Insurance : Top 10 Property/Casualty Auto Insurance Companies In The US 2018

Insurance : Top 10 Property/Casualty Auto Insurance Companies In The US 2018

The nation’s top 10 property/casualty insurance companies claim more than two-thirds of the total market and wrote more than $588 billion in premium in 2015 – up 3.4% from the year previous, according to new data from the National Association of Insurance Commissioners

If you want the best protection money can buy, buying an auto policy from one of the best car insurance companies is essential. By buying a high-quality policy from a reputable provider, you’ll gain both peace of mind and protection from life-changing financial losses.

While there are plenty of companies to choose from, the best car insurance companies offer certain features that help them stand out.

The 10 biggest property/casualty insurers, by direct premiums, were written and market share, are:

1. State Farm 

statefarm
Direct Premiums Written: $59.361 billion
Market Share: 10.09%

Founded in 1922, State Farm Insurance has a history of financial stability and customer service satisfaction. With physical offices and agents dispersed throughout the country, State Farm is also known for offering individual service that simply cannot be matched by online-only firms.

The company’s biggest benefits include its brick-and-mortar stores and agents, the many discounts it offers, and its strong mobile app. State Farm also makes it easy and painless to get quotes online, which means you don’t have to head into a local office if you don’t want to.

2. Allstate

allstate
Direct Premiums Written: $30.18billion
Market Share: 5.13%
If you’re looking for a car insurance company that offers high-quality insurance policies with the opportunity for discounts, Allstate Insurance should be on your shortlist. Allstate received fairly high ratings across both studies mentioned in this article, with its highest marks received from customers who reported a positive rental car experience.

Allstate Insurance offers the best of both worlds when it comes to the user experience. With brick and mortar offices and agents placed all over the country plus a user-friendly and helpful website, customers have the opportunity to get in-person help or access information online at any time.

3.QuoteWizard

quotewizard

One mistake many consumers make when they are shopping for Car Insurance is not comparing rates.

It’s often cumbersome to shop a lot of companies, which is why we suggest visiting QuoteWizard.com. QuoteWizard is the largest independent insurance lead company in the United States which offers a tool which can help you get several quotes all at once.

If you decide to use QuoteWizard, they make it extremely simple to find auto insurance plans to meet your needs. They’ll get your zip code since rates vary by location and then collect information about your car’s make and model. You’ll be able to add additional vehicles if you’d like to bundle (and save up to 20%).

Finally, they’ll ask for information such as your name and email before providing you with the best providers available in your area for your vehicle(s).

Why you might like QuoteWizard:
  • Many people don’t take the time to properly compare rates on car insurance. Fortunately, there’s a service like QuoteWizard.
  • Save time and money in a matter of minutes

4. Liberty Mutual

liberty mutual
Direct Premiums Written: $29.848 billion
Market Share: 5.07%

Founded in 1912, Liberty Mutual Insurance insures more than 1.5 million vehicles and has some of the top customer service ratings.

Why you might like Liberty Mutual:

  • Ranked “among the best” by J.D. Power’s 2016 U.S. Insurance Shopping Study
  • Great standard coverage, as well as the option to add:
    • Accident forgiveness: Your insurance rates won’t go up when you’re involved in your first accident.
    • New car replacement: If you total your car when it’s less than a year old and has fewer than 15,000 miles, they’ll reimburse you the cost of a new car, not just the depreciated value.
    • Better car replacement: You’ll be reimbursed for a car that is one model year newer and 15,000 fewer miles than your totaled car.
    • Deductible fund: Reduce your deductible by $100 when you add this feature, and then another $100 every year after that.
  • 24-hour claims service

Why you should keep looking:

  • Policies can be expensive if you are purchasing a single policy.

5. Hartford

hartford
Direct Premiums Written: $11.135 billion
Market Share: 1.89%

With more than 200 years of history in business, The Hartford has built an excellent reputation for customer service and claims processing. As of today, the company is still receiving high marks from companies like J.D. Power. In its 2015 Auto Claims Satisfaction study, The Hartford received excellent marks (4/5 or 5/5) in every category except for service interaction.

Although The Hartford is an old company, they still offer some of the best technology in the business. Using their website, you can shop around and even apply for a new policy. Plus, you’ll have 24/7 access to agents either on the phone or online.
6. Progressive

progressive
Direct Premiums Written: $21.346 billion
Market Share: 3.63%

Progressive Insurance is a well-known company with a large base of customers and strong reviews. According to a recent study by JD Power on insurance companies and how they handle claims, they came in extremely competitive when it comes to pricing, among other things.

Did you know Progressive has more than 18,000,000 drivers insured today?

This means roughly 1 in 10 drivers in America has chosen Progressive over all the others. Stack on an exquisite lineup of discounts like the safe driver discount, pay-in-full discount, a multi-car discount, their multi-policy discount, and more, and you’ve got quite a front-runner.

7. Auto-Owners Group

auto owner insurance
Direct Premiums Written: $5.981 billion
Market Share: 1.02%

While Auto-Owners Insurance keeps a fairly low profile, they receive extremely high marks across the board. In fact, J.D. Power awarded Auto-Owners Insurance the highest rating in their 2015 Auto Claims Study, with a 5/5 in every category except for rental car experience. That puts Auto-Owners Insurance ahead of the pack in terms of overall customer satisfaction whenever a claim is filed.

