Whether you're a new driver or a seasoned motorist, understanding car insurance is crucial. The process of choosing a policy isn't just about picking the biggest company or the cheapest policy — it's about finding the right coverage that suits your needs and budget. This guide provides data-driven insights about the top auto insurers and delves into the pros and cons of choosing large versus small companies to help you better understand your options.
List of Car Insurance Companies: Largest Companies in '23
State Farm and Progressive top the list of the largest car insurance companies, with 16.8% and 14.1% of the U.S. market share, respectively. The largest companies on the list are the most popular and widely available.
Updated: October 25, 2024
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Why Trust MoneyGeek? We collected quotes from Quadrant Information Services and state departments of insurance to analyze how insurers stack up in a cost comparison. To determine the largest providers by market share and financial stability and create our best ranking system, we utilized data from reputable sources including J.D. Power, AM Best and the National Association of Insurance Commissioners.
Top 10 Car Insurance Companies by Market Share and Financial Stability
These major car insurance companies take up 77% of the U.S. market share, meaning they account for the most policies out of the hundreds of auto insurance providers in the country. Analyzing these companies can reveal just how popular and widely available these brands are.
A provider with a large part of the market share is likely well established, available in many areas, and has strong financial stability to pay out claims when needed.
Company | NAIC Market Share % | AM Best Financial Strength Rating |
---|---|---|
16.8% | A++ | |
14.1% | A+ | |
13.8% | A++ | |
10.7% | A+ | |
5.9% | A++ | |
5.0% | A | |
4.6% | A- | |
2.1% | A++ | |
2.1% | A | |
2.0% | A+ |
Market share data was obtained from the latest NAIC (National Association of Insurance Commissioners) 2022 Market Share Report and gives a snapshot of the market share held by different companies in the auto insurance sector.
AM Best rates the financial strength of insurance companies and their ability to meet policyholder obligations whenever a claim is made based on a stringent review process of each company's financials. Companies that are rated A++/A+ ("Superior") or A/A- ("Excellent") are considered very stable.
Benefits Offered by the Largest Auto Insurance Companies
When you select a significant auto insurance company, you get the resources that come with it — like the ability to handle claims within an established customer service system. It’s also easier to gauge how well that customer service is when you have thousands of consumer reviews, giving you a more comprehensive understanding.
Technology Features Offered by the Largest Auto Insurance Companies
The reputation of an insurance company carries more weight when the company has been in business for an extended period. But sometimes, that long history can mean dealing with a slower-moving company, especially regarding technological advances.
Here are a few features to keep an eye out for when weighing your insurance options:
- A name-your-price tool: Progressive lets you tell the company how much you want to pay and see your available options based on that; this tool also allows you to view your options by desired insurance coverages such as liability-only car insurance or full coverage car insurance.
- All-inclusive mobile app: State Farm offers an app (for both iPhone and Android) that allows customers to manage the entire claim process — including uploads of damage photos and documents — manage their policies and even order roadside assistance.
- SmartRide savings: Nationwide’s app allows drivers to save up to 40% on their car insurance for safe driving, either through an app or a device, and offers personalized feedback to help you save.
List of the Best Car Insurance Companies
You're likely familiar with America's largest car insurance companies, but determining which one is best for you depends on where you live, how much coverage you need and your budget.
MoneyGeek ranked the largest auto insurance companies by measuring affordability, customer satisfaction and other key factors to help you find the best car insurance for your needs.
3.8/5
Affordability
3.5/5
Claims Ratings
5/5
Discounts
4/5
User Satisfaction
5/5
Financial Stability
Established in 1936 as the Government Employees Insurance Company (hence their current name), GEICO has been a subsidiary of the Berkshire Hathaway Group since 1996, and you’ve likely come across their many mascots (notably the gecko and caveman) over the years. GEICO boasts 13.76% of the market share, writes over 16 million auto policies and insures over 28 million vehicles. Customers can contact the company 24 hours a day, seven days a week, via their app. There are also contact options on the website or by telephone. GEICO also offers a military auto insurance section staffed by veterans.
