Largest Auto Insurance Companies in the United States

Auto insurance is a necessity for every car owner in the United States. The right auto insurance coverage not only provides financial protection but also gives us peace of mind while driving. When it comes to choosing an auto insurance provider, the size of the company can play a significant role in decision making. In this article, we will examine the largest auto insurance companies in the United States and provide an overview of their offerings.

Top 5 Largest Auto Insurance Companies

According to the National Association of Insurance Commissioners, the top 5 largest auto insurance companies in the United States by market share are:

Rank	Company	Market Share %
1	State Farm	17.01%
2	Geico	13.08%
3	Progressive	12.49%
4	Allstate	9.22%
5	USAA	5.89%

1. State Farm

State Farm is the largest auto insurance company in the United States with a market share of 17.01%. The company was founded in 1922 and is headquartered in Bloomington, Illinois. It offers a variety of coverage options such as liability, collision, comprehensive, personal injury protection, and uninsured motorist coverage. State Farm is known for its exceptional customer service and has a network of over 19,000 agents across the country.

State Farm also offers discounts for safe driving, multiple policies, and good grades for students. The company has an A++ rating from A.M. Best, which indicates excellent financial strength and stability.

While State Farm has a strong presence in the auto insurance market, it also offers other insurance products such as home, life, and health insurance.

2. Geico

Geico is the second-largest auto insurance company in the United States with a market share of 13.08%. The company was founded in 1936 and is headquartered in Chevy Chase, Maryland. Geico is known for its catchy advertisements and competitive pricing.

Geico offers a wide range of coverage options such as liability, collision, comprehensive, rental reimbursement, and roadside assistance. The company also has a mobile app that allows customers to manage their policies, pay bills, and file claims.

Geico offers numerous discounts such as safe driving, multi-policy, military, and federal employee discounts. The company also has an A++ rating from A.M. Best.

3. Progressive

Progressive is the third-largest auto insurance company in the United States with a market share of 12.49%. The company was founded in 1937 and is headquartered in Mayfield Village, Ohio. Progressive is known for its “Name Your Price” tool, which allows customers to customize their policies based on their budget.

Progressive offers a variety of coverage options such as liability, collision, comprehensive, personal injury protection, and uninsured motorist coverage. The company also offers unique add-ons such as custom parts and equipment coverage and pet injury coverage.

Progressive offers discounts for safe driving, multi-policy, and sign online. The company also has an A+ rating from A.M. Best.

4. Allstate

Allstate is the fourth-largest auto insurance company in the United States with a market share of 9.22%. The company was founded in 1931 and is headquartered in Northfield Township, Illinois. Allstate is known for its extensive network of agents and personalized service.

Allstate offers a variety of coverage options such as liability, collision, comprehensive, personal injury protection, and uninsured motorist coverage. The company also offers unique add-ons such as sound system insurance and new car replacement coverage.

Allstate offers discounts for safe driving, multi-policy, and anti-theft devices. The company also has an A+ rating from A.M. Best.

5. USAA

USAA is the fifth-largest auto insurance company in the United States with a market share of 5.89%. The company was founded in 1922 and is headquartered in San Antonio, Texas. USAA provides insurance products exclusively to military members, veterans, and their families.

USAA offers a variety of coverage options such as liability, collision, comprehensive, personal injury protection, and uninsured motorist coverage. The company also offers unique add-ons such as accident forgiveness and rental reimbursement.

USAA offers discounts for safe driving, military installation, and multi-policy. The company also has an A++ rating from A.M. Best.

Frequently Asked Questions (FAQ)

1. What factors should I consider when choosing an auto insurance company?

When choosing an auto insurance company, you should consider factors such as price, coverage options, discounts, financial strength, and customer service. It is important to compare quotes from multiple providers to find the best coverage at an affordable price.

2. How much auto insurance coverage do I need?

The amount of auto insurance coverage you need depends on several factors such as your state’s minimum requirements, the value of your vehicle, and your personal financial situation. It is recommended to have liability coverage of at least $100,000 per person and $300,000 per accident.

3. What discounts are available for auto insurance?

Auto insurance providers offer various discounts such as safe driving, multiple policies, good grades for students, and anti-theft devices. It is important to ask your provider about all available discounts to save money on your premiums.

4. Can I switch auto insurance providers at any time?

Yes, you can switch auto insurance providers at any time. However, it is recommended to wait until your current policy expires to avoid cancellation fees or a lapse in coverage.

5. Why is it important to have auto insurance?

Auto insurance provides financial protection in case of an accident, theft, or damage to your vehicle. It also helps to cover medical expenses in case of injuries to you or others involved in the accident.

Conclusion

Choosing the right auto insurance provider is an important decision that requires careful consideration. The largest auto insurance companies in the United States offer a variety of coverage options and discounts to meet the needs of different customers. It is recommended to compare quotes from multiple providers and to choose a company with a strong financial rating and excellent customer service.