If you watch TV or use the Internet, it won’t be long before you see an ad for a car insurance company. Big insurance companies spend billions of dollars on marketing to make sure you remember their name.
There are more than 200 companies offering car insurance, according to J.D. Power, but larger companies can have advantages, such as financial strength and stability, a wider network of agents and claims adjusters, 24-hour customer service, and better apps and websites.
Here are the nation’s top 10 largest auto insurance companies, ranked by 2014 market share, along with details about each, including the latest available consumer satisfaction ratings from Consumer Reports and J.D. Power. (See full methodology at end.)
|Company||2014 sales||Consumer ratings||Special programs and discounts||Key facts|
|$35.6 billion (18.7% of market)||Drive Safe & Save usage-based insurance||
|$20.5 billion (10.8% of market)||Discounts for federal employees, military members and members of more than 500 “affinity” groups, including professional and recreational organizations.||
|$19 billion (10% of market)||
|$16.6 billion (8.7% of the market)||Snapshot usage-based program prices insurance based on factors such as mileage, when you drive and sudden changes in speed. Low mileage and good driving habits can save you money.||
|$9.8 billion (5.2% of the market)||
|$9.7 billion (5.1% of the market)||Offers affinity discounts to a wide range of professionals, including accountants, architects, pilots, doctors, teachers, engineers, firefighters, lawyers, police officers and scientists.||
|$9.5 billion (5% of the market)||Better Car Replacement coverage will pay for a car that’s one model year newer, with 15,000 fewer miles, if your vehicle is totaled.||
|$7.3 billion (3.9% of the market)||Is a partner in the Plenti rewards program, which provides loyalty points that consumers can earn and use with various companies.||
|$3.5 billion (1.9% of the market)||Offers a Steer into Savings Discount for switching from a competitor and an EarlyBird Discount for switching at least seven days before a policy takes effect.||
|$3.2 billion (1.7% of the market)||Offers a discount of up to 10% for hybrid or electric vehicles.||
Finding the best insurance company for you
Don’t choose an insurance company just because your parents used it or its TV ads seem smart. Take a look at the big picture of customer satisfaction, claims service and price. NerdWallet’s car insurance comparison tool can help you compare rates.
Methodology: Consumer Reports reader grades are from 2014. J.D. Power ratings are from 2014 for claims satisfaction and 2015 for shopping satisfaction. Information on policy sales and market share come from SNL Financial and the Insurance Information Institute.
Updated Jan. 12, 2016.
Aubrey Cohen is a staff writer at NerdWallet, a personal finance website. Email: firstname.lastname@example.org. Twitter: @aubreycohen.
Image via iStock.