In Texas, the top five auto insurance companies, by market share, are State Farm Mutual auto insurance company, Progressive Mutual Insurance Company, Farmers Texas County Mutual insurance company, Allstate Corporation (NYSE: ALL ALLAllstate Corp99, 18 + 0, 09% Created with Highstock 4. 2. 6 ) and GEICO.
Companies in the auto insurance industry bring in billions of dollars in premium payments each year. They increase their income by investing the premiums they receive. Auto insurance is essentially protection purchased for any type of road vehicle, including trucks, cars and motorcycles. The insurance provides financial protection against physical damage to vehicles or property damage and bodily injury that may result from collisions. Insurance can also provide financial protection against things like vehicle theft or damage caused by events other than collisions. Self-insurance regulations, particularly with regard to minimum amounts of insurance for bodily injury and property damage, vary from state to state.
State Farm Mutual Auto Insurance Company
In Texas, State Farm is number one, with more than 17% market share for auto insurance. The company is also listed on J. D. Power and Associates ranked No. 1 in overall customer satisfaction. State Farm owes much of its success to providing a wide range of services. In Texas specifically, State Farm has gained a significant market share lead, one it has never lost, operating in the state since the 1930s, longer than any other large auto insurance company. It provides financial and insurance services to customers in the United States and Canada. Its products include auto, homeowners, health and business insurance. All of the company’s insurance products are sold through agents. The company also offers a range of banking products, including checking and money market accounts, credit cards, IRAs, mutual funds, mortgages and equity loans.
Progressive County Mutual Insurance Company
Progressive County Mutual Insurance Company holds about a 9% market share of the auto insurance industry in Texas. The company is part of Progressive Corporation (NYSE: PGR PGRProgressive Corp50. 49 + 0. 56% created with Highstock 4. 2. 6 ), one of the largest auto insurance companies in the U.S. Progressive has policies for cars, motorcycles, boats, RVs and commercial vehicles.
The company’s services are primarily offered by telephone or over the Internet, although it is also represented by independent agents. Part of the company’s marketing campaign, and a tactic for which it is known, is to offer quotes for its competition along with one of its own.Progressive’s highly successful advertising campaigns are widely recognized and have contributed significantly to their rapid growth in Texas and throughout the U.S.
Farmers Texas County Insurance Company
Farmers Texas County Insurance Company holds a market share of approximately 8 5%. The company is part of Farmers Insurance Group, also known simply as Farmers. Nationwide, the company has more than 20,000 employees and nearly 60,000 independent and exclusive insurance agents. Farmers has a wide range of services and insurance products, including business insurance for small and medium-sized enterprises. It is aggressively marketing itself as a more accurate, customized coverage provider.
Allstate ranks fourth in the Texas Auto Insurance Marketplace with a 5.85% market share. It is the largest public insurance company in the U.S. It also has personal lines insurance operations in Canada. The company is headquartered in Illinois and has some of the most well-known marketing campaigns. It offers a wide range of products and services, including auto, home and life insurance, and wealth and financial management services. Allstate has positioned itself as a company that offers more personalized service than other insurance companies.
Government employee insurance company
GEICO has an approximate market share of 4. 3%. It is primarily a private passenger car insurer. It also offers ATV and motorcycle insurance. In addition to car insurance, GEICO has other insurance products, including flood, life and identity theft insurance. The company uses online services for much of its policy sales, reducing costs and offering more competitive premium rates. GEICO was instrumental in lowering self-insurance rates by being one of the first auto insurance companies to operate nationwide and offer very competitive rates. GEICO is a subsidiary of Warren Buffet’s Berkshire Hathaway (NYSE: BRK. B).