Top 10 car insurance companies in the world

Top 10 car insurance companies in the world

While the biggest companies underwrite a large number of policies, they vary on price, service quality and many other characteristics. To help you choose the best insurance company for you, compare the list of the 10 car insurance companies in the World and what makes each of them unique. State Farm is the number one auto insurance company in the country in terms of market share and premiums written, followed by Geico, Progressive and Allstate. When looking at the rankings of the top auto insurance companies in the United States, most of the names are recognizable due to their national television advertising campaigns.

RankCompanyPremiums (Billions)Market Share %
1State Farm$40.416%
2Geico$33.914%
3Progressive$33.213%
4Allstate$25.910%
5USAA$15.86%
6Farmers$12.25%
7Liberty Mutual$11.85%
8Nationwide$5.82%
9American Family$5.22%
10Travelers$4.92%

1. State Farm

Average annual premium: $1,310

Market share: 16%

Premiums written: $40.4 bn

ValuePenguin rating: 4.5/5

J.D. Power customer satisfaction score: 892

State Farm is a great auto insurance company for anyone who wants a local agent, a personalized experience and cheaper-than-average rates. State Farm is the largest auto insurance company in the U.S. and owns 16% of the total available market share. Over 15% of dollars spent on private passenger auto premiums in the country go to State Farm. The company currently employs approximately 60,000 employees and has nearly 19,000 agents. State Farm operates as a mutual insurance company, meaning that its policyholders own it. Among the largest widely available car insurers in this list, State Farm offered the cheapest car insurance rates in most of the U.S.

2. Geico

Average annual premium: $1,917

Market share: 14%

Premiums written: $33.9 bn

ValuePenguin rating: 4/5

J.D. Power customer satisfaction score: 881

Geico is one of the cheapest auto insurance companies. It offers national availability and an easy shopping experience. Geico, known for its advertisements featuring an animated gecko, has served as an underwriter to more than 16 million auto policies, which insure more than 24 million vehicles. The company’s size allows it to employ more than 40,000 people across nine regional offices, three service centers and three claims centers. Geico’s original customer base consisted of U.S. government employees and military personnel. Today, the insurance company’s customer base has expanded to include people in the private sector. According to our research of the largest auto insurance carriers, Geico is the best insurer for college students.

3. Progressive

Average annual premium: $2,036

Market share: 13%

Premiums written: $33.2 bn

ValuePenguin rating: 3/5

J.D. Power customer satisfaction score: 862

Progressive offers especially competitive rates to drivers with previous accidents. However, claims satisfaction ratings and coverage options are average. The third-biggest insurance company in the country was established in 1937. The company offers the ability to buy auto insurance in-person, online or by phone. Alternatively, customers can sign up through independent insurance agents. The company employs more than 35,000 people and has over 400 offices. Progressive is a publicly traded company.

4. Allstate

Average annual premium: $2,349

Market share: 10%

Premiums written: $25.9 bn

ValuePenguin rating: 3/5

J.D. Power customer satisfaction score: 870

Allstate typically has better-than-average claims satisfaction ratings, but higher rates. However, the insurer offers a variety of discounts that can make policies more affordable for customers. Established in 1931, Allstate is the second-largest publicly traded property and casualty insurance company in America. Like State Farm, Allstate has a roster of local agents ready to serve your needs. The company currently employs more than 46,000 people. Esurance, a subsidiary of Allstate, operates in the same space. According to Allstate, the Esurance brand targets self-directed and brand-sensitive customers, while Allstate is geared toward customers who want local and personal service.

5. USAA

Average annual premium: $1,170

Market share: 6%

Premiums written: $15.8 bn

ValuePenguin rating: 4.5/5

J.D. Power customer satisfaction score: 909

USAA is one of the best auto insurers in the country. You’ll enjoy extremely competitive rates, great customer service and speedy claims responses from USAA. The only downside is USAA’s restricted membership. USAA was founded by 25 Army officers who decided to insure each other’s vehicles in 1922. Today, the company serves millions of members associated with the U.S. military, including current and former service members, family of service members and cadets or midshipmen. USAA is headquartered in San Antonio. The corporate campus’ length extends three-quarters of a mile. USAA is the largest private company located in San Antonio. Because of its focus on the U.S. armed forces, USAA is our top pick for the best and cheapest car insurance for veterans and military service members.

