Top 10 Car Insurance Companies by Market Share

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Tonya Sisler has a Bachelor’s Degree from the University of South Carolina in Journalism and has worked for 15+ years in management. She has also completed a proofreading certification and is currently a professional writer.

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Brad Larson has been in the insurance industry for more than a dozen years. He started out as a claims adjuster for a national carrier. He has since switched to the agency side of the business. Brad is licensed in all P&C lines.

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Reviewed by Brad Larsen
Licensed Auto Insurance Agent

UPDATED: Mar 13, 2020

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In a nutshell...

  • State Farm has the highest percentage of market share in the USA
  • Even the largest car insurance companies sometimes do not have all the options you need as a driver
  • Over 100+ car insurance companies are licensed in most states, so there is no lack of choice

When drivers search for car insurance rates one of the biggest factors to convince a driver to choose one car insurance company over another is a car insurance company’s reputation.

Intangible factors like hours of operation, online account management options and the claims handling process can always sway people to pay a little more.

However, market share is a pretty huge factor in measuring how trusted a car insurance company is in the marketplace.

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Who are the top car insurance companies by market share in the USA?

The Insurance Information Institute of America publishes many reports on the auto industry, but one of the most popular is the top 10 car insurance companies by market share report.

The latest report identifies the top 10 car insurance companies by market share in America as:

Car Insurance Company Percentages of Auto Insurance Policies
State Farm 18.6%
Allstate 10.5%
Geico 8.2%
Progressive 7.5%
Farmers (Zurich Financial Services) 6.4%
Nationwide Mutual 4.5%
Liberty Mutual 4.4%
USAA 4.1%
Travelers 2.1%
American Family Mutual 2.0%

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Who is the cheapest car insurance company?

Market share is a sign of trust in the marketplace but by no means is it a sole reason for you to engage an insurance company as your auto insurance provider.

You need to spend the time comparing car insurance companies based on the type of coverage, policy limits and premiums offered.

You also may want to make note that market share statistics are usually released on a national level and are much harder to find broken down by state.

While Geico or State Farm have significant portions of the car insurance market nationwide many local or regional car insurance providers, have outstanding market share within their geographic footprint.

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Market Share is Changing

We live in a world of the internet which is far different than the generation of yesterday.

While monster car insurance companies like Geico and Allstate dominate some markets, many companies focus entirely on providing car insurance online, and these companies are quickly taking market share away.

While the top 10 list of car insurance companies is indeed a good starting place to find an auto insurance company you still need to find a company right for you.

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References:

  1. https://www.progressive.com/auto/discounts/compare-car-insurance-rates/
  2. https://www.allstate.com/tools-and-resources/car-insurance/factors-affect-your-auto-insurance.aspx
  3. https://www.iii.org/
  4. https://www.allstate.com/tools-and-resources/car-insurance/ask-agent-premium-deductible-limit.aspx

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