In this article, we will be taking a look at the 5 best car insurance companies of 2023. If you are interested in reading the detailed analysis of the auto insurance market, head straight to the 15 Best Car Insurance Companies Of 2023.
5. Geico
Average Rating: 4.5 stars
GEICO stands third among the largest auto insurers in the US, covering over 28 million vehicles and 16 million auto policies. In 2022, it wrote $34.5 billion in premiums, and received positive reviews from sources like MarketWatch, WalletHub, and Forbes Advisor. Overall, GEICO is known for its affordability and is rated highly for rates and customer satisfaction.
4. American Family
Average Rating: 5 stars
American Family Insurance offers various insurance products, including auto insurance. They have the KnowYourDrive program, providing up to a 20% discount based on safe driving habits tracked through a smartphone app. Forbes found their car insurance prices for good drivers around the national average of $2,150 annually. In 2022, the company’s revenue remained steady at $14.4 billion, with changes in premium earnings and investment income offset by changes in industry valuation.
3. Auto-Owners
Average Rating: 5 stars
Auto-Owners Insurance Group, a prominent US insurer headquartered in Michigan, is known for its financial strength and stability and stands third among the best car insurance companies of 2023. In 2022, they experienced premium growth of nearly $944 million and received over $1.3 billion in new business.
2. Nationwide
Average Rating: 5 stars
Nationwide, a Fortune 100 company with over 90 years of experience, offers insurance and financial services and stands among the top auto insurance companies. In 2022, despite economic challenges, they showed strong performance, with record sales of $57 billion. They paid nearly $19 billion in claims and benefits amid high inflation and volatile markets. Nationwide maintained S&P AAA capital levels and planned for disciplined growth in financial services, commercial lines, and personal lines in 2023.
1. USAA
Average Rating: 5 stars
USAA, one of the best car insurance companies of 2023 and a financial services company serving the military and veterans, marked its 100th anniversary in 2022. Despite economic challenges, they delivered a strong performance, with record sales of $57 billion. USAA returned nearly $2 billion to members through fee cuts, new services, and grants to organizations like GreenPath Financial Wellness. They also paid almost $19 billion in claims and benefits. The company is financially robust, boasting over $200 billion in total assets and $35.327 billion in equity.
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