Read MoneyGeek's GEICO auto Insurance Review2.4/5
Affordability
5/5
Claims Ratings
5/5
Discounts
3/5
User Satisfaction
5/5
Financial Stability
With Travelers, customers can find similar offerings as the other largest car insurance companies on this list, like home, landlord and boat insurance. The company has been around for over 165 years. With more than 12,000 dedicated claim representatives, this enables shorter wait times compared to many other insurers. Additionally, they have a national distribution network of 13,500 independent agents. Travelers holds 2.11% of the market share.
Read MoneyGeek's Travelers auto Insurance Review4.9/5
Affordability
4.5/5
Claims Ratings
1/5
Discounts
5/5
User Satisfaction
5/5
Financial Stability
USAA caters to active-duty military members, veterans and their families, and has done so since its founding in 1922. They offer a wide array of insurance and banking products, including home, flood and life insurance as well as checking and savings accounts and other financial services. According to USAA, which holds 5.92% of the market share, their customers can save $725 per year on premiums.
Read MoneyGeek's USAA auto Insurance Review3.3/5
Affordability
4/5
Claims Ratings
5/5
Discounts
3/5
User Satisfaction
5/5
Financial Stability
State Farm, famous for its “Like a good neighbor” slogan, holds 16.84% of the total market share, making it the largest auto insurance company in the country. State Farm has been around since 1922 and offers a wide array of insurance options, including home and life insurance, to customers in every state. It also offers more than 19,000 local exclusive agents across the U.S. and writes 91 million policies. It’s also worth noting that State Farm offers car insurance options for teen drivers, as well as rental and rideshare vehicles.
Read MoneyGeek's State Farm auto Insurance Review2.1/5
Affordability
4/5
Claims Ratings
5/5
Discounts
3/5
User Satisfaction
4.5/5
Financial Stability
Progressive increased its market share to 14.1% in 2022, becoming the second-largest U.S. auto insurance provider. The company says that it can save people an average of $650 on auto insurance when they switch. Popularized with commercials with the character Flo, the company’s main draw comes from its online quote tool, which allows potential customers to see options from other insurance companies simultaneously. Even if Progressive doesn’t have the lowest rate, you can quickly and easily weigh your options. Progressive was founded in 1937, and the company now has more than 21 million policyholders and a national distribution network of over 38,000 independent agents.
Read MoneyGeek's Progressive auto Insurance Review2.6/5
Affordability
3/5
Claims Ratings
5/5
Discounts
3/5
User Satisfaction
4/5
Financial Stability
American Family accounts for 2.11% of the auto insurance market share and is a commendable choice for consumers seeking customized, affordable, and customer-centric coverage. Its insurance offerings are comprehensive, including standard coverages such as liability, collision, and comprehensive, but it also provides unique add-on options, like rental reimbursement, emergency road service, and gap coverage. This range allows policyholders to create a plan best suited to their individual needs.
Read MoneyGeek's American Family Insurance auto Insurance Review2.6/5
Affordability
4.5/5
Claims Ratings
2/5
Discounts
3/5
User Satisfaction
4.5/5
Financial Stability
Nationwide has been in the insurance industry since 1925, and currently holds 1.99% of the market share. The company itself includes several affiliates, like Allied, Farmland and Scottsdale property and casualty companies, as well as financial services companies. You can get a quote from Nationwide in seven minutes or less, according to the site. And customers who choose to use “Smart Ride” (their usage-based discount program) can get an automatic 15% off their policy — up to 40% off depending on how their driving is evaluated.
