Proudly owning a automobile exposes you to varied monetary dangers. With automobile insurance coverage, you will be coated for injury to your automobile and different circumstances through which you can be liable to pay restore payments or medical bills.
The perfect automobile insurance coverage suppliers supply not solely complete protection for an inexpensive worth but in addition glorious customer support, simple claims processes, and accessible methods to make funds and handle insurance policies.
Based mostly on figures from the Nationwide Affiliation of Insurance coverage Commissioners (NAIC), listed below are the highest 10 main automobile insurance coverage suppliers within the US by market share:
Direct Written Premiums: $65.6 billion
Market Share: 9.27%
State Farm is a gaggle of insurance coverage and monetary providers companies owned by State Farm Mutual Car Insurance coverage Firm, a mutual insurance coverage firm primarily based in Bloomington, Illinois. In 2019, it ranked thirty sixth on the Fortune 500 record of largest firms.
State Farm offers property and casualty (P&C) insurance coverage, annuities, life and medical health insurance, mutual funds, and banking merchandise. It has round 59,000 workers and sells merchandise by means of a 19,000-strong drive of unbiased contractor unique State Farm brokers.
Direct Written Premiums: $46.1 billion
Market Share: 6.51%
The Authorities Workers Insurance coverage Firm (GEICO) is a Maryland-based auto insurance coverage firm. It’s a wholly-owned subsidiary of Berkshire Hathaway and provides protection for over 20 million automobiles owned by greater than 16 million policyholders.
GEICO employs over 40,000 associates, maintains greater than 16 places of work throughout the US, and offers 24/7 service. Its insurance coverage merchandise embody automobile, property, enterprise, journey, abroad, life, pet, jewellery, and id safety.
Direct Written Premiums: $39.2 billion
Market Share: 5.54%
The Progressive Group of Insurance coverage Corporations is thought for its innovation within the private auto market. It claims to be the third-largest auto insurance coverage supplier and the primary bike/specialty RV insurer within the US.
For over 80 years, Progressive has provided a variety of insurance coverage merchandise equivalent to auto, industrial auto, bike, boat, renters, residence, and small enterprise insurance policies. It employs over 36,000 folks, operates in all 50 states, and sells merchandise by means of greater than 30,000 unbiased insurance coverage companies throughout the nation.
Direct Written Premiums: $35 billion
Market Share: 4.95%
Allstate is a private strains P&C insurer within the US based in 1931 as a part of Sears, Roebuck & Co. Its insurance coverage merchandise embody automobile, residence, property, apartment, renters, life, enterprise, bike, boats, and different leisure automobiles. It additionally provides monetary merchandise, equivalent to school financial savings applications, annuity, and retirement plans.
In 2018, Allstate ranked 79th on the Fortune 500 record of largest US companies by complete income. It employs almost 46,000 folks and serves round 16 million households.
Direct Written Premiums: $23.4 billion
Market Share: 3.32%
USAA is a household of firms that gives insurance coverage, investments, banking, retirement, and different monetary services for former and present members of the US army and their households. It has greater than 35,000 workers and over 13 million members.
USAA’s insurance coverage merchandise are divided into 4 classes: auto and automobile, residence and property, life and well being, and extra insurance coverage.
Its auto and automobile insurance coverage merchandise present protection for auto, bike, motorhome, boat, and traditional automobile.
Direct Written Premiums: $20.6 billion
Market Share: 2.92%
The Farmers Insurance coverage Group of Corporations offers protection for automobiles, houses, people, pets, and small companies and has a variety of different specialty insurance coverage and monetary providers merchandise. It serves over 10 million households with greater than 19 million particular person insurance coverage insurance policies throughout all 50 states by means of 48,000 unique and unbiased brokers and over 21,000 workers.
Farmers Insurance coverage’s firms embody Foremost Insurance Group, The Bristol West Insurance coverage Group, The twenty first Century Insurance Group, Farmers New World Life Insurance coverage Firm, Farmers Monetary Options, and Toggle.
7. The Hartford
Direct Written Premiums: $12.6 billion
Market Share: 1.79%
The Hartford Monetary Providers Group is an insurance coverage and funding firm that makes a speciality of life insurance coverage, vehicle and householders insurance coverage, and group and worker advantages. It additionally provides funding merchandise, annuities, school financial savings plans, and mutual funds.
The Hartford operates in industrial strains, P&C different operations, private strains, Hartford funds, and group advantages.
The Hartford’s industrial strains enterprise offers staff’ compensation and protection for auto, property, legal responsibility, and umbrella beneath numerous merchandise throughout the firm’s customary industrial strains. Its private strains section provides auto, householders, and home-based enterprise insurance coverage merchandise for people, and its P&C and different operations division contains particular property and casualty operations.
Direct Written Premiums: $11.5 billion
Market Share: 1.63%
American Family Insurance, also referred to as AmFam, is a mutual insurance coverage firm that makes a speciality of P&C and auto insurance coverage. Its services are divided into three sections: automobile insurance coverage, property and enterprise, and added safety.
AmFam’s automobile insurance coverage section covers automobiles, bikes, traditional automobiles, boats, RVs, ATVs, and snowmobiles. In the meantime, the property and enterprise division offers protection for renters, houses, condominiums, manufactures houses, farms, ranches, and companies. The corporate additionally provides life, well being, journey, umbrella, and id theft insurance coverage, in addition to credit score monitoring.
Direct Written Premiums: $7.4 billion
Market Share: 1.06%
The Erie Insurance coverage Group is a multi-line insurance coverage firm that gives auto, residence, life, and enterprise insurance coverage by means of a community of over 12,000 unbiased insurance coverage brokers.
Erie employs greater than 5,000 folks and serves 12 states and the District of Columbia. It has over 5.8 million insurance policies for auto, residence, and enterprise insurance coverage in addition to over 339,000 insurance policies for all times, annuity, and incapacity insurance coverage.
It ranks on the Fortune 500 record of largest American firms primarily based on income.
Direct Written Premiums: $1.2 billion
Market Share: 0.50%
Amica Mutual Insurance coverage is among the oldest mutual insurers of cars within the US. It additionally offers residence, umbrella, and marine insurance coverage.
Amica’s subsidiaries embody Amica Life Insurance coverage Firm, Amica Property and Casualty Insurance coverage Firm, and Amica Basic Company.