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What's Your Car Insurance? - Is It Worth It? A Waste of Money?


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If you're a safe (slow and boring) driver like me, you feel like you're just throwing away money every year on your car insurance. What's your car insurance? Here's a list of the best car insurance companies for 2021.

Geico's clever commercials ensure that it remains one of the best-known car insurance options in the country, but its customers know the company for the great service and support it offers, along with some of the cheapest insurance prices. Geico's 97% customer satisfaction rate speaks for itself, as does its long list of honors, including the most desired insurer according to Kanbay Research Institute. You know, just in case the gecko isn't enough to convince you that you want its insurance coverage.

A giant in the insurance world with over 18 million customers, Progressive manages to attract and retain so many satisfied customers with continued commitment to saving its customers money on their car insurance rates. Progressive was the first auto insurer to offer safe driver discounts, which makes the company a great option for people with a good driving record who are looking for the cheapest car insurance options. Even today, customers who switch to Progressive save an average of $699 on their car insurance premium per year.

Auto-Owners Insurance may not have the flashy marketing presence of the competition, but how many of them can say they've been around almost as long as cars have? Established in 1916, the company has nearly 3 million car insurance policy holders across 26 states. Its high rankings from J.D. Power might prompt you to check if it has coverage where you live.

Ranked the No. 1 auto insurer in California, Esurance in quickly making inroads around the country (the company operates in 43 states). A division of Allstate, Esurance promises customers that switching or signing up for car insurance can be as easy as possible, or "painless," as the company puts it.

Users agree with the assessment, as reviews on the website call attention to how fast and easy it is to sign up with this car insurance provider, either online or with the Esurance app. And calling all introverts, you likely won't have to talk with an insurance agent directly to get set up.

Operating globally, Liberty Mutual is the fifth-largest property and casualty insurer in the world. Still, the company makes it very clear that its business starts with you and the first step in that journey is getting an insurance coverage quote.

Most insurers offer free car insurance quotes on their websites, but Liberty Mutual offers you discounts for using its own -- you can save up to 12% off your rate by getting a car insurance policy quote online.

With over 90 years covering drivers, Nationwide has learned a thing or two about what keeps customers happy (and in turn, what keeps them customers). The company's list of visions and values shows exactly where its priorities lie.

Top ratings from a variety of outlets (such as A.M. Best, S&P and Moody's) would suggest that it's working. Those values extend to employees, as well -- Nationwide was ranked No. 53 in Fortune's most recent list of the "100 Best Companies to Work For."

Among the many plans Travelers offers is a car insurance coverage policy that you can customize based on your needs. Rather than upsell users, Travelers offers a host of resources (in the form of blog posts) designed to educate motorists prior to policy purchase. An informed customer is a happy customer.

A division of Liberty Mutual, Seattle-based Safeco has been in the car insurance business for over 85 years and has been a national presence for more than two decades. Safeco partners with local agents who can devote the time and attention that customers need in order to get all of their individual car insurance questions answered and coverage type requests met.

If we were judging solely on satisfaction, the United Services Automobile Association would take the top spot in our best car insurance companies rankings. What affects the USAA's ranking is that its scope is narrower than those of most other auto insurers, as the company only offers coverage to service members, veterans and their families. That said, USAA offers prices that even beat Geico's, with customers who switch saving an average of $707 a year.

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If you're a safe (slow and boring) driver like me, you feel like you're just throwing away money every year on your car insurance. What's your car insurance? Here's a list of the best car insurance co

State Farm Headquarters: Bloomington, Illinois Market share percentage: 16.19% Average annual full coverage rate: $1,457 Average annual min coverage rate: $539 State Farm is t

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What are the 10 biggest car insurance companies?

Although there are thousands of auto insurance companies operating in the United States, a handful of the largest companies dominate the market. The following list of auto insurance companies demonstrates how the top ten providers write about 73% of the nation’s auto insurance:

State Farm: 16.19%

Geico: 13.54%

Progressive: 13.30%

Allstate: 9.11%

USAA: 6.32%

Liberty Mutual: 4.75%

Farmers Insurance: 3.98%

Nationwide: 2.32%

American Family: 2.07%

Travelers: 1.96%

So how do these car insurance companies compare? Each has its own advantages and disadvantages, and the best company for one person may not be the best for another.

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State Farm

Headquarters: Bloomington, Illinois

Market share percentage: 16.19%

Average annual full coverage rate: $1,457

Average annual min coverage rate: $539

State Farm is the largest insurer of personal autos in the United States. The insurer offers insurance, banking products and loans, which are all sold by State Farm agents. If you are in the market for insurance and banking services, State Farm is worth consideration.

State Farm’s overall customer satisfaction ratings from J.D. Power are mostly average. However, the company did earn an above-industry-average score for claims service. This indicates that customers are often satisfied with how State Farm handles claims in the event of a loss.

Standout feature:

State Farm has 19,000 independent contractor agents and 58,000 employees, making it easy to find help with your policy in your area.

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Geico

Headquarters: Chevy Chase, Maryland

Market share percentage: 13.54%

Average annual full coverage rate: $1,405

Average annual min coverage rate: $433

Geico is one of the nation’s largest auto insurance companies and insures more than 28 million vehicles. The company is well-known for offering some of the lowest rates. Its slogan, “15 minutes could save you 15% or more on car insurance,” is especially memorable when paired with its commercials featuring the Geico Gecko.

Geico’s customer satisfaction ratings from J.D. Power are impressive — the insurer wins first place in customer satisfaction in the Northwest, North Central and Southwest. This may demonstrate that customers are generally satisfied with Geico’s customer service.

