Biggest Insurance Companies
#1 Berkshire Hathaway (BRK.A)
- Revenue (TTM): $279.2 billion
- Net Income (TTM): $35.8 billion
- Market Cap: $549.0 billion
- 1-Year Trailing Total Return: 3.3%
- Exchange: New York Stock Exchange
Berkshire Hathaway Inc. is a major conglomerate and one of the nation’s premier insurance companies, also owning businesses in sectors such as rail transportation, utilities and energy, manufacturing, services, and retailing. Berkshire provides primary insurance, as well as reinsurance of property and casualty risks through companies such as GEICO, Berkshire Hathaway Reinsurance Group, Berkshire Hathaway Primary Group, General Re, National Indemnity Company and others.
#2 Ping An Insurance (Group) Co. of China Ltd. (PNGAY)
- Revenue (TTM): $155.0 billion
- Net Income (TTM): $17.5 billion
- Market Cap: $230.8 billion
- 1-Year Trailing Total Return: 9.0%
- Exchange: OTC
Ping An Insurance is involved primarily in insurance, financial services, and banking. It is one of the top 50 companies listed on the Shanghai Stock Exchange. Founded in 1988, it was China’s first joint-stock insurance company. Its subsidiaries include Ping An Life, Ping An Property & Casualty, Ping An Annuity, and Ping An Health, among many others.
#3 AXA SA (AXAHY)
- Revenue (TTM): $112.4 billion
- Net Income (TTM): $3.3 billion
- Market Cap: $55.7 billion
- 1-Year Trailing Total Return: -9.1%
- Exchange: OTC
AXA is one of the world’s leading insurance groups with major businesses in property and casualty insurance, life insurance, savings, and asset management. Several insurance companies merged to create AXA in the 1990s. It does business in all major global markets.
#4 China Life Insurance Co. Ltd. (LFC)
- Revenue (TTM): $111.1 billion
- Net Income (TTM): $7.2 billion
- Market Cap: $64.0 billion
- 1-Year Trailing Total Return: -9.0%
- Exchange: New York Stock Exchange
China Life Insurance is one of the mainland’s largest state-owned insurance and financial services companies, as well as a key player in the Chinese capital market as an institutional investor. The company was founded in 1949, the year that the People’s Republic if China was founded. The company today has numerous subsidiaries spread across life insurance, pension plans, asset management, property and casualty, and investment holdings.
#5 Allianz SE (ALIZY)
- Revenue (TTM): $97.5 billion
- Net Income (TTM): $7.7 billion
- Market Cap: $98.0 billion
- 1-Year Trailing Total Return: -3.4%
- Exchange: OTC
Allianz is a leading global financial services company, providing products and services from insurance to asset management. It offers insurance products ranging from property and casualty policies to health and life insurance for corporate and individual customers. The company is headquartered in Germany.
#6 Assicurazioni Generali (ARZGY)
- Revenue (TTM): $86.6 billion
- Net Income (TTM): $1.8 billion
- Market Cap: $28.5 billion
- 1-Year Trailing Total Return: 3.9%
- Exchange: OTC
Headquartered in Italy, Assicurazioni Generali is an international insurance provider. The company offers a variety of life, non-life, and reinsurance products. While a large portion of Assicurazioni Generali’s business is in Europe, it has a growing presence in Asia and Latin America.
#7 The People’s Insurance Co. (Group) of China Ltd. (PINXY)
- Revenue (TTM): $85.5 billion
- Net Income (TTM): $4.0 billion
- Market Cap: $14.9 billion
- 1-Year Trailing Total Return: 7.0%
- Exchange: OTC
With the Chinese central government as its controlling shareholder, The People’s Insurance Co. operates a number of subsidiaries that provide property, life, pension, and health insurance products, as well as reinsurance and various other offerings. The company also offers asset management services.
#8 Aviva PLC (AVVIY)
- Revenue (TTM): $46.9 billion
- Net Income (TTM): $2.9 billion
- Market Cap: $18.8 billion
- 1-Year Trailing Total Return: 8.5%
- Exchange: OTC
U.K.-based Aviva PLC is an international insurance company offering transport, aviation, marine, fire, motor, and life insurance products, as well as a range of financial services. Its UK Life business and General Insurance business are leaders in their home market in the U.K.
