Car Insurance Q&A: “Who is the leading car insurance company?”
State Farm has been the leading car insurance company in the United States since 1942, according to their own website.
The company was founded in 1922 by a retired farmer named George J. Mecherle, and initially concentrated on meeting the car insurance needs of Illinois farmers.
Just 20 years later, it was the top auto insurer in the United States and has held that distinction ever since.
Nowadays, about one in every five cars on the road is insured by State Farm.
As you can see, State Farm grabbed 17.5% market share in 2007, with number two Allstate far behind with just 11.3% and Progressive in third with 7.2%.
And if you own a TV, you’ve probably heard that State Farm insures more drivers than Progressive and GEICO combined.
Translation: You’re probably paying too much for car insurance if you’re insured through State Farm.
Remember, biggest isn’t always best, or cheapest. The top rated car insurance company isn’t even in the top 10.
Read more: Top U.S. auto insurers by market share.