Navigating the world of car insurance can often feel overwhelming, especially with the plethora of options available to drivers today. Renowned companies such as Allstate, Geico, Progressive and State Farm are not only familiar names due to their prominent advertising campaigns, but also stand out as some of the leading car insurance providers in the United States. Their reputation is built on a foundation of diverse policy options, competitive pricing and other key factors that elevate their status in the insurance market. However, each of these insurers has its unique offerings and understanding these differences is crucial for drivers seeking the most suitable coverage for their specific needs. To assist in this decision-making process, Bankrate’s team of insurance experts has meticulously examined each of these top insurers. Our comprehensive comparison aims to provide clear insights, in the hopes of simplifying your search for the ideal car insurance that aligns with your requirements.
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RATE INCREASE ALERT
Rates increased up to 12% this year.
Costs will continue to rise through 2022. Shop for a better rate before you renew your current policy.
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How Bankrate compares these four car insurance companies
Even with these four top car insurance companies, it can seem daunting to find the best one for you. To help you through the process, Bankrate reviewed Allstate vs. Progressive, Geico and State Farm based on their car insurance policy options and rates, customer experience and third-party rankings on financial strength and claims satisfaction. The higher a company scored on these individual categories, the higher their overall Bankrate Score, with a maximum score of 5 out of 5. Allstate, Geico, Progressive and State Farm may rank among some of the best car insurance companies in the nation, but based on our findings, each company has benefits that could be advantageous for different types of drivers.
| Company | Bankrate Score | J.D. Power Claims Satisfaction Study | Average annual full coverage premium | Average annual full coverage premium after speeding ticket | Average annual full coverage premium after at-fault accident |
|---|---|---|---|---|---|
| Allstate | 3.8 | 882/1,000 | $2,630 | $3,123 | $3,397 |
| Geico | 4.4 | 871/1,000 | $1,353 | $1,658 | $1,988 |
| Progressive | 4.2 | 870/1,000 | $1,642 | $2,140 | $2,638 |
| State Farm | 4.2 | 891/1,000 | $1,480 | $1,704 | $1,876 |
Our pick for best company for new and young drivers: Allstate
Bankrate Score: 3.8
Why we chose it: Adding a new young driver to your car insurance policy can be expensive, but Allstate offers an array of options to help bring down the cost. Teens can earn a Good Student discount by achieving a high GPA and an additional discount by participating in the teenSmart training program. Depending on state availability, they can even enroll in Allstate’s Drivewise, a telematics program that tracks and rewards safe driving habits, and even add accident forgiveness to the policy to prevent a premium increase in the event of an at-fault accident
Our pick for best company for drivers looking for deep discounts: Geico
Bankrate Score: 4.4
Why we chose it: Being able to add numerous discounts to your car insurance policy is one way to save on the premium cost. Geico makes this easy by having a large list of discounts that aren’t just limited to good drivers and customers with multiple Geico policies. Members of specific organizations and employees of certain companies and federal departments can qualify for an additional discount on their car insurance with Geico.
Our pick for best company for drivers with a clean claim history: Progressive
Bankrate Score: 4.2
Why we chose it: A unique feature of Progressive’s auto insurance is its deductible savings bank. For drivers with full coverage car insurance, Progressive rewards drivers for each policy period without an accident or violation by deducting $50 from their comprehensive or collision deductible. Although not available in every state, adding this optional coverage onto your car insurance policy for a fee could help you save money in the event of a future claim.
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Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
Our pick for best company for drivers with a history of accidents: State Farm
Bankrate Score: 4.2
Why we chose it: Based on our study of average annual premiums, State Farm’s premium increases after a speeding ticket or at-fault accident were not as high compared to other car insurance companies. Although these are estimates only and individual rates may vary, this could be a good sign for drivers with an existing mark on their record or who feel concerned about premium increases after an incident. State Farm also offers its usage-based telematics program to help build safer driving habits and potentially earn a bigger discount on car insurance.
Comparing Allstate, Geico, Progressive and State Farm
Although we’ve compared Allstate vs. Geico, Progressive and State Farm and noted some strengths for each company, the best car insurance for you will depend on your individual situation and needs. When receiving quotes from car insurance companies, you may find that your quoted premium varies from these national average rates for a variety of reasons based on how car insurance companies use the rating factors below.
Factors that affect car insurance rates
Car insurance companies review a number of rating factors to determine car insurance rates.
