The top five insurance companies in the USA based on market share. These insurers offer a wide range of home and auto insurance policies, as well as life insurance plans.
GEICO, State Farm and USAA are the leading car insurance providers. The former two have high customer satisfaction ratings and lower rates than their competitors.
1. State Farm
State Farm is one of the most popular auto insurers in the US and covers homes as well as vehicles. It has a high Bankrate Insurance Review score, offers a variety of discounts, and provides great customer service. The company’s smartphone app lets customers monitor their home and car policies from any location. It also features a Drive Safe & Save telematics program to encourage better driving habits. It is available nationwide, and its services include vanishing deductibles for auto and home coverage.
Customers on Reddit frequently mention their affordable rates and friendly local agents. The company also receives good marks from J.D. Power’s customer satisfaction ratings and boasts fewer complaints than the industry average.
Founded in 1922, the mutual company is owned by its policyholders. It is the largest auto insurer in the country and earns about 17% of all money people spend on personal car insurance. The company offers cheap car insurance for all drivers, even those with a DUI or multiple traffic violations. It is a great choice for those who want to work with a local agent and enjoy a personalized experience.
2. GEICO
GEICO is a popular car insurance company, and its reptilian mascot makes an impression on viewers during TV commercials. GEICO offers many discounts and affordable rates. It also has a strong mobile app and website and provides great customer service. However, it doesn’t offer gap coverage and has the highest rate for drivers with a DUI.
Founded in 1936 by Leo and Lillian Goodwin, GEICO was originally called the Government Employees Insurance Company to reflect its initial client base of federal government employees and certain categories of military officers. Currently, the company is owned by Berkshire Hathaway and has an AM Best financial stability rating of A++, meaning it is financially sound and likely to pay out claims.
Unlike some of its competitors, GEICO has low numbers of complaints on consumer websites, and it has an A-plus rating with the Better Business Bureau. Moreover, GEICO ranks high on J.D. Power’s 2023 auto claims satisfaction study and is one of the most reliable car insurance companies in the United States. In addition to its car insurance policies, GEICO also offers homeowners’ and renters’ insurance as well as various add-on coverage options.
3. Progressive
With a focus on discounts and an intuitive mobile app, Progressive is one of the most popular auto insurance companies. The company offers a wide range of car insurance coverages, including rental reimbursement and roadside assistance. Progressive also offers a variety of other types of insurance, including homeowners’ and renters’ insurance, as well as boat, RV, and motorcycle coverage.
Progressive has relatively few customer complaints, according to the NAIC, but its customer service scores are below average. Its auto claims satisfaction rating is especially low, with the company scoring just 862 out of 1,000 in a recent JD Power survey.
Additionally, Progressive’s customer ratings are lower than the industry average when it comes to shopping experiences. Despite these negatives, the company is known for offering competitive rates and is accessible through a large network of agents. The company also takes sustainability seriously and provides an annual Corporate Sustainability Report. In addition to auto insurance, Progressive also sells personal health and life insurance. It also offers a unique plan that covers drivers for ridesharing companies like Uber and Lyft.
4. USAA
USAA is a diversified financial services company that patronizes military members and their families. It was founded in San Antonio in 1925 by 25 Army officers to write auto insurance, and today is one of the country’s top insurers. The company offers an array of services including investment, banking and insurance products.
Those who qualify for USAA home and auto insurance can get competitive rates and discounts based on their military status, service history, location, coverage options and other factors. USAA also offers policy add-ons, such as coverage for rental homes, valuable belongings and flood damage.
Customers rate USAA highly for its customer service. It was ranked 1st in ease of use and near the top for customer satisfaction in a 2023 survey conducted by The Zebra. Its mobile app makes it easy to pay bills, access ID cards, report claims and request roadside assistance. USAA also has a telematics program that rewards safe driving behavior with savings and helps you track your vehicle’s performance. It’s available for both Apple and Android devices.
5. Aflac
Aflac is an American insurance company that provides supplemental health and life insurance. Its main selling point is that it covers expenses that other health and life policies do not, such as deductibles and copays. It is based in Columbus, Georgia. Its primary distribution method is through workplace policies that are paid for through payroll deductions. It also sells its products directly to individuals through its network of agents.
Aflac’s policies are portable, meaning that you can keep your coverage if you leave a job. Its term, whole, and guaranteed issue policies have a variety of riders to customize your policy. The company offers coverage from 14 days to 79 years of age.
Aflac’s A+ rating with the Better Business Bureau and A+ rating with AM Best indicates that it is well-positioned to pay out claims. However, it has drawn more complaints to state regulators than expected for a company of its size. Some complaints include miscommunication with representatives and requests for documents that are already on file. Other issues include lack of clarity about pricing on its website and difficult to find an agent who can provide a quote for individual customers.
