By: Ishan Mukhopadhyay Jun. 13, 2018

Raltin’s analysis of the top five car insurance companies by market share showed that in 3 out of 5 segments analyzed, Travelers Property Casualty Insurance Company has lower than median car insurance rates. For this analysis, Raltin picked the top five auto insurance companies based on the 2016 NAIC report: Travelers Property Casualty Insurance Company, Safeco Insurance Company of America, Farmers Insurance Company, Federal Insurance Company, and RLI Insurance Company.

A comparative study of their policies disclosed that the cheapest premium rate compared to the median is offered by RLI Insurance Company. For a family with a 17-year-old son, the deviation from the median is as much as $1,110. The second on the list is Travelers Property Casualty Insurance Company, which offers a premium that differs by $369 from the median for 18-year-old unmarried women with a clean driving record in the last 3 years. The coverage type chosen for this analysis is a combined single limit of $300,000 or split limits of $100,000, bodily injury liability of $300,000, and property damage liability of $50,000.

Travelers Property Casualty Insurance Company: For a 42-year-old married couple with one at-fault accident in the last 3 years, this company charges a premium that is $245 higher than the median. The cheapest premium it offers is for 18-year-old unmarried women with a clean record in the last 3 years, which is $369 less than the median.

Safeco Insurance Company of America: For 18-year-old unmarried women with a clean driving record in the last 3 years, this company charges a premium with the highest deviation from the median, that is, $2,143. The premium that is closest to the median is for 81-year-old single women with a clean driving record in the last 3 years, with a difference of only $123.

Farmers Insurance Company of Arizona: This company tends to offer the most expensive premium for 18-year-old unmarried women with a clean driving record in the last 3 years, which is $1,942 more than the median. In contrast, Farmers Insurance Company of Arizona offers the cheapest premium for a 42-year-old married driver with one at-fault accident in the last 3 years, with a premium rate at $162 less than the median.

Federal Insurance Company:  This company offers the most expensive premium for a family with a 17-year-old son, which is $752 more than the median value. It offers the cheapest premiums for 18-year-old unmarried women with a clean record, which is $271 less than the median.

RLI Insurance Company: Among the five car insurance companies analyzed, this company is the only one that offers a premium cheaper than the median for all types of drivers and backgrounds. The cheapest, as mentioned above, is for a family with a 17-year-old son. The second driver type in the list would be 18-year-old unmarried women with a clean record, for whom the premium is $760 less than the median.

The following chart compares the car insurance premium rates for top market share companies of  Tucson, Arizona.

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The following table compares the car insurance premium rates of the top market share companies with the median premium rates, for Baltimore County, Maryland.

CohortMedian Car Insurance RatesTravelers Property Casualty Insurance CompanySafeco Insurance Company of AmericaFarmers Insurance Company of ArizonaFederal Insurance CompanyRLI Insurance Company
18-year-old Unmarried Man with a Clean Driving Record in the Last 3 Years$2,952$112 less than the median$2,143 more than the median$1,819 more than the median$225 less than the median$760 less than the median
18-year-old Unmarried Woman with a Clean Driving Record in the Last 3 Years$2,682$369 less than the median$1,979 more than the median$1,942 more than the median$271 less than the median$714 less than the median
42-year-old Married Couple with a Clean Driving Record in the Last 3 Years$1,512$98 more than the median$240 more than the median$404 more than the median$679 more than the median$221 less than the median
42-year-old Married Couple with One At-Fault Accident in the Last 3 Years$2,011$245 more than the median$1,772 more than the median$162 less than the median$734 more than the median$538 less than the median
81-year-old Single Female with a Clean Driving Record in the Last 3 Years$1,158$38 less than the median$123 less than the median$128 less than the median$103 less than the median$548 less than the median
41-year-old Unmarried Woman with a Clean Driving Record in the Last 3 Years$875$114 less than the median$218 more than the median$241 more than the median$100 more than the median$318 less than the median
Family with a 17-year-old Son$2,597$513 more than the median$1,753 more than the median$881 more than the median$752 more than the median$1,110 less than the median


ABOUT THE AUTHOR

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Ishan Mukhopadhyay

Ishan has over 5 years of experience as a freelance journalist and a content writer. He graduated from The English and Foreign Languages University and holds a Masters degree from the University of Hyderabad. Apart from the English language, Ishan's other passion is data driven journalism.

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