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10 Best Car Insurance Companies of 2023

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Jun 19, 2023 #car, #Companies, #insurance

The best car insurance companies are Geico, Progressive, and State Farm, based on average premiums, customer reviews, and WalletHub editor ratings. The best auto insurance companies provide affordable coverage, a variety of insurance types, and plenty discounts.

10 Best Car Insurance Companies

  1. Geico
  2. Progressive
  3. State Farm
  4. USAA
  5. Esurance
  6. Travelers
  7. AAA
  8. Mercury
  9. Allstate
  10. Farmers

10 Best Car Insurance Companies

GEICO

GEICO

  • Average annual premium: $462 per year
  • WalletHub editor rating: 4.4 out of 5
  • Better Business Bureau rating: A+

The best car insurance company is Geico because of its competitive premiums and its wide variety of coverage options and discounts, including good-driver and vehicle-safety discounts. Besides auto insurance, Geico also sells a variety of other types of insurance, including boat, condo, and renters’ coverage.

Progressive

Progressive

  • Average annual premium: $549 per year
  • WalletHub editor rating: 3.9 out of 5
  • Better Business Bureau rating: A+

Progressive is one of the best car insurance companies, given its consistently low prices. Policyholders can easily file a claim with the company, too, since it offers the option of filing online or via the mobile app, plus a 24/7 claims support phone line. Ways to save on Progressive car insurance include multi-policy, multi-car, and Snapshot discounts.

State Farm

State Farm

  • Average annual premium: $718 per year
  • WalletHub editor rating: 4.1 out of 5
  • Better Business Bureau rating: A+

State Farm is the country’s largest car insurance company, which means many drivers have already concluded it’s the best insurance provider for their needs. State Farm’s size also makes it a good choice for drivers who value the benefits that large insurance companies can offer, such as long customer service hours online quotes, and greater financial stability.

State Farm offers several different types of insurance, meaning that customers can save via multi-policy discounts and avoid having to deal with multiple insurers. Plus, drivers with specific needs can purchase sports-car or classic-car insurance from State Farm, as well as rideshare insurance in some states.

USAA Insurance

USAA Insurance

  • Average annual premium: $487 per year
  • WalletHub editor rating: 3.5 out of 5
  • Better Business Bureau rating: N/A

USAA is an affordable car insurance company, though it’s only available to military service members, veterans, and their families. Besides standard auto insurance coverage types, USAA also offers rideshare and classic car insurance. Just bear in mind that USAA has lower customer service ratings than some of its competitors, given complaints about slow communication and unsatisfactory claims settlements.

Esurance

Esurance

  • Average annual premium: $645 per year
  • WalletHub editor rating: 3.0 out of 5
  • Better Business Bureau rating: B

Esurance provides inexpensive insurance coverage for drivers who are comfortable buying a policy from a company without local agents. Auto policies from Esurance are available in 43 states, including California, Florida, and Texas. However, Esurance’s low prices are accompanied by some disadvantages. For instance, Esurance has about three times as many customer complaints as its average competitor.

Travelers Insurance

Travelers Insurance

  • Average annual premium: $639 per year
  • WalletHub editor rating: 4.2 out of 5
  • Better Business Bureau rating: A

Travelers is a good car insurance company overall, given the variety of coverage options and discounts it offers. For instance, policyholders can save by insuring a hybrid vehicle, driving safely, and taking a driver’s education class. Besides car insurance, Travelers also offers homeowners, renters, and landlord insurance policies, among others.

Mercury Insurance

Mercury Insurance

  • Average annual premium: $604 per year
  • WalletHub editor rating: 3.7 out of 5
  • Better Business Bureau rating: A-

Mercury’s premiums are competitive, but the company’s policies are only available in 11 states, including California, Florida, and Texas. Policy add-ons from Mercury include rental reimbursement, mechanical protection, and emergency road service. If you’re looking to bundle several policies, you can also purchase home, renters, or condo coverage from Mercury.

AAA Insurance

AAA Insurance

  • Average annual premium: $529 per year
  • WalletHub editor rating: 3.4 out of 5
  • Better Business Bureau rating: A+

AAA offers low prices and a range of discounts, making it a good choice for budget-conscious drivers. However, customers must be AAA members to purchase auto insurance from the company. AAA membership fees vary by regional club but often range from $38 to $171 per year. Besides standard car insurance offerings, some regional clubs offer gap insurance, accident forgiveness, and rental reimbursement coverage.

