Progressive, founded in 1937, is now a market leader in the insurance industry. It is currently the third-largest insurance provider, with a 12.2% market share, trailing only Geico and State Farm. Progressive Insurance Company provides 34 insurance products and a personal loan program.
Progressive has some of the most cutting-edge insurance technology and online resources available from any provider. “Historically, Progressive has been a leader in technology, allowing people to buy directly, which is great and has been a big step forward for the industry,” says Chris Lotz, CEO of Good Cover, a California-based insurance provider. The company has below-average customer satisfaction according to third-party ratings and some brokers.
Table Of Contents
- 1 Progressive Auto Insurance
- 2 Progressive Auto Insurance Discounts
- 3 Progressive Home Insurance
- 4 Progressive Life Insurance
- 5 Progressive Insurance Customer Satisfaction, Complaints, and Ratings
- 6 Progressive Policy Alternatives
- 7 Conclusion
Progressive Auto Insurance
Progressive is most well-known for its automobile insurance policies. Progressive auto insurance is an excellent choice for drivers who want to tailor their policies. The company also provides an impressive list of discounts and online calculators, such as the Name Your Price Tool, which assists you in finding coverage that fits within your budget.
Types of Coverage
- Insurance for individual liability
- comprehensive protection
- collision protection
- coverage for uninsured and underinsured drivers
- Health insurance coverage
- Gap coverage
- reimbursement for a rental car
- Customized equipment and part coverage
- ridesharing protection
- Towing service
- Forgiveness of mistakes
Cost of Progressive Auto Insurance
According to recent Bankrate data, the average auto insurance policy costs $1,419 for full coverage and $493 for minimum coverage. The regular cost of auto insurance in the United States is $1,674 per year for the full range and $565 per year for minimum coverage.
Progressive Auto Insurance Discounts
- Multi-policy discount:
When you combine your home and auto insurance policies, you can save an average of 5%.
- Multi-vehicle discount:
If you add two or more vehicles to your policy, you can save an average of 4% on your car insurance. If you switch from another insurance provider to Progressive, it will give you a discount based on how long you were insured with the previous company.
- Snapshot safe driver discount program:
By proving that you’re a safe driver, you could save an average of $146 per year by enrolling in the Snapshot safe driver discount program.
- Teen driver discount:
This discount will keep your premium from rising significantly if you add a teen driver under 18.
- Good student discount:
Students with a B average or higher can save an average of 10% on their Progressive policy.
- Distant student discount:
Students at least 22 years old and who attend college more than 100 miles away from home can get a policy discount if they do not have a car on campus.
- Homeowner discount:
Homeowners can save an average of 10% on their auto insurance policy.
- Discount for online quotes:
Obtaining an auto insurance quote online can help you save an average of 7% on your policy. Drivers who sign their policy documents online can save an average of 9% off their policy.
- Paperless statement discount:
It provides a small value to drivers who opt for paperless statements. Drivers who pay their annual premium in full will receive a discount on their policy.
- AutoPay discount:
Enrolling in automatic payments will lower your interest rate. Progressive will reduce your deductible by $50 for each policy period in which you do not have an accident, violation, or claim.
- Claims-free discount:
If you haven’t had any tickets or accidents in the last three years, you’ll save an average of 31%.
Progressive Home Insurance
Progressive home insurance provides primary coverage, but the company offers a few discounts to help you get a lower rate. Progressive’s HomeQuote Explorer tool allows you to compare Progressive’s rates with those of its major competitors.
Types of Coverage
- Insurance for your home
- Coverage of other structures
- Insurance for personal liability
- Personal property insurance
- Coverage for loss of use
- Coverage for medical expenses
- Water backup protection
- Personal injury protection
Cost of Progressive Home Insurance
Progressive home insurance rates are determined by location and home value. A typical Progressive home insurance policy costs around $1,026. According to Bankrate data, the national average for insurance on a $250,000 home is $1,477.
Progressive Home Insurance Discounts
- Multi-policy discount:
When you combine your home and auto insurance policies with Progressive, you can save an average of 5%.
- Discount for safety and alarms:
If your home has a security system, fire alarms, or automatic sprinklers, you are eligible for a discount.
- Quote in advance discount:
Obtaining a Progressive home insurance quote at least ten days before the start of your policy can lower your rate. Policyholders who pay their annual premium in full and advance can save money on their insurance. You will receive a lower rate if you recently purchased a new home or switched from a Progressive renters insurance policy.
