Top 5 Car Insurance Companies In Detroit, Michigan
Located in Michigan, Detroit is the largest city in the state with a population of 672,666 (US Census Bureau). Considered by most to be the birthplace of the automotive industry, Detroit has over 20.3% of uninsured drivers in the country (Insurance Research Council). The average cost of car insurance in Michigan is $4096. A recent study done by the University of Michigan found car insurance rates in the state were unaffordable by federal standards and also the reason why 34% of Detroiters don't own a car. One of the primary reasons for high rates is that Michigan is the only state that requires car insurance to come with unlimited personal injury protection. In comparison to rural areas, urban cities like Detroit tend to have more claims, making it an expensive place to own insurance.
Moreover, some Detroit residents pay more in car insurance than rent. However, despite the high cost of insurance, by comparing quotes and reviews, Detroit drivers can save $1640 per year. Using market share data gathered for Michigan, Zimlon rounds up the top five car insurance companies in Detroit.
State Farm- With the largest market share of 19% in Michigan, State Farm is one of the most popular choices when it comes to car insurance in Detroit. The company has written 1,149,246 direct premiums written and 1,161,251 direct premiums earned. Best known for ridesharing coverage options, State Farm also scores high on auto claims satisfaction. The insurer offers a myriad of discounts and incentives for Detroit drivers, including roadside assistance and rental reimbursement. They have an A.M. Best financial strength rating of A++.
Progressive- One of the big four insurers in the country, Progressive has a market share of 16.8% with 1,018,562 direct premiums written and 974,276 direct premiums earned in Michigan. With a list of coverage options and features such as 'name your price,' Progressive helps Detroiters compare prices online. The company received an A+ in A.M. Best rating for financial strength.
AAA- The Auto Club Insurance in Michigan has a substantial market share of 15.2%. AAA has written 923,144 direct premiums and 905,906 direct premiums earned. The company extends many perks for AAA members and has positive customer ratings. AAA operates on a state level. Detroiters can choose affordable coverage options and other insurance benefits offered by the Auto Club in Michigan. A.M. Best has given the insurance company an A rating for financial strength.
Auto-Owners- Auto-Owners has a sizeable market share of 9.4%. Operating exclusively via independent agents, the company has 568,567 direct premiums written, and 542,073 direct premiums earned. With a bevy of skilled agents, the company is ready to assist Detroiters with claims handling and policy adjustments in a timely and efficient manner. Detroiters can avail further discounts by installing safety features and other personalized coverage options. Auto-Owners is best known for its customer service and also has an A.M. Best rating of A++.
Allstate- Rounding up the list of the best car insurance companies in Detroit is Allstate, with a market share of 8.1%. The company has 493,837 direct premiums written, and 495,834 direct premiums earned. Allstate has developed top-notch online and mobile features to help Detroit drivers with car insurance options. Particularly for young drivers and teenagers in Detroit, Allstate offers cash-back programs for safe driving. They have an A.M. Best rating of A+.