Read MoneyGeek's Nationwide auto Insurance Review2.4/5
Affordability
4.5/5
Claims Ratings
2/5
Discounts
3/5
User Satisfaction
4.5/5
Financial Stability
Founded in 1931 as part of Sears Roebuck and Co., Allstate now serves about 16 million households. The company holds 10.69% of the market share, according to the NAIC. According to Allstate, it provides 189.1 million total policies supported by more than 45,000 employees and 8,400 exclusive Allstate agents. The company’s, “You’re in good hands,” slogan is easily recognized thanks to its ads and its safe driving discount and accident forgiveness program help back that assertion up, with the latter giving customers peace of mind that their premium won’t go up after an accident. However, be aware that accident forgiveness isn’t available in all states. The company also offers coverage options for those who have expensive stereo systems that they want to protect, so that may be worth considering as well.
Read MoneyGeek's Allstate auto Insurance Review1.9/5
Affordability
4/5
Claims Ratings
2/5
Discounts
3/5
User Satisfaction
4/5
Financial Stability
With commercials starring Academy Award-winning actor J.K. Simmons (as well as the company's signature jingle), Farmers has made a bit of a splash in the advertising world. That helped give it a top 10 spot in the U.S. market share, of which it holds 4.55%. The company was founded in 1928, and it now writes over 19 million individual policies and has over 48,000 exclusive and independent agents as well as almost 21,000 employees. That makes it easy to locate and speak with a representative to talk through your options. Farmers Insurance also offers a car-shopping service, which can help combine the buying and insuring processes.
Read MoneyGeek's Farmers auto Insurance ReviewList of the Best Car Insurance Companies by State
Drivers seeking the best auto insurance should always check out the specific offerings for their state for the most accurate rates. Use the table below to discover the best car insurance provider in your state. Click your state to learn more about the best car insurance in your state by driver profile and coverage needs.
List of the Best Car Insurance Companies by State
Alabama | Cincinnati Insurance | 93 | $717 | $60 |
Alaska | Progressive | 89 | $1,180 | $98 |
Arizona | Auto-Owners Insurance Co | 89 | $767 | $64 |
Arkansas | Shelter | 91 | $1,143 | $95 |
California | Chubb | 93 | $1,868 | $156 |
Colorado | Acuity | 94 | $1,331 | $111 |
Connecticut | Amica Mutual | 91 | $868 | $72 |
Delaware | Travelers | 90 | $904 | $75 |
District of Columbia | Chubb | 93 | $1,380 | $115 |
Florida | Allstate | 86 | $1,965 | $164 |
Georgia | Auto-Owners Insurance Co | 92 | $778 | $65 |
Hawaii | Progressive | 89 | $1,243 | $104 |
Idaho | American National P&C | 90 | $299 | $25 |
Illinois | Westfield | 91 | $863 | $72 |
Indiana | Westfield | 91 | $684 | $57 |
Iowa | Westfield | 91 | $717 | $60 |
Kansas | Shelter | 91 | $1,027 | $86 |
Kentucky | Cincinnati Insurance | 93 | $825 | $69 |
Louisiana | Progressive | 87 | $1,847 | $154 |
Maine | Travelers | 85 | $656 | $55 |
Maryland | Erie | 91 | $1,137 | $95 |
Massachusetts | Chubb | 93 | $1,008 | $84 |
Michigan | Chubb | 93 | $961 | $80 |
Minnesota | Westfield | 91 | $866 | $72 |
Mississippi | Shelter | 90 | $1,319 | $110 |
Missouri | Shelter | 90 | $1,616 | $135 |
Montana | GEICO | 86 | $1,167 | $97 |