Standout feature:

Geico’s app makes it easy to view your policy, get quotes and file claims from wherever you are.

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Progressive

Headquarters: Mayfield Village, Ohio

Market share percentage: 13.30%

Average annual full coverage rate: $1,509

Average annual min coverage rate: $582

Like others from the list of car insurance companies, Progressive offers more than auto coverage. You can insure your home, boats and RVs with Progressive as well.

Progressive’s customer satisfaction ratings from J.D. Power are mostly average. The company also received a below-average ranking from J.D. Power for claims service.

Standout feature:

Progressive’s Snapshot program personalizes your rate based on your driving record — safer drivers get lower rates.

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Allstate

Headquarters: Northbrook, Illinois

Market share percentage: 9.11%

Average annual full coverage rate: $1,921

Average annual min coverage rate: $696

Allstate makes it easy to bundle multiple types of insurance and save, offering auto, home, renters and life insurance coverages, making it a top contender on the list of car insurance companies.

Allstate’s customer satisfaction ratings from J.D. Power vary according to where in the U.S. you’re located at — Allstate ranks above average in some regions but below average in others. If you are considering a quote from Allstate, you may want to review your region’s specific reviews first.

Standout feature:

Allstate’s usage-based Drivewise program gives you up to a 10% discount for signing up. If you maintain good driving habits, you could earn up to a 25% discount on your premium. Drivewise participants can also earn rewards points, which they can redeem for car rentals, magazine subscriptions, gift cards and merchandise.

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USAA

Headquarters: San Antonio, Texas

Market share percentage: 6.32%

Average annual full coverage rate: $1,225

Average annual min coverage rate: $384

An insurance provider for military families, USAA offers heavily discounted auto insurance policies to service members with an average savings of $707 per year. USAA is the fifth seventh-largest auto insurance provider in the United States.

USAA consistently received high customer service scores with J.D. Power, although the company is not eligible for official ranking due to its eligibility restrictions.

Standout feature:

For military members who are deployed, USAA offers vehicle storage options and convenient payment schedules while you are away.

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Liberty Mutual

Headquarters: Boston, Massachusetts

Market share percentage: 4.75%

You can purchase insurance for just about anything through Liberty Mutual, from home insurance to pet insurance. The company’s auto insurance policies are user friendly and easy to purchase and bundle with other policies. Bundling is not the only way to save. Liberty Mutual lists 17 different discounts on its website to help customers get the best price on their car insurance.

Like Allstate, Liberty Mutual does receive mostly below-industry-average scores from J.D. Power, so you may want to research customer satisfaction in your area if you get a quote from this company.

Standout feature:

Liberty Mutual’s Better Car Replacement program will replace your totaled vehicle with a model one year newer with up to 15,000 fewer miles than your old car.

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Farmers Insurance Group

Headquarters: Los Angeles, California

Market share percentage: 3.98%

Average annual full coverage rate: $2,000

Average annual min coverage rate: $808

As the seventh-largest auto insurer in the U.S., Farmers offers robust insurance policies with a long list of unique features. For example, you can purchase ridesharing coverage if you drive for a company like Uber or Lyft. You may also be able to purchase OEM coverage, which will source original manufacturer parts for your vehicle if it is damaged. Farmers received an above-average ranking for claims satisfaction from J.D. Power.

Standout feature:

If you have recently purchased a new car, you may want to consider Farmers’ New Car Replacement Coverage. This optional coverage will replace your totaled car with a brand new model, as long as your vehicle is less than two years old and has fewer than 24,000 miles.

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Nationwide

Headquarters: Columbus, Ohio

Market share percentage: 2.32%

Average annual full coverage rate: $1,485

Average annual min coverage rate: $501

Nationwide offers both personal and business insurance services. Nationwide offers all the essentials in its policies, as well as optional coverages like towing, rental car coverage and gap coverage, which is designed to pay for the difference between your car’s value and what you owe on the lease or loan if your vehicle is totaled.

Nationwide’s J.D. Power scores also fluctuate by region, but the company did receive an above-industry-average rating for claims service.

Standout feature:

Through Nationwide, you can potentially earn $100 off your deductible for each year you practice safe driving, up to a maximum of $500. Depending on your policy, this could effectively cover your entire deductible.

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American Family

Headquarters: Madison, Wisconsin

Market share percentage: 2.07%

Average annual full coverage rate: $1,911

Average annual min coverage rate: $918

American Family, also widely referred to as AmFam, sells auto, home, life, health, travel and identity theft insurance, along with other insurance products. The company puts an emphasis on convenience, providing smartphone apps with features like easy bill paying and a Teen Safe Driver program.

Standout feature:

American Family’s Dreams Restored Program takes the stress out of finding a repair shop by connecting you with partner shops in your area. Bills are sent directly to the insurance company, so you never have to see them. The work also gets a lifetime workmanship guarantee from American Family.

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Travelers

Headquarters: New York City, New York

Market share percentage: 1.96%

Average annual full coverage rate: $1,325

Average annual min coverage rate: $469

Travelers offers standard auto insurance coverages, as well as options to tailor your policy, like rental car coverage, new care replacement and accident forgiveness. The company’s savings and discounts might allow you to save up to 23% on your policy for bundling, safe driving or shopping early for a new policy.

Travelers received below-average claims service ratings from J.D. Power, as well as below-average customer service satisfactions scores in the specific regions in which it is available.

Standout feature:

Drivers in some states can take advantage of IntelliDrive, a smartphone app that tracks driving habits for 90 days and reduces the cost of your premium for safe driving, although you could also see a premium increase if your driving habits are not safe.

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