Pros Explained
Cons Explained
IntroductionProgressive, known for its funny spokesperson Flo, is one of the top auto insurers in the country, with more than 18 million customers. Progressive offers a wide range of policies, including vehicle, property, commercial, and personal coverage. Unique discounts, including the Save with Snapshot program, help Progressive stand out among its competitors. Show
Company OverviewProgressive was founded in 1937 and is headquartered in Mayfield Village, Ohio. This insurer offers coverage in all 50 states and Washington, D.C. It also offers several types of vehicle insurance, including liability, comprehensive and collision, and roadside assistance. Types of CoverageProgressive offers four main types of coverage: liability, comprehensive and collision, uninsured and underinsured motorist, and roadside assistance. Liability CoverageLiability coverage covers property damage and injury to others caused in vehicular accidents, and most states require it. Covered situations include damage to vehicles, property, and other people, along with medical bills and court fees. Comprehensive and Collision CoverageComprehensive and collision coverage will pay for repairs or replacement of a vehicle if the insured is in an accident, regardless of fault. However, these are different insurance types. Comprehensive insurance covers events outside of one's control, such as hitting a deer or a tree branch falling onto a car; collision insurance covers accidents involving other vehicles or inanimate objects, such as a fender bender or a crash into a pole. Comprehensive, which carries a deductible, also covers damages due to theft, vandalism, fire, or other acts of nature. Uninsured and Underinsured MotoristUninsured and underinsured insurance covers accidents caused by a driver with no or insufficient insurance protection. Specifically, uninsured insurance covers the insured who is hit by another driver with no auto insurance at all, while underinsured protects the insured hit by one who doesn’t have enough coverage to pay for damages or injuries they caused. Uninsured and underinsured are offered alongside one another and are mandated in many states. Roadside AssistanceIf you want extra peace of mind on the road, Progressive’s Roadside Assistance comes with a variety of 24/7 services to help out in an emergency. Roadside assistance is provided by Agero, a provider of driver assistance services commonly used by insurance companies, and covers the following:
Other Types of CoverageProgressive also offers the following types of insurance:
DiscountsProgressive has 13 different discounts that policyholders can take advantage of. Some of the more popular include multi-policy, multi-car, safe driver, and good student. Take note that residents of certain states (like California) may not be eligible for certain discounts. Loyalty-Based Auto Discounts
Driver-Based Auto Discounts
Quote and Buy Discounts
Progressive’s Snapshot program, also known as usage-based insurance, allows the policy-holder to pay based on how much they drive. Depending on this amount, the policy-holder obtains a discount for participating and then receives a personalized rate after the first year. Customers who use this feature save $146 a year on average. Applicants can request a quote online or through a representative, but this quote may vary based on how they obtain it. Payment OptionsCustomers can pay for their policy at Progressive through:
Customers have the option of paying monthly for their policy, but choosing this payment option will mean missing out on the pay-in-full discount, which typically covers six months. The price of an insurance policy is based on several factors:
Loss RatioProgressive has a loss ratio of 65.8%, which is fairly low among similar companies. A lower loss ratio indicates better financial health, so this is a good sign. Other FeaturesProgressive has several other features, including:
Customer ServiceProgressive’s customer service provides email, online chat, and 24/7 phone support at 1-888-671-4405. Customers can email about the claim/the claim process, roadside assistance, and fraud/identity theft through the Progressive website. Customer SatisfactionProgressive has mixed customer satisfaction ratings and reviews. According to the National Association of Insurance Commissioners (NAIC), Progressive has higher-than-average customer complaints. It also ranked among the top insurers on JD Power's recent U.S. Auto Insurance Satisfaction Study, which measures overall customer satisfaction. According to Consumer Affairs, Progressive Auto Insurance has an average rating of 3.9 out of 5 stars from 1,841 ratings. However, the company didn't fare well on Trustpilot, receiving an average of 1.3 out of 5 stars across 244 ratings. Satisfaction RatingsProgressive offers online quote and purchasing options, as well as a user-friendly online portal, helping its customers have an easier experience obtaining insurance. According to a 2021 J.D. Power U.S. Auto Insurance Study, Progressive ranked fifth in overall customer satisfaction in California, eighth in the Central region and Florida, fourth in New England and the Southwest Region, 10th in New York, seventh in the North Central, Mid-Atlantic, and Northwest regions, 14th in the Southeast region, and third in Texas. AM Best—which rates companies’ financial strength—has given Progressive a rating of A+ (Superior), only one step down from the highest rating of A++. This rating allows customers to feel confident that Progressive will be able to help them financially if they need to make a claim. Complaint IndexWhen reviewing an auto insurance provider, it’s also important to understand how many complaints it has compared to its competitors. The National Association of Insurance Commissioners (NAIC) awarded Progressive a 2.27 complaint score in 2021, bringing it above the average complaint score of 1.0. Account ManagementProgressive customers can create an account online and then gain access to their customer portal. Inside the portal, clients can email policy questions and manage their policies, including reviewing their coverage, benefits, payment options, and more. Progressive also offers 24/7 customer service for those needing support over the phone. How Progressive Compares to Other Auto Insurance CompaniesPremium costs are an important factor to consider when reviewing auto insurance companies. Out of 25 auto insurance companies ranked from lowest to highest prices, Progressive came in 14th for average annual premium and 11th for median annual premium. Compared to other companies operating in the same states, Progressive was most expensive for Alaska, Vermont, and Georgia, and second-most for South Carolina, Hawaii, Minnesota, Ohio, Oregon, and Massachusetts. It was the third most expensive for Colorado, Maine, Nebraska, New Mexico, South Dakota, Kentucky, West Virginia, and Virginia. For all other states, it was ranked less expensive compared to its competitors. Final Verdict If you are looking for an auto insurance provider that makes it easy to apply for and obtain insurance online, Progressive is a great option. The number of policies and discounts available make it simple to find a customized option that will save you money. In addition to the discounts, the Name Your Price tool and Save with Snapshot options may allow for further savings. Although the company has mixed ratings and reviews, customers can contact customer service 24/7 and obtain quotes and apply for and manage their policies online. Progressive isn’t typically the cheapest option for auto insurance, so budget-conscious people may want to avoid them. It does have a strong financial reputation and long-standing history, though, making it a popular choice for some able to look past these downfalls. MethodologyInvestopedia is committed to providing readers with unbiased, comprehensive reviews of auto insurance companies. All of our reviews are based on extensive research and analysis of each company’s coverage, customer service, pricing, years in business, accreditation, and more. To rate providers, we developed an auto insurance review methodology that compares the auto insurance coverage types, additional features, discounts, account management, and other features. |