Nebraska | Shelter | 91 | $1,095 | $91 |
Nevada | American Family | 89 | $1,389 | $116 |
New Hampshire | Hanover | 86 | $3,166 | $264 |
New Jersey | Amica Mutual | 92 | $944 | $79 |
New Mexico | State Farm | 86 | $654 | $55 |
New York | Chubb | 93 | $2,318 | $193 |
North Carolina | Erie | 90 | $630 | $52 |
North Dakota | Grinnell Mutual | 89 | $911 | $76 |
Ohio | Cincinnati Insurance | 93 | $711 | $59 |
Oklahoma | Shelter | 91 | $1,163 | $97 |
Oregon | American Family | 89 | $925 | $77 |
Pennsylvania | Chubb | 93 | $1,252 | $104 |
Rhode Island | Amica Mutual | 91 | $1,072 | $89 |
South Carolina | Auto-Owners Insurance Co | 92 | $842 | $70 |
South Dakota | Western National | 91 | $1,119 | $93 |
Tennessee | Cincinnati Insurance | 93 | $867 | $72 |
Texas | Chubb | 93 | $1,371 | $114 |
Utah | Auto-Owners Insurance Co | 89 | $726 | $60 |
Vermont | American Family | 89 | $594 | $50 |
Virginia | Cincinnati Insurance | 93 | $831 | $69 |
Washington | Chubb | 93 | $1,026 | $85 |
West Virginia | Westfield | 91 | $1,021 | $85 |
Wisconsin | Acuity | 94 | $960 | $80 |
Wyoming | Allstate | 86 | $913 | $76 |
List of the Cheapest Car Insurance Companies
One key factor for many people when choosing a policy is affordability. While premiums vary widely based on location, driving history, and vehicle type, some companies consistently offer competitive rates. We've compiled a list of the cheapest car insurance companies, but remember, low cost doesn't always equate to high value. It's crucial to consider the quality of coverage, customer service and claim satisfaction in addition to the price. Explore our list to discover the cheapest car insurance companies at a national level.
List of the Cheapest Car Insurance Companies Nationally
USAA | $679 | $57 |
State Farm | $883 | $74 |
Nationwide | $930 | $78 |
GEICO | $936 | $78 |
Travelers | $1,037 | $86 |
Progressive | $1,120 | $93 |
Allstate | $1,124 | $94 |
Farmers | $1,192 | $99 |
List of the Cheapest Car Insurance Companies by State
When shopping for car insurance, you'll find that costs can vary significantly from state to state. It's crucial to explore options tailored to your specific locale that meet your state’s minimum coverage requirements. We've compiled a list of the cheapest car insurance companies by state to help you find the most affordable car insurance where you live. Click your state to learn more about the cheapest car insurance in your state by driver profile and coverage needs.
List of the Cheapest Car Companies Insurance by State
Alabama | Allstate | $825 | $69 |
Alabama | Nationwide | $709 | $59 |
Alabama | Cincinnati Insurance | $581 | $48 |
Alaska | GEICO | $750 | $62 |
Alaska | State Farm | $699 | $58 |
Alaska | State Farm | $644 | $54 |
Arizona | Root Insurance Company | $684 | $57 |
Arizona | Root Insurance Company | $682 | $57 |
Arizona | Travelers | $689 | $57 |
Arkansas | Hanover | $741 | $62 |
Arkansas | State Farm | $629 | $52 |
Arkansas | Hanover | $551 | $46 |
California | GEICO | $1,284 | $107 |
California | AAA California | $1,001 | $83 |
California | AAA California | $991 | $83 |
Colorado | American National P&C | $668 | $56 |
Colorado | American National P&C | $541 | $45 |
Colorado | American National P&C | $532 | $44 |
Connecticut | GEICO | $880 | $73 |
Connecticut | GEICO | $693 | $58 |
Connecticut | GEICO | $683 | $57 |
Delaware | Travelers | $980 | $82 |
