The 10 largest car insurance companies in the US account for 77% of the market, making them dominant players in the industry. Leading names like State Farm, Geico, Progressive, Allstate, and USAA top the list, according to 2022 data from the National Association of Insurance Commissioners (NAIC). MarketWatch conducted an in-depth study to evaluate these companies, and here are the market share percentages and ratings based on that research:
- State Farm – 16.84% market share, Rating: 9.4
- Geico – 14.05% market share, Rating: 9.1
- Progressive – 13.76% market share, Rating: 9.0
- Allstate – 10.69% market share, Rating: 8.8
- USAA – 5.92% market share, Rating: 9.2
- Liberty Mutual – 4.95% market share, Rating: 9.0
- Farmers Insurance – 4.55% market share, Rating: 8.6
- Travelers – 2.11% market share, Rating: 9.5
- American Family Insurance – 2.11% market share, Rating: 9.1
- Nationwide – 1.99% market share, Rating: 9.1
The study considered several key factors to ensure an informed decision:
- Cost: Rate estimates generated by Quadrant Information Services and available discount opportunities.
- Coverage: The variety and flexibility of insurance coverage options to meet diverse consumer needs.
- Reputation and Experience: Market share, ratings from industry experts, and the company’s history in the market.
- Availability: The number of states where the insurance is available and how easy it is to meet eligibility requirements.
- Customer Experience: This score was based on complaint volume reported by the NAIC, customer satisfaction ratings from J.D. Power, and MarketWatch’s own analysis of customer service quality.
When selecting an insurance provider, it’s crucial to get quotes and compare options to find the best fit for your needs. And if you ever find yourself needing reliable repair services after an accident, Collision Connect can help you find a trusted repair center to get your vehicle back on the road swiftly and safely.
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