What Top Car Insurance Companies Have to Offer
There are many reasons to buy car insurance and even more reasons to buy from the top car insurance companies. State laws require liability insurance, which pays for injuries and property damages that you cause others in an accident. If you are financing a car, you will need to purchase collision insurance and comprehensive insurance. Collision insurance will repair your car if it gets damaged in a car accident. Comprehensive insurance covers damages caused by weather or from theft or vandalism. The right coverage can protect against the cost of damages from uninsured or underinsured drivers. Car insurance also covers medical costs for you and your passengers rather in the event of an accident. Because car insurance is so important, it is important to choose a car insurance company wisely. One insurer may specialize in high-risk drivers while another is better suited for someone with a clean record. We’ve done all the research for you, so you can sit back and compare rates from all the providers listed below in a few minutes.
Why Buy from the Top Car Insurance Companies?
An insurance policy is a contract between an insurance company and the insured. In the insurance contract there is an insuring agreement, which specifies the risks that are covered, the limits of the policy and the terms of the policy. Your insurance contract specifies how the insurance company will pay if you have an accident or experience losses to your car due to extreme weather or theft/vandalism. The top car insurance companies have the necessary financial strength to handle claims. Avoid companies with poor ratings and reviews.
We’ll show you which companies have strong financial ratings below.
What Differentiates a Good Car Insurance Company from a Great One?
If you have assets to protect, consider only working with top car insurance companies. Your assets deserve the best protection. If you have a history of filing claims, you may have a hard time gaining eligibility for coverage with top car insurance companies. So keep this in mind as you shop for coverage. The top car insurance companies have financial strength, which is important for paying claims, especially prompt payments. You can expect superior customer service from the top car insurance companies, which may be more expensive. On-demand service is a feature of top car insurance companies.
Good Credit and Car Insurance
If you’ve got excellent credit, you’ll get good insurance rates from top car insurance companies. For example, in New York, if you have excellent credit your average monthly rate will be around $158.14, compared with an average $263.84 if you have bad credit. Do you own your home? Being a homeowner helps to lower your car insurance with top car insurance companies. The average monthly rate for a homeowner in New York is about $195.63, compared to nearly $208.00 for a renter. Drivers with excellent credit in California pay about $161.71 per month. Drivers who are homeowners pay around $161.89 per month. So there are benefits to having excellent credit and owning your home when shopping for insurance.
What’s the Best Car Insurance Company for You?
Comparing car insurance quotes is a good place to start to look for the top car insurance companies. Even if you’re not shopping on price alone, when you shop with SmartFinancial, you’ll get insurance quotes from several different reputable insurance companies in your area. Insurance rates vary in all 50 states. Choose your state and find out what companies are charging and what drivers are paying. SmartFinancial’s data on the top car insurance companies is based on market share, average rate, coverage options, discounts, financial strength and customer reviews. Insurance is not a one-size fits all type of product. One company may be better for you than another. SmartFinancial uses smart learning technologies to match you with your perfect insurer from among the top car insurance companies. You also can speak with an agent at SmartFinancial by calling (855) 214-2291.
Other Ways to Find Good Car Insurance Companies
Visit your state insurance commissioner website. State insurance commissioners act as consumer protection advocates and insurance regulators in all 50 states.
Are the Top Companies the Big Ones?
Big doesn’t always mean better when you’re looking to buy insurance from the top car insurance companies. There are smaller carriers that SmartFinancial considers top car insurance insurance companies because they are financially strong but cover a smaller area of the country.
Each of these smaller car insurance companies offer average monthly rates of less than $100 per month:
Established in 1928, Concord Group is headquartered in Concord, New Hampshire. Concord Group works exclusively through independent agents and offers 24-hour road trouble service and claims for glass.
Based in Piqua, Ohio, Buckeye Insurance Group writes insurance in Ohio, Indiana and Kansas. Buckeye Insurance Group works solely with independent agents and has been in the insurance business for more than 140 years.
Based in Richmond, Virginia, Countryway Insurance provides insurance to farms and rural communities in eight northeastern states and Virginia and Kentucky. A network of independent insurance agencies sells Countryway car insurance.
Pekin Insurance was started in 1921 by a group of Central Illinois farmers who wanted to create affordable and reliable auto insurance coverage. Pekin Insurance is headquartered in Pekin, Illinois and offers a number of discounts on its auto insurance policies.
You can compare rates this low in your area using SmartFinancial.