The fact that Auto-Owners Insurance has been around since 1916 should also put consumer’s minds at ease. During that time, they have exhibited financial stability consistently. Auto-Owners Insurance also has 6,300 independent agents, meaning you can buy your policy directly from an individual who understands your needs

8. Farmers

farmer
Direct Premiums Written: $19.05 billion
Market Share: 3.24%

Founded in 1922, State Farm Insurance has a history of financial stability and customer service satisfaction. With physical offices and agents dispersed throughout the country, State Farm is also known for offering individual service that simply cannot be matched by online-only firms.

The company’s biggest benefits include its brick-and-mortar stores and agents, the many discounts it offers, and its strong mobile app. State Farm also makes it easy and painless to get quotes online, which means you don’t have to head into a local office if you don’t want to.

9.GEICO

geico

Who hasn’t heard of GEICO? Their lizard-like mascot is one of the most recognizable insurance company spokesmen (spokes-lizard?). Just because they are one of the most recognizable doesn’t mean they are the best option.

They have a quote tool you can use on their website to determine how much you’ll pay for your plan. You can also submit a claim or make a payment through their website as well.

There are a lot of benefits of having an auto insurance policy through GEICO. You’ll have access to several additional coverages you can add:

  • Emergency roadside assistance
  • Breakdown coverage
  • Ridesharing insurance
  • Auto Repair Xpress

All of these benefits are going to impact your monthly premiums. Some of them are more affordable than others, but they can be a great way to get the most out of your auto insurance coverage.

Why you might like GEICO:

  • Additional riders
  • Excellent customer reviews

10. USAA

usaa
Direct Premiums Written: $16.744 billion
Market Share: 2.85%

USAA received extremely high marks from J.D. Power’s Claims Satisfaction Survey, including 5/5 in overall customer satisfaction. In addition, USAA customers were extremely satisfied with their final settlement after an accident, which is one of the most important indicators or a high-quality insurance company.

The biggest downside to USAA is that it is only available to members or former members of the United State military and their close family members. So, if you’re in the general public, you won’t have the opportunity to buy a policy from USAA.

Why you might like USAA:

  • Top ratings, including overall customer satisfaction
  • Superior customer service
  • Diverse policy options to meet anyone’s needs

Of these insurers’ major lines, auto insurance grew by roughly 4.7% to $199 billion in 2015, and a J.D. Power study reveals a direct relationship between online presence and premium growth.

The J.D. Power 2016 US Insurance Shopping Study, now in its 10th year, measures consumer behavior and satisfaction among those who have recently purchased auto policies.

Of those shopping for insurance, 74% use insurer websites or aggregators for obtaining quotes and researching information. Nearly half obtain quotes through insurer websites and 25% purchase their policy online. Another 50% use an agent, and 22% phone a call center.

HOW TO PICK A POLICY WITH THE BEST AUTO INSURANCE COMPANIES

Knowing which companies received the highest marks year after year is just part of the battle. Beyond researching the best auto insurance companies on the market, you’ll also need to decide which type of policy to buy – and how much coverage you really need. On top of those factors, you’ll need to consider how high your deductible should be.

Consumer Reports offers an extremely helpful guide that highlights the steps you can take to find the best policy for your needs. Even if you’re fairly happy with your policy, they suggest shopping around to compare rates at least every two or three years. That way, you have a good idea of where car insurance rates are headed and how much you could save if you switch. Plus, it never hurts to shop around. Based on your age, your driving record, and other factors, the policy you have now could be considerably cheaper if you switched firms.

Here are some tips to consider as you shop around and compare policies:

Pick a top-rated insurer

By checking auto insurance ratings, you gain insight from each company’s existing customer base. Consumer Reports suggests reading through the most recent auto insurance claims and satisfaction studies to see which companies consistently come out on top.

Set the right deductible

No matter whether you buy liability coverage or full coverage for your vehicle, you need to pick a deductible that meets your needs. Consumer Reports suggests choosing a higher deductible if you want to save on monthly premiums but setting a lower deductible if you want to avoid a large out-of-pocket expense in the event of a car accident. “If you have a good driving record and haven’t had an at-fault accident in years, or ever, opting for a higher deductible on collision coverage might be a good bet,” writes Consumer Reports. Just remember to keep that much cash on hand in case you need it.

Don’t buy state minimum coverage if you truly want a high quality auto policy

While state minimum coverage is less expensive in the short-term, it can prove extremely costly if you have a claim that far exceeds the cap on the policy you purchased. By investing in a policy that offers more generous coverage limits, you can save yourself some heartache and protect your personal property in the event of a costly accident.

Ask friends and family for recommendations

While reading auto insurance provider reviews and ratings is a smart move, you can also ask family and friends for their recommendations. General ratings can help you gauge the quality of any company; however, personal reviews tend to hold more weight. Ask friends and family members whether they have had a good experience with their auto insurer before you purchase a policy. You may be able to nail down the best insurer for your needs based on the suggestions of others.

Get quotes from multiple companies

If you’ve read plenty of insurance company reviews and still can’t decide, it might help to get several quotes to compare. Depending on where you live and other factors, one company could offer a much better deal on auto insurance than the rest. In this scenario – where one company is much cheaper overall – you should figure out why the price is so affordable. Are you comparing apples to apples?

Compare similar policies

Speaking of an “apples to apples” comparison, this part of your search is crucial. To find the right auto insurance company and policy for your needs, you need to compare similar auto insurance policies among multiple providers. This means comparing policies with the same levels of coverage and a similar deductible.

Share

Leave a Reply

Your email address will not be published. Required fields are marked *