Comparing the 10 Largest Auto Insurance Companies | LendingTree (2024)

How to Compare Car Insurance Quotes 2024

The 10 largest car insurance companies provide coverage for about three-fourths of the drivers in the U.S. You probably know about them through their commercials. Here’s how these major auto insurance companies compare on factors such as price, ratings and coverage.

What are the largest auto insurance companies in the U.S.?

State Farm, Progressive and Geico are the largest auto insurance companies in the U.S., based on written premium, or the total amount they bill for policies nationwide.

How big are the largest auto insurance companies?

• The three largest car insurance companies control 45% of the nation’s car insurance market.
• The top 10 auto insurers account for 77% of the total.

Top 10 car insurance companies by size

Source: National Association of Insurance Commissioners, based on 2022 data. USAA is only available to the military community.

Which major company has the cheapest auto insurance?

State Farm has the cheapest car insurance rates among major companies available to the general public. Its rates for full-coverage car insurance average $1,496 a year, or $125 a month, nationwide.

USAA has the cheapest full-coverage rate overall, $1,207 a year, or $101 a month. However, USAA is only available to current and former members of the military and their families.

Rates are based on non-binding estimates provided for typical adult drivers across the U.S. by Quadrant Information Services. Your rates may vary. *USAA is only available to the military community.

Largest car insurance companies at a glance

Here’s a list of the top 10 car insurance companies in the U.S., along with factors that contribute to their popularity.

The 10 largest auto insurance companies in the U.S.

What is the largest car insurance company in my state?

State Farm is the largest car insurance company in 29 states.

Progressive is largest in 10 states, while Geico leads in nine states and the District of Columbia.

Allstate is the top auto insurer in just one state, North Carolina. Although Mapfre is only the 20th-largest auto insurance company in the U.S., it ranks No. 1 for size in Massachusetts.

Largest insurance companies by state

Source: National Association of Insurance Commissioners (premiums written in 2022)

Pros and cons of large car insurance companies

Large insurance companies tend to have more sophisticated technological platforms than their smaller competitors.

This, in turn, usually makes it more convenient to shop, manage your policy and file a claim with them. However, this doesn’t always translate into lower rates.

Depending on your driving record, ZIP code, age and other rate factors, a small or midsize company may give you a lower rate than a large company.

Also, size is not the only factor that determines an insurance company’s ability to provide quality customer service.

In J.D. Power’s customer survey on claims satisfaction, midsize companies occupy four of the top five positions. The highest rated company, Amica Mutual, ranks 22nd for size.

These are among the reasons to compare quotes from companies of all sizes when you shop for car insurance.

Source: J.D. Power 2022 U.S. Auto Claims Satisfaction Study

Do all agencies offer car insurance from major companies?

Most major auto insurance companies make it easy to shop online or by phone. However, they also sell their products through insurance agencies that are typically either independent or captive.

Independent agencies offer insurance products from multiple companies. Captive agents only sell insurance products from the company they work for.

Each type of car insurance agency has its pros and cons:

Of the top 10 car insurance companies, these four work with independent agencies:

• • • Liberty Mutual
    • Nationwide
    • Progressive
    • Travelers

These major auto insurance companies use captive agents:

• • • Allstate
    • American Family
    • Farmers
    • State Farm

USAA and Geico also use captive agents, but they rely more heavily on online and phone services than most other major companies.

Methodology

Auto insurance company rankings are based on total U.S. premiums written, or amounts billed, in 2022, according to the National Association of Insurance Commission (NAIC).

Claims satisfaction ratings are based on the J.D. Power 2022 U.S. Auto Claims Satisfaction Study.

• • • Companies with a claims satisfaction score more than 1% higher than the industry average are very good.
    • Those whose score is more than 1% lower than the industry average are poor.

Complaint ratings are based on the NAIC’s Complaint Index, which tracks confirmed complaints. Confirmed complaints are those that lead to a finding of fault. A 2.0 Complaint Index score reflects twice as many confirmed complaints as expected for a company’s size, and a 0.5 score reflects half as many.

• • • A Complaint Index score lower than 0.5 is very good.
    • Scores between 0.5 and 0.9 are good.
    • Scores between 0.9 and 1.1 are average.
    • Scores above 1.1 are poor.

Average insurance company prices are based on an analysis of auto insurance quotes obtained from Quadrant Information Services for sample drivers across the U.S. Rates reflect prices quoted for policies for a male 30-year-old with these coverages, limits and deductibles:

• • • Bodily injury liability: $50,000 per person/$100,000 per accident
    • Property damage liability: $25,000
    • Collision: $500 deductible
    • Comprehensive: $500 deductible
    • Uninsured motorist bodily injury: $50,000 per accident/$100,000, where required by law
    • Personal injury protection: Minimum state limit, where required by law

Liberty Mutual’s rates are not available through Quadrant.

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