Top 10 Car Insurance Providers in the US: Pros and Cons Analysis of Each Company

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Read more: Top 10 US auto insurance companies based on customer experience

To identify the industry giants that provide the best coverage, Forbes Advisors took a “big picture” of each company by analyzing the key factors that influence the user experience. client. The consumer financial services company then calculated the score based on four key metrics:

  • Auto insurance rate (50%): Average fees for different types of drivers, including those with a good driving history; the people who caused the accident; and those with speeding penalties, DUI charges or poor credit – using data from the Quadruple Information Service.
  • Coverage options (25%): Additional protections provide “better protection or cost savings” to consumers. The Forbes advisor scored companies that offer accident forgiveness, new car replacements, disappearing deductibles, usage-based or pay-per-mile coverage, and SR-22.
  • Complaints (20%): Number of claims against insurance companies using data from the National Association of Insurance Commissioners (NAIC). Most auto insurance claims focus on claims, including inadequate settlements, delays, and denials.
  • Crash Repair (5%): The insurer’s repair methodology uses data provided by the CRASH Network, a weekly publication that covers crash repair and auto insurance market segments.

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Here’s how the country’s largest auto insurance providers measure up against the Forbes Advisor indexes, with the best companies scoring as high as 5.0. Numbers updated February 2022. Live premium and market share numbers are taken from III’s 2020 data, which are the most recent figures available.

Market share: 13.6%

Direct premiums written: $33.9 billion

Average annual premium for good drivers: $1,182

Collision requiring repair grade: C-

Complaint level: Low

Forbes Advisor Rating: 5.0

GEICO, a subsidiary of Berkshire Hathaway and the nation’s second-largest auto insurer topped the list, thanks to “very competitive premiums” not only for drivers with a driving history. good cars but also for those who have been fined for speeding, have poor credit, or have been caught driving without insurance. GEICO also offers valuable extras such as accident forgiveness and a usage-based insurance program to help drivers reduce their insurance premiums. The insurer was also named the best provider of auto insurance for good drivers in 26 states in the Forbes Advisors analysis.

Market share: 2.3%

Direct premiums written: $9.8 billion

Average annual premium for good drivers: $1,540

Requirement for crash repair grade:

Complaint level: Very low

Forbes Advisor Rating: 5.0

Nationwide received the fewest claims among the country’s largest car insurance companies. It also offers competitive rates for different types of drivers, including those adding teenagers to their policy and those with poor credit history. The The Ohio-based insurer also offers a range of helpful add-ons, including a usage-based insurance plan and a pay-per-mile option for motorists looking to lower fares. their.

Read more: Nationwide partnership with Toyota, providing telecommunications-based insurance

Market share: 2%

Direct premiums written: $4.9 billion

Average annual premium for good drivers: $1,435

Requirement for crash repair grade: C +

Complaint level: Very low

Forbes Advisor Rating: 5.0

Travelers only tracked nationally for the fewest number of complaints received. The company offers competitive premiums for loan/rent gap insurance at around $39 annually. It also offers relatively low auto rates for drivers with a DUI on their profile, though the premium for those adding a teen driver tends to be high. Among the prominent features of an insurance company’s policy are accident and minor breach forgiveness, and a usage-based insurance plan that can offer policyholders great discounts. big stage.

4. USAA

Market share: 6.3%

Direct premiums written: $15.8 billion

Average annual premium for good drivers: $1,141

Requirement for crash repair grade: C +

Complaint level: OK

Forbes Advisor Rating: 5.0

The last company to receive a five-star rating on the Forbes Advisors list, USAA offers low fees to not only good drivers, but also those with accidents, speeding fines, or DUIs on record. their drivers, as well as young and senior drivers. However, professional insurance companies only provide auto insurance to veterans and active-duty members of the military and their immediate families. Among its policies, valuable add-ons include accident forgiveness, new car replacement, car-sharing coverage, and usage-based coverage.

Read more: USAA rolls out telecommunications insurance program in most states

5. Car owners

Market share: 1.3%

Direct premiums written: $3.1 billion

Average annual premium for good drivers: $1,532

Requirement for crash repair grade: B +

Complaint level: Low

Forbes Advisor Rating: 4.5

Auto Owners’ optional insurance options – including accident forgiveness, reduced deductibles, new vehicle replacement and loss coverage – a seamless claims process and low claim count make up relatively high average rates for certain types of drivers. Out of all the insurance companies ranked, Auto Owners has the highest premiums for drivers with poor credit. It also imposed an average price increase of nearly $3,580 when adding teenagers to a policy. However, the company has received one of the highest ratings from collision repair professionals for its good claims handling services.

Market share: 16.2%

Direct premiums written: $40.4 billion

Average annual premium for good drivers: $1,402

Requirement for crash repair grade:

Complaint level: Low

Forbes Advisor Rating: 4.5

The nation’s largest auto insurer offers the lowest premiums to motorists who are involved in an accident or speeding of all the companies ranked. It also offers competitive rates for longtime drivers and those adding teenagers to their policy. In terms of the number of complaints received, State Farm is in the bottom half of the list.

Market share: 8.4%

Direct premiums written: $25.9 billion

Average annual premium for good drivers: $2,022

Collision requiring repair grade: C-

Complaint level: Low

Forbes Advisor Rating: 4.0

Allstate boasts a useful portfolio of insurance options, including accident forgiveness, vanishing deductibles, loss coverage, and new auto replacement. Contract holders can also access the company’s usage-based and pay-per-mile services. The company has a good track record when it comes to customer complaints, helping to offset car insurance premiums that are often higher than those of competitors.

Read more: Allstate takes the leap in personalized auto insurance pricing

8. Erie

Market share: 1.3%

Direct premiums written: $3.3 billion

Average annual premium for good drivers: $1,419

Class A-Collision Repair Requirements:

Complaints level: Higher than industry average

Forbes Advisor Rating: 4.0

Erie has received the highest ratings from crash experts out of all the listed insurance companies for its repair claims process. However, it was one of only two companies that received a higher-than-average number of complaints. The Forbes advisor also describes the company’s car insurance premium rates as “a mixed bag depending on your driving record,” but commends its rate-lock feature, which allows motorists to keep their rates. the premiums are the same every year unless they make some change in their policy like adding or removing a vehicle.

Read more: Erie Insurance wins top auto insurance title

Market share: 4%

Direct premiums written: $9.9 billion

Average annual premium for good drivers: $2,124

Requirement for crash repair grade:

Complaints level: Higher than industry average

Forbes Advisor Rating: 3.0

Farmers’ auto insurance rates tend to be on the high side compared to competitors. Auto insurance claims against the company are also well above the industry average. However, one of the positives for Farmer is that it offers policy features that can help post-crash drivers like new car replacements and accident forgiveness. The company also offers carpooling insurance for Uber and Lyft drivers.

Read more: Farmers Insurance has adapted to Tesla’s change

Market share: 13.3%

Direct premiums written: $33.2 billion

Average annual premium for good drivers: $1,892

Requirement for crash repair grade:

Complaint level: OK

Forbes Advisor Rating: 3.0

The nation’s third-largest car insurance provider rounded off the rankings with claims numbers well below the industry average. The company also stands in the middle when it comes to insurance rates compared to other major players in the industry. However, body shop experts say Progressive’s crash repair process is relatively low compared to its industry peers.

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