Best Car Insurance Companies of May 2022


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Most people probably wouldn't describe shopping for car insurance as exciting or enjoyable. So it may be tempting to buy a policy from the first insurance you come across.

Car insurance companies all offer fairly similar products. But the cost of auto insurance varies significantly across providers, since each company has its own method for evaluating your personal circumstances, such as the type of car you drive, your age, and your driving history. There are dozens of factors that determine your rate; some are in your control and some are not. That’s why it’s important to do your research and compare your options when choosing the best car insurance company for your needs.


Once you have an idea of ​​what your premium might be from a few different companies, then you can look at the aspects that set certain car insurance companies apart from others, like auto coverage add-ons or customer satisfaction ratings.


To help you get started, we've outlined a few of our favorite car insurance companies for a broad range of drivers, whether you're looking for a cheaper premium, discounts for safe driving, or an insurance company with high satisfaction rates. Accessibility, auto claims satisfaction, price, and the company's financial health are all key factors we consider in our recommendations.


While no single car insurance company will be the best for every person, we think these are the ones to consider when in the market for car insurance.


Before You Start

To determine our picks for the best car insurance companies, we started with a list of 25 of the largest car insurance companies by premiums collected, based on data from the National Association of Insurance Commissioners. From there, we applied a series of filters to narrow the field across key categories like cost, availability, and customer satisfaction.


For starters, all our top picks must be universally available to all consumers in at least 40 states. Our top picks all offer at least five discount programs, which are a key way in which premiums can become more affordable for people. To gauge affordability, we looked at Bankrate's average annual premium across these carriers and eliminated any with an average yearly cost of more than $1,500 for full coverage. (Bankrate, like NextAdvisor, is owned by Red Ventures.) Next, we looked at J.D. Power's 2020 U.S. Auto Insurance Claims Satisfaction Study, and ruling out any companies that scored below 850 on a 1,000-point scale (the industry average was 872).


Finally, we looked at each insurance company's A.M. Best rating, which evaluates a company's financial standing. Financial solidity matters for insurance companies because their customers depend on them to pay their claims if they're in an accident or experience an insured loss. In other words, an insurance company that has the wherewithal to stay in business is more dependable long term. We rule out any company that doesn't have A.M. Best’s rating of A+ or higher. We also eliminated any companies that are involved in any active fraud investigations.


Our Picks for the Best Car Insurance Companies

  • GEICO
  • Amica
  • Nationwide
  • Travelers
  • State Farm
  • Company Overview


GEICO

GEICO, the second-largest car insurance in the country, insures nearly 30 million vehicles, according to its website. Its availability in all 50 states and Washington, D.C. makes it easily accessible for consumers quality.


A subsidiary of the Berkshire Hathaway conglomerate owned by investor Warren Buffett, it offers all the standard car insurance coverages for some of the lowest rates — plus discounts. Because Geico has a lengthy list of car insurance discounts, there's a good chance you can find one that applies to you.


Average annual premium for full coverage: $1,405


Why we recommend it: Although it ranks slightly below average for claims satisfaction in the 2020 J.D. Power U.S. Auto Insurance Claims Satisfaction Study, we think GEICO’s vast accessibility and good tech support offer a lot of value. Its robust website and app let you manage your policy, get quotes, and file claims from anywhere. There's 24/7 customer service available online and through a call center. About 97% of GEICO's policyholders were satisfied with the service they received, according to a 2020 study by Alan Newman Research, a market research company.


GEICO Coverage Types Available

  • Liability coverage
  • Collision and comprehensive
  • Personal injury protection
  • Uninsured and underinsured motorist coverage
  • Emergency road service
  • Rental compensation
  • Mechanical breakdown insurance
  • Rideshare insurance


GEICO Discounts

  • Vehicle equipment discounts
  • Discounts for driving history and habits
  • Driver's education discount
  • Customer loyalty discounts
  • Good student discount
  • Federal employee discount
  • Membership and employee discounts
  • Military discount


Amica

Amica, founded in 1907, calls itself the nation's oldest mutual insurance of vehicles. But its long history isn't the reason why this company is worth a look. It offers a generous menu of auto insurance policies with some attractive built-in perks that are difficult to find at other companies, including no deductible for the repair or replacement of a deployed airbag and $1,000 for bail bonds. It also offers higher-than-usual coverage limits. For example, many auto policies stop at a maximum of $300,000 or $500,000 per accident for liability coverage, but Amica offers over $1 million in additional liability coverage for unexpected and expensive events. You don't definitely need that much coverage, but having it can work to your benefit if you're ever caught in a major claim or lawsuit.


Average annual premium for full coverage: $1,378


Why we recommend it: Amica stands out for its claims satisfaction, ranking among the best in the 2020 J.D. Power U.S. Auto Insurance Claims Satisfaction Study. It also has the cheapest average annual premium of insurances on this list. This budget-friendly company doesn't offer the most unique discounts, but it offers many standard discounts for customers — like savings for bundling policies or for having more than one car on the policy.


Amica Coverage Types Available

  • Liability coverage
  • Comprehensive and collision coverage
  • Personal injury protection and medical payments
  • Uninsured and underinsured motorist coverage
  • Gap insurance
  • Full glass coverage
  • Towing and labor coverage
  • Rental car and travel expense reimbursement
  • Accident forgiveness/good driving rewards coverage


Amica Discounts
  • Accident-free and safe driver discounts
  • Good student discount
  • Customer loyalty discount
  • Multi-vehicle and multi-policy discounts
  • Safety feature discounts
  • Discounts for how you pay (going paperless, auto pay, and paying in full)

Nationwide
Nationwide is one of the biggest — and most recognizable — names in the auto insurance industry. Since 1925, it has grown into a Fortune 100 company that offers various insurance products and discount programs in 46 states and the District of Columbia. Along with standard liability and vehicle coverage options, it offers add-ons like towing and labor coverage and rental car reimbursement to customize your policy to your circumstances. Its average annual premium is the priciest among our picks, but its discount programs might make up for it with some drivers. For example, you can save up to 20% a year when you combine home and auto insurance with Nationwide and up to 40% if you sign up for its telematics program, which monitors your driving in real time. The company's optional Vanishing Deductible feature, which lets drivers take $100 off their deductible for every year of accident-free driving, is also notable.

