California is home to millions of drivers, making it essential for car owners to secure the right insurance coverage. With numerous insurance companies operating in the state, choosing the best provider can be a daunting task.
This article examines the largest car insurance companies in California, helping you make an informed decision when selecting your coverage.
[Note: If you were injured in an accident contact our California Car Accident Attorneys today for a free case review]
Top Car Insurance Companies in California by Market Share
The table below ranks the largest car insurance companies in California based on their market share percentage. This data, sourced from S&P Global Market Intelligence, is based on the premiums written in 2018 for private passenger auto insurance.
|Rank in California||Company||Market share % in California|
|3||Berkshire Hathaway Inc.||9.69|
|5||Auto Club Exchange||8.69|
|7||CSAA Insurance Exchange||7.19|
|13||Wawanesa General Insurance Co.||1.54|
|14||National General Holdings Corp.||1.44|
|15||American Family Insurance||1.38|
|24||Anchor Insurance Holdings Inc.||0.28|
|25||Western General Insurance Co.||0.27|
|32||Metromile Insurance Co.||0.17|
|33||Aspire General Insurance Co.||0.14|
|35||Nations Insurance Co.||0.12|
|38||Ocean Harbor Insurance||0.1|
Source: S&P Global Market Intelligence, based on premiums written in 2018 for private passenger auto insurance.
Factors to Consider When Choosing a Car Insurance Company in California
While the market share of an insurance company may be an important factor in your decision-making process, it’s also essential to consider other factors when selecting a provider. Here are some key aspects to keep in mind:
1. Coverage Options
Ensure that the insurance company you choose provides the coverage you need to suit your specific requirements.
Price is an important consideration when selecting a car insurance provider. Shop around for multiple quotes and compare rates from different companies to ensure you’re getting the best deal.
Keep in mind that the cheapest option might not always be the best, as it may lack essential coverage or have a poor customer service reputation.
3. Discounts and Savings Opportunities
Many insurance companies offer discounts and savings opportunities, such as good driver discounts, multi-policy discounts, and good student discounts.
Inquire about these opportunities when shopping for coverage, as they can help lower your insurance premiums.
4. Customer Service and Claims Process
Choose an insurance company with a strong reputation for excellent customer service and a smooth claims process. Check online reviews and consumer complaint data to get an idea of the experiences of other customers. An insurance company that handles claims promptly and fairly is crucial for your peace of mind.
5. Financial Strength
Consider the financial strength of the insurance company, as this can impact their ability to pay claims. Look for companies with strong financial ratings from organizations like A.M. Best, Moody’s, or Standard & Poor’s.
What Are the Minimum Car Insurance Requirements in California?
In California, drivers are required by law to carry a minimum amount of car insurance to legally operate a vehicle. These minimum insurance requirements are in place to protect both you and other drivers on the road in case of an accident. The minimum car insurance requirements in California are as follows:
- Bodily Injury Liability Coverage:
- $15,000 per person
- $30,000 per accident
Bodily Injury Liability Coverage helps cover the costs associated with injuries sustained by others in an accident you are found to be at fault for. It includes medical expenses, lost wages, and other damages. The minimum requirement in California is $15,000 per person and $30,000 per accident.
- Property Damage Liability Coverage:
- $5,000 per accident
Property Damage Liability Coverage helps cover the costs of damage to other people’s property, such as their vehicle or other structures, in an accident where you are at fault. The minimum requirement in California is $5,000 per accident.
It’s important to note that these are the minimum insurance requirements, and it’s often recommended to purchase higher coverage limits to better protect yourself financially. Additionally, these minimum requirements do not include coverage for your own vehicle or injuries sustained by you in an accident. You may want to consider additional coverage options, such as Collision, Comprehensive, Uninsured/Underinsured Motorist, and Personal Injury Protection, to ensure you have adequate protection.
Selecting the right car insurance company in California can be a challenging task, but understanding the largest providers in the market and the factors to consider when choosing an insurer can help you make an informed decision.
Ultimately, the best insurance company for you will depend on your unique needs, preferences, and budget. By considering factors such as coverage options, price, discounts, customer service, and financial strength, you can confidently choose the right insurance provider to protect you and your vehicle on California’s roads.