The 50 largest car insurance companies – Forbes Advisor
Editorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors.
Auto insurance company switching is on the rise as drivers facing rising inflation seek better deals.
According to JD Power’s “Auto Insurance Loyalty Indicator & Shopping Trends” report, approximately 11.4% of consumers surveyed said they had compared auto insurance quotes in Q4 2021, and 3.5% said they had switched. business.
JD Power said the main reason for the purchases and changes is to find the best value, as insurance premiums have gone up and many drivers aren’t driving as much.
This rate of business change shows a continued return to patterns seen before the Covid-19 pandemic. Early in the pandemic, auto insurance buying activity surged: 45% of auto insurance consumers purchased new auto insurance quotes, reduced coverage, changed companies, or even dropped their policies .
Related: The best car insurance companies
The JD Power report found that higher rates particularly drive people with poor credit to switch insurance companies. An estimated 6.2% of respondents with poor credit switched insurers in the fourth quarter of 2021. This is compared to just 2.8% of those with excellent credit. Auto insurance rate increases due to bad credit can be significant.
Another trend found in the report is that cost-conscious consumers with fair or poor credit who switch car insurance companies are often more interested in usage-based insurance policies than drivers with better credit. . Usage-based insurance policies are suitable for people who are very good drivers and calculate rates based in part on the quality of your driving.
JD Power also measures consumer loyalty to auto insurance companies on a quarterly basis. In Q4 2021, these companies increased consumer loyalty compared to the previous quarter:
And these auto insurers have seen their customer base decline:
- National General
- COUNTRY Financial
JD Power also found that Geico was the auto insurance company that provided the most quotes in most regions this quarter. The top auto insurance quote providers by region in the fourth quarter were:
- South: Geico
- West: Geico
- Midwest: state farm
- Northeast : Geico
Besides price, another factor that can determine whether a customer stays with an auto insurance company is their satisfaction with how the insurer handled an insurance claim. JD Power’s 2021 U.S. Auto Claims Satisfaction Study found The Hartford ranks first in overall claims satisfaction, followed by Erie Insurance and Auto Club of Southern California Insurance Group.
The largest car insurance companies
Where does your car insurance company stand in terms of size? See the table below to see how the largest insurers compare in terms of market share for personal auto insurance.
Related: Cheapest car insurance companies