Average annual premium for full coverage: $1,485

Why we recommend it: Nationwide is an attractive choice for drivers who prefer a lot of options to build their auto policy. It offers nearly a dozen types of coverage — from liability, comprehensive, and collision insurance to gap insurance, personal injury protection, and more. More options give more choice to the consumer to customize all the specifics of their auto policy. In addition, Nationwide stacks up fairly well against its industry competitors in the auto insurance when it comes to claims satisfaction. Of this list, it ranks the second highest in the 2020 J.D. Power U.S. Auto Insurance Claims Satisfaction Study.

Nationwide Coverage Types Available
  • Liability coverage
  • Comprehensive and collision coverage
  • Personal injury protection and medical payments
  • Uninsured and underinsured motorist coverage
  • Gap insurance
  • Towing and labor coverage
  • Rental car expense
  • Accident forgiveness
  • Roadside assistance
  • Vanishing deductible

Nationwide Discounts
  • Accident-free and safe driver discounts
  • Good student discount
  • Multi-vehicle and multi-policy discounts
  • Safety feature discounts
  • Easy pay sign-up discount
  • Mileage-based discounts

Travelers
Travelers is a reputable insurance company with a long history and good coverage options that's available in 42 states and the District of Columbia. It offers insurance options that most drivers need, such as liability, comprehensive, and collision coverage, along with some extra add-ons, like accident forgiveness and roadside assistance. The average premium is on the higher end of the spectrum, but there are plenty of discounts to offset your car insurance premiums. For example, you can get a discount on your premium if you have a hybrid or electric vehicle or insure multiple vehicles with Travelers.

Average annual premium for full coverage: $1,325

Why we recommend it: For drivers looking for a car insurance company with solid customer service, Travelers can deliver. Like many other auto insurance companies, Travelers makes it possible to go totally paperless by letting its customers submit claims online, over the phone, or through the Travelers mobile app. On the J.D. Power 2018 U.S. Auto Claims Satisfaction Study, Travelers scored slightly below the industry average, but was still ahead of some major providers like Progressive and AAA. Reviews for Travelers indicate that customers are consistently pleased with its customer service, multiple discount options, and insurance bundles.

Travelers Coverage Types Available
  • Liability coverage
  • Comprehensive and collision coverage
  • Personal injury protection and medical payments
  • Uninsured and underinsured motorist coverage
  • Gap insurance
  • Rental coverage
  • Roadside assistance
  • New car replacement
  • Accident forgiveness
  • Rideshare insurance

Travelers Discounts
  • Safe driver discount
  • Homeownership discount
  • Multi-vehicle and multi-policy discounts
  • Hybrid/electric vehicle discount
  • Student discounts
  • Driver training discount
  • Mileage-based discount
  • Early quote discount
  • New car discount
  • Customer loyalty discount
  • Discounts for how you pay (going paperless, auto pay, and paying in full)
State Farm
State Farm is the largest car insurance company in the U.S., offering all the usual car insurance coverages, plus a few helpful add-ons like rideshare insurance, gap insurance, and pet injury protection. The Illinois-based has nearly 19,000 agents who can help you pick the insurance coverage that fits your needs and budget. As of 2019, it has 44 million active auto policies in the U.S.

Average annual premium for full coverage: $1,457

Why we recommend it: State Farm stands out as an insurance company for its fair prices, accessibility, and auto claims satisfaction. State Farm's average annual premium rate is slightly higher than other rates on this list, but still relatively low compared to the rest of the industry. In terms of accessibility, this company not only offers flexible and expansive auto coverage, but its huge network of agents also makes it easy to find an agent near you in person or over the phone. As for auto claims satisfaction, this insurer ranks high.

State Farm Coverage Types Available
  • Liability coverage
  • Comprehensive and collision coverage
  • Personal injury protection and medical payments
  • Uninsured and underinsured motorist coverage
  • Car rental and travel expenses coverage
  • Emergency road service coverage
  • Rideshare insurance

State Farm Discounts
  • Accident-free discount
  • Multi-vehicle and multi-policy discounts
  • Defensive driving course discount
  • Student discounts
  • Safe driver discount
  • Driver training discount
  • Safety feature discounts

Honorable Mentions for the Best Car Insurance Companies
There are some smaller or more exclusive insurances that have better rates and higher customer satisfaction ratings than the big names. We include these car insurance companies as honorable mentions because they rank highly across several categories but are available on a more limited basis for a smaller number of drivers. But if you do qualify for coverage, they could be worth a look.

USAA
USAA is a leading car insurance company in several categories. It ranks high in affordability, customer satisfaction, and its breadth of coverage options. It only offers insurance to military members, veterans, and their families, making it an ideal one-stop shop for those in that category but not the rest of the U.S. population. Many of its features are specifically designed for military members' needs. For example, customers can get reduced rates for low annual mileage and up to a 60% discount for vehicles stored during deployment. It has one of the highest claims satisfaction ratings, according to J.D. Power.

Average annual premium for full coverage: $1,225


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