Delaware | State Farm | $881 | $73 |
Delaware | State Farm | $817 | $68 |
District of Columbia | GEICO | $878 | $73 |
District of Columbia | GEICO | $662 | $55 |
District of Columbia | GEICO | $715 | $60 |
Florida | State Farm | $1,259 | $105 |
Florida | State Farm | $1,058 | $88 |
Florida | State Farm | $970 | $81 |
Georgia | Allstate | $942 | $78 |
Georgia | Country Financial | $665 | $55 |
Georgia | Country Financial | $580 | $48 |
Hawaii | GEICO | $565 | $47 |
Hawaii | GEICO | $565 | $47 |
Hawaii | GEICO | $565 | $47 |
Idaho | American National P&C | $383 | $32 |
Idaho | American National P&C | $299 | $25 |
Idaho | American National P&C | $307 | $26 |
Illinois | American Family | $753 | $63 |
Illinois | Country Financial | $663 | $55 |
Illinois | Country Financial | $610 | $51 |
Indiana | American Family | $598 | $50 |
Indiana | American Family | $555 | $46 |
Indiana | State Farm | $530 | $44 |
Iowa | State Farm | $639 | $53 |
Iowa | State Farm | $509 | $42 |
Iowa | State Farm | $448 | $37 |
Kansas | Nationwide | $786 | $66 |
Kansas | Nationwide | $670 | $56 |
Kansas | Nationwide | $596 | $50 |
Kentucky | Nationwide | $1,007 | $84 |
Kentucky | Nationwide | $790 | $66 |
Kentucky | Cincinnati Insurance | $670 | $56 |
Louisiana | GEICO | $1,512 | $126 |
Louisiana | Louisiana Farm Bureau | $1,048 | $87 |
Louisiana | State Farm | $1,257 | $105 |
Maine | Concord Group | $690 | $57 |
Maine | Concord Group | $521 | $43 |
Maine | Concord Group | $498 | $41 |
Maryland | Progressive | $961 | $80 |
Maryland | Progressive | $938 | $78 |
Maryland | Progressive | $857 | $71 |
Massachusetts | State Farm | $483 | $40 |
Massachusetts | State Farm | $483 | $40 |
Massachusetts | State Farm | $369 | $31 |
Michigan | GEICO | $903 | $75 |
Michigan | GEICO | $898 | $75 |
Michigan | Chubb | $798 | $67 |
Minnesota | American Family | $842 | $70 |
Minnesota | State Farm | $797 | $66 |
Minnesota | Iowa Farm Bureau | $694 | $58 |
Mississippi | Direct General Insurance | $919 | $77 |
Mississippi | Direct General Insurance | $723 | $60 |
Mississippi | Direct General Insurance | $639 | $53 |
Missouri | American Family | $1,070 | $89 |
Missouri | Nationwide | $909 | $76 |
Missouri | Nationwide | $860 | $72 |
Montana | Progressive | $525 | $44 |
Montana | Progressive | $437 | $36 |
Montana | Progressive | $399 | $33 |
Nebraska | American National P&C | $493 | $41 |
Nebraska | American National P&C | $405 | $34 |
Nebraska | American National P&C | $381 | $32 |
Nevada | CSAA | $1,168 | $97 |
Nevada | CSAA | $940 | $78 |
Nevada | CSAA | $840 | $70 |
New Hampshire | State Farm | $681 | $57 |
New Hampshire | State Farm | $540 | $45 |
New Hampshire | State Farm | $500 | $42 |
New Jersey | Plymouth Rock Assurance | $965 | $80 |
New Jersey | Plymouth Rock Assurance | $895 | $75 |
New Jersey | NJM | $798 | $66 |
New Mexico | State Farm | $854 | $71 |
New Mexico | State Farm | $644 | $54 |
New Mexico | State Farm | $607 | $51 |
New York | Kemper | $990 | $82 |
New York | Kemper | $781 | $65 |
New York | Kemper | $766 | $64 |
North Carolina | Erie | $644 | $54 |
North Carolina | Erie | $630 | $52 |
North Carolina | Nationwide | $514 | $43 |
North Dakota | American Family | $709 | $59 |
North Dakota | American Family | $616 | $51 |
North Dakota | Nodak Mutual | $514 | $43 |
Ohio | American Family | $516 | $43 |
Ohio | Nationwide | $485 | $40 |
Ohio | Nationwide | $448 | $37 |
