Automobile Insurance Providers Switching car insurance companies are becoming more popular as drivers seek better deals in the face of rising inflation.
According to J.D. Power’s “Auto Insurance Loyalty Indicator & Shopping Trends” report, an estimated 11.4 percent of consumers surveyed said they compared car insurance quotes in the fourth quarter of 2021—and 3.5 percent said they switched companies.
According to J.D. Power, the primary reason for shopping and switching is to find the best value, as insurance premiums have increased and many drivers have reduced their driving.
Automobile Insurance Providers in USA
That rate of company switching indicates a continued return to pre-Covid-19 patterns. At the start of the pandemic, there was a significant increase in auto insurance shopping activity: 45 percent of auto insurance consumers sought new quotes, reduced coverage, switched companies, or even canceled their policies. (Automobile Insurance Providers)
According to J.D. Power’s report, higher rates are particularly compelling for people with poor credit to switch insurance companies. In the fourth quarter of 2021, an estimated 6.2 percent of people surveyed with poor credit switched insurers. In comparison, only 2.8 percent of those with good credit have good credit. Increases in car insurance rates as a result of poor credit can be significant.
Another finding in the report is that cost-conscious consumers with fair or poor credit who are shopping for car insurance are frequently more interested in usage-based insurance policies than drivers with better credit. Usage-based insurance policies are designed for extremely safe drivers and base premiums in part on how well you drive. (Automobile Insurance Providers)
Insurance Car Company in USA
J.D. Power also conducts quarterly surveys of consumer loyalty to automobile insurance companies. These companies increased consumer loyalty in Q4 2021 when compared to the previous quarter:
- NJM
- Amica
- USAA
- Erie
- The Hanover
And these auto insurers saw a decrease in customer loyalty: (Automobile Insurance Providers)
- National General
- Kemper
- Progressive
- COUNTRY Financial
- Geico
Best Online Car Insurance Company in USA
Additionally, J.D. Power discovered that Geico was the auto insurance company that provided the most quotes in the majority of regions during that quarter. In the fourth quarter, the leading providers of car insurance quotes by region were:
- South: Geico
- West: Geico
- Midwest: State Farm
- Northeast: Geico
Apart from price, another factor that may influence a customer’s decision to stay with a car insurance company is their satisfaction with the insurer’s handling of an insurance claim. According to J.D. Power’s 2021 United States Auto Claims Satisfaction Study, Hartford ranks highest in overall claim satisfaction, followed by Erie Insurance and the Auto Club of Southern California Insurance Group.
The Industry’s Largest Automobile Insurance Companies
How large is your auto insurance company? The chart below illustrates how the largest insurers compare in terms of private passenger auto insurance market share.
| Rank | Automobile Insurance Providers | Market share % |
|---|---|---|
| 1 | State Farm | 16.73 |
| 2 | Allstate | 9.88 |
| 3 | Progressive | 9.71 |
| 4 | Geico (Berkshire Hathaway Inc. | 9.49 |
| 5 | USAA | 6.41 |
| 6 | Liberty Mutual | 5.26 |
| 7 | Farmers Insurance | 4.43 |
| 8 | Travelers | 2.76 |
| 9 | American Family Insurance | 2.70 |
| 10 | Nationwide | 2.68 |
| 11 | Erie Insurance | 1.44 |
| 12 | Auto Club Exchange | 1.22 |
| 13 | Chubb | 1.10 |
| 14 | CSAA Insurance Exchange | 1.04 |
| 15 | Kemper | 1.03 |
| 16 | MetLife | 0.94 |
| 17 | Mercury Insurance | 0.89 |
| 18 | The Hartford | 0.77 |
| 19 | Auto Club Insurance Association | 0.73 |
| 20 | Amica | 0.61 |
Automobile Insurance Industry
| 21 | COUNTRY Financial | 0.59 |
| 22 | The Hanover Insurance Group | 0.52 |
| 23 | Shelter Insurance | 0.42 |
| 24 | Universal Insurance Holdings Inc. | 0.40 |
| 25 | Southern Farm Bureau Casualty | 0.38 |
| 26 | AIG | 0.38 |
| 27 | NJM Insurance | 0.37 |
| 28 | The Cincinnati Insurance Cos. | 0.36 |
| 29 | Tennessee Farmers Insurance Companies | 0.36 |
| 30 | Alfa Mutual Group | 0.36 |
Best Company for Auto Insurance
| 31 | Texas Farm Bureau Insurance | 0.34 |
| 32 | Tokio Marine | 0.34 |
| 33 | State Auto | 0.34 |
| 34 | Farm Bureau Financial Services | 0.34 |
| 35 | North Carolina Farm Bureau Insurance | 0.30 |
| 36 | Kentucky Farm Bureau | 0.26 |
| 37 | UPC Insurance | 0.26 |
| 38 | Plymouth Rock of New Jersey | 0.25 |
| 39 | Grange Insurance | 0.25 |
| 40 | Heritage Insurance | 0.25 |
Biggest Car Insurance Companies
| 41 | American National | 0.24 |
| 42 | Markel | 0.24 |
| 43 | Assurant | 0.23 |
| 44 | Westfield Insurance | 0.22 |
| 45 | Citizens Property Insurance Corp. | 0.21 |
| 46 | Munich Re | 0.21 |
| 47 | Michigan Farm Bureau | 0.19 |
| 48 | Plymouth Rock Co. | 0.18 |
| 49 | Safety Insurance | 0.17 |
| 50 | FEDNAT | 0.17 |
How many automobile insurance companies are there in the United States?
With nearly 6,000 insurance companies in the United States, the Insurance Information Institute (Triple-I) says it can be hard to choose the best auto insurance policy for you.
Who provides the best automobile insurance?
Geico, USAA, Progressive, State Farm, and Liberty Mutual are our top five picks for the best car insurance.
#1 Geico: Editor’s Choice.
#2 USAA: Low Rates for Military.
#3 Progressive: Low Rates for High-Risk Drivers.
#4 State Farm: Most Popular Provider.
#5 Liberty Mutual: Good Programs for Young Drivers.
What is the total number of automobile insurance companies?
There are currently 25 insurance companies that offer dependable car insurance policies.
Which is the oldest continuous insurance provider?
Philadelphia’s 1752 Contributionship The Philadelphia Contributionship for the Insurance of Houses from Fire Loss was founded, becoming the country’s oldest continuously operating insurance carrier. The Presbyterian Ministers Fund was founded in 1759 as the first life insurance company in the United States.
