Top 8 Car Insurance Companies in the USA
8 Car Insurance Companies in the USA
Top 8 Car Insurance Companies in the U.S
When considering car insurance, price is undoubtedly a significant factor, but don’t forget that there’s more to an insurance provider than the premiums they offer. By examining rates and surveying over 9,500 consumers, we’ve gained insights into their satisfaction levels with various car insurance providers.
Based on the collected data and consumer feedback, we’ve identified the top 8 car insurance companies in 2023. Keep in mind that the best fit for you depends on your specific needs and preferences.
Key Points: • USAA retains its No. 1 spot in our 2023 ranking of the best car insurance companies. • American Family, ranking No. 2 overall, leaped eight spots compared to 2022. • State Farm occupies the No. 3 position, while Geico and Nationwide share the No. 4 spot.
USAA – Best for Military Community
USAA takes the lead as the best car insurance company of 2023. Excelling in various subcategories, including Customer Service, Most Likely to be Recommended, and Most Likely to Be Renewed, USAA comes in second to American Family in Claims Handling scores. However, note that USAA is only available to the military community. Compare Quotes »
American Family – Top Performer in Claims Handling
American Family, scoring 4.3 out of 5, ranks No. 2 overall and consistently performs well across subcategories. It holds the top spot for Claims Handling and ties for No. 1 in Customer Loyalty. Although its prices are midrange, American Family has seen the most significant improvement from last year, moving up eight places. Compare Quotes »
State Farm – Best for Seniors and Competitive Rates
Scoring 4.2, State Farm ranks No. 3 overall and consistently ranks high in subcategories, such as Best Car Insurance Companies for Seniors. State Farm has the third-lowest rates overall and offers competitive prices for various driver categories, including teenagers and seniors. Compare Quotes »
Geico – Affordable Rates for Diverse Driver Categories
Geico, with a 4.1 score, shares the No. 4 spot with Nationwide. Scoring in the top half for every subcategory, Geico is also one of the cheapest insurance providers on our list. It offers affordable rates for various driver categories, including teen drivers and those seeking minimum coverage.Compare Quotes »
8 Car Insurance Companies in U.S: Nationwide – Great Customer Satisfaction Ratings
Nationwide, also scoring 4.1, ties with Geico for the No. 4 position. Ranking in the top five for various subcategories, such as Most Likely to be Recommended and Most Likely to be Renewed, Nationwide comes in at No. 6 overall in our ranking of Cheap Car Insurance Companies. See Review »
8 Car Insurance Companies: Farmers – High Ranking in Customer Service and Claims Handling
Farmers, sharing the No. 6 spot with Travelers, Allstate, and AAA, ranks well in several subcategories, including Customer Service and Claims Handling. However, Farmers generally offers some of the highest average rates in our study. Compare Quotes »
8 Car Insurance Companies: Travelers – Consistently Below National Average Premiums
Retaining its No. 6 position from last year, Travelers has premiums below the national average in all categories studied, including teen, young adult, and senior drivers, as well as post-ticket or DUI policies. Compare Quotes »
Allstate – Well-rounded Coverage with Higher Premiums
Allstate ranks No. 6 overall but tends to be more expensive than other providers, with premiums higher than the national average in every pricing category studied.
In conclusion, remember that the best way to find the right insurance policy is to shop around, explore multiple insurers, and compare quotes to ensure you get the coverage. Compare Quotes »
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Best for Customer Service: USAA, American Family, and State Farm
USAA ranks No. 1 in the Customer Service subcategory, with American Family and State Farm tied at No. 2. Our survey found that over 73% of USAA customers who have not filed a claim are completely satisfied with the customer service provided by the company. This number drops to 53% among those who have filed a claim. As USAA’s car insurance policies are only available to members of the military community and their families, most customers will need to consider other insurers in our rating.
