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Forbes Advisor research found that Nationwide is the most productive auto insurance company overall, with Erie, Travelers and USAA excelling in some areas. We analyzed insurers nationally to identify the most productive auto insurance corporations in terms of costs, policy options, claims and complaint processes. .
Here are Forbes Advisor’s Pro Picks for January 2024 Auto Insurance Companies:
Our editors are committed to providing you with unbiased reviews and information. Our editorial content is influenced by advertisers. We use data-driven methodologies to compare insurance corporations, so that all corporations are valued equally. You can read more about our editorial rules and judging method below.
Nationwide offers competitive car insurance rates across the board for many types of driving records and driver ages. It also offers many helpful add-on coverage types. The level of complaints against Nationwide for auto insurance is also low, making it a company to check out if you’re shopping for auto insurance.
More: National Car Insurance Review
Nationwide auto insurance is available in 46 states and Washington, D. C. Not available in Alaska, Hawaii, Louisiana, or Massachusetts.
Erie has a good variety of coverage offerings and a top score for its collision repair claims processes from repair professionals. Erie also offers affordable car insurance costs for most driver profiles.
More: Erie Car Insurance Review
Erie is available in 12 states and Washington, D. C. :
Travelers has decent rates overall for many types of drivers, including those with a speeding ticket on their records or who have caused an accident. The company also has many optional offerings that can give you better insurance protection, making it a good choice to look at when comparison shopping.
More: Traveler Car Insurance Review
Travelers auto insurance is available in 42 states and Washington, D.C. It is not available in:
USAA offers affordable auto insurance for drivers with many other types of driving records and ages that qualify for a USAA insurance policy. You will need to be a member of the military, a veteran, or a family member of an army member to be eligible for USAA. auto insurance.
More: USAA Auto Insurance Review
USAA is available in all 50 states and Washington, D. C.
Progressive offers many other types of optional auto insurance coverages. The target for court cases is also low, which helps offset rates that are only mediocre for smart drivers and those who have been in an accident.
Learn more: Phased insurance review
Progressive is available in all 50 states and Washington, D.C.
Auto-Owners Insurance shines with its optional coverage options and very low level of complaints, making it worth a look.
More: Auto-Owners Car Insurance Review
Auto insurance for car owners is available in 26 states:
Geico offers competitive car insurance prices for many types of drivers, and adds reasonable car insurance for drivers with bad credit, which is being proven.
More: Geico Car Insurance Review
Geico auto insurance is available in all 50 states and Washington, D. C.
Westfield offers competitive car insurance rates for many types of drivers, a very low number of complaints, and a smart score from repair professionals for its collision claims process. Westfield is valuable if you live in one of the states in which it operates.
More: Westfield Car Insurance Review
Westfield offers auto insurance in 10 states:
Our analysis finds that Nationwide, Erie, Travelers and USAA are the best car companies overall, with 5 stars (out of 5) in our ratings. USAA auto insurance is available only to military members, veterans and their immediate family members.
The best car insurance companies for you will depend on your driving record, state and other individual factors. Shopping around to compare car insurance quotes will reveal the companies that can give you the best price for your situation.
Nationwide it has the lowest overall rates in our research, with rates for a variety of driving backgrounds and driver ages. (USAA is cheaper, but the club is limited to car owners with a military connection. )
Nationwide offers affordable car insurance rates for savvy drivers, as well as those with violations on their record, such as a twist of fate or a rush ticket. Their rates for drivers with bad credit are also relatively reasonable. Because of its competitive pricing, whatever your driver profile, Nationwide is a solid insurer if you’re shopping around.
National Average Annual Car Insurance Costs
Erie ranked highest among collision repair professionals among the corporations we reviewed, with an A- grade. Collision repair department stores have information on which insurers are looking to save money and which have the smoothest claims processes.
Average Annual Car Insurance Costs in Erie
Travelers offers affordable car insurance for drivers with a hit-and-run ticket. If you’ve won a rush ticket, expect it to stick to your rates for 3 to 5 years (depending on your insurance company and state).
Erie and Nationwide also have low rates for drivers with speeding tickets, so keep them in mind if you’re looking for better car insurance quotes. And USAA has low rates for military members and veterans who have a speeding ticket on their records.
Average Annual Traveler Car Insurance Costs
With consistently smart rates and a variety of policy options, USAA continues to be the auto insurance choice for the military, year after year. Although the number of USAA auto insurance court cases has increased in recent years, its existing court cases are just below the industry average.
USAA Average Annual Car Insurance Costs
You can’t avoid higher rates after a DUI, but Progressive offers the most competitive pricing for drivers in this situation, based on nationwide averages among the companies we analyzed.
Auto insurance companies will pull your motor vehicle report when you get a new quote or your policy is about to be renewed. This is your chance to adjust rates based on your recent driving record, and a DUI conviction will be an expensive insurance issue.
Progressive Average Annual Car Insurance Costs
Auto-Owners offers new car owners wonderful policy options. Gap insurance is useful if you owe more on an auto loan than your vehicle is worth. If your car suffers a total, the comprehensive insurance will pay the difference between what the car insurance will pay (the actual price of the vehicle) and what you still owe, minus your deductible.
