List Of Car Insurance Companies 2020 uk

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List Of Car Insurance Companies 2020 uk

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Updated: May 20, 2020, 4:42pm

You’ll have dozens of companies to choose from when you’re shopping for car insurance. But nationwide, the largest 10 car insurance companies control about 73% of the market for private passenger auto insurance.

Larger doesn’t necessarily mean better. There are plenty of small and regional insurers that offer good customer service and competitive prices.

Related: Best Car Insurance Companies of 2021

In April 2020, all these companies, and others, announced refunds to their customers because of the coronavirus pandemic. With stay-at-home orders and fewer people driving, accidents and insurance claims are down.

The refunds tend to be 15% or 25% off of two months’ worth of premiums. See our list of car insurance refunds.

Here’s a more detailed look at the largest companies selling car insurance, with national market share for private passenger auto insurance.

While auto insurance makes up about 63% of State Farm’s business, the company sells a wide range of insurance products, including coverage for homeowners and renters, motorcycles, boats, motorhomes and business, as well as life insurance and health insurance. As a large financial services company, State Farm also offers checking and savings accounts, loans and credit cards.

State Farm sells insurance through its own agents, who are independent contractors and run their own offices.

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Headquarters: Chevy Chase, Maryland

National market share: 13.76%

Geico’s main business is auto insurance, although other insurance types are readily available through Geico’s insurance agency. This includes homeowners, renters, landlord, business and pet insurance, which are provided by other insurance companies that sell through the Geico agency.

Geico is well-known for its large availability of auto insurance discounts. These discounts run the gamut from vehicle equipment to recreational organizations, such as clubs for golfers.

Progressive mainly provides auto insurance, and other insurance types are available through its agency, such as homeowners, renters, homesharing and life insurance.

Progressive pioneered “usage-based insurance” many years ago with its program now known as Snapshot. Usage-based insurance tracks your driving habits and calculates a personalized rate based on how well you drive (such as fast starts and hard braking), amount of time you drive and when you drive.

Allstate works through its exclusive agents to sell a wide variety of insurance, including coverage for cars, homeowners, renters, boats, motorcycles, ATVs, snowmobiles and businesses. It also offers life insurance and retirement and investment planning through its advisors.

Allstate owns the brands Esurance, Encompass and Answer Financial, but will retire the Esurance brand in 2020.

The company offers Allstate Rewards, a way to earn points for gift cards, deals and more. Rewards are offered to customers who sign up for Drivewise or Milewise, which both track driving.

USAA is known for its excellent customer service to military members.

To be a USAA member, you must be an active, retired or separated veteran with a discharge type of “Honorable” from the U.S. military or their eligible family members. These eligible family members are spouses, widows, widowers and unremarried former spouses of USAA members who joined USAA prior to or during the marriage. You can also be an individual whose parents joined USAA.

USAA’s many products include insurance, banking, investing, mortgages, retirement savings, health insurance and a car-buying service.

Liberty Mutual can provide insurance for your vehicles, home and life. This includes boats, classic cars, ATVs and RVs, and mobile homes. Other options available through Liberty Mutual include critical illness and life insurance, pet insurance and tuition insurance.

It also has a wide variety of coverage for businesses.

Liberty Mutual’s MasterThis series provides online articles, tools and checklists to help consumers gain knowledge and skills. Topics include buying a car confidently and finding a reliable mechanic.

Farmers uses both exclusive and independent agents to sell its wide variety of insurance products, including auto, home, life and business insurance. There’s also insurance for recreational vehicles, including boats, jet skis, snow mobiles, dirt bikes, dune buggies, ATVs, golf carts, 5th wheels and motor homes.

Farmers Financial Solutions offers investment options such as mutual funds, IRAs and annuities.

By using Farmers’ Signal app, customers can get potential policy discounts and be eligible to win monthly rewards. Signal measures driving habits such as speeding, braking and phone use while driving.

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Nationwide offers a large selection of both personal and business insurance. For individuals and families, Nationwide has coverage for cars, homes, motorcycles, snow mobiles, scooters, RVs, ATVs, golf carts and more. Other insurance options include pet and life insurance.

Nationwide’s Private Client policies are designed for people with substantial assets. For home insurance, this includes customizable policies with increased benefits. For auto insurance, Private Client policies cover original equipment manufacturer parts for repairs, rental reimbursement with no per-day cost limit and other coverage perks.

American Family’s offerings include coverage for cars, homes, renters, boats, RVs and ATVs, snow mobiles and landlords. Additional options include business, life and health insurance.

American Family’s Teen Safe Driver Program uses an app to score a teen’s driving and provide areas for improvement. It won’t affect your rates, but can provide a discount once the teen complete’s the program.

Travelers can cover your car, house, condo, boat or yacht. Travelers also provides wedding and event cancellation insurance, which can reimburse you if your event has to be cancelled or postponed.

Travelers has started rolling out Traverse, an alternative to a traditional policy that’s now available in New York and Texas. Traverse allows customers to select coverage for specific items on a self-service platform. Coverage is available for items such as phones, laptops, bikes, sports equipment,and jewelry. You can also add on liability insurance, as an alternative to the liability insurance found on a renters insurance policy.

Market share source: S&P Global Market Intelligence

Related: Best Car Insurance Companies of 2020

There are over 2,500 property/casualty insurance companies selling auto, homeowners, business and other insurance. There are about 850 selling life insurance and annuities, and about 930 selling health insurance.

The most expensive claims are liability bodily injury claims (injuries you cause to others), at an average amount of $15,785. Next highest are liability property damage claims, for damage to others, at an average of $3,841.

The average collision and comprehensive claims are $2,950 and $1,585 respectively, according to the Insurance Information Institute.

Car insurance companies have to get their rates approved in every state where they operate. Each state’s department of insurance is in charge of approving rates. So if you think you pay way too much for car insurance, remember that your state OK’d the rate.

Each state’s department of insurance is the official complaint taker. The departments monitor insurance companies and can issue fines or take other action against wayward insurers. You can make a complaint on the Better Business Bureau site or on a random complaint site, but it doesn’t officially matter unless the complaint is made to your state department of insurance.

I’m the Insurance Analyst for Forbes Advisor. I’ve been writing about insurance for consumers for more than 20 years. Insurance intersects with many parts of our lives, yet it’s tough to untangle, and wrong choices can make a financial mess. I’m here to help you make sense of it. I’m especially interested in how data is affecting the price you pay for all insurance types.

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List Of Car Insurance Companies 2020 uk

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