Rancho Cucamonga, Calif. (PRWEB) June 27, 2013
Ever wonder why you see so many auto insurance ads? It might have to do with the fact that the American public now spends nearly $175 billion on car coverage per year, according to a new OnlineAutoInsurance.com analysis of data from the National Association of Insurance Commissioners (NAIC). The study also finds that the portion of those premiums going to the country’s five largest insurers has been growing in recent years.
The study, which looks at NAIC personal auto insurance market share data over the past four years, shows that the top five auto insurers together wrote a combined $91.04 billion worth of auto insurance premiums in 2012. The combined total premiums for all other personal auto insurers, meanwhile, was $83.53 billion.
That leaves a $7.52 billion gap last year between the top five car insurers’ premium volume and the premium volume for the rest of the industry. The analysis shows that this gap has been growing consistently since 2009, when the gap was only a $3.89 billion large.
Another finding is that up-and-comers Progressive and GEICO are making huge strides in premium volume and market share compared with more traditional insurers like State Farm and Allstate, though State Farm is still sitting pretty with a hold on more than 18 percent of the market.
Between 2009 and 2012, Progressive and GEICO’s combined premium volume increased a whopping 21 percent. On the other hand, State Farm and Allstate’s combined premium volume increased by only 3.7 percent during the same period.
To accompany the study, the site has also produced an infographic showing which insurers are winning the fight for your auto insurance policy. The infographic can also be found in the Research section of the site.
OnlineAutoInsurance.com is a free-to-use source of car insurance information and quote-generation services. Visit us today to learn more about coverage and find out if you could be saving on your coverage.