Top 20 Car Insurance Companies in the US
When you want to have car insurance for your vehicle, you may like to know the top companies that offer car insurance plans. Car insurance is very important because life can throw sudden shocks and surprises. If untoward things like accidents or thefts happen, you may be put to a heavy loss. Though you are not a soothsayer to predict such things, you can protect yourself from such losses with the help of an appropriate car insurance. In fact, almost all the states in the US have made car insurance mandatory. But, by comparing the plans offered by various companies, you can choose the most appropriate one that may suit your needs perfectly. The car insurance that has been made mandatory in many states covers not only the liability caused due to injuries but the damages caused to others because of an accident. But, there are no uniform rules in all the states. Some states do not insist that the drivers should carry liability insurance but a few other states insist that those who do not carry a liability should make some monthly payments. The purpose of doing a good research and selecting a good plan is not only to reduce the costs of insurance but to choose a reputed company also. By "a reputed company", it is meant that the company should have an excellent financial holding, should protect those who are insured, provide the covers people want to have and settle the claims appropriately. Let us have a look at the list of top 10 car insurance companies in the US in terms of their revenues and market shares.
- State Farm Mutual - Revenue $951 millions in 2010 - Market share 18%
- All State Auto Insurance - Revenue $31.4 billions in 2010 - Market share 10%
- GEICO - Revenue $1.1 billion in 2010 - Market share 8%
- Progressive - Revenue $15 billions in 2010 - Market share 7.5%
- Zurich Fin. Services (Farmers) - Revenue $1.7 billions in 2010 - Market share 6%
- Nationwide Mutual - Revenue $959 millions in 2010 - Market Share 4.5%
- Liberty Mutual - Revenue $1.7 billions in 2010 - Market Share 4%
- UAA - Revenue $2.6 billions in 2010- Market Share 4%
- Travelers - Revenue $3.3 billions in 2010 - Market Share 2.1%
- American Family Mutual - Revenue $6.3 millions in 2010 - Market Share 2%
Let us delve deep and find out more about the 20 top car insurance companies in the US.
State Farm Mutual Insurance Company
State Farm Mutual is one of the oldest insurance companies of the US with a market share of about 20%. It is estimated that about 50 million customers are being serviced by this company. This company is appreciated for its efficient online and round-the-clock customer service. This company has a huge army of agents and more than 30,000 claims are processed daily by this company. Many customers vouch for the fact that they get more than what they pay for, from this company.
Covers offered: Liability coverage, Medical Payments coverage, Collision coverage, Comprehensive coverage, Uninsured Motor Vehicle coverage, Under-insured Motor Vehicle coverage, Car Rental and Travel Expense coverage, Emergency Road Service
Allstate Auto Insurance Company
Allstate Auto Insurance company is another company with very sound financial holdings. Especially, teenagers as well as aged drivers benefit a lot with the plans of this company. A few experts point out that among all the insurance companies, this company may be the only one that does not resort to penalizing customers if they are separated from their spouses. This company is also known for extending very good discounts to its customers. This company also has online services. Since they have a wide range of plans, customers have the liberty to make their choice. They offer a program called Accident Forgiveness Program and according to this, even if you have been involved in an accident and the mistake is yours, you need not pay higher premiums. For every accident-free six months, you earn 5% of the premium amount.
Packages offered: Value Package, Standard Policy, Gold Package and Platinum Package.
GEICO Auto Insurance Company
GEICO Auto Insurance, otherwise known as Government Employee's Insurance Company, has been there for the last 70 years. There are a wide range of plans available with them and hence, customers can choose the most appropriate one that suits their needs. This company is known for its personalized customer service. The premium amounts payable are also quite reasonable. They offer various types of discounts to their clients. Some of them are anti-theft discounts, good student discounts, driver's education discounts, college graduate discounts, military discounts and defensive driving discounts. Their Plan for Teen Drivers is quite popular.
