Here are the most popular car insurance companies on the market, per iBestTravel. This information is compiled by comparing the amount of direct premiums written for each auto insurance company in 2021, alongside the total percentage of market share. The top 10 car insurance companies constituted 70% of the market for personal auto insurance coverage.
Included for each insurance company are its J.D. Power satisfaction rates from 2022. The data analytics company, J.D. Power, conducts annual reviews of the car insurance industry, making it a reliable source for finding insurance based on customer satisfaction ratings on a 1,000-point scale.
Most Popular Car Insurance Companies
These are the top ten most popular car insurance companies in the market.
1. State Farm
Direct premiums written: $41,665,754
Market share: 16.0%
J.D. Power Satisfaction Rating: 882
2. Geico
Direct premiums written: $37,422,558
Market share: 14.4%
J.D. Power Satisfaction Rating: 874
3. Progressive
Direct premiums written: $35,852,921
Market share: 13.8%
J.D. Power Satisfaction Rating: 861
4. Allstate
Direct premiums written: $27,221,928
Market share: 10.4%
J.D. Power Satisfaction Rating: 889
5. USAA Insurance Group
Direct premiums written: $15,738,749
Market share: 6.0%
J.D. Power Satisfaction Rating: 890
6. Liberty Mutual
Direct premiums written: $13,257,306
Market share: 5.1%
J.D. Power Satisfaction Rating: 870
7. Farmers Insurance Group of Companies
Direct premiums written: $12,441,182
Market share: 4.8%
J.D. Power Satisfaction Rating: 882
8. Nationwide Mutual Group
Direct premiums written: $5,565,737
Market share: 2.1%
J.D. Power Satisfaction Rating: 868
9. American Family Insurance Group
Direct premiums written: $5,488,677
Market share: 2.1%
J.D. Power Satisfaction Rating: 874
10. Travelers Companies Inc.
Direct premiums written: $5,328,115
Market share: 2.0%
J.D. Power Satisfaction Rating: 854
Car Insurance Companies Customer Satisfaction
When deciding on car insurance, it is crucial to compare not only prices and coverage but also customer satisfaction among companies. The following ratings can help you determine how well the most popular car insurance companies rank in this regard.
J.D. Power Scores: The data analytic company, J.D. Power, conducts annual reviews of the car insurance industry, providing a valuable source for customer satisfaction ratings. These ratings are based on a 1,000-point basis.
NAIC Complaint Index: The National Association of Insurance Commissioners (NAIC) oversees insurance regulation across the U.S. It compiles a list of customer complaints to create a Complaint Index. The baseline for this Index is 1.00; ratings above this number indicate more complaints than average.
AM Best Ratings: AM Best rates show the financial strength of auto insurance companies, highlighting their ability to pay claims. Generally, higher scores indicate more financial stability.
How to Get the Best Rates on Car Insurance
Between 2022 and 2023, car insurance rates have increased by almost 14%, raising the national average premium for full coverage from $1,771 to $2,014. Therefore, it’s essential to search for the best available rates. Here are several strategies to consider:
- Shop around: Gathering quotes from various insurance companies can help you identify the best rates.
- Take advantage of discounts: Discounts for safe driving, good student performance, and multiple policy holdings are commonly offered by auto insurance companies.
- Improve your credit: In most states, overall credit scores influence car insurance rates; thus, enhancing your credit can lead to better premiums.
- Increase your deductibles: While your out-of-pocket expenses may rise, increasing deductibles often results in lower premium costs.
