Largest car insurance companies
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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.
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Compare auto insurance rates
Save on auto insurance with quotes from trusted providers like:
Drivers switch & save an average of $750+/year
Are you overpaying for auto insurance?
Safe drivers choose Allstate®
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
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.
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 | Cons |
|---|---|
| Generally more financially stable Might offer more discounts Faster customer service Faster claims processing |
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
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.
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