Who are the top 10 auto insurance companies?

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Most states have over 100 licensed car insurance companies with some even closing in on 200; however, the majority of car insurance policies are underwritten by only a handful of car insurance companies.

In fact, the top 10 auto insurance companies account for almost 70 percent of all auto insurance policies in force.

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So who are the top 10 car insurance companies by market share? In the 2009 annual market share report published by the Insurance Information Institute of America, the top 10 auto insurance providers were:

#1 – State Farm

State Farm is by far the largest car insurance company in America with an 18.6 percent market share. A Fortune 500 corporation and with a primary focus on auto insurance (accounting for over 70 percent of their entire business), the State Farm Mutual corporation holds a market share almost double its closest competitor.

#2 – Allstate

Any company with a 10.5 percent market share still has a lot to smile about, and Allstate is one of the best-known brands in the insurance industry, offering everything from life insurance to car insurance.

Well-known for its “You’re in Good Hands with Allstate” slogan, over 30 million drivers trust Allstate for their car insurance needs.

#3 – Geico

Home to the Gecko, Caveman, Little Wee Wee Piggy, and Warren Buffet — hardly a combination Mr. Buffet probably ever dreamed of — Geico is one of the largest success stories in the car insurance industry and also has the largest advertising budget, spending over $800 million annually on car insurance ads to secure an 8.2 percent market share nationwide.

#4 – Progressive

Progressive is one of the most recognized brands in auto insurance and employs over 30,000 people to assist with car insurance coverage nationwide. Most well-known for the Progressive Girl (Flo) commercials and their immediate response vehicles that brand the Progressive name daily in our lives, this insurer has a 7.5 percent market share nationwide.

#5 – Farmers

Farmers has a 6.4 percent market share, according to the report, and is part of Zurich Financial Services. While Farmers does not have a nationwide presence, it does offer coverage in 41 states and is well known for its large community of local agents and commitment to customer service.

Farmer also owns the 21st Century Car Insurance Company, which is one of California’s largest direct auto insurance companies.

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These top five car insurance companies collectively account for 51.2 percent of all car insurance policies in America, and all have extremely solid financial ratings and customer service reviews. The rest of the top 10 list includes:

While all of these auto insurance companies certainly have a market share envied by many, it’s important never to limit your search only to the top 10 list.

Many good auto insurers exist, especially smaller regional carriers who have a small footprint but a large local presence, such as PEMCO insurance in Washington State.

The best way to find the right type of coverage for you and your family will be to learn about car insurance and compare as many providers as you can. Comparison shopping is key with auto insurance, just like it would be with any purchase.

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Related posts:

  1. Allstate vs. State Farm Insurance

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