Powered by Coverage.com (NPN: 19966249)
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
Insurance Disclosure
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
Cate Deventer Cate Deventer
Written by
Lisa McArdle Lisa McArdle
Edited by
Mark Friedlander Mark Friedlander
Reviewed by
Updated Mar 14, 2024
Editorial integrity
Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions.
Key Principles
We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers.
Editorial Independence
Bankrate’s editorial team writes on behalf of YOU — the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information.
How we make money
You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey.
Bankrate follows a stricteditorial policy, so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers.
We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money.
Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range, can also impact how and where products appear on this site. While we strive to provide a wide range of offers, Bankrate does not include information about every financial or credit product or service.
Insurance Disclosure
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
The Bankrate promise
At Bankrate, we strive to help you make smarter financial decisions. To help readers understand how insurance affects their finances, we have licensed insurance professionals on staff who have spent a combined 47 years in the auto, home and life insurance industries. While we adhere to strict,this post may contain references to products from our partners. Here's an explanation of .Our content is backed byCoverage.com, LLC, a licensed entity (NPN: 19966249). For more information, please see our.
On This Page
On This Page
- What are the largest auto insurance companies?
- Why should I pick a large car insurance company?
- Frequently asked questions
- Methodology
When deciding on an auto insurance company, there are several things to consider. Does the company have the right kind of coverage for your vehicle? Are its rates reasonable when compared to competitors? Is the company well-rated by its customers? These may all be important questions to consider. However, there’s an important question you may not be as quick to think of: what is the company’s market share? While the market share of a company doesn’t directly translate into quality of coverage, it may imply higher competency and more available resources. Not only do larger companies have a longer-standing and more established footprint, but they also tend to have more funds available for meeting potential claims.
Bankrate’s insurance editorial team, which includes licensed insurance agents, used our nearly 50 years of combined industry experience to find and evaluate the largest car insurance companies by market share to help drivers find the best carrier to meet their particular needs.
Compare auto insurance rates
Answer a few questions to see personalized rates from top carriers
Your information is kept secure
Powered by Coverage.com (NPN: 19966249)
Insurance Disclosure
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
Advertising Disclosure
This advertisem*nt is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisem*nt are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisem*nt. All offers are subject to additional terms and conditions.
What are the largest auto insurance companies?
The biggest car insurance companies are determined by their direct premiums written in 2021. Using the most recent NAIC data compiled by the Triple-I, these are the 10 largest auto insurance companies in the U.S. We have included each company’s Bankrate Score, which is based on our combined analysis of things like average rates from Quadrant Information Services, coverage options and third-party information from organizations like J.D. Power and AM Best. Bankrate Scores are out of a possible five points, with 5.0 being the highest.
| Company | Bankrate Score | Average annual minimum coverage premium | Average annual full coverage premium | Market share |
|---|---|---|---|---|
| State Farm | 4.3 | $666 | $2,244 | 16.9% |
| Progressive | 4.4 | $582 | $1,952 | 14.1% |
| Geico | 4.4 | $463 | $1,732 | 13.8% |
| Allstate | 3.9 | $660 | $2,935 | 10.7% |
| USAA* | 4.2 | $433 | $1,673 | 5.9% |
| Liberty Mutual | 3.8 | Rates not available | Rates not available | 5.0% |
| Farmers | 3.8 | $898 | $2,668 | 4.6% |
| Travelers | 4.2 | $535 | $1,794 | 2.1% |
| American Family | 4.2 | $523 | $1,513 | 2.1% |
| Nationwide | 4.0 | $737 | $1,796 | 2.0% |
State Farm Insurance review
J.D. Power score: 882/1,000
AM Best financial strength rating: A++
For auto policies, State Farm is the largest insurance company in the U.S., with the biggest market share (16.9 percent) and over $46.6 million in direct premiums written in 2022. It also boasts an A++ (Superior) financial strength rating from AM Best. State Farm earned an auto Bankrate Score of 4.3, thanks in part to its nationwide availability and excellent third-party customer satisfaction scores. Additionally, State Farm may offer low average rates for those with driving incidents.
