Top 10 Car Insurance Companies by Market Share
Car insurance companies number well over 100 in many states but who are the top 10 car insurance companies? Most drivers would not be surprised to see Allstate, State Farm or GEICO on the list of top 10 car insurance companies by market share but how about USAA, Farmers or Liberty Mutual? Below is an infographic detailing a list of the top 10 car insurance companies by market share for 2010, their associated revenues and more.
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Who are the Top 10 Car Insurance Companies in 2010?
In 2010 the top 10 car insurance companies collectively accounted for 68.2% of all car insurance policies written in America. By any account this is a vast sum of the market held by just a small list of providers. While GEICO spends almost $1 Billion in advertising annually many of the top 10 car insurance companies only spend a fraction of that, but still have a substantial market share. State Farm accounts for 18.7% of all car insurance policies in America and is the largest auto insurance company without contest. In fact, State Farm has over an 80% greater market share than the 2nd largest car insurance company Allstate and more than twice the market share of GEICO, Progressive and Farmers.
Even more interesting is the 5 car insurance companies which make up the bottom of the top 10 list hold a collective market share of 17.1% – still less than State Farm’s individual share of 18.7%. This means that State Farm’s auto insurance division is larger than Liberty Mutual, USAA, Nationwide, Travelers and American Family combined!
Are these the Best Auto Insurance Companies?
These 10 car insurance companies are obviously used by a significant majority of drivers nationally but there are still many companies who are extremely comparable in terms of cost, coverage and quality. Drivers with unique needs (like collector car insurance) or high risk profiles are often served better by companies specializing in those unique needs and these statistics do not reflect individual state market share where many local and regional providers surpass some of these national brands at a local level. The only way to find the best car insurance provider for your unique profile is to shop around and compare providers in your region.
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