Covers offered: Bodily Injury Liability, Medical payments, no-fault or personal injury protection coverage, Uninsured motorists coverage, Comprehensive Physical Damage coverage, Collision coverage, Property damage liability, Rental reimbursement coverage.
Progressive Auto Insurance Company
Progressive Auto Insurance Company is popular for its standard plans. It is also popular for its low and inexpensive premiums. The company handles claims very quickly and hence, customers are very much satisfied with their services. The company has plans that cover motor cycles, boats, commercial vehicles, RVs and water crafts that are personally owned.
Covers offered: Bodily injury liability coverage, Comprehensive coverage, Collision coverage, Continuously insured coverage. The company offers the Additional Interest Insured facility also.
Nationwide Auto Insurance Company
Among the largest and financially sound insurance companies, Nationwide Auto Insurance holds a unique pride of place. It is also one among the Fortune 500 companies. They are very much particular about customer satisfaction. So, they render round-the-clock services. This company does not believe in spending huge amounts on advertisements. They believe in becoming popular by rendering excellent customer service and by settling claims quickly.
Covers offered: Liability coverage, Collision coverage, Comprehensive car insurance, Uninsured motorist insurance, Under-insured motorist insurance, Medical payments coverage, Personal Injury Protection insurance, Accident Forgiveness, Gap insurance, Roadside assistance, Towing and labor insurance and Rental reimbursement insurance. For encouraging safe drivers, they have a feature called Vanishing Deductible.
Liberty Mutual Auto Insurance Company
Liberty Mutual Auto Insurance Company has its presence in more than 20 countries. Because of their rich experience, they know the value of customer service that is rendered professionally. Their premium amounts are also highly competitive. But, their RV insurance rates are a trifle high.
Facilities offered: Accident forgiveness, guaranteed repairs, Auto insurance discounts, Multi-policy discount..
GMAC Insurance Company
GMAC Insurance Company has many insurance plans and hence, customers can choose the policies that suit them. This company is also present in many other parts of the world like Canada, Latin American countries and some of the Asian countries.
Covers offered: Liability coverage, Bodily injury liability, Property damage liability, Collision coverage, Comprehensive coverage, Medical payments coverage, Personal injury protection, Uninsured motorist coverage, Under-insured motorist coverage, Business auto insurance and Hired and non-owned auto liability.
Infinity Insurance Company
Infinity is an insurance company that offers some special services. They offer insurance even if you have accident records or if you have age-related or occupation problems. Their premium are low also.
Forms of protection offered: Premier Infinity Insurance protection, Value security added protection, Low cost protection
Esurance Insurance Company
The growth of Esurance has been very rapid. The reason for their rapid growth may be due to the innovative ways with which they serve their customers. The costs of the insurance plans offered by this company are also good when compared to those of other companies. The online services of this company are excellent and very fast also.
Covers offered: Umbrella insurance that covers bodily injury liability and property damage coverage, Collision coverage, Comprehensive coverage, uninsured and under-insured motorist coverage, Personal injury protection coverage, First Party Benefits coverage, Customized parts and equipment coverage, Rental car coverage, Loan/lease gap coverage, Medical payments coverage and Emergency road service coverage.
21st Century Auto Insurance Company
21st Century Auto Insurance is known for its very good customer service. Their plans are open and highly transparent and hence, you need not have any qualms about any hidden conditions in their policies. Customers get roadside assistance also free of cost.
Covers offered: Liability car insurance, Uninsured motorist car coverage, Comprehensive coverage, Collision coverage and Auto Insurance medical coverage.
AAA Insurance Company
AAA Insurance Company offers professional services. They are famous for their quick responses and courteousness.
Covers offered: Liability insurance, Uninsured motorist, Comprehensive coverage, Medical coverage, Collision coverage, Rental car reimbursement.
USAA Insurance Company
USAA offers the best rates and that is the reason they are quite popular. They are so good at tackling the problems of their customers that everyone will be stress-free when they approach this company for insurance-related issues. In the initial stages,the company used to offer car insurance only to officers and their families. But later, they started extending plans to non-commissioned officers as well as all the military personnel also. Now, even honorably discharged veterans can also become members of this company. They are quite popular for their fair settlements.