#9 Legal & General Group PLC (LGGNY)
- Revenue (TTM): $45.2 billion
- Net Income (TTM): $1.6 billion
- Market Cap: $21.8 billion
- 1-Year Trailing Total Return: 0.9%
- Exchange: OTC
Legal & General Group is a London-based financial services and insurance company. With a worldwide customer base, the company provides a range of asset management, retirement, savings, and general insurance products.
#10 Prudential PLC (PUK)
- Revenue (TTM): $35.1 billion
- Net Income (TTM): -$0.7 billion
- Market Cap: $49.9 billion
- 1-Year Trailing Total Return: 6.4%
- Exchange: New York Stock Exchange
Prudential PLC is a London-based insurance and investment services company offering products ranging from life, health, accident, property, and casualty policies to pensions, equity plans, mortgages and other financial services. Prudential also caters to customers in all major global markets, including in the U.K., its home market.
There are a number of ways to rank the size of insurance companies. Companies can be measured by their market capitalization (the value of the company on a stock exchange) or by using sales figures, such as net premiums written in a year or how many policies were sold. Here, we examine the top 10 largest insurance companies by market cap, market share, and revenues.
KEY TAKEAWAYS
- Insurance companies are important players in the global financial economy, although they may not be as flashy as investment banks or hedge funds.
- Insurance companies come in many sizes and specialize in different policy lines, from health to life to property & casualty.
- Market capitalization, or market cap, is the value of a company’s outstanding shares.
- Some insurance companies are mutually owned, in which the policyholders are the owners.
- When ranking insurance companies, it’s important to categorize them according to their product line.
Largest Insurance Companies by Market Capitalization
Market capitalization, or market cap, is the total value of a company’s stock, and it is calculated by multiplying the number of outstanding shares by the current share price. It is a quick way of determining the value of a company in the eyes of investors.
Companies with large market caps are generally established conservative investments. They likely experience steady growth and offer the least amount of risk. Mid-cap companies are also established but have high growth potential. Lastly, small-cap companies are often new companies with high growth potential. Investing in these companies poses the greatest risk because they are more vulnerable to economic downturns than the more established large and mid-cap companies.
Investors can buy shares of publicly-traded companies in the insurance industry. The largest non-health insurance companies
Non-health Insurance Companies
| Company Name | Market Capitalization |
| Berkshire Hathaway (U.S.) | $636 billion |
| Ping An Insurance (China) | $166 billion |
| AIA Group (Hong Kong) | $154 billion |
| China Life Insurance (China) | $114 billion |
| Allianz (Germany) | $104 billion |
| Cigna (US) | $81 billion |
| AXA (France) | $62 billion |
| Humana (U.S.) | $59 billion |
| Zurich Insurance (Switzerland) | $59 billion |
| Munich (Germany) | $39 billion |
Now, for health and managed health care companies.
Health Insurance and Managed Health Care Companies
| Company Name | Market Capitalization |
| United Healthcare (UNH) | $393 billion |
| CVS (CVS) | $106 billion |
| Anthem (ANTM) | $96 billion |
| Cigna (CI) | $80 billion |
| Humana (HUM) | $59 billion |
| Centene Corporation (CNC) | $43 billion |
| Molina Healthcare (MOH) | $15 billion |
| Bright Health Group (BHG) | $9.7 billion |
| MultiPlan Corporation (MPLN) | $4.7 billion |
| Alignment Healthcare (ALHC) | $4.2 billion |
Not all insurance companies are publicly traded. In fact, many insurers are structured as mutual companies, where policyholders of participating policies are essentially partial owners of the company. The mutual company model for an insurance company dates back hundreds of years, and there are certain benefits conferred on policyholders that do not exist with publicly traded (stock company) insurers.
Largest Insurance Companies by Sales and Product Line
It is useful to differentiate between the type of insurance, or line, that is being considered when considering the largest insurance companies. Using sales data is helpful as some of the largest insurance companies in the United States are not publicly traded and therefore their market value is not easily ascertained.
Property & Casualty
Property and casualty insurers write policies covering property such as real estate, dwellings, cars, and other vehicles. They also write policies dealing with liabilities that may be incurred by accident or negligence related to those properties to defray the cost of lawsuits or medical damages resulting from such incidents.
