State Farm is the largest auto insurance company based on composed premiums and a portion of the overall industry. Learn everything you want to realize about State Farm and the other largest carriers.
There are thousands of licensed insurers in the United States, but the 7 largest insurance companies account for 74% of the market for vehicle insurance coverage. While these top auto insurance companies are notable, they have various costs, customer service ratings, and coverage options. We’ve separated their differences underneath.
1. State Farm
Taking up 16% of the whole auto insurance market, State Farm is the number one largest vehicle insurer in the country. The company was founded in 1922 and presently boasts more than 18,000 agents across the United States.
As well as being the largest company, State Farm is also one of the top companies in the U.S. for its modest insurance costs. The company is one of the more reasonable options for coverage for young and old drivers, as well as those who have earlier incidents on their records.
Originally founded 86 years prior as an insurance supplier for government employees, GEICO started selling auto insurance to the overall population in 1974. Today, GEICO has more than 18 million policies in force, insuring more than 28 million vehicles across each state and Washington, D.C.
GEICO is most known for its modest costs of coverage. We found that GEICO’s policies cost $402 each year for minimum coverage and $1,179 for full coverage. Also, the scope of insurance discounts that GEICO offers its customers means that numerous policyholders can get vehicle insurance for an even lower cost.
The youngest of the largest insurance companies, Progressive was founded in 1937 as a specialty insurer for high-risk drivers. Today, Progressive serves a great many drivers across each of the 50 states and Washington, D.C.
Progressive’s vehicle insurance premiums are for the most part reasonable. The company is also known for its popular cost-saving products. Its “Name Your Cost” apparatus allows shoppers to investigate coverage options within their budget. Furthermore, its “Deductible Savings Bank” lets drivers bring down their deductibles by $50 like clockwork they do without making a case.
Allstate was originally founded in 1931 by the Sears company as a manner to sell vehicle insurance via mail. In the present day, Allstate has extended to a significant vehicle insurance company with almost 50,000 employees and a vast organization of neighborhood offices.
Though Allstate’s rates are more expensive than the typical cost of coverage, shoppers who need easy access to a physical office in their community will probably be satisfied with the company. Also, Allstate’s discounts and Drivewise usage-based program permit some drivers to bring down their cost of coverage.
USAA was founded in 1922 as a manner to give reasonable insurance to members of the military. That mission continues today, as USAA still just offers coverage to dynamic, reserved, and resigned members of the military and their families.
If you can get vehicle insurance from USAA, you approach truly outstanding (and the cheapest) insurance companies. Compared to the other largest companies — even GEICO — USAA is the cheapest choice for coverage.
6. Liberty Mutual
Liberty Mutual has been in business for almost 112 years. It’s developed from a mutual company in New Britain to a multinational corporation that writes policies in each state and employs more than 45,000 employees.
Regardless of what you pay in your space for coverage at Liberty Mutual, the insurer offers several discounts that make saving cash easy for some individuals. In particular, the company offers a 12% discount just for signing up online. It also partners with the Naval Force Government and offers a similar discount to members.
7. Farmers Insurance
Farmers was originally started as an elective way for farmers to get reasonable insurance, but today the insurer has more than 19 million policies (and coverage isn’t just for farmers any longer) in 10 million homes, alongside more than 21,000 employees.
The customer service that Farmers provides is frequently appraised exceptionally. According to the J.D. Power Claims Satisfaction survey, Farmers has the best customer service among all of the other top vehicle insurance companies (besides USAA).