More than 65% of American Family customers who have not filed a claim expressed total satisfaction with the customer service provided, with just under 58% among those who have filed a claim. For State Farm customers, these numbers are approximately 60% and 54%, respectively.
Nationwide, Geico, Travelers, and Farmers tied at No. 4 in this subcategory.
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Best for Claims Handling: American Family
American Family ranks No. 1 in the Claims Handling subcategory with a score of 4.3, slightly ahead of No. 2 USAA, which earned a score of 4.2. Our survey results show that over 61% of American Family policyholders are completely satisfied with the ease of filing a claim, and 56% are completely satisfied with how their claims were resolved.
Just under 52% of American Family customers expressed complete satisfaction regarding status updates they received from the company while their claim was in progress.
Following American Family and USAA, there is a four-way tie at No. 3 in this subcategory between State Farm, Farmers, Geico, and Nationwide. Progressive, Travelers, and Allstate tie at No. 7, and AAA is at No. 10.
Most Likely To Be Recommended: USAA and American Family
USAA is the No. 1 insurer in the Most Likely to be Recommended subcategory, ahead of American Family at No. 2. Our survey shows that 63% of USAA policyholders who have not filed a claim are very likely to recommend the company to others looking for car insurance. Among those who have filed a claim, this number falls to around 59%. As USAA sells its car insurance products exclusively to members of the military community, most people in the market for insurance will need to explore policies from other companies.
Just over 40% of American Family policyholders who have not filed a claim say they are very likely to recommend the insurer to someone looking for a policy, while just over 62% of those who have filed a claim say they’re very likely to offer a recommendation.
Other companies likely to be recommended by their customers include State Farm, Nationwide, and Geico, which are tied at No. 3 in our rating in this subcategory.
Most Likely To Be Renewed: USAA and American Family
Over 69% of USAA customers who have not filed a claim said they are very likely to renew their policy with the company. Among policyholders who have filed a claim, more than 66% described themselves as very likely to renew. These results helped USAA achieve the No. 1 rating in the Most Likely to be Renewed subcategory.
American Family, ranked No. 2 in this subcategory, also performed well in our survey. Approximately 65% of those who haven’t filed a claim were very likely to renew with American Family, and among those who have filed a claim, the number increased to over 68%. Nationwide and State Farm are tied at No. 3 in this subcategory, with Geico at No. 5.
Best for Customer Loyalty: USAA and American Family
USAA and American Family are tied at No. 1 in the Customer Loyalty subcategory. Both companies performed well in our survey when it came to the willingness of their policyholders to recommend them. USAA and American Family also finished No. 1 and No. 2, respectively, in the Most Likely to be Renewed subcategory. Nationwide and State Farm tied at No. 3, and Geico was rated No. 5.
How Much Does Car Insurance Cost?
The average annual cost for car insurance is $1,547, according to our most recent analysis of premiums, but your rate could be higher or lower. Car insurance prices are very individualized, based on factors such as where you live, your age and gender, the type of car you drive, your driving record, and the type of coverage being purchased. Minimum coverage is less expensive than comprehensive coverage.
Another variable many drivers don’t consider is their credit rating. Insurance companies generally charge higher prices to customers with poor credit, while those with good credit may receive lower premiums. There are also many ways for drivers to save through discounts offered by insurers. Ultimately, the best way to find a premium that fits within your budget — and a policy that suits your needs — is to shop around and compare quotes from multiple insurers.
How Much Car Insurance Do I Need?
The amount of insurance you need depends on several factors. One of the most important factors is state requirements. Most states have laws that require drivers to carry a minimum amount of liability coverage. Some states also require drivers to carry other types of insurance, such as uninsured motorist coverage or personal injury protection (PIP).
The next factor to consider is any lender or lessor requirements. If you make monthly payments on your vehicle, your loan or lease agreement may specify how much coverage you need to carry. Refer to your lender, lessor, or financing agreement.
For more tips on getting the right amount of car insurance, read the “How Much Car Insurance Do I Need?” guide.