The top U.S. property and casualty companies by net premiums written (the amount of money that non-life policies can expect to receive over the life of the contract, less commissions and costs) are:
| Company | Net Premiums Written |
| State Farm Group | $66.2 billion |
| Berkshire Hathaway (BRK.A) | $46.4 billion |
| Progressive Insurance Group (PGR) | $41.7 billion |
| Allstate Insurance Group (ALL) | $39.2 billion |
| Liberty Mutual | $36.2 billion |
| Travelers Group (TRV) | $28.8 billion |
| USAA Group | $24.6 billion |
| Chubb (CB) | $24.2 billion |
| Farmers Insurance Group | $20.1 billion |
| Nationwide | $18.5 billion |
Life Insurance Companies
Life Insurance companies promise to pay out a lump sum benefit upon the death of the insured. Although actuarial science has created mortality tables to accurately estimate the future liability of policies to be paid, having financial strength ensures that these companies can meet all of their obligations while still earning a profit.
Life Insurance companies in the U.S. can be ranked by direct premium written (the number of new policies written directly and not re-insured).
| Company | Total Direct Premium | Market Share |
| New York Life Grp | $11.7 billion | 6.75% |
| Northwestern Mutual | $11.3 billion | 6.52% |
| Metropolitan Group (MET) | $10.5 billion | 6.05% |
| Prudential of America (PRU) | $10.1 billion | 5.80% |
| Lincoln National | $8.4 billion | 4.83% |
| MassMutual | $7.9 billion | 4.57% |
| State Farm | $5.0 billion | 2.87% |
| Aegon (AEG) | $4.9 billion | 2.80% |
| John Hancock | $4.7 billion | 2.73% |
| Minnesota Mutual Grp | $4.7 billion | 2.70% |
Health Insurance Companies
Health insurance companies provide policies to cover all or part of the policyholder’s health and medical costs. Policies may be purchased individually or through an employer. Technically, the United States government is the largest health insurance provider in America through the Medicare program, Social Security, and Medicaid administered by individual states.
Based on the National Association of Insurance Commissioners (NAIC) report, the largest non-government sponsored U.S. health insurance companies measured by total direct premium collected were:
| Company | Total Direct Premium | Market Share |
| Metropolitan Group | $111.7 billion | 11.1% |
| Prudential (PRU) | $63.5 billion | 6.3% |
| Equitable Holdings | $62.8 billion | 6.2% |
| UnitedHealth Group (UNH) | $58.4 billion | 5.8% |
| New York Life | $43.4 billion | 4.3% |
| CVS (CVS) | $39.3 billion | 3.9% |
| Mass Mutual | $39.2 billion | 3.9% |
| Principal Financial | $28.5 billion | 2.8% |
| Lincoln National Group | $28.2 billion | 2.8% |
| Aegon | $24.4 billion | 2.4% |
Largest Insurance Companies FAQs
What Do the CEOs of the Largest Health Insurance Companies Make?
The following CEOs of the 6 largest health insurance companies make over $15 million annually:
- Michael Neidorff of Centene earns $26.4 million
- David Cordani of Cigna earns $19.1 million
- David Wichmann of UnitedHealth Group earns $18.9 million
- Joseph Zubretsky of Molina Healthcare earns $18 million
- Bruce Broussard of Human earns $16.7 million
- Gail Boudreaux of Anthem earns $15.5 million
Are the Large Insurance Companies Good Investments?
Investing in insurance companies can be a safe option for some investors. Insurance companies are founded to deal with risk, which can ultimately reduce the risks associated with investing in them. Health insurance, subject to rapid changes, has the potential for significant growth compared to other types of insurance companies.
Who Are the Largest Investors in Insurance Companies?
The largest investors in insurance companies are generally other institutions. For example, UnitedHealth Group (UNH) has 4,124 institutional owners, who hold more than one billion shares.
What Are the Largest Homeowners Insurance Companies in the U.S.?
The five largest homeowners insurance companies in the U.S. are State Farm, Allstate, USAA, Liberty Mutual, and Farmers. Together, these companies hold more than 45% of the homeowners’ insurance market share.
What Are the Largest Insurance Companies in Canada?
The five largest insurance companies in Canada are Manulife Financial Corporation, Great-West Lifeco, Desjardins, Sun Life Financial, and Fairfax Financial. Manulife is Canada’s largest insurance company, employing over 35,000 employees and serving more than 30 million customers.
