Whether you’re new or looking to jump ship from your current insurance provider, you can’t go wrong with these choices. Shopping around to find insurers match up to your current needs is always a good idea. With that in mind, I know how complicated reviewing insurance choices are, so I’ve picked some top choices for you.
GEICO, Allstate, State Farm, and Progressive are some of the most famous insurers in the U.S, with a big clientele across all states. They all have features that make them stand out that have made them the household names they are today. To compare these choices, we’ll look at their respective policies, quotes and claims rates, customer reviews, pricing, and technology.
Before we jump into an in-depth comparison of the four largest insurers, here’s a quick video on motor insurance.
What To Expect From Car Insurance Companies?
If you find the process of hunting for auto insurance taxing, you’ll be glad to know that you’re not alone. The calculations insurers use to determine what each customer pays are as complicated as the complex jargon they use. To help ease your load, I’ll break down what you should look out for when shopping for auto insurance. Cosmopolitan summaries things you need to know before buying car insurance.
While some factors affecting your insurance aren’t in your power, there are a few things you could learn to help yourself. Let’s provide some context to ease you into the world of car insurance. Different rates are charged based on:
- Type of vehicle
- Previous accident claims (if any)
- Gender and age
- Credit rank
- Claims records
- Conjugal status
Depending on the amount of coverage you think you’ll need, you should review the policy of each insurer as these differ. Some people settle for minimal cover, getting only the mandated basics. Others, on the other hand, get comprehensive covers that protect their individual assets. More coverage means higher premiums; however, you will have more peace of mind knowing that you’re protected, whatever happens.
As you shop, make sure you draw out a clear plan of what you want from your insurer. Forbes breaks down key features of car insurance. These needs may include:
- Collision coverage
- Comprehensive cover
- Hospital fees
- Car rental compensation
- Underinsured driver clash
- Emergency roadside cover
So what is the best auto insurance company? The honest answer is that there is no one conclusive answer to that. Different customers have different needs that are fulfilled by different insurers. As you scrutinize potential covers to get, always make sure all your blind spots are covered, even as you negotiate for cheaper rates.
GEICO at a Glance
Now famously known for their signature gecko mascot, GEICO hasn’t lost a touch of their integrity from their inception in 1936. Providing the navy and civilians working under the government with the best policies is still their mission.
Government Employees Insurance Company, as it is known, has exponentially grown into a multibillion establishment under the leadership of Warren Buffet.
GEICO car coverage is available in every state and provides an array of policy covers to choose from. Their trademark statement, “Fifteen minutes could save you 15% or more,” has been pivotal in their campaign success. When it comes to achievements, they’ve cemented their position as one of America’s most favored insurers. GEICO is best for drivers that are after the best discounts.
Allstate at a Glance
Founded by Robert E. Wood, Allstate made its debut as an auto insurance body in 1931, named after Sears produced wheels from the era. Sears residents and now America as a whole can enjoy the services offered by Allstate with their promise of security with their exclusive covers.
These are the pioneers of age, function, and mileage-based covers that all companies have now adopted. Decades later, their promotional discounts remain one of their defining features as they build loyalty with their customers with cost reduction offers. A change to “It’s good to be in good hands” has failed to stick as well as the original “You’re in good hands” catchphrase. Allstate is ideal for teenage drivers and rookies.
State Farm at a Glance
State Farm understands that when it comes down to insurance, you have a plethora of choices, that’s why they aim to offer you options that fit your needs.
With almost 19’000 representatives across the country, you can access their range of policies from rideshare to collision and all-inclusive covers with the aim to help you find the best-personalized cover. They pride themselves in being the biggest insurers in America, growing from strength to strength since 1922.
State Farm® provides proficient coverage for high school drivers, with exceptional policies specially designed to cater to teens.
Their history goes back to servicing farm laborers, having been fathered by a farmer in their true fashion, “Like a good neighbor, State Farm is there.” Since then, they’ve successfully branched into almost every cover there is. State Farm caters for motorists with a record of accidents.
Progressive at a Glance
Dating back to pre-Flo days, Progressive has had a long-standing reputation of providing demystified insurance to the layman. Since 1937, they’ve done remarkably well in extending insurance to everyone and making it customer-friendly. Progressive is excellent for claim-free motorists.
They were the leaders in introducing avant-garde features like drive-in petitions, portion repayment of premiums, and online policy registrations. Apart from auto insurance, they also offer coverage for company cars, canoes, power sports machinery, among others. Progressive breaks down insurance in a way that makes it easier to understand for everyone, and they’re open to discussing options with their customers.
The leading insurers we’re about to discuss have been in the business for decades and have signature features that make them stand out. If you’re just browsing through, here’s a summary of some of the key elements each specializes in:
Company Top Traits
- GEICO Price, tech, customer satisfaction
- State Farm Price, customer satisfaction
- Progressive Coverage options, few complaints
- Allstate Coverage options, tech, few complaints
With that in mind, let’s dive into the details of how each insurance company measures up.
