In this article, we will look into the 15 best motorhome insurance companies heading into 2024. If you want to skip our detailed analysis, you can go directly to the 5 Best Motorhome Insurance Companies Heading into 2024.
North America RV Insurance: A Market Analysis
North America is the biggest shareholder in the global RV insurance market. According to a report by We Market Research, the RV insurance market in North America was worth $16.55 billion in 2022. The market is expected to grow at a CAGR of 6.60% and reach $22.18 billion in 2033. The growth can be attributed to the growing awareness about road safety, urbanization, and rising per capita income. The escalating demand for RVs, and the increase in natural calamities and disasters are some of the other factors driving the growth in the market. The market was affected by the COVID-19 pandemic due to the closure of manufacturing units leading to disruption in sales and strict government protocols restricting unnecessary outdoor activities.
Regionally, the United States, Canada, and Mexico are some of the major countries contributing to the overall market in North America. The US is expected to grow at a significant rate over the forecasted period. The growth is driven by multiple factors including a rise in sales of RVs, a thriving economy, rising per capita income, and rapid urbanization in the country.
Key Players in the Market
Some of the most prominent companies in the motorhome insurance market include MetLife, Inc. (NYSE:MET), Brown & Brown, Inc. (NYSE:BRO), and The Progressive Corporation (NYSE:PGR).
MetLife, Inc. (NYSE:MET) is an American insurance company, leading the market with its top-notch insurance products and services. On November 1, the company announced its earnings for the fiscal 3rd quarter of 2023. It reported an EPS of $1.97, surpassing EPS estimates by $0.01. The company generated a revenue of $15.87 billion for the quarter.
Here are some of the comments from MetLife, Inc.’s (NYSE:MET) Q3 2023 earnings call:
“We’re pretty pleased with our performance this quarter. So, year-to-date we’ve had $3.5 billion worth of sales. We’ve also added another $600 million of premium so far in the fourth quarter. And we see a very healthy pipeline ahead and really with a lot of visibility into 2024. And in particular in the jumbo end of the market which is where we focus and where we have distinct competitive advantages. Our focus so far has been on the immediate with RV only part of the market and we see significant pipeline there and we’re able to win business at healthy IRRs. But we always continuously evaluate opportunities here. And as we’ve always stated it’s value over volume here. And so if we see opportunities with the right IRRs and the right returns and the right risk profile we’re always going to be looking to evaluate those as we go forward.”
Brown & Brown, Inc. (NYSE:BRO) is a leading insurance firm, headquartered in Florida. On December 12, the company announced that its Europe subsidiary had acquired R McGee, an insurance broker in South Wales. The team from McGee will be joining the company to serve their clients from its Maesteg office. This will help Brown & Brown, Inc. (NYSE:BRO) expand its business and provide quality products and services.
On December 8, Brown & Brown, Inc. (NYSE:BRO) announced that it had acquired a leading administrator of automotive warranty products, ABS. This transaction will help the company enhance its warranty offerings with the help of ABS, which offers parts and labor repair warranties, component-specific warranties, and road hazard programs. The company’s F&I product line will enable ABS to provide a new range of solutions to its customers.
The Progressive Corporation (NYSE:PGR) is one of the largest insurance companies in the United States, specializing in auto insurance. With its innovative insurance solutions, the market leader has captured the attention of Wall Street analysts. On December 18, Wells Fargo’s analyst Elyse Greenspan raised his price forecast on The Progressive Corporation (NYSE:PGR) to $176 from $144 and upgraded the stock to Overweight from Equal Weight. Over the past 3 months, 9 Wall Street analysts have recommended buying the stock. The stock has an average price forecast of $167.79 and a high price target of $225. As of December 22, The Progressive Corporation (NYSE:PGR) has surged nearly 22% over the past 6 months.
Some other prominent companies in the market include Allianz SE (OTC:ALIZF), Zurich Insurance Group AG (OTC:ZURVY), and AXA SA (OTC:AXAHY).
15 Best Motorhome Insurance Companies Heading into 2024
Methodology
To compile our list of the best motorhome insurance companies heading into 2024, we sifted through multiple reports including Data Research Insights, Market Reports World, We Market Research, and 360 Research Report. We identified public and private companies from these reports and ranked them in ascending order of their market cap as of December 22, 2023, and annual revenue. Some of the private companies on our list do not have publicly disclosed revenue figures. For such companies, we utilized the number of employees in the company to rank them instead of financial data. The number of employees depicts the company’s market presence and size.
By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or a professional looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.
15 Best Motorhome Insurance Companies Heading into 2024
15. Foremost Insurance
Number of Employees: 1,001-5,000
Foremost Insurance is owned by the leading insurance company, Farmers Insurance. It specializes in property insurance, auto insurance, RV insurance, and motorcycle insurance among others. The leading insurance products offered by the company include Foremost Auto & Home programs, Foremost Choice Property & Casualty programs, and Bristol West. It is ranked among the best motorhome insurance companies heading into 2024.