Car owners also offer a “Purchase Price Guarantee” and “New Car Total Loss” policy. If you are the original owner of your vehicle, the Purchase Price Guarantee will pay you the original purchase value if your car is totaled inside. of the first two years. The new car total loss policy allows you to upgrade your car with a new one of equivalent cost or refund its original purchase value if the total loss occurs within 90 days of the purchase date.
Average Annual Car Insurance Costs for Car Owners
Geico offers cheaper rates to drivers with bad credit than most of the competition we analyzed. Getting quotes is especially great if you have bad credit, as many auto insurance companies charge much higher rates based solely on bad credit.
Geico’s auto insurance prices are competitive for other driver types as well, such as good drivers, those with a ticket or accident on their records, parents adding a teen to their policies and senior drivers.
Geico Average Annual Car Insurance Costs
Not only does Westfield offer competitive car insurance rates, but it also offers a wide variety of discounts so your family members can save on car insurance:
Westfield also offers a reduction for those who may not be blood relatives but are treated as such through their reduction in the car insurance of significant other individuals. It applies to anyone who lives in a Westfield policyholder’s family and purchases their own Westfield auto insurance policy.
Westfield Average Annual Car Insurance Costs
Finding the best car insurance starts with figuring out your particular coverage needs. From there you can use our list of best car insurance companies and these tips in your search.
Knowing the aspects that affect auto insurance rates, such as your credit, can help you identify ways to save. Here are the simplest ways to find a great deal on affordable auto insurance.
To determine the value of auto insurance, compare auto insurance quotes from at least three companies for the same coverage point. Since rates can vary greatly between companies, purchasing groceries is the way to get the biggest potential savings.
If you have collision and comprehensive coverage, opting for a higher auto insurance deductible is a reliable way to lower your insurance bill (there is no deductible for liability insurance).
Many auto insurance discounts will be automatically implemented on your bill, such as “pay in full” discounts. But your insurance company may not know that you’re eligible for a discount, so it’s smart to ask. For example, if you have a high school or college-age driver getting good grades, ask about a smart student discount.
Car insurance costs an average of $2,026 a year, based on Forbes Advisor’s analysis of rates from large car insurance companies. That’s an average of $169 per month.
Your car insurance charge will vary depending on several points including:
Auto liability insurance is a type of auto insurance policy because it covers damages you cause to others. This includes personal injury and property damage. This also extends to paying for lost wages and the pain and suffering of others when you cause an accident.
If you’re sued over an accident you have caused, liability car insurance pays for your legal defense and any settlements or judgments against you. But it only pays up to your liability limits, which is why it’s important to have sufficiently high limits. You’re personally responsible for damages that are above your liability limits.
Liability insurance pays you cash for your own injuries, damage to your car, or non-economic damages like pain and suffering.
Collision insurance pays for damage to your own vehicle, no matter what caused the accident. If someone crashes into you, or you crash into a pole or other object, you can make a claim on your collision insurance.
If someone hits you, another option is to file a claim against that person’s liability insurance. But in some cases, car owners find it easier to purchase their own collision insurance than it is to deal with someone else’s insurer.
Comprehensive insurance is an attractive policy to purchase because it will pay for damage to your car that is covered by collision insurance. This can include hail, fallen tree limbs, car fires, and flooding.
They will also pay you the value of your car if it is stolen.
Collision insurance and comprehensive insurance are included in a combo package and cannot be purchased separately.
Comprehensive car insurance is a common option for a car insurance policy that includes liability insurance, collision insurance, and comprehensive insurance.
While there are many other useful types of policies that you can add to an insurance policy, the comprehensive auto insurance policy will provide you with an insurance foundation for a wide variety of situations.
Gap insurance is if you have a large car loan or lease. If your car is totaled or stolen, gap insurance will pay the difference between your vehicle’s totaled insurance check and the amount you owe for a loan or lease.
For example, if you have a large balance on your car loan but your car’s current value is well below the loan balance, gap insurance can pay the difference.
Liability insurance is mandatory in almost every state and is one of the main types of auto insurance. Liability insurance covers injuries and property damage you cause to others in a car accident.
Uninsured car insurance is a mandatory type of car insurance in many states. If you are hit by an uninsured motorist, this policy will pay for your medical expenses and those of your passengers. Although in states with a “no-fault” auto insurance system, you will use your own non-public injury policy (PIP) for your and your passengers’ medical expenses, regardless of who is at fault for the accident.
You will most likely require collision and comprehensive insurance for your car loan if you financed your cars. Even if you don’t have a car loan, it’s a good idea to get this type of car insurance, especially on newer cars. Collision insurance covers car injuries with other cars or objects, such as a building or pole, and will pay regardless of fault. Comprehensive auto insurance covers auto theft, fire, weather damage, flooding, hail, falling objects, vandalism, and collision with animals.
Related: Economic Liability Insurance Only
First, you want enough car insurance to meet the state’s minimum requirements. Your car insurance company will make sure that you at least meet the state’s requirements.