Top 10 Writers Of Property/Casualty Insurance
| Rank | Group/company | Direct premiums written (1) | Market share (2) |
|---|---|---|---|
| 1 | State Farm | $66,153,063 | 9.1% |
| 2 | Berkshire Hathaway Inc. | 46,358,896 | 6.4 |
| 3 | Progressive Corp. | 41,737,283 | 5.7 |
| 4 | Allstate Corp. | 39,210,020 | 5.4 |
| 5 | Liberty Mutual | 36,172,570 | 5.0 |
| 6 | Travelers Companies Inc. | 28,786,741 | 4.0 |
| 7 | USAA Insurance Group | 24,621,246 | 3.4 |
| 8 | Chubb Ltd. | 24,199,582 | 3.3 |
| 9 | Farmers Insurance Group of Companies | 20,083,339 | 2.8 |
| 10 | Nationwide Mutual Group | 18,499,967 | 2.5 |
Top 10 Writers Of Life/Annuity Insurance
| Rank | Group/company | Direct premiums written (1) | Market share (2) |
|---|---|---|---|
| 1 | MetLife Inc. | $103,335,055 | 13.0% |
| 2 | Equitable Holdings | 62,688,657 | 7.9 |
| 3 | Prudential Financial Inc. | 61,913,976 | 7.8 |
| 4 | New York Life Insurance Group | 40,211,642 | 5.1 |
| 5 | Massachusetts Mutual Life Insurance Co. | 38,461,197 | 4.9 |
| 6 | Principal Financial Group Inc. | 26,439,671 | 3.3 |
| 7 | Lincoln National Corp. | 25,385,450 | 3.2 |
| 8 | Western & Southern Financial Group | 22,920,717 | 2.9 |
| 9 | Transamerica | 22,875,109 | 2.9 |
| 10 | American International Group (AIG) | 22,620,803 | 2.9 |
Top 10 Writers Of Homeowners Insurance
| Rank | Group/company | Direct premiums written (1) | Market share (2) |
|---|---|---|---|
| 1 | State Farm | $19,717,032 | 17.9% |
| 2 | Allstate Corp. | 9,773,497 | 8.9 |
| 3 | USAA Insurance Group | 7,362,747 | 6.7 |
| 4 | Liberty Mutual | 6,991,283 | 6.3 |
| 5 | Farmers Insurance Group of Companies | 6,043,865 | 5.5 |
| 6 | Travelers Companies Inc. | 4,866,357 | 4.4 |
| 7 | American Family Insurance Group | 4,442,467 | 4.0 |
| 8 | Nationwide Mutual Group | 3,344,181 | 3.0 |
| 9 | Chubb Ltd. | 3,113,149 | 2.8 |
| 10 | Progressive Corp. | 1,897,225 | 1.7 |
Top 10 Writers Of Private Passenger Auto Insurance
| Rank | Group/company | Direct premiums written (1) | Market share (2) |
|---|---|---|---|
| 1 | State Farm | $40,397,656 | 16.2% |
| 2 | Berkshire Hathaway Inc. | 33,926,566 | 13.6 |
| 3 | Progressive Corp. | 33,171,941 | 13.3 |
| 4 | Allstate Corp. | 25,878,688 | 10.4 |
| 5 | USAA Insurance Group | 15,772,993 | 6.3 |
| 6 | Liberty Mutual | 11,847,079 | 4.7 |
| 7 | Farmers Insurance Group of Companies | 9,936,840 | 4.0 |
| 8 | Nationwide Mutual Group | 5,778,149 | 2.3 |
| 9 | American Family Insurance Group | 5,168,252 | 2.1 |
| 10 | Travelers Companies Inc. | 4,890,393 | 2.0 |
Top 10 Writers Of Commercial Auto Insurance
| Rank | Group/company | Direct premiums written (1) | Market share (2) |
|---|---|---|---|
| 1 | Progressive Corp. | $5,572,154 | 12.1% |
| 2 | Travelers Companies Inc. | 2,860,332 | 6.2 |
| 3 | Old Republic International Corp. | 1,883,081 | 4.1 |
| 4 | Liberty Mutual | 1,689,377 | 3.7 |
| 5 | Nationwide Mutual Group | 1,659,268 | 3.6 |
| 6 | Zurich Insurance Group | 1,622,780 | 3.5 |
| 7 | Berkshire Hathaway Inc. | 1,466,046 | 3.2 |
| 8 | Auto-Owners Insurance Co. | 1,233,088 | 2.7 |
| 9 | Allstate Corp. | 1,068,177 | 2.3 |
| 10 | Chubb Ltd. | 895,288 | 2.0 |
Top 10 Writers Of Commercial Lines Insurance
| Rank | Group/company | Direct premiums written (1) | Market share (2) |
|---|---|---|---|
| 1 | Chubb Ltd. | $19,399,859 | 5.5% |
| 2 | Travelers Companies Inc. | 18,815,626 | 5.3 |
| 3 | Liberty Mutual | 17,057,397 | 4.8 |
| 4 | Zurich Insurance Group | 13,358,067 | 3.8 |
| 5 | American International Group (AIG) | 11,887,670 | 3.3 |
| 6 | Berkshire Hathaway Inc. | 11,601,352 | 3.3 |