Ratings and Reviews for Top Car Insurance Companies
SmartFinancial looked at eight top car insurance companies and reviewed their ratings from the Better Business Bureau (BBB), National Association of Insurance Commissioners (NAIC) and Moody’s.
The BBB helps consumers find businesses and charities they can trust by issuing ratings and allowing customers to write reviews and file complaints. NAIC helps state regulators implement best practices and standards and conducts peer reviews. Moody’s is a financial services company that assigns credit ratings to companies that measure the ability of the company to make back debt.
Here is a short summary of the ratings for eight top car insurance companies .
Allstate has an A- rating from BBB and a 1.03 complaint index from NAIC and a Moody’s rating of Aa3.
Farmers has an A+ rating from BBB,.08 complaint index from NAIC and a Moody’s rating of A2.
State Farm has an A rating from BBB and a 2.58 complaint index from NAIC and Moody’s rating of A.
Travelers also impresses with A+ ratings from both BBB and 0.0 complaint index from NAIC and Moody’s rating of Aa2.
Nationwide has a A+ rating from BBB. Nationwide’s has a .38 complaint index from NAIC and a Moody’s rating of A1.
American Family has an A+ rating from BBB and .64 complaint index from NAIC and a Moody’s rating of A.
Liberty Mutual has a rating of A- from BBB and a 4.55 complaint index from NAIC and a Moody’s rating of A2.
USAA has a B-rating from the BBB. USAA has a 1.01 complaint index from the NAIC and a Moody’s rating of Aa1.
Here’s more about these companies:
Allstate is the third largest auto insurance company and offers insurance in all 50 states. There are more than 19,000 independent contractor agents working for Allstate. So it is easy to find an agent in your area. Allstate offers a dozen discounts for saving on auto insurance. So there are plenty of ways to lower your car insurance premium.
Farmers Insurance began selling insurance a year before the Great Depression and survived to become a household name. When an earthquake hit Los Angeles, Farmers paid out claims for damaged cars and became the first insurance company to offer comprehensive insurance. Farmers has financial strength, great employee education and customer service. Farmers offers 11 discounts on its auto insurance premiums.
State Farm was founded in 1922. State Farm has 48,000 insurance agents and 83 million policies. Begun as a single-line auto insurance provider, State Farm now offers about 100 insurance products in five lines of insurance. State Farm is the largest auto insurance provider in the country and offers 10 different types of discounts for its auto insurance customers.
Travelers Insurance has been around for more than 160 years. Travelers Insurance protects homes, cars, valuables and businesses. Choosing Travelers as an insurance company has a lot of advantages. Unlike other carriers who only offer new car replacement the first 2 or 3 years, Travelers’ covers the first five years. Travelers offers accident forgiveness and ride sharing insurance. Travelers also offers discounts on hybrids and electric vehicles.
Nationwide began in 1926 with the goal of selling auto insurance at low rates to farmers in Ohio. Today, Nationwide is a Fortune 100 company with a full range of insurance and financial services all across the country. With Nationwide, you’ll get 20 percent off when you bundle home, auto, life and other insurance policies. You’ll also enjoy big savings for having a safe driving history. Nationwide also has a vanishing deductible program in which the deductible decreases each year you’ve been accident-free.
American Family Insurance has been providing coverage to their customers across the country for over 90 years. American Family has a number of advantages, like 24 hours, seven days a week claim support; the American Family MyAmFam app, which makes it easy to manage your account; and a Teen Safe Driver program that uses technology to monitor distracted driving and may allow a teen to earn up to a 10 percent on car insurance. In addition, American Family’s offers KnowYourDriver technology, which analyzes your driving habits, allowing you to earn a discount of up to 20 percent.
Liberty Mutual is a global insurer and the fourth largest property and casualty insurer in the U.S., ranking 68th on the Fortune 100 list of largest corporations in the U.S. For car insurance customers, Liberty Mutual has much to consider, including telematics devices that track driving behaviors and can save safe drivers up to 30 percent. Liberty Mutual offers accident forgiveness and there is the Liberty Mutual Deductible Fund, which reduces and eliminates your deductible. You can also get a lifetime auto repair guarantee at 2,000 guaranteed repair network facilities.
USAA is an organization founded by military members for military members and their families. Founded in the 1920s, today USAA is one of the largest insurance companies and financial services providers serving millions of military members. There are 11 different types of discounts to lower car insurance premiums with USAA, which has an app for managing account information and claims. USAA also offers financial literacy and retirement planning courses to its members as well.
Which Top Car Insurance Companies Have an App?
Here is a summary of the mobile apps offered by eight top car insurance companies.
