The 6 Best Car Insurance Companies (2022) – ValuePenguin
best car insurance companies in 2022
best auto insurance company overall: state farm
When shopping for auto insurance, two of the most important factors to consider are price and customer service.
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If you have an auto insurance claim to make, a company with a smooth claims process will have fewer additional costs and headaches. state farm received above average scores from j.d. power for overall customer satisfaction, shopping experience, and claim satisfaction.
Reading: Who has the best rates for auto insurance
state farm receives fewer customer complaints than its competitors according to the national association of insurance commissioners (naic) complaint index. In addition, our editors gave State Farm four and a half out of five stars, a rating that encompasses customer satisfaction scores, value, and coverage options.
state farm also received am best’s highest financial stability rating: a++. That means the company has a superior ability to pay claims, even in tough economic times.
With state farm, drivers don’t have to pay more for great customer service. is one of the most affordable large insurance companies. a full coverage policy costs $1,310, 41% less than the national average.
Warning: Although state farm is known for great online or agent support, the online quoting process is not the most convenient. you may need to call an agent to finish signing up for a policy.
most affordable car insurance company: erie
The price you pay for auto insurance matters. With many insurance companies offering similar levels of customer service and types of coverage, cost should definitely factor into your decision. If you’re looking for the cheapest auto insurance possible, Erie has some of the most affordable rates on average.
drivers looking for a minimum coverage policy, one that only meets the insurance minimums required by their state, can realize significant savings with erie. Erie auto insurance policies, adjusted to the minimum requirements of each state, are 43% cheaper than the national average.
Full coverage insurance is also very affordable as standard. The company charges $1,379 per year, which is 38% cheaper than the national average.
Unfortunately, Erie insurance is only available in 12 states and DC. Customers looking for affordable insurance outside of these states should consider another reputable company, such as the State Farm, Farm Bureau, American Family, or Geico.
best auto insurance company for safe drivers: root
Drivers are often rewarded for having an excellent driving record, but people with high-risk demographics may find their insurance rates remain extremely high. For example, drivers in their teens and early 20s pay more for car insurance than most other drivers, even if they are exceptionally safe on the road.
Drivers who perform well based on certain driving behaviors, such as braking habits and speed, can realize big savings with root compared to a traditional insurer.
Because young drivers are statistically more likely to be in an accident, teen drivers typically pay high auto insurance rates. root allows you to prove that you are a safer driver than your peers.
However, there are some risks and drawbacks associated with rooting.
best car insurance for drivers with accidents or fines: farm bureau
If you have a recent accident on your driving record, insurers will charge you higher rates. however, not all will penalize you to the same extent.
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Using rates pulled from across the country, Farm Bureau alone increases prices by an average of $534 per year for a full coverage auto insurance policy after an accident. that’s 6% less than average.
Although the farm bureau is an affordable business in most states, you will need to pay to access these affordable rates. As an AAA, you’ll need to join your local farm bureau group in your state. And while membership is open to anyone, not just farmers, you’ll typically need to pay an annual fee of around $50 per year.
Best Auto Insurance Company for Bad Credit Drivers: Nationwide
Your credit score can have a big impact on the price of your auto insurance policy in most states. each company calculates its own credit-based insurance score and uses it to adjust its base rates. In many cases, drivers with poor credit pay twice as much for car insurance as people with excellent credit scores.
Drivers with a low credit score will only pay 52% more car insurance rates nationwide. the average increase is a 60% rate increase for drivers with bad credit.
Nationally it may have affordable rates for drivers with bad credit, but nationally it may not be the cheapest company if you have a good credit score. Companies like State Farm, Erie, and Geico tend to have cheaper rates for drivers with average to excellent credit.
best car insurance for military and veterans: usaa
year after year, usaa combines the best of both worlds: it is one of the most affordable auto insurance companies and has one of the best customer service reputations in the industry.
according to the national association of insurance commissioners (naic), usaa receives fewer complaints from policyholders than its competitors. The company also holds the highest j.d. power claim satisfaction score.
Beyond its service and rates, usaa also offers discounts that are tailored to the lifestyle of military drivers. If your vehicle is parked on a military base, you can get a 15% discount on the cost of comprehensive insurance. The company also has a vehicle storage discount that can save policyholders up to 60% on their premium if their vehicle is stored in a secure location while not in use, meaning deployed policyholders can get discounted coverage.