Allianz SE (OTC:ALIZF), Zurich Insurance Group AG (OTC:ZURVY), and AXA SA (OTC:AXAHY) are some of the major companies providing RV and motorhome insurance services.
14. National General Insurance
Number of Employees: 1,001-5,000
National General Insurance is a leading insurance company, specializing in RV and motorhome insurance, commercial and private auto insurance, home insurance, accident & supplemental health insurance among others. Within its motorhome insurance plans, the company offers coverage for loss and damage, liability, roadside assistance, vacation liability, and replacement coverage. The company has up to 5,000 employees and is ranked 14th on our list.
13. GEICO
Number of Associates: 40,000
GEICO is a major insurance company with offices in more than 15 states. The company offers insurance coverage across multiple lines including auto, RV, ATV, boat, motorcycle commercial auto, and condo and homeowner insurance among others. The company has over 40,000 associates. The company provides 24-hour service and insures over 20 million vehicles. The company offers insurance for both motorized and towable RVs. It is ranked 13th on our list.
12. American Family Insurance
Annual Revenue (2021): $14.40 billion
American Family Insurance is a top insurance provider in the US, headquartered in Madison, Wisconsin. The company specializes in auto insurance, life insurance, business insurance, and property insurance. The company offers comprehensive coverage for RVs/motorhomes including RV damage and loss, fire, theft, vandalism, and falling objects. In 2021, the company reported an annual revenue of $14.40 billion. It is ranked 12th on our list.
11. Sompo Holdings, Inc. (OTC:SMPNY)
Market Cap as of December 22: $15.58 billion
Ranked 14th on our list, Sompo Holdings, Inc. (OTC:SMPNY) is a top Japanese insurance company, headquartered in Tokyo. With over 130 years of experience in the market, the company offers a wide range of insurance solutions including domestic P&C insurance, auto insurance, overseas insurance and reinsurance, domestic life insurance, nursing care & seniors, and digital insurance products and services. As of December 22, Sompo Holdings, Inc. (OTC:SMPNY) reports a market cap of $15.58 billion.
10. Brown & Brown, Inc. (NYSE:BRO)
Market Cap as of December 22: $20.06 billion
Brown & Brown, Inc. (NYSE:BRO) is a leading insurance company, specializing in P&C insurance, insurance brokerage, risk management solutions, and employee benefits among others. The company offers tailored RV and motorhome insurance solutions. The motorhome insurance provides liability coverage including bodily injury and property damage coverage, medical payments, and uninsured coverage. As of December 22, the company boasts a market cap of $22.06 billion.
9. USAA
Annual Revenue (2022): $27.44 billion
USAA is a major insurance company, leading the market with its innovative financial services, employee well-being, risk management, and insurance solutions. The company provides RV insurance for motorhomes, travel trailers, campers, and fifth wheels. In 2022, USAA reported an annual revenue of $27.44 billion. It is ranked among the best motorhome insurance companies heading into 2024.
8. MetLife, Inc. (NYSE:MET)
Market Cap as of December 22: $48.75 billion
MetLife, Inc. (NYSE:MET) is one of the top insurance companies in the US, providing services including insurance, annuities, employee benefits, and asset management. Under its auto and home insurance portfolio, the company offers a wide range of RV/motorhome solutions. MetLife, Inc. (NYSE:MET) reports a market cap of $48.75 billion, as of December 22.
7. Liberty Mutual Insurance
Annual Revenue (2022): $50.00 billion
Liberty Mutual Insurance is ranked 7th on our list. Boasting an experience of over 100 years, the company operates in over 29 countries and jurisdictions. The company has over 45,000 employees and provides a wide range of insurance solutions. Liberty Mutual Insurance offers tailored RV/motorhome insurance at affordable prices. The company reported an annual revenue of $50 billion in 2022.
6. Nationwide Mutual Insurance Company
Annual Revenue (2022): $57.00 billion
Nationwide Mutual Insurance Company is ranked 6th on our list of the best motorhome insurance companies heading into 2024. The company offers services including insurance, banking, annuities, investments, life insurance, and retirement planning. The company provides coverage of over $10,000 for motorhome/RV insurance. In 2022, Nationwide Mutual Insurance Company reported an annual revenue of $57 billion.
Some of the top motorhome insurance stocks to buy now according to analysts and hedge funds include Allianz SE (OTC:ALIZF), Zurich Insurance Group AG (OTC:ZURVY), and AXA SA (OTC:AXAHY).
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Disclosure: None. 15 Best Motorhome Insurance Companies Heading into 2024 is originally published on Insider Monkey.