From there you’ll want to increase coverage amounts and add other types of car insurance based on your risk tolerance and needs. For example, full coverage car insurance is often a good start. You may want to add rental reimbursement insurance, umbrella insurance, and other coverage for broader protection.
Erie has earned one of the ratings of repair experts for its collision repair process.
Making a collision claim or comprehensive car insurance is rarely much fun – it means your car has broken down, but a claim procedure that ensures quality maintenance can be a stressful experience. The CRASH Network, a weekly newsletter covering the auto insurance market and collision repair segments, annual surveys help experts find out how insurance companies’ claims procedures compare.
Economic conditions, legislation and new technologies will continue to influence the evolution of motor insurance in 2024.
Auto insurance rates are expected to remain high as the fundamental reasons for emerging costs persist. Inflation plays a central role in rates and influences almost every aspect of auto insurance claims:
These higher payouts and lawsuits mean that auto insurance corporations pay out more for claims than they collect in premiums, resulting in higher auto insurance rates to offset losses.
States will continue to examine what legislation may help reduce car insurance costs and protect consumers. Until rates begin to fall, comparison shopping will remain the best way to reduce insurance costs.
To identify the most productive auto insurance companies, we evaluated companies based on their average rates for a variety of drivers, the characteristics of the policies offered, court cases opposing the company, and collision repair scores from body shop professionals.
Auto Insurance Rates (50% of the score): We use Quadrant Information Services’ knowledge to locate the company’s average rates for smart drivers, drivers who caused an accident, drivers with a rush ticket, drivers with a DUI, drivers with bad credit. Drivers caught without insurance, adding a teen driver, older drivers, and young drivers.
Unless otherwise noted, rates are based on a 40-year-old female driver with a Toyota RAV4 and coverage of:
Car Insurance Policy Features (25% of the bill): Any car insurance company can offer the basics of liability, collision, and comprehensive policy insurance, as well as other popular offerings. But it’s also vital to have other types of policies that may be offering greater policies or savings. In this category, we award emissions to corporations that offer accident excuse, new car replacement, disappearing deductibles, pay-per-mile or pay-per-mile insurance, and SR insurance. -22s.
Complaints (20% of score): We use complaint knowledge from the National Association of Insurance Commissioners. Each state’s insurance branch is responsible for recording and tracking court cases opposing corporations operating in their state. Most auto insurance court cases involve claims, which adds to unsatisfactory results. Agreements, delays, and denials.
The industry average complaint is 1. 00, so corporations with a ratio below 1. 00 have lower complaint levels.
Collision Repair (5% of score): We’ve incorporated the corporate insurance ratings of collision repair professionals. We use the knowledge through the CRASH Network, a weekly newsletter covering the collision repair and auto insurance market segments. CRASH Network’s Insurer Ratings Report used ratings from more than 1,100 collision repair professionals to rate auto insurers based on the quality of their collision claims service.
Car insurance is a contract between you and the insurance company that gives you a policy in exchange for paying your premiums. A car insurance policy is the contract that outlines what you can claim and your obligations as a customer.
The most productive auto insurance policies cover liability (that is, damages you cause to others), damage to your own vehicle, and injuries caused by a turn of the car’s fate to you and your passengers.
Erie, Nationwide, Travelers and USAA have the best car insurance, according to Forbes Advisor’s analysis. We evaluated costs for a variety of drivers, available coverage types, complaints and collision repair to identify the top companies.
Drivers’ desires vary, so use our research as a starting point in your search for the auto insurance company that fits your particular situation.
The key to finding a smart deal is to get auto insurance quotes from corporations. This is the only way to know which corporations will qualify and which corporations will offer the lowest rates.
Another smart savings strategy is to bundle car insurance with some other policy, such as homeowners or renters insurance. Buy multiple policies with the same corporate effects at a decent discount.
Look for car insurance discounts that fit your driving profile. Seek out a good driver discount if you have a clean driving record. Look for a bundling discount if you buy your auto and home insurance with the same company or a multi-car discount if you have two or more cars on your policy.
There are a wide variety of auto insurance discounts presented through insurers, so ask your agent if any are missing, such as going paperless when receiving bills and insurance policies electronically for small savings. Check out the student car insurance discounts you can get if you have a young driving force in your home.
The cost of auto insurance continues its upward trend: Drivers spent an average of 1. 3% more on auto insurance between September 2023 and August 2023, according to the Bureau of Labor Statistics (BLS). Each month, the BLS tracks the average prices of goods and services, such as auto insurance.
Auto insurance prices increased 18. 9% year-over-year (September 2022 to September 2023), nearly the highest increase among all expenses tracked through the BLS. Rate hikes don’t seem to be slowing down. BLS data shows that auto insurance prices have increased month-over-month since January 2022, marking 21 consecutive months of rate increases.
Auto insurance rates have been rising due to new claim prices for insurers, which pass on higher prices to consumers in the form of higher rates. The increase in claims spending is being fueled through more expensive medical, labor and auto parts expenses.