| 7 | CNA Financial Corp. | 11,302,724 | 3.2 |
| 8 | Hartford Financial Services | 9,575,425 | 2.7 |
| 9 | Nationwide Mutual Group | 8,812,305 | 2.5 |
| 10 | Tokio Marine Group | 7,758,808 | 2.2 |
Top 10 Writers Of Workers’ Compensation Insurance
| Rank | Group/company | Direct premiums written (1) | Market share (2) |
|---|---|---|---|
| 1 | Travelers Companies Inc. | $3,737,454 | 7.3% |
| 2 | Hartford Financial Services | 2,992,054 | 5.9 |
| 3 | Zurich Insurance Group | 2,495,405 | 4.9 |
| 4 | Chubb Ltd. | 2,294,598 | 4.5 |
| 5 | Liberty Mutual | 2,140,149 | 4.2 |
| 6 | Berkshire Hathaway Inc. | 1,998,778 | 3.9 |
| 7 | AmTrust Financial | 1,956,224 | 3.8 |
| 8 | Accident Fund Group | 1,668,319 | 3.3 |
| 9 | New York State Insurance Fund Workers’ Compensation Fund | 1,610,727 | 3.2 |
| 10 | Old Republic International Corp. | 1,301,262 |
Best Car Insurance Companies
The best car insurance companies give their customers more than just coverage they want at a reasonable price — merely good companies can do that. The best auto insurance companies provide a customer-first experience from quote to claim, including a headache-free way to manage policies and make payments.
Large company size doesn’t necessarily mean a better customer experience. Smaller, local insurers like NJM and Erie also make the cut, while some of the largest companies in the U.S., including Nationwide, aren’t on our list.
The following companies received 4.5 or 5 stars out of 5 in NerdWallet’s analysis of the best auto insurers in the U.S.
NerdWallet’s editorial team considered pricing, discounts, complaint data from the National Association of Insurance Commissioners and more to determine the best car insurance companies. Our “ease of use” category includes factors such as website transparency and how easy it is to file a claim. As we continue to evaluate more insurance providers and receive fresh market data, this list of best auto insurance companies is likely to change.
More on the best car insurance companies
Amica
Why it made the list: In J.D. Power’s studies, Amica ranked first for overall satisfaction in the New England region and eighth among 12 midsized insurers for insurance shopping satisfaction. J.D. Power also ranked Amica second highest for overall auto claims satisfaction.
If you do have to go through the claims process, you may not even see an increase in your rates. Customers who opt for certain upgrades can earn “Advantage Points” for good driving, renewing a policy and referring other drivers. These points can be used to keep your current rate after an accident. Amica also offers free glass repair, free lock replacement and free airbag repair after deployment.
Cost: About average.
Available in: Every state but Alaska and Hawaii.
Bottom line: High marks for customer satisfaction and numerous discounts make Amica a great choice for most drivers.
NJM
Why it made the list: New Jersey Manufacturers Insurance (NJM) gets high scores in J.D. Power’s studies of customer satisfaction. It’s ranked No. 1 in “Among the best” Auto Claims Satisfaction Study, the most recent available. It’s also ranked third among 14 insurers in the mid-Atlantic region U.S. Auto Insurance Satisfaction Study, which measures overall customer satisfaction.
You can get all the standard auto coverages from NJM, along with extras including new car replacement coverage for cars with fewer than 15,000 miles and pet coverage, which pays for vet bills if they are injured in a covered car accident. You can also add gap insurance to help pay off your car loan if your vehicle is stolen or totaled.