These can include what kind of car you drive, your driving record and claims history, marital status and annual mileage. Depending on state regulations, an auto insurance company can also use rating factors such as gender, ZIP code and credit score, unless they are restricted.
| Company | Pros | Cons |
|---|---|---|
| Allstate | Offers a variety of policy add-ons for drivers, including rideshare coverage, accident forgiveness and extended vehicle care to pay for covered repairs when vehicle warranty ends Multiple opportunities to be rewarded for safe driving with discounts on auto insurance with Deductible Rewards and Safe Driving Bonus | Car insurance rates may be more expensive compared to other insurance carriers Scored below average in a majority of regions based on J.D. Power’s 2023 U.S. Auto Insurance Study |
| Geico | Average annual premiums for car insurance may be more competitive compared to other insurance carriers Self-service model could be beneficial to customers who want to manage their own policies | Has fewer local offices with insurance agents for those wanting personalized service to answer insurance questions Scored below the segment average for service in the 2023 J.D. Power U.S. Auto Claims Satisfaction Study |
| Progressive | Name Your Price tool allows customers prioritizing affordability to build their car insurance policy around their budget Fully integrated mobile app allows drivers to manage their policy, report a claim, request roadside assistance or submit a payment through their phone | Limited number of local agencies available in the United States compared to traditional insurance carriers Ranked near the bottom t in JD Power’s annual 2023 Auto Claims Satisfaction study on claims handling |
| State Farm | Won the 2023 Bankrate Award for best company for high-risk drivers Extensive network of local agencies available for personalized service | High complaint index score from the National Association of Insurance Commissioners (NAIC) indicates more customer complaints compared to the average Some coverage options, like gap insurance, are not offered on its auto insurance policies |
Frequently asked questions
The amount of car insurance you may need will depend on your personal situation and needs. While all drivers need to carry at least the minimum amount of car insurance as required by state law, this typically refers only to liability coverage and may not be enough. Full coverage car insurance often includes increased liability amounts and additional coverage options like comprehensive and collision to insure your vehicle, as well as medical payments to cover medical costs for anyone in your vehicle. You may also want to include other add-ons to your car insurance policy, such as rental car reimbursem*nt, towing and more.
When you’re getting a car insurance quote or buying an insurance policy, the insurance company will typically ask for some personal information, like the names, birth dates and driver’s license numbers of all drivers that will be included on the policy. You will also be asked to provide information on the vehicle’s make and model, and may also need to provide the vehicle identification number (VIN). By offering this information to the insurance company, you’re more likely to get an accurate quote.
If you want to find the cheapest car insurance policy, it may be helpful to shop around and get quotes from a number of different insurance companies. In order to accurately compare your options, it can be helpful to request quotes for the same type and amount of coverage from each company, which will let you see how much the same type of coverage would cost from the companies you get quotes with. It may also be helpful to ask about the discounts you could be eligible for, as discounts can have a big impact on your premium. While comparing quotes can take some time and effort, it could save you a lot of money in the long run.
Methodology
Bankrate utilizes Quadrant Information Services to analyze 2023 rates for ZIP codes and carriers in all 50 states and Washington, D.C. Rates are weighted based on the population density in each geographic region. Quoted rates are based on a 40-year-old male and female driver with a clean driving record, good credit and the following full coverage limits:
- $100,000 bodily injury liability per person
- $300,000 bodily injury liability per accident
- $50,000 property damage liability per accident
- $100,000 uninsured motorist bodily injury per person
- $300,000 uninsured motorist bodily injury per accident
- $500 collision deductible
- $500 comprehensive deductible
To determine minimum coverage limits, Bankrate used minimum coverage that meets each state’s requirements. Our base profile drivers own a 2021 Toyota Camry, commute five days a week and drive 12,000 miles annually.
Incidents: Rates were calculated by evaluating our base profile with the following incidents applied: clean record (base), at-fault accident, single speeding ticket, single DUI conviction and lapse in coverage.
Age: Rates were calculated by evaluating our base profile with the ages 18-60 (base: 40 years) applied. Depending on age, drivers may be a renter or homeowner. Age is not a contributing rating factor in Hawaii and Massachusetts due to state regulations.
Bankrate Scores
Our 2023 Bankrate Score considers variables our insurance editorial team determined impacts policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories.
Like our previous Bankrate Scores, each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. This year, our 2023 scoring model provides a more comprehensive view, indicating when companies excel across several key areas and better highlighting where they fall short.
- Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, 2023 quoted premiums from Quadrant Information Services (if available), as well as any of the latest third-party agency ratings from J.D. Power, AM Best and the NAIC, were analyzed.
- Tier 2 (Coverage & savings): We assessed companies’ coverage options and availability to help policyholders find a provider that balances cost with coverage. Additionally, we evaluated each company’s discount options listed on its website.
- Tier 3 (Support): To encompass the many ways an auto insurance company can support policyholders, we analyzed avenues of customer accessibility along with community support. This analysis incorporated additional financial strength ratings from and Moody’s and factored a company’s corporate sustainability efforts.