Allstate. The Allstate Mobile App offers instant agent access, digital ID cards and the ability to see policy documents, choose modes of communication and manage claims with the option of uploading photos of damage after an accident.
Farmers. The Farmers Mobile App allows you access to self-service features for your insurance policies.
State Farm. The State Farm Mobile App can help manage insurance and banking accounts, request roadside service, file and track claims and pay bills.
Travelers. The Travelers Mobile App can help you view and download your auto insurance cards, view and make payments, view insurance documents, report a claim and request roadside assistance.
Nationwide. The Nationwide Mobile App lets you access accounts on the go. You can make payments, manage payment methods and save and share ID cards with drivers on your policy. You also can file a claim and check on the status of a claim.
American Family. The American Family Mobile App is called MyAmFam. It allows you to make payments, view coverage and policy details, access digital ID cards, find a repair shop, submit a claim and get roadside assistance.
Liberty Mutual. The Liberty Mutual app is where you can report accidents or update personal information.
USAA. The USAA Mobile App app gives you convenient and secure access to accounts to manage finances, investments and insurance and more.
Which States Have the Cheapest Rates from Top Car Insurance Companies?
In some states, car insurance is dirt cheap, even with top car insurance companies. In these 10 states, monthly car insurance policies from top car insurance companies are below $100 a month.
According to SmartFinancial, Maine has the cheapest average monthly car insurance at around $69.42, followed by Idaho at about $72.57, North Carolina at $80.62, Iowa at $84.02 and Vermont at $84.78.
The next five cheapest states from top car insurance companies are Indiana, with the average monthly car insurance rate of around $86.75 followed by Ohio at $87.10, Wisconsin at $88.16, Nebraska at $91.42 and at Virginia $92.51.
*Rates change daily, and these figures are based on rates at the time of publication
Which States Have the Most Expensive Rates from Top Car Insurance Companies?
Some states are out of luck when it comes to affordable car insurance from the top car insurance companies. According to SmartFinancial, the top three most expensive states for car insurance are Florida, Louisiana and New York. Just how expensive are these top three? They all have average monthly insurance rates of more than $200. Florida comes in as the most expensive at about $218.57 followed by Louisiana at about $208.89 and New York at $205.64. The rest of the top 10 are well below $200, and in the 10th spot is Nevada with a reasonable rate of around $143.31.
Top Car Insurance Companies for Claims Satisfaction
According to JD Power, one of the top car insurance companies stands head and shoulders above the rest for claims satisfaction. And that company is USAA. JD Power rated USAA as among the best for claims satisfaction. The rest of the eight top car insurance companies received ratings of about average for claims satisfaction. Those companies are Allstate, Farmers, State Farm, Travelers, Nationwide, American Family and Liberty Mutual. While average is not bad, it is surprising not to see a higher rating for claims satisfaction since so many top insurance companies rate customer service so highly.
Top Car Insurance Companies for Teens
Teens have the highest auto insurance rates around. Their inexperience targets them as high-risk drivers. And teens between the ages of 16 and 19 have the highest rates of accidents. But there are discounts available for teens such as a good student discount. If your teen has a “B” average or higher, he or she will qualify for a good student discount and save money on car insurance.
Here are other discounts for teens from the top car insurance companies:
Among the top car insurance companies, the one offering the most for teen drivers is American Family. American Family has a Teen Safe Driver program that uses technology to monitor distracted driving and may earn a teen up to 10 percent in car insurance discounts. American Family also has a good student discount and a teen safe driver discount.
USAA offers teens discounts for driver training courses and for being a good student.
Farmers offers its teen drivers a good student discount as well as a teen driver discount.
Travelers offers teens discounts for being a good student and for taking driver training courses.
Top Car Insurance Companies for Discounts
Many top car insurance companies offer discounts on car insurance. Discounts can make that car insurance premium go lower and lower. Who doesn’t want to pay less?
Here are some examples of discounts available from top car insurance companies.
At Allstate, customers have their pick of discounts. These discounts include an early signing discount, a full pay discount, a multiple policy discount, a new car discount, a responsible driver discount, a safe driving bonus and a smart student discount.
Liberty Mutual offers accident forgiveness and offers discounts for purchasing your auto insurance online, for bunding your auto insurance with home insurance and for choosing to go paperless with policy bills and documents. Liberty Mutual also offers discounts to homeowners and members of the military.
Nationwide offers multi-policy discounts, a safe driver discount, a good student discount, an affinity discount and an accident-free discount. Nationwide also offers discounts to loyal customers
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