Cost: Cheaper than average.
Available in: Connecticut, Maryland, New Jersey, Ohio and Pennsylvania.
Bottom line: NJM is one of a handful of insurers with a five-star rating, offering some of the cheapest car insurance rates on average. However, its policies are available only in five states.
Shelter
Why it made the list: Shelter’s policies for new vehicles automatically include new car replacement insurance, which will pay for a new car if yours is totaled in its first year with fewer than 15,000 miles on it. Many discounts are available, including one for drivers at least 48 years old who own another qualifying Shelter policy.
Shelter ranks third among 14 insurers in the Central region in J.D. Power’s U.S. Auto Insurance Satisfaction Study.
Cost: About average.
Available in: Arkansas, Colorado, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Mississippi, Missouri, Nebraska, Nevada, Ohio, Oklahoma and Tennessee.
Bottom line: Shelter’s minimal customer complaints and extensive list of discounts make it a solid option if you live in one of the 15 states where the company offers policies.
Texas Farm Bureau Insurance
Why it made the list: Texas Farm Bureau Insurance operates in a single state, and buying coverage requires a Farm Bureau membership, which typically costs $35 to $50 a year. That gives you access to some of the cheapest car insurance in Texas.
In J.D. Power’s U.S. Auto Insurance Satisfaction Study, Texas Farm Bureau Insurance is the highest rated auto insurer in Texas.
Texas Farm Bureau Insurance gives student drivers a discount for good grades, gives homeowners a discount for bundling and gives anyone a discount for having a car’s vehicle identification number, or VIN, etched in the glass of the car to deter theft.
Cost: About average.
Available in: Texas.
Bottom line: For many Texas drivers — especially young adults — Texas Farm Bureau will be among the cheapest providers, though its rates are about average overall.
Allstate
Why it made the list: In J.D. Power’s studies, Allstate ranked No. 8 out of 24 companies scored about average for customer claims satisfaction. Allstate also ranked fourth among eight large insurers for customer satisfaction with buying insurance and first for overall satisfaction in Florida.
Allstate offers discounts for drivers in some states who use the company’s telematics program — a system that tracks how safely you drive. You can get discounts for being a good student, driving a new car and going paperless. Allstate also gives you a discount on your deductible if you sign up for the optional deductible rewards program, cutting down on your out-of-pocket expenses when you’re in an accident.
Cost: About average.
Available in: All 50 states and Washington, D.C.
Bottom line: With generous discounts and plenty of coverage options, this auto insurance giant is worth a look.
American Family
Why it made the list: In J.D. Power’s customer satisfaction studies, American Family ranked third among a dozen midsized insurers for satisfaction with the insurance shopping experience and tied for first place for overall satisfaction in the Southwest region. J.D. Power ranked American Family ranked No. 17 out of 24 companies for auto insurance claims satisfaction.
American Family offers a range of discounts to drivers in some states, including for loyalty, completing a defensive driving course and for students away at school. The company also has apps to monitor driving, allowing good drivers to earn discounts.
Cost: About average.
Available in: 19 states, mainly throughout the Midwest and Pacific Northwest.
Bottom line: American Family really shines when it comes to discounts, with savings for insuring multiple vehicles, completing a defensive driving course and having a student away at school.
Auto-Owners
Why it made the list: In J.D. Power’s studies, Auto-Owners ranked fifth among 12 mid-sized insurers for customer satisfaction with insurance shopping and first for overall satisfaction in the Central region. Auto-Owners ranked No. 3 out of 24 companies for customer claims satisfaction.
Auto-Owners has an app to track your driving. Good drivers can get a discount for avoiding hard braking and sharp turns, along with other safe behaviors.
Cost: About average.
Available in: Alabama, Arizona, Arkansas, Colorado, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Michigan, Minnesota, Missouri, Nebraska, North Carolina, North Dakota, Ohio, Pennsylvania, South Carolina, South Dakota, Tennessee, Utah, Virginia and Wisconsin.
Bottom line: People who need several insurance policies may benefit from the convenience and discounts of bundling them with Auto-Owners, which has many coverage options and few customer complaints.
Chubb
Why it made the list: Chubb Insurance isn’t trying to be the cheapest car insurer — it’s trying to be the car insurer with the white-glove touch. Rental reimbursement comes with a whopping $15,000 limit. Coverage will pay for repairing your car with original manufacturer-made parts, for those cars that need just the right imported piece. You can even get extra-high liability limits, up to $10 million.
