Whereas the largest businesses ensure a significant number of policies, they differ in terms of pricing, service quality, and a variety of other factors. Therefore, this article has compiled the details of the 5 best auto insurance companies in July 2022 that can help you select the best one for yourself.
Table of contents
1. State Farm
Average annual premium: $1,310
Market share: 16%
Premiums wrote: $40.4 bn
J.D. Power Customer Satisfaction Score: 892
Company Overview
State Farm is an excellent auto insurance provider for anybody looking for a local agent, a customized service, and lower-than-average prices. It is the biggest auto insurance provider in the United States, with 16% of the total available market share. Furthermore, it receives more than 15% of all private passenger vehicle premium dollars in the United States.
Currently, the company employs over 60,000 people and has roughly 19,000 agents. Generally, State Farm is a mutual insurance company, which means that its policyholders own it. Importantly, among the biggest and most generally accessible auto insurers on our list, State Farm provided the lowest car insurance premiums in the majority of the United States.
Suitable for
- Customers needing various forms of insurance
- Customers wanting to speak with a local representative
- Customers seeking low prices
Unsuitable for
- Homeowners and renters seeking coverage additions
2. Geico
Average annual premium: $1,917
Market share: 14%
Premiums written: $33.9 bn
J.D. Power Customer Satisfaction Score: 881
Company Overview
Geico is well known for its cartoon gecko ads. It has worked as an underwriter for over 16 million auto insurance, insuring over 24 million automobiles. Because of its scale, the company may employ over 40,000 individuals throughout 9 regional offices, 3 service centers, and 3 claims centers.
Importantly, Geico’s first customers were U.S. government workers and military people. The insurance company’s client base now includes those in the private sector. It is the top insurer for college students, according to our assessment of the biggest auto insurance companies.
Suitable for
- Customers seeking several insurance lines
- Insurance buyers who prefer to do everything online
Unsuitable for
- Customers who prefer to interact with a local insurance agent
- Homeowners who struggle to do their research on their particular underwriter
3. Progressive
Average annual premium: $2,036
Market share: 13%
Premiums written: $33.2 bn
J.D. Power Customer Satisfaction Score: 862
Company Overview
Progressive is the country’s third-largest insurance company. It was founded in 1937. The organization allows customers to purchase vehicle insurance in person, online, or over the phone. Moreover, customers may also enroll via independent insurance brokers. The company employs around 35,000 employees and has 400 offices. Progressive Corporation is a publicly listed firm.
Suitable for
- Anybody needing to be compensated for excellent driving behavior
- Drivers being in an automobile accident
Unsuitable for
- Anybody seeking the greatest possible customer service
- Young drivers seeking the most affordable car insurance rates
4. Allstate
Average annual premium: $2,349
Market share: 10%
Premiums written: $25.9 bn
J.D. Power Customer Satisfaction Score: 870
Company Overview
Allstate was founded in 1931. It is America’s second-largest publicly listed property and casualty insurance business. Allstate, like State Farm, offers a network of local agents ready to assist you. Currently, the corporation employs around 46,000 employees.
Moreover, Esurance, an Allstate company, operates in the same market. According to Allstate, the Esurance brand caters to self-directed and brand-conscious clients, while Allstate caters to those who want local and personalized care.
Suitable for
- Drivers looking for a reliable network of agents to provide personalized service
Unsuitable for
- Drivers seeking the lowest possible charges at the cost of personalized service
5. USAA
Average annual premium: $1,170
Market share: 6%
Premiums written: $15.8 bn
J.D. Power Customer Satisfaction Score: 909
Company Overview
In 1922, 25 Army officers agreed to insure one other’s automobiles and formed USAA. Today, the company serves millions of military personnel, including current and past service members, family members of service members, and cadets or midshipmen.
Importantly, San Antonio is the headquarters of USAA. The corporate area is three-quarters of a mile long. Moreover, it is the biggest private corporation in San Antonio. Besides, USAA is our top recommendation for the best and cheapest auto insurance for veterans and military service members due to its concentration on the United States armed services.
Suitable for
- Homeowners of more costly residences
- Customers who are eligible and want excellent customer service
Unsuitable for
- Customers who are not members of the United States military
- Drivers who drive leased automobiles
Nevertheless, considering what you value most while looking for the best auto insurance provider is very important. However, price and affordability may be more important to you than excellent customer service. Importantly, remember that you may always change companies if your requirements alter.
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Read more: Popular Auto Insurance
Source: ValuePenguin