From a total of eleven cover options, different insurers may offer a combination of a number of these. Allstate provides ten of these, shadowed by Progressive with eight, making these the top picks in terms of policies offered. Most insurance companies offer either gap insurance or new-vehicle replacement since they’re similar, but Allstate provides you with both! State Farm and GEICO have neither of these options.
If cover for mechanical breakdown is a priority, then go after GEICO since none of the others have it. One of the factors looked at is coverage for teen drivers, and these all look different under different insurers. Due to their presumed recklessness as new drivers, premiums for teens are pricier. A key element in your policy cover is the type of vehicle you’re insuring.
Here’s a summary of the best company for specific car types:
- Hybrid/EV: GEICO
- Sedan: Allstate
- Van: Progressive
- SUV: Allstate
- Truck: Progressive
- Luxury: GEICO
The wide range of policies offered by Allstate is unmatched by any other. Here you can even get coverage for adapted custom pieces like radios. When you maintain a claim-free streak, you also earn yourself a chance to have your deductibles reduced.
Quotes and Claims Rates
Getting an idea of the kind of service you’ll get when you have to make an insurance claim is essential before settling for an insurer. Additionally, collecting a claim affects your auto insurance premiums in the long run. For high-risk drivers and motorists with low credit scores, Progressive is the best choice for you.
GEICO, on the other hand, has great offers for its claim-free customers.
Of all the four giants, Allstate is the most extensive and thus offers, arguably, the best service when filing claims. Their labor is accessible online and via local representatives. Though pricier, their approach to claims management is uncontested as they provide stable support throughout the process.
Winner: Tie between Allstate and Progressive
Based on risk assessment, two different groups of people will fall on either of these picks. Responsible drivers with no history of filing for claims or records of accidents get great deals with Allstate. Good driving and unproblematic driving pasts are rewarded b Allstate.
Progressive, on the other hand, is more ideal for accident-prone motorists who have made several claims already. Their recklessness isn’t awarded, but Progressive recognizes their plight and provides the best deals for them.
Ratings & Customer Reviews
The reviews given by other customers should serve as an indicator of the kind of service you’ll receive. This is why it’s important to go through ratings before making your pick. Progressive has the least number of customer grievances reported.
Size difference played a significant role in this as companies handling more customers had their good versus bad measured. This is seen by the total positive reports and client contentment, where Allstate takes the cup, with State Farm securing a close second.
If you’re trusting reviews from customers to help you decide, then prepare to be impressed with the track records Progressive and Allstate have. Allstate scores better than Progressive for client contentment, even though Progressive has fewer client complaints. Since their pricing is nearly similar, it’s worth comparing quotes from both of them to gauge which will be your personal best.
Winner: Tie between Progressive and Allstate
Because of the difference in size between Progressive and more substantial Allstate, the number of customers handled annually differs. Overall, Progressive has the lowest quantity of complaints from users. Though Allstate has a more significant amount of customer annoyance reports, their complements are overwhelmingly more massive than the other three.
Costs & Discounts
When all has been said and done, the dreams each company promises mean nothing if the price demanded is excessive. GEICO bears the least financial strain on you while also offering over fifteen discounts to help you save. Cuts included range from good student deductions, to military and defensive driver deductions.
I must point out that two customers won’t have the same charges, so take this with a pinch of salt. For example, GEICO has the cheapest rate for 50-year-old females from one state, while a thirty-year-old man from elsewhere may get a better deal with Allstate. It’s not one-size-fits-all pricing, so do your research.
If affordability and deductions are your biggest concern, then GEICO is the one for you. But considering their customer records, State Farm may be a better alternative when combining the two factors.
Company Number of discounts offered
- Allstate, 23
- GEICO, 15
- State Farm, 13
- Progressive, 9
Of all four, GEICO has the cheapest rates, and, combined with their numerous discounts, it’s worth the price. Though Allstate has the highest number of cuts, they are the most expensive.
Best Apps & Technology
The ability of each business to smoothly function online and deliver impeccable service is likely to attract many customers. While direct interactions with local representatives are useful, customers need assistance they can access from virtually anywhere.
As such, the insurers are expected to have user-friendly, efficient online services, and GEICO provides the best of all of them. Gizmodo covers the technology involved in auto insurance.
With GEICO, you’ll have in-app car-watch tools to keep an eye on your car’s state. There are even features that pinpoint gas stations, garages, and other locations near you. You’ll also be endowed with a voice-controlled AI assistant like Alexa. The others offer similar features, but GEICO’s online channels are more well-oiled than any other.
More than fifty percent of potential customers are likely to seek help online. If you’re one of them, then GEICO and State Farm are your best bets.
For usage-focused coverage, State Farm may be a more popular choice as they offer discounts in exchange for allowing them to keep an eye on your driving conduct. This isn’t available with GEICO.
If you’re tech-focused, then GEICO is for you with their virtual helper app to help monitor your vehicle’s care.
With all the pros and cons we’ve highlighted here, the final decision remains a personal one that only you can make. Take all your factors into consideration, as well as your needs, and measure how each company measures up. Whatever choice you make, however, will be a fine one as the four options are legends in the insurance world.
We’d love to hear from you if there’s something you need us to compare among these insurance giants.
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Comment below and let us know what insurance-related topics you want us to cover in the future!