Allstate

Allstate

  • Average annual premium: $781 per year
  • WalletHub editor rating: 2.9 out of 5
  • Better Business Bureau rating: A+

Allstate’s rates are competitive, and Allstate drivers can save even more by signing up for their Drivewise program, getting a Milewise (pay-per-mile) policy, or earning discounts for safe driving. In addition, Allstate has received high ratings from consumer watchdog groups for its financial stability and ability to pay out claims.

Allstate also has a claim-satisfaction guarantee, as long as you go to an in-network repair shop. If you’re not happy with a claim experience, you can get a six-month credit on your car insurance premium for the car involved in the claim.

Farmers Insurance

Farmers Insurance

  • Average annual premium: $1,044 per year
  • WalletHub editor rating: 3.0 out of 5
  • Better Business Bureau rating: A

While Farmers is one of the more expensive companies on this list, they make up for it with a wide variety of coverage options, highly-rated claims service, and long list of available discounts. In addition to the many types of insurance that Farmers offers, they have supplemental coverage options such as new car replacement coverage, custom equipment coverage, and original equipment manufacturer coverage.

Best Car Insurance Companies Comparison

Best Car Insurance Companies by Category

Tips for How to Get the Best Car Insurance

1. Shop around to find the best deal.

Insurance companies calculate premiums based on a variety of factors, including age, ZIP code, and driving record. As a result, it’s a good idea to get quotes from at least three insurers to help you find the best car insurance for your individual needs. Then, be sure to shop around the next time you need to renew your policy. This way, you can make sure you’re still getting the best deal.

2. Don’t ignore regional companies.

Major insurance companies like State Farm, Geico, and Progressive dominate the market, but don’t forget about smaller car insurance companies near you. Local and regional insurers can offer competitive prices as well. Regional companies can also be a good choice for drivers who prefer to interact with an agent rather than managing their policy online. You can click on the name of your state below to find a list of reliable insurers in your state, including companies of all sizes.

3. Remember to look for discounts.

Some car insurance discounts are applied automatically when you get a quote, but don’t forget to look for more ways to save. For instance, you might be able to save on your premium by taking a defensive driving class or by signing up for your insurer’s usage-based program.

4. Consider factors besides price.

Finding an affordable car insurance policy is important, but price isn’t the only thing that matters. Before purchasing a policy, you should also evaluate the company’s customer service record. For example, you can see how the company is rated with the Better Business Bureau or with J.D. Power, a market research company. User ratings on WalletHub also reflect customer satisfaction, while WalletHub editor ratings make it easy to see how a company stacks up against the competition.

Learn more about how to get car insurance.

Learn More About the Best Car Insurance Companies by State

Video: Best Car Insurance Companies

Methodology

The best car insurance companies were determined using each company’s average annual premium, WalletHub editor rating, and user rating on WalletHub. Premiums were given twice the weight of the other two factors and were used as a tiebreaker when necessary.

Annual premiums represent an average of quotes for 30 California ZIP codes. The quotes represent coverage for a 45-year-old single man who drives 15,000 miles annually and has a clean driving record plus good credit. Premiums are for the following coverage limits:

Ask the Experts

To help drivers find the best car insurance, WalletHub posed the following questions to a panel of experts. Click on the links below to find their commentary and advice.

1. Which do you think is a better indicator of a good car insurance company: low rates or good customer reviews?
2. Do you think 24/7 live customer service should be a requirement to be among the best car insurance companies?
3. Is it fair to say that the 10 largest car insurance companies are the best for most drivers?
4. What advice would you give people who are trying to choose a car insurance company?
5. How influential do you think TV advertisements are when people are choosing their car insurance provider?

Disclaimer: Editorial and user-generated content is not provided or commissioned by financial institutions. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are WalletHub advertising partners. Our content is intended for informational purposes only, and we encourage everyone to respect our content guidelines. Please keep in mind that it is not a financial institution’s responsibility to ensure all posts and questions are answered.

Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation “Sponsored”, where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.

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