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Top 10 Biggest Auto Insurance Companies In America

The biggest auto insurers in the US have the greatest brand-recognition as a result of centuries-old marketing. Big names in the insurance business are recognizable to the average American: State Farm, Nationwide, Allstate, Progressive, GEICO – they are all household names. The ten largest insurers comprise more than half of the auto insurance market in the country. Which one is the largest? This list features the top 10 largest auto insurance companies ranked by market share and profit margins. Their policies vary and certain insurers are more exclusive. Example: USSA only services military personnel and their immediate families. 1. State Farm Premiums written: $41.8B Market share: 18% Employees: 65,664 Headquarters: Bloomington, IL State Farm is the largest auto insurer in the United States by far – this company controls 18 percent of the auto insurance market, leading ahead of its main competitor GEICO. State Farm’s policies include a personal agent for each customer and a high degree of customer service. This is backed by their sheer size which adds to the stability factor of the corporation. Despite that, State Farm clients are statistically paying 16% higher rates than clients of other major insurers on average. 2. GEICO Premiums written: $29.6B Market share: 13% Employees: 40,000 Headquarters: Chevy Chase, MA GEICO is a national insurer that started as an insurance company for government employees – GEICO is currently the 2nd largest auto insurance company in the US, controlling 13% of the market share and writing $29.6B in yearly premiums. GEICO provides other add-on vehicle insurance policies such as motorcycle insurance and all-terrain vehicle insurance. GEICO directly sells their policies through their offices located in 50 states and policies can be purchased online via their website or app. Clients can optionally order their policies through Amazon Alexa. GEICO offers discounts for auto insurance clients who combine multiple policies in a bundle. 3. Progressive Premiums written: $22.8B Market share: 10% Employees: 33,000 Headquarters: Mayfield, OH Progressive specializes in auto insurance and receives above-average ratings for customer service. Progressive currently controls 11% of the US auto insurance market and writes $22.8B in yearly premiums. The average vehicle coverage policy costs $15 more than that of other major providers. Progressive also extends to provide various premium auto insurance options. 4. Allstate Premiums written: $21.4B Market share: 9% Employees: 45,000 Headquarters: Northfield Township, IL Allstate is an all-around insurance group that provides a range of vehicle insurance options in addition to auto insurance. Allstate provides services in all 50 states and currently controls 9% of the auto insurance market – writing $21.4B in yearly premiums. Allstate sells their auto insurance through a network of independent agents, and the company allows payments via their mobile app that includes features for checking on claims updates. Allstate offers bundles for auto insurance and home insurance policies including discounts. 5. USAA Premiums written: $13.2B Market share: 6% Employees: 32,000 Headquarters: San Antonio, TX USAA exclusively services members of the United States Armed Forces – their services are only provided to … Read More