Cost: About average.
Available in: All 50 states and Washington D.C.
Bottom line: Chubb doesn’t focus on cheap insurance, but rather caters to mostly high-net-worth families, providing generous coverage options and perks that aren’t usually available from other insurers.
Erie
Why it made the list: Erie Insurance ranked second among a dozen midsized auto insurance companies in the J.D. Power U.S. Insurance Shopping Study, which measures satisfaction with the auto insurance shopping experience. It also ranked seventh out of 23 companies nationwide Auto Claims Satisfaction Study.
When you buy Erie car insurance, you can lock in your rates until you change covered drivers, covered cars or your home address. Erie offers new car protection for cars under 24 months old, and rental reimbursement coverage comes standard with comprehensive coverage in most states. Accident forgiveness is available after three years with the company.
Cost: About average.
Available in: Illinois, Indiana, Kentucky, Maryland, New York, North Carolina, Ohio, Pennsylvania, Tennessee, Virginia, West Virginia and Wisconsin, plus Washington, D.C.
Bottom line: With free perks like accident forgiveness for loyal customers and the ability to lock in your rates, Erie is popular with consumers. However, it operates in only 12 states and Washington, D.C.
Farmers
Why it made the list: Farmers Insurance ranks seventh on the list of the largest car insurance companies in the U.S.
In J.D. Power’s U.S. Insurance Shopping Study, Farmers ranked sixth among eight large insurers for customer satisfaction with the insurance shopping experience. J.D. Power rated Farmers No. 10 out of 24 companies for customer satisfaction with its claims process.
You can get discounts for building multiple policies, being a good student and being a member of some professional groups.
Cost: About average.
Available in: 42 states (Not available in Alaska, Delaware, Hawaii, Maine, Rhode Island, New Hampshire, Vermont, West Virginia and Washington D.C.)
Bottom line: One of the country’s largest insurers, Farmers offers plenty of ways to customize your policies and more discounts than most other insurers.
Geico
Why it made the list: One of the most popular car insurance companies in the U.S., Geico stacks up the discounts, giving drivers in some states a few bucks off for everything from clean driving records to good grades. Federal employees also get discounts, as do veterans, active military and reservists. As for coverage, you can get all the basics plus mechanical breakdown coverage, which helps pay for repairs to newer cars with fewer miles.
In J.D. Power’s 2020 customer satisfaction studies, Geico ranked first among large insurers for the insurance shopping experience and first (or tied for first) for overall satisfaction in the North Central, Northwest and Southwest regions.
Cost: Cheaper than average.
Available in: All 50 states and Washington. D.C.
Bottom line: With nationwide availability and a raft of discounts, Geico is a popular and often affordable choice for car insurance. Among the nation’s four largest insurers, Geico stands out as having the cheapest annual rates on average and the smoothest online experience for users.
The Hanover
Why it made the list: If you’re looking for an auto insurance policy with built-in extras, you may want to consider The Hanover. It received fewer than the expected number of complaints for auto insurance, and has a wide variety of coverage options.
The Hanover offers the usual car insurance coverage, but also has customizable packages with additional perks. These packages come in two tiers and different price points.
Cost: More expensive than average.
Available in: Arkansas, Connecticut, Georgia, Illinois, Indiana, Louisiana, Maine, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Oklahoma, Pennsylvania, Tennessee, Vermont, Virginia and Wisconsin.
Bottom line: If you’re looking for an auto insurance policy with built-in extras, you may want to consider The Hanover. The insurer offers highly customizable policies for both home and auto insurance.
Liberty Mutual
Why it made the list: Out of the six largest insurance companies, Liberty Mutual is the only one to offer both gap insurance and new car replacement coverage, which pays for the cost of a new car if it’s totaled in the first year and has less than 15,000 miles. Liberty Mutual also provides a unique benefit for teachers, who can receive free auto insurance such as collision and personal property insurance and vandalism loss protection in certain states.
Among large insurers, Liberty Mutual offers more discounts than anyone besides American Family. For example, drivers can save by paying their bill online, driving a hybrid or electric vehicle, and owning a home.
Liberty Mutual ranked fifth out of eight large insurers for customer satisfaction with buying insurance in J.D. Power’s study. The insurer ranked No. 14 out of 24 companies for customer claims satisfaction.