Standout features:
- Large network of local agents
- Two safe-driving programs available
Progressive Insurance review
J.D. Power score: 861/1,000
AM Best financial strength rating: A+
Progressive is also one of the biggest car insurance companies, boasting the second-largest U.S. market share with over $38.9 million direct premiums written in 2022. The insurer also carries an A+ (Superior) financial strength rating from AM Best, indicating that the company has a strong history of paying out to its policyholders when they have claims. Progressive offers a highly rated mobile app as well as multiple types of accident forgiveness, helping it earn an auto Bankrate Score of 4.4 and Bankrate’s 2024 award for Best Auto Insurance Company for High-Risk Drivers.
Standout features:
- Numerous discounts
- Rideshare insurance available
Geico Insurance review
J.D. Power score: 874/1,000
AM Best financial strength rating: A++
Owned by Berkshire Hathaway, Geico is a giant in the auto insurance industry and carries 13.8 percent of U.S. market share, writing over $38.1 million in direct premiums in 2022. The company has earned an A++ (Superior) financial strength rating from AM Best. This financial strength rating, along with the company’s savings opportunities, helped Geico earn a 4.4 auto Bankrate Score. It also tied for the Best Auto Insurance Company Overall and the Best Budget Auto Insurance in the 2024 Bankrate Awards.
Standout features:
- Long list of discounts
- Robust digital tools
Allstate Insurance review
J.D. Power score: 889/1,000
AM Best financial strength rating: A+
Allstate boasts an A+ (Superior) financial strength rating from AM Best. It has the fourth-largest market share with just over $29.6 million in direct premiums written in 2022. Allstate’s discount opportunities and nationwide availability helped it earn an auto Bankrate Score of 3.9.
Standout features:
- Offers a points-based rewards system
- Coverage available for classic or custom vehicles
USAA Insurance review
J.D. Power score: 890/1,000
AM Best financial strength rating: A++
USAA maintains an impressive A++ (Superior) financial strength rating from AM Best. It ranks in the top five for largest market share, writing more than $16.3 million in direct premiums in 2022. USAA’s top-notch customer service rankings, along with its lower-than-average premiums, helped it earn an auto Bankrate Score of 4.2.
Standout features:
- Coverage types and discounts are geared toward military needs
- Several types of insurance available
Liberty Mutual Insurance review
J.D. Power score: 870/1,000
AM Best financial strength rating: A
Liberty Mutual has the sixth-largest market share with more than $13.7 million in direct premiums written in 2022. The company has a lower financial strength rating than other top carriers on our list — although still relatively high — with an A (Excellent) from AM Best. Liberty Mutual has an auto Bankrate Score of 3.8, partly because of its robust coverage options.
Standout features:
- Available in all 50 states and Washington, D.C.
- Offers a wide range of discounts
Farmers Insurance review
J.D. Power score: 882/1,000
AM Best financial strength rating: A
Farmers has the seventh-largest market share at 4.6 percent, generating over $12.6 million in direct premiums in 2022. The company carries an A- (Excellent) financial strength rating from AM Best, placing its financial strength just below Liberty Mutual. Farmers allows for a highly-customizable auto insurance policy through a solid set of endorsem*nts, helping it earn a Bankrate Score of 3.8.
Standout features:
- Multiple unique discounts available
- Robust website with plentiful resources
Travelers Insurance review
J.D. Power score: 854/1,000
AM Best financial strength rating: A++
Travelers grew dramatically between 2021 and 2022 moving from 10th to 8th biggest carrier with a market share of 2.1 percent and over $5.8 million in direct premiums written in 2022. The company sits alongside other top-rated insurers with an A++ (Superior) financial strength rating from AM Best. Travelers has a 4.2 auto Bankrate Score, thanks in part to this stellar financial strength and its coverage options.
