Top 5 Car Insurance Companies By Market Share In New Jersey

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Car insurance is not just mandatory but also expensive in New Jersey. The average cost of car insurance in the garden state is around $1,265.69 per year, making it one of the most expensive cities in the country to purchase car insurance. Moreover, being a coastal state, it makes this region highly prone to environmental damage like hurricanes and all the more reason to protect your car. Analyzing data from the NAIC 2019 market share report, Zimlon lists the top 5 car insurance companies in the state of New Jersey.

GEICO- With a market share of 21.62%, Berkshire Hathaway Group’s GEICO takes the most significant cut of the car insurance pie in New Jersey. The company reported 1,185,998 in direct premiums written, and 1,166,833 direct premiums earned. The company also enjoys an A++ A.M. Best Financial Strength Rating (FSR) rating.

New Jersey Manufacturers- New Jersey Manufacturers is second for the holding the largest market share of 12.73% in car insurance in the state. With 698,395 direct premiums written and 675,030 direct premiums earned, NJM Insurance has been certified by J.D. Power for providing "An Outstanding Auto Claims Experience" for personal lines customers. Cementing their legacy, A.M. Best gave NJM "A+" (Superior) for financial strength, sharing this distinction with only 11.9% of rated property-casualty insurers nationwide.

Progressive- Accounting for 12.45% of the market share in New Jersey, Progressive is the third-largest provider of car insurance in the state. In 2018, Progressive reported 682,620 in direct premiums written and 671,705 direct premiums earned, making them the third-largest car insurance provider in the New Jersey. With a market share of 12.45% in New Jersey, the company also boasts of an A.M. Best rating of A+.

Allstate- Known for their coverage and discount options, Allstate has a 10.08% market share when it comes to car insurance in New Jersey. In 2018, the company recorded 552,820 in direct premiums, and 554,887 direct premiums earned. Also reaffirming their position in the industry, A.M. Best rating asserted Allstate with A+ in financial strength rating. Also, recently they were awarded the CIO 100 Award 2018 for QuickFoto Claim.

State Farm- Nearing its 90th anniversary, State Farm rounds up the list of the top 5 insurance companies by market share in New Jersey with a cut of 7.99%. Best known for their wide-share coverage, State Farm reported 438,314 in direct premiums written and 445,901 direct premiums earned in 2018. The company received A+ in the A.M. Best financial strength rating.