Covers offered: Collision coverage, Comprehensive coverage, Bodily injury liability, Property damage liability, Personal injury protection, Medical payments and Extended Benefits coverage, Uninsured/Under-insured Motorist Bodily injury coverage, Uninsured/Under-insured Property Damage coverage, Roadside assistance, Rental reimbursement, Accident Forgiveness.
Travelers Auto Insurance Company
Travelers Auto Insurance Company is on the list of Fortune 500 companies. This company offers many types of discounts to their customers like multi-car discounts, good driver's discounts, good student discounts and hybrid auto discounts. Apart from US, this company operates in UK, Ireland and Canada.
Covers offered: Bodily injury liability, Property damage liability, injury caused by uninsured/under-insured motorists, Medical payments, Comprehensive damage from events like fire and theft, Collision coverage.
Amica Auto Insurance Company
Amica Auto Insurance, a mutual insurance company, operates in every state of the US except in Hawaii. This company is highly popular for its focus on customer satisfaction.
Covers offered: Liability insurance, Collision coverage, Comprehensive coverage, Uninsured motorist coverage, Under-insured motorist coverage, Personal injury protection, Medical Payments Coverage.
American International Group
American International Group is one of the largest car insurance providers in the US. They operate in a number of countries apart from the US. They are known for the shortest wait time for settlement of claims. They are good at customer service also.
Covers offered: Liability insurance, Collision coverage, Comprehensive insurance, Uninsured motorist coverage, Under-insured motorist coverage, Property damage liability, Medical payments coverage.
Hartford Insurance Group
The Hartford Insurance Group is known for its superior service and ethical business. This company also extends several types of discounts like student discounts, etc. They offer affordable insurance plans also.
Covers offered: Collision coverage, Comprehensive coverage, Medical payments, Bodily injury protection, Property damage liability, Uninsured motorist bodily injury, Uninsured motorist property damage, Under-insured motorists, Personal injury protection (No-fault insurance), Full glass, Towing and labor, Rental reimbursement.
Chubb Group of Insurance Companies
Chubb Group of Insurance Companies are considered as one of the premier car insurance companies. They provide car rental insurance and flight accident insurance also.
Covers offered: Collision and Comprehensive coverage, Liability coverage, Uninsured motorist coverage. There are policies that cover unique classic vehicles also.
CNA Insurance Company
Among the largest auto insurance companies in USA, CNA Insurance Company owns a pride of place. They provide round-the-clock customer service and hence, is rated among the top companies in the insurance sector.
Covers offered: Uninsured motorist coverage, Accident insurance, Absolute liability, Standard Auto Insurance Policy, Personal injury protection, Non-standard auto insurance, Comprehensive coverage, Gap insurance, Property damage coverage, Liability coverage, Roadside assistance.
American Family Insurance Group
If consumers want to have affordable car insurance plans, American Family Insurance Group can easily be one of their choices. Initially, they were offering only auto insurance. Now, they have become a mutual insurance company.
Covers offered: Liability coverage, Medical coverage, Bodily injury, Damage to other property, Damage to other vehicles, First aid expenses, Court costs, Collision coverage, Comprehensive coverage, Uninsured/Under-insured motorists coverage, Auto rental reimbursement coverage, Emergency Road service.
Allianz of America, Inc
Allianz of America, Inc. is a part of a large multinational group. They provide even roadside assistance to their customers. They have flexible plans from which customers can make their choice.
Covers offered: Sure Cover Plus Comprehensive car insurance, Roadside assistance, Rental car damage insurance protection, Third party property damage car insurance. The company extends Protected No Claim Bonus also to their customers.
The costs of the policies will depend upon the covers you choose and also the State in which you live.
You have a number of other companies that offer auto insurance in the US. You should make an in-depth study of the plans available with them so that you can choose the most appropriate policy that may be suitable for your requirements.
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