7 claims support
Diminishing deductible option

Learn more: American Family Insurance review

Travelers

Travelers rounds out the list of the top ten largest auto insurance companies with over $5.3 million in direct premiums written in 2021. The company sits alongside other top-rated insurers with an A++ (Superior) financial strength rating from AM Best.

Standout features:

Numerous optional coverage types
Various discounts opportunities

Learn more: Travelers Insurance review

Why should I pick a large car insurance company?

Purchasing a policy from a large auto insurer could have multiple benefits since major carriers tend to have vast resources to offer. One factor to consider when choosing the right car insurance company for you is a company’s stability.

With more premiums written, a large insurance company is often more financially stable than a smaller, regional carrier that is more limited in its scope. While some national carriers may have higher rates than regional insurers, they may also be able to offer more discounts and savings programs that policyholders can use to lower their costs.

Large auto insurance companies also tend to offer extended customer service hours, sometimes even offering 24/7 instant support by phone and chat. Smaller car insurance companies may not have the resources to maintain these extended levels of customer support.

When it comes to whether a large insurance company or small company is better, it depends on your needs and what you want in an auto insurer.

Benefits of choosing a large insurance company

Pros

Generally more financially stable
Might offer more discounts
Faster customer service
Faster claims processing

Cons

Customer service can be delayed due to volume
Policyholders may receive less individualized assistance
Available agents online or via phone may be less likely to understand the unique needs of drivers in your region

Frequently asked questions

The best car insurance company for you depends on what you are looking for in an auto insurer. Taking into consideration financial strength, customer service ratings, available coverage options and possible discounts is important when picking the right insurance company for you. Also consider the daily usage of your vehicle, especially if you drive for a service like Uber or Lyft, as you may want to find a car insurance company that also provides the right amount of rideshare insurance for your usage needs.
To get the most accurate car insurance quote, be sure to have the full names of all drivers that will be listed on the policy, as well as their birthdays and drivers’ license numbers on hand. You’ll also need the year, make, model and vehicle identification number (VIN) of all the vehicles you’ll be insuring on the policy. Knowing and selecting what types of coverage you want can also help you review quotes from multiple insurers to ensure you’re comparing rates accurately.
One of the biggest questions that drivers have is how much car insurance they need. The minimum coverage requirements for auto insurance vary by state, so consider talking to a licensed insurance agent about what coverage you need and what additional options they offer. Typically, most states require at least a minimum amount of liability insurance, and if you live in a no-fault state, you may also be required to purchase personal injury protection (PIP). Insurance experts typically recommend purchasing coverage beyond your state’s minimum requirements to ensure you have greater financial protection in the event of a large at-fault loss.

Methodology

Bankrate utilizes Quadrant Information Services to analyze 2022 rates for all 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 2020 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.

Written by

Cate Deventer

Insurance Writer & Editor