Best Car Insurance Companies Of May 2022
Progressive, the number one motorcycle insurer in the country*, offers a wide range of coverage options—both on and off the road.
In addition to providing its customers with some of the best car insurance rates, Progressive has a long history of community involvement. Progressive brings awareness to safe driving habits, supports youth sports programs and provides help when other companies cannot. It is this dedication that has helped Progressive grow into one of the largest (and most recognizable) insurance providers in America.
The company’s good service and competitive pricing are just two reasons why you might want to consider Progressive as your next auto insurance provider.
You can find out more about a company’s financial standing by looking at its market share: a percentage that represents the total number of policies that company sold during any given time period (usually one year). The higher the market share, the more policies a company sold during that time frame.
After reading reviews and researching quotes, we were able to come up with the top five car insurance companies for 2022. Liberty Mutual is our #1 pick because it provides many discounts that drivers will find helpful. They also have high marks for customer service and claims satisfaction. If you’re looking for more affordable coverage, consider The Hartford. They offer a variety of discounts, as well as complimentary identity theft protection.
Geico is another great option if you’re looking for cheap auto insurance online. Though they don’t offer as many coverage options as some other insurers, they are known for having low rates and easy-to-use online tools. If you’re a member of a military or government organization, you could qualify for additional savings through Geico’s partnership with USAA.
And finally, Progressive Insurance is a good choice if you want cheap car insurance but still want to be insured by one of the big names in the industry.
Amica is a mutual company that was founded in 1907, and at the end of 2019 had over 1,500 employees and $4.1 billion in assets. The company’s slogan is “Honesty, loyalty, love for our fellow men”, which has been used in its marketing efforts since the 1950s.
GEICO is an insurance company known for its low cost, ease of use, and quirky advertising. GEICO was founded in 1936 by Leo Goodwin Sr. and his wife Lillian Goodwin to provide auto insurance directly to federal government employees and their families. Since then, the company has expanded to offer a wide range of insurance products for individuals, as well as businesses. GEICO is a wholly owned subsidiary of Berkshire Hathaway, Inc., led by Warren Buffett. Today, GEICO has more than 30,000 employees and more than 15 million auto policies in force, making it the second-largest auto insurer in the United States behind State Farm.
USAA is widely considered the best car insurance company in the industry, and for good reason. In addition to having a great reputation for high customer service satisfaction, USAA offers some of the best discounts on auto insurance coverage you can find, as well as some of the cheapest rates.
USAA is also listed by JD Power as having one of the highest customer satisfaction ratings in general — which means that if you have any problems with your policy or claims, they’ll be more than happy to help walk you through them.
Why Do People Shop for New Car Insurance?
Shopping around for car insurance can result in salvation, but many car owners renew their policies each year without checking prices from other insurance companies.
A March 2022 Forbes Advisor survey of 2,000 drivers questioned what would motivate them to shop for a new car insurance policy. More than half said any of these three reasons would get them to shop around:
- A bad experience with a car insurance claim (55%)
- Looking for a better price (54%)
- The current company doesn’t have the coverage types I want (52%)
Older motorists (ages 58 to 76) chose price as the No. 1 reason to shop around, while bad claims experiences and coverage types were tops for younger drivers (ages 18 to 25).