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Top 10 Car Insurance Companies in USA

Top 10 Car Insurance Companies in USA

All the insurances available in the market are extremely important and have their benefits.  The other insurances are, to some extent optional but when it comes to car insurance, it is compulsory, as according to the law, a car whether old or new cannot run on roads without insurance. This is so because accidents, major or minor can happen anytime and the person should be prepared for it.

Here is a list of top ten car insurance companies in USA:

10 The Hartford

Top 10 Car Insurance Companies in USA--the-hartford
The Hartford—Photo via Wikipedia

The Hartford Financial Services Group, Inc. or just The Harford is insurance and Investment Company from America. The company is a part of Fortune 500 list. The company has its headquarters in Connecticut and usually has its earnings from Casualty and property operations, mutual funds and group benefits.

The company was established in 1810 by a group of merchants with a capital amount of $15,000 as Hartford Fire Insurance Company. The company was named “Most Ethical Companies” by Ethisphere Institute in 2008 for the very first time and then in 2009, 2010, 2011 & 2012. It was the 12th biggest casualty and property company of United States and sold products mainly through brokers and agents. The products offered include homeowner’s and auto insurance, business insurance (Worker’s compensation, property, auto, professional and general liability), Employee benefit (accident and life, retiree health and disability) and Mutual Funds (Wellington Management as sub-advisor). As of 2013, the company had revenue of $26.2 billion, $176 million of net income and 17,500 employees in 2015.


9 Liberty Mutual

Top 10 Car Insurance Companies in USA-liberty-mutual
Liberty Mutual–Photo via sacredheart.edu

Ranked 76th on the Fortune 100 list, Liberty Mutual Group or better known by its primary business, Liberty Mutual Insurance, is a company from America. It is 2nd biggest casualty and property insurer in United States. The company has its headquarters in Massachusetts and has more than 50,000 employs in 900 locations, all around the world. The products offered by the company include personal automobile, workers compensation, homeowners, commercial automobile, global specialty, surety, group disability and fire.

The company was established in 1912 as Massachusetts Employees Insurance Association, due to the new law which required employers to protect employees with the workers compensation in 1911. The subsidiaries of the company include Helmsman Management Service, Liberty Mutual Surety, Liberty Mutual Reinsurance, Liberty Specialty Markets etc. the group owns companies in Brazil, Argentina, China, Chile, Colombia, India, Poland, Russia etc. presently, David H. Long is the CEO of the company and as of 2013, the company had revenue of $38.5 billion and 50000 employees.


8 AAA

aaa
AAA INSURANCE—Photo via burbankselectautotech.com

American Automobile Association or often pronounced as “Triple A” is motor club federation located in all of North America. It is non-profit organization and has over 55.6 million customers in Canada and United States. The headquarters of the company are in Florida.

The company was established on 4th March, 1902 in Chicago. It was formed after 9 motor clubs with 1500 members came together and named it Triple A. the members are a part of forty-two individual clubs and these clubs together own AAA. The services offered by the company include roadside assistance, travelling, Auto repair, traffic safety and motoring advice etc. The products offered are travel guides, maps and car batteries.


7 Nationwide Insurance

nationwide
Nationwide –Photo via travisinsuranceagency.com

Nationwide Mutual Insurance Company & Affiliated Co is basically a group of companies offering financial and insurance services in America. The company is located in Columbus and has regional headquarters situated in San Antonio, Gainesville, Raleigh, Westerville and Des Moines.

The company was established on 12th April, 1926 as Ohio Farm Bureau Federation with about 1000 policyholders. The 1st product offered by the company was an automobile insurance and was only for the farmers of Ohio. Later it was offered to farmers from West Virginia and also in places like Delaware, Maryland, North California and Vermont. One of the components of the company, Nationwide Financial Services, was partially made public and was listed on New York Stock Exchange, before it was again purchased in 2009 by the Nationwide Mutual. The company has Steve Rasmussen as its CEO and offers products in fields of Banking, investment and Insurance. As of 2015, the company had revenue of $40.222 billion and net income of $581 million.


6 Esurance

esurance
Photo via Esurance.com

Esurance Insurance Services, Inc. is company from America providing insurance services. The company sells home, motorcycle, renters and auto insurance directly to its customers through phone or online. The competitors of the company mainly are Progressive and GEICO.

The company was established in 1999 and was the 1st one to sell its policies online to its customers, instead of the phone-calls or meeting the client in-person. The company was acquired by Folksamerica Holding Company, which is a subsidiary of the San Mountains Insurance Group. In 2011, the company was purchased by Allstate and that time it was selling its policies I about 30 states. With the merger, they became the 6th biggest company providing auto insurance. The company has Jonathan Adkisson as its President and as of 2012; the company had revenue of $1.028 billion.