Unfortunately, you will need to qualify for USAA membership to obtain an auto insurance policy. membership is limited to current and former military members and certain family members.
compare the best car insurance companies by state
The best auto insurance company for you will depend on your location. A great way to save money on car insurance is to compare quotes from multiple insurance companies in your area.
list of the best car insurance companies
The key to finding the best auto insurance is to shop around and research multiple insurers. In addition to our top-rated insurance picks, you have dozens of other companies to choose from that offer affordable rates and great customer service.
how to find the best car insurance for you
Ultimately, the best auto insurance company for you will combine a variety of factors.
how to find the best auto insurance company with affordable rates
If you could get the same auto insurance coverage at a cheaper price with a different insurer, wouldn’t you? you might be surprised how often this scenario could apply to you.
get quotes from multiple companies to find the best deal for you
Each auto insurance company calculates rates differently for a given driver. you could get a cheaper insurance policy with very few downsides.
for example, all companies charge higher rates if you have a recent accident or driving incident. but not all companies penalize you to the same extent. In other words, each company uniquely treats someone with an accident history based on that company’s calculation of risk for that particular driver.
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Each auto insurance company will also have unique calculations for the type of car you drive, where you live, your credit history, and a variety of other factors. That’s why you should compare quotes from multiple companies, especially if your driving record has recently changed.
ask about auto insurance discounts to help you save even more
Regardless of a policy’s base price, you may qualify for auto insurance discounts that could determine which company is cheapest for you. Make sure your final quote has all the discounts you qualify for, and compare rates between companies after all available discounts have been applied.
how to find an insurance company with the best coverage
All the best insurance companies offer the same standard coverages (some of which are required by law) that offer protection against personal injury and property damage on the road.
optional coverage you can pay to add
Beyond these standard coverages, insurers may offer optional coverages or features. none of these are required by law, and you may not need all of them.
how to find the best customer service company
To get an idea of the quality of customer service at a given company, you can:
Start your research with our editor’s recommendations. our five-star editorial ratings are an estimate of each company’s overall quality (combining service, value, and coverage), but customer service figures heavily in the final rating.
If you are interested in learning more about customer service, you may also refer to j.d. the power is us automobile claims satisfaction study. jd power surveys customers to measure the quality of the claims process, the most important part of an insurer’s customer service, based on overall satisfaction, claims service, claim settlement, and other factors.
If these sources are not enough and you want to obtain specific data about the service experience, you can visit the website of the national association of insurance commissioners (naic). The NAIC measurement service uses a customer complaint index, which indicates how often policyholders file official complaints about an insurer compared to the national median.
a financially strong company will pay your claim
An insurance company provides you with financial protection when facing exorbitant costs. The last thing you want is an insurer that can’t cover your expenses because you can’t meet your own financial obligations.
The best way to quickly assess the financial stability of an insurance company is through a financial strength rating from professional analysts. we recommend am’s best financial strength rating. am best, a credit rating agency, independently assesses insurance companies’ ability to pay your claims and rates them on a traditional rating scale from a++ to d-. a rating of a- or higher indicates excellent or better ability to pay claims.
However, some smaller local insurers may not be as financially strong. If the insurer you’re looking for isn’t on our list, look online to see if am best has rated its financial strength to give you peace of mind knowing the company behind your insurance coverage is in good standing.
frequently asked questions
valuepenguin assigned its editor ratings to insurance companies based on customer service, affordability, coverages offered, and shopping experience.
An insurer is not included in the list of best companies unless it operates in at least five states. if companies were marked as n/a for j.d. power claims satisfaction or I am the best financial strength, it is because they were not qualified. jd power’s annual survey rates insurance customer satisfaction out of 1,000 points. the best companies tend to score at least 820 points. we calculate the average score across all available regions.
We collected auto insurance quotes from all 50 states and the District of Columbia to determine average rates. Our base driver was a 30-year-old male driving a 2015 Honda Civic Ex, and quotes were pulled from all available zip codes in each state. quotes were for full coverage policy unless otherwise noted.
valuepenguin’s analysis used insurance rate data from quadrant information services. These rates were obtained publicly from insurer filings and should be used for comparison purposes only; your own quotes may be different.