By: Shravya Reddy October, 09, 2019
Drivers in Portland, Maine, pay an average of $788 per year in car insurance rates. According to the U.S. Census Bureau, commuters in the city with a population of 66,417, spend a median travel time of 19.1 minutes behind the wheel. The more time drivers spend on roads, the higher the likelihood of being in an accident. Most insurers offer discounts to drivers with low mileage. Apart from that, factors that could impact insurance costs include driver history, age, car model, claims history, and location. By comparing rates and reviews, drivers in the city can save $320 on annual car insurance payments. Using NAIC's market share data gathered for Maine, Gavop rounds up five of the most popular insurance companies in Portland.
Progressive- Accounting for 16.9% of the market share in Maine, Progressive is the largest provider of car insurance in the state. In 2018, Progressive reported 68,169 direct premiums written and 66,440 direct premiums earned. With the ease of the Live Chat option on its website, Progressive makes it easy for Portland drivers to get an instant quote online. Moreover, J.D. Power gave them a score of 816/1000 in the 2019 auto insurance study. Although offering an impressive number of discounts on auto insurance, Progressive does tend to be slightly more expensive for teen drivers in Portland. A.M. Best awarded them with an A+ in financial strength ratings.
State Farm- With a market share of 14%, State Farm comes in second on the list of top insurance companies in Maine. The company reported 56,674 in direct premiums written and 57,364 direct premiums earned in 2018. Ranking high on the J.D. Power auto insurance study with a score of 835/1000, State Farm is especially recommended for owners of ride-sharing services and new cars in Maine. State Farm's online faculty provides comprehensive information on everything auto-related apart from insurance. The company received A++ in the A.M. Best financial strength rating.
GEICO- Capturing a market share of 7.9% in Maine, GEICO has written 45,333 direct premiums, and 44,827 direct premiums earned. Their website and mobile app have a wide array of features for tech-savvy customers. Having received an A++ rating from A.M Best for financial strength and a score of 836/1000 in the 2019 J.D. Power study in auto insurance, GEICO enjoys loyal patronage of customers in and around Portland.
Liberty Mutual- Impressing Portland customers with a discount for every demographic (retired, married or graduated), Liberty Mutual has a market share of 7.9% in Maine. The company has 32,055 in direct premiums written, and 31,846 direct premiums earned. In addition to the discounts mentioned above, Liberty Mutual offers Portland drivers features such as better car replacement and lifetime repair guarantee. A.M. Best has given them a financial strength rating of A.
Allstate- Known for its coverage and discount options, Allstate has a 6.7% market share when it comes to car insurance in Maine. In 2018, the company recorded 27,106 in direct premiums, and 27,165 direct premiums earned. Offering supplemental coverage options to Portland residents, Allstate scored 836/1000 in the 2019 J.D. Power study in auto insurance. Also reaffirming its position in the industry, A.M. Best asserted Allstate with A+ in financial strength rating. Recently the company was also awarded the CIO 100 Award 2018 for QuickFoto Claim.
Shravya Reddy is a writer, public relations associate and content producer. She has worked in the corporate space on various mediums of print media as well as digital media. As a journalist, she has covered a range of topics including real estate, architecture, design, and technology. She has contributed to various online publications as a copywriter and copy editor. Shravya has done her BA in Journalism, Film & Media from Cardiff University. In her spare time, she enjoys traveling, exploring new cuisines and culture and wildlife.