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Uncover the top 10 car insurance carriers in the USA. See how brokers can use this list to boost credibility, streamline service, and sell more auto policies

Among the industry best practices for insurance brokers are delivering client-centric service, adapting to industry changes, and having comprehensive product knowledge. These are vital for insurance professionals to stand out from the crowd, provide excellent service, and obtain and retain clients.  

To meet these industry practices, it’s essential for brokers to know all about the top 10 car insurance companies in the USA and help clients find the best coverage. In this guide, Insurance Business gives you the relevant info on the biggest American car insurance providers.  

What are the top 10 car insurance providers in the US? 

The following are the 10 largest car insurance companies in the US based on market share data taken from our IB+ Data Hub platform. You can see this data for yourself, and much more, in this data resource section with options to filter by state, year, and other lines of business. 
 

More than a quarter of the total market for car insurance is held by State Farm Group, which was established by George Jacob (G.J.) Mecherle in 1922 in Bloomington, Illinois. Mecherle was a retired farmer and insurance salesman and firmly believed in providing affordable auto insurance to farmers. 

Initially, the company was known as State Farm Mutual Automobile Insurance Company, focusing solely on providing coverage for Illinois farmers. But in 1928, State Farm began writing policies for clients other than farmers, and they expanded operations by opening an office in Berkeley, California.  

Today, State Farm is also the largest property and casualty (P&C) insurance provider in the US, with its financial strength and experience spanning over a century. As of 2023, State Farm services over 91 million accounts and policies across different insurance and financial services products.  

Popular State Farm car insurance products 

It’s estimated that State Farm processes around 35,000 to 39,000 insurance claims daily. While the company offers nearly 100 products and services, these are the most availed-of products for their automotive insurance:  

Collision coverage 

This type of coverage helps pay for the repair or replacement of an insured’s vehicle if it overturns or collides with other vehicles or objects. Collision coverage typically requires a deductible.  

Comprehensive coverage 

This coverage assists in repairing or replacing the policyholder’s vehicle if it is damaged by events other than a collision. These events include theft, fire, vandalism, or damage from hitting an animal, hail, flood, or storms. Comprehensive car insurance coverage may also require a deductible. 

Liability coverage 

A fundamental component of car insurance, liability coverage, is meant to cover another party’s medical expenses, vehicle repairs, and property damage if the policyholder is found to be responsible for the accident.   

Uninsured & underinsured liability insurance 

This coverage helps pay for any medical expenses, distress, and lost wages if the policyholder is in an accident caused by someone with insufficient liability insurance or has none. Uninsured and underinsured liability insurance can also help cover property damage.  

Medical payments coverage 

This type of coverage helps with the cost of medical and funeral expenses if an insured person is either injured or killed in an accident.  

Rideshare insurance 

Drivers working for Uber or Lyft can avail themselves of competitively priced insurance from State Farm. This extends coverage from the policyholder’s auto policy and provides protection while on the app. This coverage is also available for rideshare passengers.  

Commercial auto insurance 

State Farm offers commercial auto insurance for company-owned or leased vehicles for business purposes. This covers cars, box trucks, pickup trucks, flatbed trucks, farm vehicles, and vans.  

This type of coverage can take care of repair costs, legal fees, and medical expenses in case of a business-related accident. Note that commercial auto insurance is generally required by law in most states for most businesses that operate vehicles as part of their daily operations.  

While State Farm is the top car insurance company in the US, it offers comprehensive coverage for many types of vehicles, apart from cars. State Farm also provides coverage for:  

In general, the company offers affordable car insurance for different types of drivers, including teenagers and drivers with records of traffic violations. State Farm offers incentives to clients who want lower rates via special discounts and bundling insurance products. They can also participate in State Farm’s safe driving programs.
  

Progressive Group ranks second in our list of the top 10 car insurance companies in the US. It was founded in 1937 by Joseph Lewis and Jack Green. First named as the Progressive Mutual Insurance Company, Lewis and Green sought to provide security and protection for vehicles via affordable auto insurance and exceptional service.  

As its name suggests, Progressive focuses on developing and delivering innovative approaches to car insurance. For instance, Progressive was the first company to use telematics insurance via its Snapshot program. First introduced in the mid-1990s, Progressive’s telematics insurance, aka usage-based insurance (UBI), shifted traditional, credit score and demographics-based auto insurance to a more behavior-based approach.  

Progressive specializes in non-standard, high-risk auto insurance and has many insurance and non-insurance subsi…

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