The insurance industry in the United States is massive, with hundreds of national companies competing for customers. With so many options to choose from, it can be daunting finding the right insurance company that offers great coverage at competitive rates. After careful research, here is my list of the top rated national insurance companies based on financial strength, customer satisfaction, coverage options and cost.
What Makes a Top Rated Insurance Company?
When evaluating the top insurance companies, there are a few key factors to consider:
Financial Strength
- Independent ratings assess each insurer’s financial strength and ability to pay out claims. Look for companies rated “A” (Excellent) or higher by rating agencies like A.M. Best.
Customer Satisfaction
- Reviews and ratings from policyholders provide insight into customer service, claims handling and overall satisfaction. Highly rated insurers keep customers happy.
Coverage Options
- The best insurers offer a wide array of customized coverage options, add-ons and discounts. This allows you to tailor policies to your needs.
Cost
- Competitive and affordable pricing is important. Top insurers leverage their financial strength to offer lower premiums.
By evaluating these key factors, the highest-quality national insurance companies rise to the top.
1. State Farm
With nearly 100 years in business and over 70 million policies in force, <b>State Farm</b> is the leading auto and home insurer in the U.S.
Why It’s Top Rated
- A++ (Superior) financial rating from A.M. Best
- Highly rated in customer satisfaction across auto, home and life insurance products
- Broad coverage offerings and discounts like safe driving discounts, multi-policy discounts, and more
- Nationwide network of 19,000+ agents for personalized local service
For a reasonble price, State Farm offers excellent customer service along with a wide range of insurance products. This makes them my top choice overall.
2. Auto-Owners Insurance
For car insurance specifically, <b>Auto-Owners</b> is a lesser known but excellent national company based in Michigan.
Reasons to Choose Auto-Owners
- A++ (Superior) rating from A.M. Best denoting strong financials
- Consistently high customer satisfaction scores based on handling claims quickly and efficiently
- Broad auto insurance coverage for collision, comprehensive, uninsured motorists, rental reimbursement and more
- Multi-policy and safe driving discounts to save money on premiums
With a focus solely on property and casualty insurance, Auto-Owners delivers exceptional auto insurance and ranks as one of the best in the industry.
3. Erie Insurance
Operating in 12 states, <b>Erie Insurance</b> is an excellent regional insurer known for stellar customer service.
Why Choose Erie Insurance?
- A+ (Superior) rating from A.M. Best indicates strong finances
- 93% customer satisfaction rating for claims process and customer service
- Wide range of auto insurance discounts like multi-policy, safe driver, anti-theft and more
- Flexible coverage add-ons like rental reimbursement, roadside assistance, diminishing deductible and more
For personalized service and satisfaction along with very competitive rates, Erie Insurance is a great choice in the states where they operate.
4. Amica Mutual
<b>Amica</b> is the highest rated insurer by J.D. Power for customer satisfaction nationwide.
Benefits of Choosing Amica
- A+ (Superior) rating from A.M. Best
- Top ratings across auto, home and life categories for claims handling and customer service
- Highly customizable packages to tailor coverage exactly how you need it
- Quick claims processing and payments based on customer reviews
- Discount bundles like multi-policy, multi-vehicle, and good student discounts
The focus at Amica is keeping customers happy with great service while also offering competitive pricing. The ratings speak for themselves.
5. USAA
Exclusively serving military members and their families, <b>USAA</b> consistently earns the highest marks.
Why USAA Stands Out
- A++ (Superior) rating from A.M. Best denoting rock-solid financials
- Highest-ranked in customer satisfaction in surveys of its target demographic
- Policies for all military personnel needs like car insurance, renters, life, health, and more
- Additional coverage like gap insurance, rideshare coverage, and overseas insurance
- Robust online tools and apps for managing your policies and payments
For those who serve our country, USAA offers best-in-class service, features and coverage options.
6. The Hartford
One of the oldest insurance companies in America, <b>The Hartford</b> has evolved into a top-tier insurance provider.
The Hartford’s Advantages
- A+ (Superior) rating from A.M. Best signifying stability
- Bundle policies to save on auto, home, renters and life insurance
- Personalized packages with optional add-ons to build the right policy
- Vast network of agents and advisors to provide expert guidance
- AARP membership discounts on auto insurance for drivers over 50
With discounts tailored for seniors through AARP, The Hartford is a great choice for getting coverage at a cheaper rate.
7. Progressive
If you want insurance at the lowest cost, <b>Progressive</b> offers highly competitive rates.
Why Progressive Stands Apart
- A+ (Superior) financial rating from A.M. Best
- Robust coverage options like gap insurance, custom parts coverage and rideshare insurance
- Name Your Price® tool to find the rate you want through an online quoting process
- Large array of discounts based on driving habits, vehicle safety features, and more
- Easy claims filing through mobile app and fast online payments
While customer service ratings lag competitors, Progressive makes up for it with some of the cheapest rates in the auto insurance industry.
8. Nationwide
Backed by strong financials and stellar customer service, <b>Nationwide</b> is a great choice for insurance.