6. Farmers

Average annual premium: $2,521

Market share: 5%

Premiums written: $12.2 bn

ValuePenguin rating: 3.5/5

J.D. Power customer satisfaction score: 893

Farmers offers decent discounts, coverage options and great customer service. However, Farmers’ expensive rates may be a negative for some shoppers. Farmers began as an insurance company providing coverage to farmers’ vehicles. Since then, it has evolved to become the seventh-largest insurance company in the country. It’s hard to find an insurance company that offers more products than Farmers. It offers auto insurance, pet insurance and even investment products, among other insurance products. Farmers employs nearly 13,000 people, underwriting more than 19 million policies across all 50 states.

7. Liberty Mutual

Market share: 5%

Premiums written: $11.8 bn

ValuePenguin rating: 3.5/5

J.D. Power customer satisfaction score: 876

Liberty Mutual’s rates vary by location more than the typical insurer, and customers rank the company’s claims satisfaction process as below average. Liberty Mutual is one of the largest insurance companies in the U.S. and has been around for over 100 years. It has a large international presence, with operations in 17 countries. The company sells property and casualty, health and life insurance policies. You can get Liberty Mutual auto insurance through its call center, website, a local Liberty Mutual agent or broker, or representatives from its network of regional subsidiaries. One thing to note about Liberty Mutual’s coverage is that the company guarantees rates for a year.

8. Nationwide

Average annual premium: $2,127

Market share: 2%

Premiums written: $5.8 bn

ValuePenguin rating: 4/5

J.D. Power customer satisfaction score: 876

Nationwide is below average for affordability, and its customer reviews tend to lean negative. Nationwide offers standard coverages and discounts you’d expect from a large national insurer. Nationwide offers financial services, commercial lines and personal lines in all 50 states. The company has contributed more than $430 million to nonprofit organizations since 2000. Nationwide has a motto called “On Your Side” that influences how auto insurance claims are handled, and how policies and premiums are determined. The company also recommends getting an annual checkup to ensure policyholders understand their benefits and coverage, as well as new discounts or changes to keep premiums affordable. Nationwide calls this consultation its “On Your Side” review. Among this list of the largest car insurance companies, Nationwide offers the best deals for customers looking to bundle their home and auto insurance policies.

9. American Family

Average annual premium: $1,755

Market share: 2%

Premiums written: $5.2 bn

ValuePenguin rating: 3.5/5

J.D. Power customer satisfaction score: 889

American Family is a solid choice for auto insurance. The company offers decent rates, which have the potential to be great when policyholders take advantage of some of its many discounts. The American Family was initially established to insure farmers. In the 1930s, the company expanded and began to focus on insuring non-farmers as well. Today, the company is one of the biggest insurance companies in the U.S., and the largest insurer by market share in Wisconsin. American Family is known for its extensive discounts that can make its already decent rates even more affordable for customers. However, insurance from American Family is not available in every state .

10. Travelers

Average annual premium: $2,148

Market share: 2%

Premiums written: $4.9 bn

ValuePenguin rating: 3.5/5

J.D. Power customer satisfaction score: 871

Moderate complaint ratings and a variety of discounts make Travelers a good choice for auto insurance coverage. Travelers is more than 160 years old, making it one of the oldest insurance companies operating today. In fact, Travelers issued its first auto insurance policy in 1897, before the Ford Model T was invented. The company has more than 30,000 employees and 13,500 independent agents and brokers in multiple countries, including the United States, Canada and Brazil. Notably, Travelers offers a rate pricing program known as IntelliDrive, which determines your rates by assessing your safe driving behavior with a smartphone app. Enrolling in IntelliDrive can potentially reduce your annual insurance rates by as much as 20% if you show good driving habits.

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