Shuman Roy is an entrepreneur, business owner, and musician. He started RoysNoys, LLC in 2013 as a music production and education service company. He also offers small business consulting and advisory services to help businesses get from start-up mode to turn-key operations. Shuman earned his M.B.A from the Stern School of Business in 2001 and has an undergraduate degree from Manhattan College in ...

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Joel Ohman is the CEO of a private equity-backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He has an MBA from the University of South Florida. Joel...

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Reviewed by Joel Ohman
Founder, CFP®

UPDATED: Sep 30, 2021

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We here at TTAI regularly touch on the importance of why a consumer should be looking around for a better insurance policy, even if they’ve been with the same insurer for many years. The reason why will always be to find a better rate, but it could also be because there are so many options to choose from, and yet we only see a handful of businesses that are advertised.

On the flip side of the same coin, we point out the potential downside to insurer loyalty…especially when your decision to be loyal is based solely on a television advertising campaign.

If you watch television, you’ve certainly heard about State Farm insuring more people than GEICO and Progressive combined.

[How car insurance rates are determined?]

But the fact of the matter is that there are thousands of car insurance companies operating in America today, many of which are financially stable, responsive, and perfectly acceptable choices for consumers.

The largest car insurers, who also happen to be the biggest advertisers, consistently rank lowest in customer service and satisfaction. Going with the largest car insurance company doesn’t necessarily always pay off.

While captive agents from the likes of Farmers and State Farm may be nice and helpful folks from your home town, they’re only salespeople. Even if you’ve had a positive experience with the insurance agent you’ve been working with closely for a while, it’s always in your best interest to take a step back and make sure they’re not just selling you their products.

At the end of the day, they can’t do a thing for you when that single minor insurance claim results in your policy being non-renewed…other than refer you to an independent agent who will likely place you with an insurer who will then charge you less than what you were paying with them.

We don’t expect to make you a better insurance consumer by providing a list of car insurance companies; we simply want to demonstrate how many choices you have. We’re also not saying that you should go with the cheapest insurer out there either. This is primarily for perspective.

And it’s worth pointing out this list is not exhaustive by any stretch, though it does include the top-rated car insurance companies.

What are some of the companies that are out there? 

These are some of the companies out there that are currently offering auto policies. It’s even in alphabetical order!

21st Century
Alfa Insurance
Access Insurance
American Agents Insurance Company
American Family
American International Group, Inc. (AIG)
American Medical Security
American Modern
Amica Mutual
Automobile Club Group (ACG)
Automobile Club of Southern California (ACSC)
Auto-Owners Insurance
Bristol West
California State Automobile Association (CSAA)
Charter Insurance Companies
Cornerstone National Insurance Company
Dairyland Insurance (Viking)
Empower Insurance
Erie Insurance
Far West Insurance Company
Farmers Insurance Group
Farmer’s Mutual Insurance Company
Fidelity Insurance
GAINSCO Insurance Company
Hallmark Insurance Company
Hanover Insurance Company
Hartford Insurance Company
Imperial Fire & Casualty
Liberty Mutual
Lincoln National Corp.
Mercury Insurance
Motorists Mutual
National Indemnity
New Jersey Manufacturers Insurance Co.
Sentry Insurance
State Auto Insurance
State Farm Insurance
Trinity Universal
United Fire Group
Universal Underwriters
Western General
White Mountain Insurance Company

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So what is the moral of this company-naming story?

Next time you contemplate purchasing car insurance from a company you haven’t heard of (because the company doesn’t spend your premium dollars on television advertising), ask yourself the following question:

“Is the company nationally known?”

If the answer is ‘no’, ask yourself if it’s still a great company. If the answer is ‘yes’, you’re probably getting a pretty decent deal on your auto insurance policy. Hopefully by looking at the sheer volume of companies that exist, you’ll be able to find the lowest rates that are out there, rather than just going with the largest insurers because they take up all the screen time. They may seem like fictitious names, but that’s the nature of most companies in existence. Segueing into shopping safety, you should always research a company thoroughly before committing. If a company has too many consumer complaints, chances are it’s not going to be a good choice.

However, if you’re truly happy with your current provider, you can always contact their customer service department to see if they offer any sort of loyalty programs. You may happen to mention the wide variety of providers that are out there, now that you’ve seen more than just a handful.

Tip: 10 ways to lower your car insurance premium.

(photo: quinn.anya)