Cost: Liberty Mutual does not disclose rate filings, but in previous years it was more expensive than average.
Available in: All 50 states and Washington, D.C.
Bottom line: Liberty Mutual provides robust digital tools on its website and app, and offers more discounts than most other insurers.
Progressive
Why it made the list: Progressive has different features and options depending on your state. Some of the more interesting additions include pet injury protection, which is included with collision coverage, and a deductible “savings bank,” which knocks your deductible down by $50 each claim-free policy period to a minimum of $0.
In J.D. Power’s U.S. Insurance Shopping Study, Progressive ranked seventh out of eight large insurers for customer satisfaction with the insurance shopping experience. J.D. Power rated Progressive No. 21 out of 24 companies for customer satisfaction with its claims process.
Cost: About average.
Available in: All 50 states and Washington, D.C.
Bottom line: Progressive’s customer satisfaction scores aren’t as high as other companies’, but it offers enough discounts and insurance products to accommodate most people and has few customer complaints.
Safety
Why it made the list: Safety Insurance is available only in Maine, Massachusetts and New Hampshire, but its strong customer service makes it worth considering if you live in one of those three states. The company receives fewer consumer complaints to state regulators than expected for an insurer of its size.
You can customize your auto insurance with a “Safety Shield” package that may include full glass coverage, a waiver of your collision deductible, emergency road travel expenses and other extras, depending on where you live. Safety offers a variety of ways to save, including discounts for bundling multiple policies, getting policies delivered electronically or having a student with good grades on the policy.
In Massachusetts, other optional insurance may include accident forgiveness or coverage for a pet riding in the car with you. In all three states, you can also add gap insurance to pay off a loan or lease if your vehicle is totaled.
Cost: Cheaper than average.
Available in: Maine, Massachusetts and New Hampshire.
Bottom line: Safety offers cheaper car insurance rates on average than most other companies and gets fewer consumer complaints than expected for a company its size. However, it sells policies in only three states.
State Farm
Why it made the list: The largest personal auto insurer in the country, State Farm ranked third among eight large insurers for customer satisfaction with buying insurance in J.D. Power’s studies. It also ranked first for overall satisfaction in New York and the mid-Atlantic region and No. 6 out of 24 companies for customer claims satisfaction
The company offers discounts to drivers in some states for having multiple cars, being a good driver and having a student away at school. State Farm has a safe driving app that can live on your phone or through OnStar. You can earn a discount by following the rules and driving sensibly.
Cost: About average.
Available in: All 50 states and Washington, D.C.
Bottom line: With generous coverage and discounts for good driving habits, State Farm is a popular insurer with better customer satisfaction ratings compared to other large competitors.
Travelers
Why it made the list: Travelers offers potential discounts in some states for using the company’s telematics program, a system that tracks your driving. Optional plans offer forgiveness for one accident and one minor violation so your rates don’t go up after an incident.
In J.D. Power’s study, Travelers ranked eighth among eight large insurers for customer satisfaction with buying insurance. Travelers ranked No. 19 out of 24 companies for customer claims satisfaction.
Cost: About average.
Available in: 42 states and Washington, D.C. (Not available in Alaska, Hawaii, Louisiana, Michigan, North Dakota, South Dakota, West Virginia and Wyoming.)
Bottom line: One of the largest auto insurers in the nation, Travelers offers a broad range of coverage options and discounts to help you customize your car insurance policy.
USAA
Why it made the list: Although USAA sells insurance in all 50 states and Washington, D.C., it’s only available to active military, veterans and their families. For that reason, NerdWallet doesn’t rank USAA alongside other major auto insurance companies. But for customers who qualify, USAA often offers cheap rates.
USAA consistently scores high in J.D. Power studies for insurance shopping, claims and overall customer satisfaction.
USAA offers many discounts, including some specifically for drivers in the military. For instance, you can get a discount for keeping your car in a garage on a military base. You can also get more general discounts in some states for earning good grades and insuring a new car.
Cost: Cheaper than average.
Available in: All 50 states and Washington, D.C. (but only to active military, veterans and their families).
Bottom line: Although USAA sells insurance in all 50 states and Washington, D.C., it’s available only to active military, veterans and their families, but for customers who qualify, USAA often offers cheap rates and scores high in J.D. Power studies for insurance shopping, claims and overall customer satisfaction.
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