Top 25 Car Insurance Companies by Market Share
Table of Contents
|Rank||Insurance Company||A.M. Best Rating||Headquarters||Website|
|1||State Farm||A++||Bloomington, IL||www.statefarm.com|
|2||Berkshire Hathaway (GEICO)||A++||Omaha, NE||www.geico.com|
|5||USAA||A++||San Antoniio, TX||www.usaa.com|
|6||Liberty Mutual||A||Boston, MA||www.libertymutual.com|
|7||Farmers Insurance||A||Woodland Hills, CA||www.farmers.com|
|9||American Family||A||Madison, WI||www.nationwide.com|
|10||Travelers||A++||Saint Paul, MN||www.travelers.com|
|11||AAA Insurance||A+||Costa Mesa, CA||www.aaa.com|
|12||Erie Insurance||A+||Erie, PA||www.erieinsurance.com|
|14||National General||A-||New York, NY||www.nationalgeneral.com|
|15||CSAA Insurancec||A||Walnut Creek, CA||csaa-insurance.aaa.com|
|17||Mercury Insurance||A||Los Angeles, CA||www.mercuryinsurance.com|
|18||MetLife||A+||New York, NY||www.metlife.com|
|19||The Hartford||A+||Hartford, CT||www.thehartford.com|
|20||Auto Club Insurance||A++||Dearborn, MI||www.aaa.com|
|21||Amica Mutual||A+||Lincoln, RI||www.amica.com|
|22||Hanover Insurance||A||Worcester, MA||www.hanover.com|
|23||Country Financial||A+||Bloomington, IL||www.countryfinancial.com|
|24||NJM Insurance||A+||West Trenton, NJ||www.njm.com|
|25||Southern Farm Bureau||A+||Ridgeland, MS||www.sfbcic.com|
Finding the Lowest Car Insurance RatesAuto insurance rates are typically based primarily on three rating factors:
- The types of coverages, limits, and deductibles you prefer – Certainly, buying just liability insurance to satisfy your state’s insurance requirements is going to cost much less than buying full coverage with high liability limits on a new Corvette.
- The type of vehicle or vehicles you are insuring. – This part of the rating is actually based on two separate factors of the vehicle(s) you own. For example, vehicles with all the current safety features will have lower liability rates than older models with only seatbelts in the front. Secondly, since the comprehensive and collision rates are based on the actual cash value of the vehicle at the time of a claim, it will cost more to insure a luxury vehicle than it would to insure a family sedan.
- Drivers listed on the policy. – Car insurance underwriting also includes information about the drivers in your household. This underwriting information includes each driver’s age, marital status, driving record for the past 3 to 5 years, insurance score, annual miles driven, and in some cases, the driver’s occupation.
Where should I Shop for the Best Car Insurance Rates?How we shop for car insurance (or any other types of insurance) has changed dramatically over the last twenty years. Certainly, this is the result of the speed of the internet and the innovative software that is available for comparative rating. Virtually anyone with an internet connection or a cell phone can shop their insurance rates with most of the highly-rated companies in a matter of minutes. With your phone or internet connection you can shop your business with all the major companies using three points of access:
- Insurance Companies – In today’s economy there are some insurance companies who prefer to deal directly with the consumer and therefore willing to sell directly to the consumer. These are referred to as direct-writers such as GEICO, Progressive, and Esurance. The drawback for the consumer is that they will be offered only one insurance solution rather than multiple quotes.
- Independent Brokerages – The value of an independent insurance broker is that they will represent many of the top-rated insurance companies but their loyalty will always be to the client or prospective client rather than the insurance company. Brokers are not insurance companies. Instead, they select certain companies to partner with and act as a sales force for those companies.
- Marketplace Aggregators – Marketplace companies typically use innovative technology to rate a prospect with many companies they partner with. Some of these companies actually retrieve the underwriting data and become the agent of record for the policy, but in most cases, these companies hand the prospect off to the company the applicant selects to purchase from. Finally, some of these companies are actually lead generation platforms that collect your basic information and send your data to independent agents who purchase the lead.