Key Reasons to Choose Nationwide
- A+ (Superior) rating from A.M. Best
- Top marks in customer satisfaction surveys, especially for claims handling
- Robust online quotes and policy management through Nationwide website and app
- Policy bundling brings big savings on multiple policies
- Accident forgiveness coverage to prevent rates from increasing after your first at-fault accident
Nationwide hits high marks in financial ratings, customer satisfaction and usage of technology like apps and online tools.
9. Liberty Mutual
With a focus on customizing insurance for your needs, <b>Liberty Mutual</b> is a leading national insurer.
Why Choose Liberty Mutual?
- A (Excellent) rating from A.M. Best
- Tailor insurance plans with different coverage options and discounts
- Robust online tools and apps make managing and filing claims easy
- Accident forgiveness and loss forgiveness to avoid rate hikes after incidents
- Rideshare coverage specifically designed for Uber and Lyft drivers
Liberty Mutual offers personalized coverage and support through helpful online tools and knowledgeable local agents.
10. Travelers
Providing a huge range of insurance products, the <b>Travelers Companies</b> earn strong marks across the board.
Benefits of Choosing Travelers
- A++ (Superior) rating from A.M. Best denoting financial strength
- Broad insurance offerings like auto, home, business, workers comp and more
- Package discounts for bundling multiple policies
- First time accident forgiveness to avoid premium increase after your first at-fault accident
- Flexible payment plans including pay-as-you-drive options
Travelers is great for easily bundling insurance policies together. They offer all types of coverage making it a one-stop-shop.
Honorable Mentions
Some other great national insurance companies just missing the top 10 include Allstate, American Family, Chubb and Liberty Mutual. Each brings their own unique advantages. There are lots of excellent choices depending on your individual needs.
Choosing the Right Insurance Company for You
While big name brand recognition is important, you still need to consider your own personal situation when choosing coverage.
Here are some tips for choosing the right insurance company:
- Review the financial ratings to confirm the insurer is financially stable
- Compare customer satisfaction and complaints data to gauge service quality
- Make sure the company offers the type of insurance you need (auto, home, life, etc)
- Check that optional add-on coverages match your needs
- Use online quote tools to compare estimated rates across insurers
- Find an insurer that offers discounts you qualify for to save money
- Consider whether local agent support or online service is more important
The most important thing is finding great coverage at the best price. With so many excellent national insurance companies to pick from, compare options to discover your best match.
My Experience With Top Rated National Insurance Companies
I’ve had experience being a customer of several top insurance companies over the years. Here’s an overview of my experiences:
<b>State Farm:</b> I had State Farm auto and renters insurance for 5+ years. The local agent was very helpful when I was getting started with my first policies. Customer service reps were also responsive when I had to file a claim. My only complaint was that rates increased a lot when it was time to renew, likely to take advantage of loyal customers.
<b>Geico:</b> I switched to Geico for about 2 years to get cheaper car insurance rates. The online tools and app made managing my policy easy. However, the minimal customer service meant I was mostly on my own for questions. I did save money with Geico, but you have to be comfortable troubleshooting issues online.
<b>Amica:</b> I now use Amica for home and auto insurance. While rates are a bit higher, the superior customer service is worth it. I’ve had several claims with Amica and each time it was an easy, no hassle process to get reimbursed. They’ve earned my long-term business.
No insurer is perfect across the board. Evaluate what coverage features and service factors matter most to you personally to determine the right top rated national insurance company for your situation.
Frequently Asked Questions About National Insurance Companies
What is the largest insurance company in the United States?
The largest insurance company in the U.S. by market share is State Farm. They control about 18% of the total insurance market. Other big insurers are Allstate, Progressive, Liberty Mutual, and Farmers.
Are national insurance companies better than local insurers?
National insurers are not necessarily better than local companies. Large national brands generally have strong financial backing. But local insurers provide personalized service since they operate in fewer regions. Choose based on customer satisfaction, pricing, and availability in your state.
How are insurance companies rated for financial strength?
Independent ratings agencies like A.M. Best, Moody’s, and Fitch analyze insurers’ financial statements to assign ratings. These ratings indicate each company’s financial strength and ability to weather economic downturns. Stronger insurers have higher ratings.
What auto insurance companies have the highest customer satisfaction?
According to J.D. Power’s auto claims satisfaction survey, the insurers with the highest customer satisfaction ratings are:
- Amica
- Auto-Owners
- State Farm
- Erie Insurance
- American Family
How much can bundling insurance policies save?
Bundling makes the biggest impact on auto and home insurance. Combining auto and home insurance from the same provider results in average savings of 28%, according to the Insurance Information Institute. Discounts decrease with each additional bundled policy.
Conclusion
Finding the best national insurance company takes research. While big names like State Farm and Allstate are popular, lesser known brands like Auto-Owners and Erie may be a better fit based on cost, service quality and available discounts. I recommend comparing multiple quote options to find the right insurer for you. Focus on overall value, not just the lowest rate. With this guide highlighting the highest rated insurers, you are on the right path to getting great coverage.