Oklahoma | State Farm | $818 | $68 |
Oklahoma | State Farm | $662 | $55 |
Oklahoma | State Farm | $579 | $48 |
Oregon | State Farm | $813 | $68 |
Oregon | State Farm | $706 | $59 |
Oregon | State Farm | $656 | $55 |
Pennsylvania | Travelers | $672 | $56 |
Pennsylvania | Nationwide | $580 | $48 |
Pennsylvania | Nationwide | $508 | $42 |
Rhode Island | State Farm | $862 | $72 |
Rhode Island | State Farm | $700 | $58 |
Rhode Island | State Farm | $712 | $59 |
South Carolina | American National P&C | $548 | $46 |
South Carolina | American National P&C | $463 | $39 |
South Carolina | American National P&C | $482 | $40 |
South Dakota | Allstate | $803 | $67 |
South Dakota | Allstate | $746 | $62 |
South Dakota | Nationwide | $702 | $58 |
Tennessee | State Farm | $728 | $61 |
Tennessee | State Farm | $579 | $48 |
Tennessee | State Farm | $516 | $43 |
Texas | State Farm | $900 | $75 |
Texas | State Farm | $699 | $58 |
Texas | Texas Farm Bureau | $629 | $52 |
Utah | Nationwide | $896 | $75 |
Utah | Nationwide | $725 | $60 |
Utah | Nationwide | $670 | $56 |
Vermont | State Farm | $611 | $51 |
Vermont | State Farm | $493 | $41 |
Vermont | State Farm | $449 | $37 |
Virginia | Virginia Farm Bureau | $753 | $63 |
Virginia | American Family | $601 | $50 |
Virginia | Nationwide | $651 | $54 |
Washington | PEMCO | $670 | $56 |
Washington | PEMCO | $534 | $44 |
Washington | PEMCO | $569 | $47 |
West Virginia | Erie | $962 | $80 |
West Virginia | Erie | $784 | $65 |
West Virginia | Erie | $773 | $64 |
Wisconsin | GEICO | $641 | $53 |
Wisconsin | GEICO | $556 | $46 |
Wisconsin | State Farm | $568 | $47 |
Wyoming | Farmers | $870 | $72 |
Wyoming | State Farm | $745 | $62 |
Wyoming | State Farm | $646 | $54 |
Get a Car Insurance Quote Today
Getting a car insurance policy involves a few crucial steps, but it doesn't have to be a complex process. To start, you'll need to determine your coverage needs. Next, gather the necessary information, including your vehicle details (make, model, year), driving record and personal details like your age and address. You'll need this information to get accurate quotes for the cost of a policy.
You can get quotes by visiting a company’s website or calling a representative. You should get at least three quotes to compare to ensure you get the best rate for the coverage you need.
MoneyGeek’s auto insurance calculator utilizes 2,118,312 quotes across 897 zipcodes from 67 insurers to calculate estimates for the cost of car insurance for various driver profiles. Our calculator is safe and free to use.
Car Insurance Calculator
MoneyGeek's car insurance calculator will give you a customized estimate of your auto insurance cost. It's free to use, requires no personal information and we won't send you any spam.
Rates updated:
Nov 07, 2024
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About Mark Fitzpatrick
Devon Delfino is an independent journalist based in the Pacific Northwest. She earned her Bachelor of Science degree in journalism from Boston University. Her personal-finance reporting has been featured in publications such as the L.A. Times, Teen Vogue, Mashable, MarketWatch, CNBC and USA Today, among others. Devon Delfino is a writer for MoneyGeek.
sources
- NAIC. "2022 TOP 25 GROUPS AND COMPANIES BY COUNTRYWIDE PREMIUM." Accessed October 25, 2024.
- NAIC. "NAIC Releases 2022 Market Share Data." Accessed October 25, 2024.