Standout features:
- Numerous optional coverage types
- Various discounts opportunities
American Family Insurance review
J.D. Power score: 874/1,000
AM Best financial strength rating: A
American Family maintains the ninth-largest market share with just under $5.8 million in direct premiums written in 2022. The carrier has an A (Excellent) AM Best financial strength rating. American Family scores above average in the regions where it’s included in the J.D. Power 2022 U.S. Auto Insurance Study, contributing to the company’s 4.2 auto Bankrate Score.
Standout features:
- 24/7 claims support
- Diminishing deductible option
Nationwide Insurance review
J.D. Power score: 868/1,000
AM Best financial strength rating: A+
Nationwide dropped to 10th place for market share with more than $5.5 million in direct premiums written in 2022 — similar to the same amount in 2021. It is still one of the biggest car insurance companies and Nationwide is backed by an A (Excellent) financial strength rating from AM Best. Nationwide tends to offer generally low rates, which is one of the reasons why it has an auto Bankrate Score of 4.0.
Standout features:
- Local, independent agents available
- Offers two usage-based programs
Why should I pick a large car insurance company?
Purchasing a policy from a large auto insurer could have multiple benefits since major carriers tend to have vast resources to offer. One factor to consider when choosing the right car insurance company for you is a company’s stability.
With more premiums written, a large insurance company is often more financially stable than a smaller, regional carrier that is more limited in its scope. While some national carriers may have higher rates than regional insurers, they may also be able to offer more discounts and savings programs that policyholders can use to lower their costs.
The largest auto insurance companies also tend to offer extended customer service hours, sometimes even offering 24/7 instant support by phone and chat. Smaller car insurance companies may not have the resources to maintain these extended levels of customer support.
When it comes to whether a large insurance company or small company is better, it depends on your needs and what you want in an auto insurer.
Benefits of choosing a large insurance company
Pros
Generally more financially stable
Might offer more discounts
Extended customer service hours
Faster claims processing
Cons
Customer service can be delayed due to volume
Policyholders may receive less individualized assistance
Available agents online or via phone may be less likely to understand the unique needs of drivers in your region
Frequently asked questions
Methodology
Bankrate utilizes Quadrant Information Services to analyze 2023 rates for ZIP codes and carriers in all 50 states and Washington, D.C. Rates are weighted based on the population density in each geographic region. Quoted rates are based on a 40-year-old male and female driver with a clean driving record, good credit and the following full coverage limits:
- $100,000 bodily injury liability per person
- $300,000 bodily injury liability per accident
- $50,000 property damage liability per accident
- $100,000 uninsured motorist bodily injury per person
- $300,000 uninsured motorist bodily injury per accident
- $500 collision deductible
- $500 comprehensive deductible
To determine minimum coverage limits, Bankrate used minimum coverage that meets each state’s requirements. Our base profile drivers own a 2021 Toyota Camry, commute five days a week and drive 12,000 miles annually.
These are sample rates and should only be used for comparative purposes.
Bankrate Scores
Our 2023 Bankrate Score considers variables our insurance editorial team determined impacts policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories.
Like our previous Bankrate Scores, each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. This year, our 2023 scoring model provides a more comprehensive view, indicating when companies excel across several key areas and better highlighting where they fall short.
- Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, 2023 quoted premiums from Quadrant Information Services (if available), as well as any of the latest third-party agency ratings from J.D. Power, AM Best and the NAIC, were analyzed.
- Tier 2 (Coverage & savings): We assessed companies’ coverage options and availability to help policyholders find a provider that balances cost with coverage. Additionally, we evaluated each company’s discount options listed on its website.
- Tier 3 (Support): To encompass the many ways an auto insurance company can support policyholders, we analyzed avenues of customer accessibility along with community support. This analysis incorporated additional financial strength ratings from S&P and Moody’s and factored a company’s corporate sustainability efforts.
Cate Deventer is a writer, editor and insurance professional with over a decade of experience in the insurance industry as a licensed insurance agent.
