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Tuesday, June 28, 2022

Top 3 Insurance Companies in United States

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The insurance sector has got a boom in the last century. The insurance industry consists of both giant and small companies. Each company is doing its best to gain more trust that in return gives them more sales and business. They are investing large in advertisement to expand their business, so in such a scenario, it became difficult for the common person to choose the right company as his insurer.

Insurance Petrol is going to list the top 3 insurance companies based on different factors. This list will be helpful to you in selecting the right insurer for yourself and your family.

USAA Insurance Company

United Services Automobile Association provides insurance policies to army personnel and their civilian family members. USAA was founded on 20th June 1922 having its headquarters in San Antonio, Texas. USAA Insurance provides protection for auto/car, homeowners, renters, and life. Other insurance products include health, dental & vision, medicare and umbrella insurance.

The company has offices in different states along with international offices in Frankfurt, Germany, and London, England. There are more than 32000 employees in appointed in these offices.

USAA has total revenue of US$30.016 billion with total assets of $155.391 billion. There are more than 12.4 million members.

USAA has great rating history, the A.M. Best Company rated USAA as A++. Moody’s Investors Service rated as Aaa, the Standard & Poor’s rated as AA+.

Based on reviews of the general public, in homeowner insurance and life insurance, USAA provides better premium rates to its policyholders as compared to other insurers.

Pros

  • Highest business ratings by top rating agencies
  • More than 97 years of business
  • Better premium rates than other competitors
  • Best choice for members of the Armed Forces
  • Vast insurance products
  • Distribute profit to policyholders at the end of each fiscal year
  • Easy claim process
  • Better customer service

Cons

  • Only for military personnel and not for the general public
  • Transactions online only or through ATM
  • No physical banking

Progressive Insurance Company

Progressive started its business in 1937 and provides almost all insurance services like life, homeowners, auto, health, business, commercial, flood, personal loans, pet, renters, travel and umbrella Insurance. The progressive insurance company has headquarters in Mayfield Village, Ohio with more than 35000 employees in headquarters and other state offices.

The company has sold more than $30 billion in written premium. Progressive is ranked as the 99th largest company in the US in terms of revenue by Fortune 500 2019 list.

The claim process is fast and they provide satisfactory assistance on spot. Progressive Corporation has above average customer satisfaction rating. Progressive auto insurance provides low rates. They especially provide low rates to teenage drivers which is very rare in other insurers. So progressive insurance is a good choice for risky drivers with low premium costs.

On the other side, some policies don’t provide rental reimbursement. Other than that discounts are not always available in all states.

Pros

  • Financially stable company
  • Almost all insurance products covered
  • Better business ratings by top rating agencies
  • Provides better premium rates for risky drivers
  • Discount on multiple policies
  • Added benefits and discounts
  • Competitive premium rates

Cons

  • Rental reimbursement is applicable on all insurance policies
  • Homeowner multi-policy is not in-expensive as compared to market rates

Liberty Mutual Insurance

Liberty Mutual Group was founded on July 1, 1912, and is the 5th largest casualty and property insurer in the US. The headquarters is in Boston, Massachusetts and is operating worldwide with more than 50,000 employees. The revenue of Liberty Mutual Group is $39,409 million as of the 2017 record with total assets of $142,502 million. Liberty Mutual provides auto, home, renters, condo and commercial insurance solutions to its clients. According to the 2018 gross written premium, liberty mutual becomes the fifth-largest property and casualty insurance policy seller in the United States. Liberty mutual forgives the first accident and the premium will not increase on the occasion of the first accident.

Based on 2018 revenue Liberty Mutual ranked 75 on the fortune 500 lists. Currently, they are serving in thirty countries around the globe. Liberty Mutual Group Received an A rating by A.M. Best Co., ‘A2’ by Moody’s and ‘A’ by Standard & Poors. The overall outlook of the mutual liberty group is stable as per ratings based on the above rating agencies.

Pros

  • 5th largest property and casualty insurer
  • More than 107 years of business
  • Financially strong background
  • Good driving history discounts
  • The first accident forgiveness policy
  • New car and better car replacement offer

Cons

  • First accident forgiveness policy not available in all states
  • Some customer complains about the customer service

Go through the post, now you have the idea of the top 3 insurance companies in the United States. Go to their websites to get the quote, compare their plans and get your policy as soon as possible to get protection mode on.

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