What car insurance companies have the biggest market share?

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In a nutshell...
  • GEICO, Nationwide, Allstate, and Progressive are the top four contenders when it comes to market share
  • With cheaper rates and easy access online, Progressive is one of the leader’s when it comes to market share
  • State Farm is the largest car insurance company with almost a 20 percent market share

Over 50 percent of the market share in the car insurance industry is controlled by a handful of companies.

According to A.M. Best, the top half of all policy coverage is issued by six car insurance companies.

While market share alone doesn’t mean these providers are the best, it does mean they write the most policies. Enter your zip code above to get FREE car insurance quotes today!

Which car insurance companies take the lead in market share?

The following car insurance companies are in no particular order when it comes to market share value.

Here are the six insurance companies who hold the highest market share value:

Why are these car insurance companies so popular?

When we think of car insurance companies, we immediately relate them to the commercials we see on TV.

With Nationwide, it’s a goofy looking man who walks around with a phone and microphone talking about an allusive “vanishing deductible” or that quirky Flo at Progressive.

However cheesy, it’s apparently enough to get consumer’s attention, but the quality of the car insurance is what we really should be interested in.

According to the company’s website, for every year of safe driving by a current customer, it’s $100 off your deductible. There is a $500 maximum, and this is an optional benefit.

However, you look at it; $500 off over the course of four to five years is a great deal, and customers agree as nine out of ten of Nationwide customers are happy and would recommend the provider to others.

Progressive Insurance

With cheaper rates and easy access online, Progressive is one of the leader’s when it comes to market share.

While the online quoting system is a little hairy, you can still compare Progressive’s quotes from other competitors, and Progressive is more of a one-stop shopping insurance company where consumers can buy auto, homeowners, renters, boat insurance and more.

While it does give rates for competitors, it can be a hassle and some complaints that it’s not altogether accurate.

While Progressive is convenient, with easy-to-access online quotes and a user-friendly website, it’s better to get individual quotes from their competitors.

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Farmers Insurance

Farmers Insurance is another contender in the insurance business.

Some of the positive attributes of Farmers Insurance given by customer feedback include excellent customer service, quick turn-around for claims and how agents take care of their customers

Some of the customer complaints surrounding Farmers are high premiums, a problematic claims process, and customer when filing a claim however almost any car insurance company the size of Farmers probably has the same complaints.

Allstate

Allstate can hold its own in almost any market, and they certainly help dominate the car insurance market.

Allstate gives discounts to those customers who bundle their insurances saving customers as much as 30 percent in policy costs. Customers enjoy the friendly agents, discounts for multiple coverages, good driver discounts and more.

State Farm

State Farm is the largest car insurance company with almost a 20 percent market share and very similar to Allstate regarding the different kinds of coverage they offer.

Many customers are happy with State Farm’s agents, customer service and say the claims process is done promptly.

Some of the frequent negative feedback is also around but again; you can find complaints at almost any insurance company.

GEICO

Lastly, is the ever-popular Gecko representing Geico Insurance. Made famous by this friendly and scaly looking reptile, the insurance company boasts low premiums.

Geico, like some of the other favorite insurance companies, offers a plethora of insurance products including collector’s insurance.

What customer’s like about Geico are competitive prices, secure online access, strong claims and more.

Should I choose an insurance company based on market value?

It’s a starting point when you’re searching for car insurance to look at the most popular car insurance companies.

However, every person’s needs are different, and while these companies might be great for the general population, they may not work for certain individuals.

Everyone is looking to save money, but some are looking for bundle opportunities with discounts. There are also those who would prefer lower deductibles, but don’t want to compromise service and products.

Customer reviews are also handy when shopping for car insurance quotes. What people have to say about insurance companies can be a useful deciding factor when buying.

Current or past customers have more hands-on knowledge than those who are not customers, making their feedback extremely reliable.

Enter your zip code below to get FREE car insurance quotes today!

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