5 USSAA

USAA
Photo via VolvoofCorvallis.com

United Services Automobile Association is a fortune 500 company from America and situated in Texas. It is a group of financial service companies which include Texas Department of Insurance and subsidiaries which offer services like investing, banking and insurance policies to military men or ex-military men or their families in United States.

The company was established in 1922 by few US Army Officers for self insurance as being Army officers, they were considered high-risk and getting insurance was a big deal for them. Since then, it has been offering insurance and banking service to present and past members, officers and their families. The other line of businesses includes casualty, life insurance, property, banking, financial and investing planning etc. the company has its headquarters in Texas and General Lester Lyles is the Chairman and Stuart Parker as the CEO. As of 2015, the company had revenue of $24.36 billion and net income of $2.272 billion. It has a total of 11.4 million members and 28,200 employees.


4 Allstate

allstate
Allstate-PHoto via Answers.com

Allstate Corporation is 2nd biggest personal lines insurance company of United States after State Farm. It is the largest insurance company which is public and is traded on New York Stock Exchange. The company also operates in Canada.

Allstate was established on 17th April, 1931 offering auto insurance through Sears Catalog and direct mail. In 1999, Allstate purchased personal lines branch of CNA Financial and renamed it as Encompass Insurance Company. In 2012, Allstate Solution Private Limited was opened in Bangalore, which is operations and technology centre that will provide business process and software development services to the parent in US. Presently, the company has Thomas J. Wilson as its CEO, Chairman and president. As of 2014, the company had $35.239 billion of revenue and $2.367 billion of net income. It has 40,200 employees and subsidiaries include Esurance, Encompass Insurance Company and Allstate India.


3 Progressive

progressive-logo
Photo via GlennDean.com

Progressive Corporation is the biggest car insurance providers in America. They also insure boats, motorcycle, commercial vehicles, RVs and insurance for home through selected companies. It has been offering services internationally like in Australia.

The company was established in the year 1937 by Jack Green and Joseph Lewis as Progressive Insurance Company. The company has 3 segments: commercial auto, other-indemnity and Personal Lines. The company has more than 13 million in-force policies and offers its services through internet, agents and phone calls. It is a public company and is traded at New York Stock Exchange. Presently, Tricia Griffith is the CEO and President of the company and the company had revenue of $21 billion in the year 2016.


2 GEICO

Top Ten Car Insurance Companies in USA-geico_logo
Geico–Top Ten Car Insurance Companies in USA

Government Employees Insurance Company is a company offering auto insurance. The company has its headquarters in Maryland and is 2nd biggest auto insurer of America. It is a subsidiary company of Berkshire Hathaway, providing coverage to about 22 million vehicles owned by over 14 million customers. The policies of the company are sold by their agents, phone calls and website. The company is known for its unique and entertaining commercials.

The company established by Leo Goodwin Sr. and spouse Lillian Goodwin in the year 1936, mainly to provide insurance to employees and families of federal government. It is a privately held company despite of the word government in its name. The modal of the company was predicated on assumption that if the policies are offered to federal employees, then it is comparatively less risky then general public. The Chairman, CEO and President and treasurer of the company is Tony Nicely. As of 2004, the company had revenue of $9.212 billion and 30,000 employees.


1 State Farm

state-farm
Photo via calpersloan.com

It is a group of financial and insurance services companies in America. The main business of the group is State Farm Mutual Automobile Insurance Company. The headquarters of the company are located in Bloomington. It is a fortune 500 company and is ranked 44 on the list. the company sold its Canada branch to Desjardins Group in 2014 and it continued to use the same name.

The company was founded by George J. Mecherle, a retired farmer in 1922 as mutual automobile insurance company, which was owned by its policyholders. The company specialized mainly in providing auto insurance to the farmers and eventually expanded into life and homeowner insurance and financial and banking services. The company has Michael Tipsord as its CEO and Vice-Chairman. As of 2013, the company had revenue of $68.291 billion and net income of $5.2 billion.


Top 10 Car Insurance Companies in USA

Sr No.Car Insurance Companies in USA
1State Farm
2GEICO
3Progressive
4Allstate
5USAA
6Esurance
7Nationwide Insurance
8AAA
9Liberty Mutual
10The Hartford

This list of car insurance will definitely come handy the next time you decide to buy a new car or renew your old insurance. The best way to invest in insurance policies is by comparing the available options and then proceed with it.

 

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