- Discount for newly constructed homes:
Newly constructed homes are eligible for a lower insurance rate.
- Discount for digital documents:
Policyholders who sign up for emailed statements may be eligible for a discount.
Progressive Life Insurance
It offers several popular life insurance policies ranging in coverage from $5,000 to $1 million. You can use the instant quote generator to get a quote for specific policies online.
Types of Coverage
- Term life insurance:
A life insurance policy that lasts for years, such as 10, 20, or 30. Whole life insurance is a policy that lasts for the rest of one’s life.
- Universal life insurance:
Permanent life insurance includes savings and a payout component. Coverage for end-of-life expenses is provided by final expense insurance.
Cost of Progressive Life Insurance
Every person’s life insurance rates are unique. Your premium will be affected by age, gender, overall health, family history of the disease, and the type of policy you purchase. NextAdvisor obtained a sample term life insurance quote for a 40-year-old female in good health who does not smoke in Rhode Island. Progressive quoted us $455 per year, or $38 per month, for a policy with $300,000 in coverage over a 30-year term. According to Bankrate data, the average price for the same criteria is $29.63 per month.
Progressive Life Insurance Discounts
Progressive does not provide any life insurance discount.
Progressive Insurance Customer Satisfaction, Complaints, and Ratings
Progressive’s third-party ratings are unimpressive, particularly those from J.D. Power.
“Some customers complain about Progressive’s claims department, customer service, and the ratio of claims paid out,” says Katie Sopko, an insurance broker at A Plus Insurance, a 14-state insurance brokerage firm. “Progressive has below-average customer service ratings,” Sopko adds.
The most recent third-party ratings for Progressive auto, home, and life insurance are as follows:
- Progressive Auto Insurance.
J.D. Power & Associates: 856/1,000 872/1,000 is the industry average.
NAIC: 0.89/1.00 (fewer than average complaints) (fewer than average complaints
A+ from A.M. Best (Superior)
- Progressive Life Insurance
N/A, according to J.D. Power.
A+ from A.M. Best (Superior)
Progressive Policy Alternatives
- Insurance for boats
- Insurance for antique automobiles
- Golf cart coverage
- ATV coverage (all-terrain vehicle)
- Auto insurance in Mexico
- Insurance for motorcycles
- PWC coverage (personal watercraft)
- RV coverage (recreational vehicle)
- Segway coverage
- Insurance for snowmobiles
- Insurance for condominiums
- Flood protection insurance
- Home security coverage
- Insurance for home warranties
- Insurance for housemates
- Insurance for mobile homes
- Insurance for renters
- Dental coverage
- Health coverage
- Insurance against identity theft
- Insurance for pets
- Phone/electronic device protection
- Umbrella coverage
- Travel protection insurance
- Vision coverage
- Wedding/event coverage
- Commercial Insurance
Progressive is not an excellent insurance company, but it does offer several appealing benefits, so it is worth considering.
“Progressive is very user-friendly and provides fair financial options,” says Jim Pendergast, senior vice president of AltLINE, a national lending firm. “Progressive is an excellent choice if you’re looking for a company that offers a wide range of insurance options.”
It must stand out for its personalized, comprehensive auto insurance offerings and the numerous discounts available. Progressive’s home insurance product may be a good choice for people who only need basic coverage and are interested in something other than specific riders or endorsements.
Progressive’s significant drawbacks are its low claims satisfaction ratings and a high number of complaints. There are probably better choices than Progressive if you’re looking for an insurance company with a history of providing excellent customer service.
Is there accident forgiveness with Progressive?
Yes, it does provide small and large accident forgiveness. All new auto insurance policies include free minor accident forgiveness, which prevents your rate from rising after an accident or a claim of less than $500. Important accident forgiveness is only available after you’ve been a Progressive customer for five years and have been accident- and violation-free for at least three years.
Is Progressive homeowner’s insurance reliable?
It is a good option, but it depends on your needs. Only a few endorsements are available for additional coverage, so if you want to build a fully customized home insurance policy with optional coverages, you should pass. However, because Progressive offers numerous home insurance discounts, it may be a good choice based solely on price.
Why is Progressive insurance so inexpensive?
It offers better pricing to customers by combining technology and discounts. Using Progressive’s price comparison tool, you can shop and compare Progressive and rival quotes.