What is the largest insurance company
Who is the largest car insurance company?
When you think about car insurance most consumers will associate with GEICO due to the popularity of the Gecko and Caveman commercials or maybe even Allstate however who is the largest car insurance company in the USA?
According to the Insurance Information Institute The State Farm Car Insurance Company (technically the State Farm Mutual Automobile Insurance Company) is home to the largest car insurance company in the USA with a market share of 18.62%
“State Farm has over 75 Million Policy Holders – an 18.6% market share”
You may be surprised to hear its a company who does not advertise as aggressively as GEICO but State Farm has built a massive customer base from a mix of advertising and local agents since 1922. State Farm has been actively underwriting auto insurance policies for almost 100 years and has over 75 million policy holders nationwide. To put the amount of State Farm market share in perspective the company in second place is the Allstate auto insurance company with a market share of just over 10% so State Farm has almost double the customers of Allstate.
State Farm is widely known for its slogan “Like a Good Neighbor, State Farm is there” however
in recent years the State Farm advertising presence seems to have slowed. The company’s annual advertising budget is rumored to be over $300 million and in the top 10 of all car insurance companies however competitive companies like GEICO are quickly outspending spending State Farm. GEICO is rumored to spend over $800 million annually on advertising and over the last decade has successfully become more of a household name than State Farm due to its popular caveman and gecko commercials. Will State Farm remain the largest car insurance company in 10 years? It’s very hard to say but their current market share has them poised to be a leader for years to come.
How do I get a State Farm Car Insurance Quote?
Getting in touch with a State Farm agent is possible by a number of ways including visiting the company website, calling a toll free number or just stopping by a local agent’s office. Its important to remember when shopping for car insurance never choose a company simply based on a title of being the largest car insurance company. Always compare policy coverage, policy limits, premiums, deductibles and all the elements of car insurance before making a final decision.
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