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The best car insurance companies based on cost, coverage and service

 Car insurance is a necessary expense for most Americans, since driving without it is illegal and public transportation options are limited outside major American cities. Car insurance can be expensive, especially if you're a new driver or insure a luxury car, but it can save you tens of thousands of dollars in the event of damage or theft.

The ideal car insurance company combines good coverage, reasonable rates, and excellent customer service. Although cost is important when shopping for car insurance, it shouldn't be the only factor. You'll want to choose a company with a high customer satisfaction score. This way, the process is smooth and hassle-free when you need to file a claim. At the same time, a good car insurance company will offer a lot of discounts to motivate good customers. 


So what is the best car insurance company? This depends on a variety of factors. Below, CNBC Select breaks down the best auto insurance companies into five main categories. (Check out our methodology for more information on how we choose the best car insurance companies.)

The best car insurance companies

Best Overall: Geico
Best for wide coverage: nationwide
Best for Customer Satisfaction: State Farm
Best for Discounts: Farmers Insurance
Best for military personnel and veterans: USAA

Geico is the best auto insurance company for affordable coverage, offering the lowest average premiums for both minimum and full coverage. It also has a relatively high J.D. Power customer satisfaction score, an A++ rating from AM Best and an A+ rating from the Better Business Bureau (BBB). Finally, Geico has a wide range of insurance products, including homeowners and renters insurance, making it easy to bundle and provide coverage.

Average annual premium for minimum coverage: $365

Average annual premium for maximum coverage: $1,297

Best for wide coverage

Nationwide offers one of the broadest auto insurance networks, with coverage available in 47 states and the District of Columbia (all states except Alaska, Louisiana, and Massachusetts). This is an important distinction because many companies competing for your business are worth lower premiums. 

When it comes to coverage, Nationwide offers some of the lowest average car insurance rates for maximum coverage and some of the highest for minimum coverage. If you can bundle your insurance products and save on comprehensive coverage, Nationwide may be a solid choice for you. 

Average annual premium for minimum coverage: $549

Average annual premium for maximum coverage: $1,383

Best for customer satisfaction

USAA has high ratings on several factors. For starters, it offers the lowest average premiums. Customer satisfaction is equally important as no one wants to deal with a difficult customer service experience when submitting a claim. Fortunately, USAA has JD Power's highest customer satisfaction scores, so you know you're "in good hands." 

The only catch? It's not available to everyone - only military personnel, veterans, and their immediate family members are eligible for a USAA auto insurance policy.

Average annual premium for minimum coverage: $354

Average annual premium for maximum coverage: $1,209

How does car insurance work?
Car insurance covers damage, theft and bodily injury in the event of an accident. You pay a monthly (or semi-annual) premium based on the coverage and policy type needed. In the event of an accident, you can file a claim and your insurance company will pay compensation based on different criteria. Filing claims can sometimes result in higher premiums, so do so with caution. Car insurance companies offer lower premiums to drivers with clean records, because they are less likely to file damage claims.

What are the different types of car insurance?
Auto insurance has five main types of auto insurance coverage that you can incorporate into your policy. Each one offers varying degrees of protection in the event of a loss. At a minimum, you'll need liability coverage, which protects against bodily damage and injury. Depending on the level of protection you are looking for, you may want to add additional coverage to your policy. Here's a look at some of these options:

Liability Coverage: Basic coverage is mandatory in most states. There are two types of liability coverage, protecting the policyholder from personal injuries (bodily injury liability) and damage to property (property damage liability).
Collision Coverage: Covers repairs resulting from a collision with an object and not another vehicle.
Comprehensive Coverage: Protects your vehicle in the event of damage resulting from a non-vehicle collision. Covered events include theft, weather-related damage, and vandalism.
Personal Injury Protection: Pays for medical expenses and lost income from an accident.
Uninsured Motorist Coverage: Covers your vehicle against hit-and-run accidents.
How can I find the best price for car insurance?
You can find the best price on car insurance by requesting a quote directly from each insurance company's website. Some aggregators pull car insurance quotes from multiple companies when submitting a single form.

By shopping for car insurance, you can find a plan that fits your budget and coverage needs. You can save money by bundling other products into your policy, such as homeowners and renters insurance.
Can you get a refund on car insurance?
Car insurance is generally paid on a monthly or semi-annual basis. If you've already paid your premium for the policy period and want to cancel it, you'll generally get a partial refund for the unused portion.
Do car insurance companies check your credit?
Your credit score will affect your premiums – a better credit score gets you a lower premium. Studies show that drivers with high credit scores are less likely to file claims than those with low credit scores. Auto insurance companies check your driving history and credit history to determine your liability risk.

This inquiry is a “soft pull” that will not affect your credit score. Before applying for car insurance, you may want to check your credit score using a credit monitoring service like Chase Credit Journey or CreditWise and take steps to improve your score to secure a lower car insurance premium.

How do car insurance companies pay claims?

In the event of an accident, you can file a claim with your insurance company by contacting the claims department. Major insurance companies have mobile applications that allow you to quickly file a claim and upload all necessary documents in one place. 

Car insurance companies pay claims after investigating and reviewing all relevant documents. Be sure to check your policy for any limitations regarding your coverage. 

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Auto insurance is an inevitable and expensive expense for most Americans, and many companies are vying for your business. Understanding how premiums are priced and requesting multiple quotes can save you money while ensuring your vehicle is protected from damage and loss. Keep customer satisfaction ratings in mind and you'll increase your odds of being a happy customer if you have to file a claim.

Our methodology

To determine the best auto insurance companies, CNBC Select analyzed dozens of U.S. insurance companies that come with policies to fit a range of needs.

When narrowing down and ranking the best auto insurance companies, we focused on average cost, coverage, availability, ease of use, and customer satisfaction using data from the National Association of Insurance Commissioners, AM Best, J.D. Power ratings, and auto insurance premium data from Bankrate.com.

Average annual premium data is based on a 40-year-old driver with a clean driving record and good credit. The driver insures a 2020 Toyota Camry, commutes five days a week and drives 12,000 miles annually, with the following full coverage limits:

$100,000 bodily injury liability per person
$300,000 bodily injury liability per accident
$50,000 for property damage liability per accident
$100,000 uninsured motorist injury per person
$300,000 in uninsured motorist injuries per accident
$500 collision deductible
$500 for comprehensive discount
After reviewing the features above, we've sorted our recommendations by best overall, best for broad coverage, best for customer satisfaction, best for discounts and best for military and veterans.

Note that auto insurance companies' advertised premiums and policy structures are subject to fluctuation according to company policies.


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