Top 10 auto insurers in the United States in 2022

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Read more: Top 10 US auto insurance companies based on customer experience

To identify which of these industry giants provide the best coverage, Forbes Advisor took a “holistic view” of each company by analyzing the important factors that impact customer experience. The consumer financial services company then calculated the scores based on four key metrics:

  • Car insurance rates (50%): Average rates for different types of drivers, including those with a good driving history; those who caused an accident; and those with a speeding ticket, impaired driving charge or bad credit – using data from Quadrant Information Services.
  • Hedging options (25%): Additional coverages that provide “greater protection or cost savings” to consumers. Forbes Advisor gave points to companies offering accident forgiveness, new car replacement, waiver of deductibles, usage-based or pay-per-mile insurance, and SR-22s.
  • Complaints (20%): The number of complaints against insurers using data from the National Association of Insurance Commissioners (NAIC). Most auto insurance complaints were about claims, including unsatisfactory settlements, delays and denials.
  • Collision Repair (5%): Insurer’s approach to repairs using data provided by CRASH Network, a weekly publication covering the collision repair and auto insurance market segments.

Read more: Revealed – the cheapest luxury vehicles to insure in 2021

That’s how the nation’s largest auto insurance providers fared based on Forbes Advisor metrics, with the top companies earning the highest score of 5.0. Figures are current to February 2022. Market share and direct written premium figures are from III’s 2020 data, which are the most recent figures available.

Market share: 13.6%

Direct written premiums: $33.9 billion

Average annual premiums for good drivers: $1,182

Collision Claim Repair Category: C-

Level of complaint: Low

Forbes Advisor Rating: 5.0

GEICO, a subsidiary of Berkshire Hathaway and the nation’s second-largest auto insurer, tops the list, thanks to its “very competitive insurance rates,” not just for motorists with good driving histories, but also for those who have speeding tickets, bad credit or have been caught driving without insurance. GEICO also offers valuable additional features such as accident forgiveness and a usage-based insurance program to help drivers lower premiums. The insurer was also named the best auto insurance provider for good drivers in 26 states in Forbes Advisor analysis.

Market share: 2.3%

Direct written premiums: $9.8 billion

Average annual premiums for good drivers: $1,540

Collision Claim Repair Category: C

Complaint level: Very low

Forbes Advisor Rating: 5.0

Nationwide has received the fewest complaints among the nation’s largest auto insurers. It also offers competitive rates for different types of drivers, including those who add teenagers to their policies and those with bad credit histories. the The Ohio-based insurer also offers a range of useful options, including a usage-based insurance program and a pay-per-mile option for motorists who potentially want to lower their rates.

Read more: Nationwide partners with Toyota and offers telematics-based insurance

Market share: 2%

Direct written premiums: $4.9 billion

Average annual premiums for good drivers: $1,435

Collision Claim Repair Category: C+

Complaint level: Very low

Forbes Advisor Rating: 5.0

Travelers only hang around the country for the least complaints received. The company offers competitive premiums for loan/lease gap insurance at approximately $39 per year. It also provides relatively low automatic rates for drivers with DUIs on their records, although premiums for those who add a teenage driver tend to be steep. Some of the standout features of the insurer’s policies include forgiveness for accidents and minor infractions, as well as a usage-based insurance program that could offer policyholders huge discounts.

4. United States of America

Market share: 6.3%

Direct written premiums: $15.8 billion

Average annual premiums for good drivers: $1,141

Collision Claim Repair Category: C+

Complaint level: OK

Forbes Advisor Rating: 5.0

The last of the five-star rated companies in the Forbes Advisor list, USAA offers low rates not only for good drivers, but also for those with an accident, speeding ticket or DUI on their records, as well as motorists young and old. The specialty insurer, however, only provides auto insurance coverage to veterans and serving members of the military, as well as their immediate families. Among its policies, valuable additions include accident forgiveness, new car replacement, ride-sharing insurance coverage, and usage-based insurance.

Read more: USAA to Launch Telematics Insurance Program in Most States

5. Automobile owners

Market share: 1.3%

Direct written premiums: $3.1 billion

Average annual premiums for good drivers: $1,532

Collision Claim Repair Category: B+

Level of complaint: Low

Forbes Advisor Rating: 4.5

Auto owner optional coverage options – including accident waiver, lower deductible, new car replacement and gap coverage – transparent claims process and low complaint count compensate for its relatively high average rates for certain types of drivers. Of all the insurers ranked, Auto-Owners has the highest premiums for drivers with bad credit. It also imposes an average rate increase of almost $3,580 when adding a teenager to a policy. The company, however, received one of the highest ratings from auto body repair professionals for its good claims handling services.

Market share: 16.2%

Direct written premiums: $40.4 billion

Average annual premiums for good drivers: $1,402

Collision Claim Repair Category: C

Level of complaint: Low

Forbes Advisor Rating: 4.5

The nation’s largest car insurer offers the lowest premiums for drivers who have been involved in crashes or been caught speeding of any company ranked. It also offers competitive rates for older drivers and those adding a teen to their policy. In terms of the number of complaints received, State Farm is in the bottom half of the list.

Market share: 8.4%

Direct written premiums: $25.9 billion

Average annual premiums for good drivers: $2,022

Collision Claim Repair Category: C-

Level of complaint: Low

Forbes Advisor Rating: 4.0

Allstate has a portfolio of helpful coverage options, including accident forgiveness, waiver of deductibles, gap insurance, and new car replacement. Policyholders can also access the company’s usage-based and pay-per-mile offerings. The company has a good track record of customer complaints, which helps offset car insurance premiums that are often higher than those of its competitors.

Read more: Allstate launches personalized auto insurance pricing

8. Erie

Market share: 1.3%

Direct written premiums: $3.3 billion

Average annual premiums for good drivers: $1,419

Collision Claim Repair Category: A-

Complaint level: above industry average

Forbes Advisor Rating: 4.0

Erie received the highest rating from collision experts of any insurer listed for its repair claims process. However, it is one of two companies that received an above-average number of complaints. Forbes Advisor also described the company’s auto insurance rates as “a mixed bag based on your driving record,” but praised its rate lock feature, which allows drivers to keep the same premiums each year. , unless they make certain changes to their policy, such as adding or removing a vehicle.

Read more: Erie Insurance Wins Auto Insurance Honors

Market share: 4%

Direct written premiums: $9.9 billion

Average annual premiums for good drivers: $2,124

Collision Claim Repair Category: C

Complaint level: above industry average

Forbes Advisor Rating: 3.0

Farmer car insurance rates tend to be high compared to its competitors. Auto insurance complaints against the company are also higher than the industry average. One of the benefits for farmers, however, is that it offers policy features that can help drivers after a collision, such as new car replacement and accident forgiveness. The company also offers ride-sharing insurance for Uber and Lyft drivers.

Read more: Farmers Insurance is already adapting to Tesla’s change

Market share: 13.3%

Direct written premiums: $33.2 billion

Average annual premiums for good drivers: $1,892

Collision Claim Repair Category: C

Complaint level: OK

Forbes Advisor Rating: 3.0

The nation’s third-largest car insurance provider rounds out the rankings with fewer complaints than the industry average. The company is also in the middle of the pack when it comes to insurance rates compared to other major players in the industry. However, auto body professionals give Progressive’s collision repair processes a relatively low rating compared to its industry rivals.

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