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Top 10 Car Insurance Companies by Market Share

Did you know that the Top 10 Car Insurance Companies by market share have over 68% of all car insurance policies in the USA?

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. In terms of who the best car insurance company this is very hard to measure as everyone will have a different formula to define the best auto insurance provider. Intangible factors like hours of operation, online account management options and the claims handling process can always sway people to pay a little more but market share is a pretty huge factor in measuring how trusted a car insurance company is in the marketplace.

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 (2009) identifies the top 10 car insurance companies by market share in America as:

Car Insurance Company% of Auto Insurance Policies
State Farm18.6%
Allstate10.5%
GEICO8.2%
Progressive7.5%
Farmers (Zurich Financial Services)6.4%
Nationwide Mutual4.5%
Liberty Mutual4.4%
USAA4.1%
Travelers2.1%
American Family Mutual2.0%

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 any 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. Even the largest car insurance companies sometimes do not have all the options you need as a driver.

You also may want to make note that market share statistics are usually released on a national level and much harder to find broken down by State so while GEICO or State Farm have significant portions of the car insurance market nationwide many local or regional car insurance providers have great market share within their geographic footprint. Take for example the PEMCO car insurance company in Washington who has a solid percentage of the Washington State auto insurance market but only serves Washington drivers so will never be on any national top 10 list.

Market Share is Changing

We live in the world of the internet which is far different than the generation of yesterday so while monster car insurance companies like GEICO and Allstate dominate some markets there are many companies who focus entirely on providing car insurance online (like Esurance) who areĀ  quickly taking market share away.

While the top 10 list of car insurance companies is certainly a good starting place to find an auto insurance company you still need to find a company right for you. Over 100+ car insurance companies are licensed in most States so there is no lack of choice.

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