Progressive Auto Insurance is just one of the many insurance products that we’re exposed to every day. You’ll find these ads on TV, YouTube, Facebook, Twitter, and just about any other social or streaming service.
The question is: Which car insurance company is best? If you believe cheap car insurance is the best car insurance, you might be disappointed after you file a claim to have your car replaced.
Remember, insurance companies are in business to make money for their stakeholders – plain and simple. Finding the best insurance is not that difficult if you’re willing to invest a little time so you can compare apples to apples.
Here, we’ll drill-down into Progressive Auto Insurance so we can provide you with the information you need to make that comparison and then make an informed decision about which company to trust.
NOTICE: We are not Progressive Auto Insurance. You can contact Progressive at (800) 776-4737 or contact them through their website at Progressive.com.
About Progressive Insurance Company
Founded in 1937, Progressive Mutual Insurance Company began when two attorneys decided there must be a better way to offer vehicle insurance to the public.
The founders, Joseph Lewis and Jack Green approached the car insurance business using innovative approaches like drive-in claims service and they were okay with customers paying for their car insurance every month rather than forking over the annual premium year after year. In their time they were considered mavericks by their competitors who watched their company grow in leaps and bounds.
Using innovation as a basis to grow the company, Progressive is now considered the “gold-standard” for developing innovative methods to market insurance products to prospective customers, provide outstanding customer service, and deliver 24/7 claims service.
When the internet took hold in the mid-nineties, Progressive jumped in with both feet and the company took off like never before and continues to stay one step ahead of its competition.
Progressive’s Financial Stability
We always like to discuss the financial stability of the insurance carriers we represent. Cheap car insurance will never mean anything unless your company is ready to keep its promise to pay your claim. Although insurance companies are monitored by the department of insurance of the state they do business in, you’ll likely never hear about any financial problems until after it’s too late.
It only takes a few minutes to check out how a company is performing financially, so here’s the scoop on Progressive:
|A.M. Best||A+ Superior|
|Standard & Poor||AA|
|Moody’s Investors Services||Table|
Progressive’s Product Portfolio
Although this article is focused on Progressive Auto Insurance, most insurance shoppers want to know about other products a company offers because most people like to take advantage of the multi-policy discount that many companies offer. Progressive offers almost every kind of personal insurance the consumer would need.
Vehicle and Recreational
|RV and Travel Trailer||Classic Car|
Property and Home
Other Insurance Products
|Life Insurance||Personal Umbrella|
|Pet Insurance||Travel Insurance|
|Wedding & Event Insurance||Mexico Auto|
What coverages does Progressive Auto Insurance Include?
Like most other insurance companies, Progressive uses the Personal Auto Policy (PAP) as the basis of its personal auto policy. The standard PAP offers a package of coverages where the applicant can pick and choose according to coverages, limits, and deductibles.
It’s important to note, however, that virtually every state requires a minimum amount of liability insurance before a vehicle owner can register and tag their vehicle(s). Additionally, if your vehicle is financed or leased, the lender or leasing company will also require specific coverages, limits, and deductibles are maintained to avoid defaulting on your loan or lease.
Here are the coverages provided in the PAP along with a general description of each:
|Bodily Injury Liability||Pays for injuries to other drivers or passengers in an at-fault accident subject to the limits in the policy.|
|Property Damage Liability||Pays for repairs or replacement of another person's vehicle or property during an at-fault accident subject to the limits of the policy.|
|Medical Payments||Medical Payments covers medical expenses for you and other passengers in your vehicle in an accident no matter who's at fault. This coverage will even cover you for injuries sustained in another person's vehicle or as a pedestrian up to the limit in the policy.|
|Personal Injury Protection (PIP)||PIP covers the driver, all passengers, or a pedestrian involved in an accident no matter who's at fault. PIP helps pay for medical expenses, lost wages, loss of services, and funeral expenses up to the policy limits. This coverage is typically mandatory in "no-fault" states.|
|Uninsured/Underinsured Motorist||Uninsured/Underinsured motorist covers your medical expenses if the other driver (at-fault) is uninsured or underinsured. Some states also allow uninsured/underinsured property damage that covers your vehicle as well.|
|Comprehensive Coverage||Comprehensive coverage pays to repair or replace your vehicle after a non-collision event such as fire, vandalism, theft, or acts of nature subject to your deductible.|
|Collision Coverage||Collision coverage pays to repair or replace your vehicle after an accident that involves another vehicle or object subject to your deductible.
|Emergency Roadside Assistance||Roadside assistance is available if you are locked out of your vehicle or required roadside assistance like a tire change or fuel for an empty tank. Your coverage for each event is subject to the limit you purchased on your policy.|
|Rental Reimbursement||Rental reimbursement helps pay for rental expenses if you are in an at-fault accident or
hit by an uninsured driver. Most policies will have a limit per-day and per-accident.
For many vehicle owners, carrying the standard auto insurance package may not be sufficient to meet their needs and for this reason, Progressive offers additional optional coverages that will broaden your coverage when needed:
|Loan/Lease Payoff||Similar to GAP insurance. Provides for the insurance company to pay up to 25% more of your vehicle's actual cash value to fill in the gap between your car's actual value and your loan or lease payoff.|
|Custom Parts/Equipment||Provides up to $5,000 to repair or replace custom parts and equipment that you have added to your vehicle.|
|Rideshare||Rideshare coverage provides for the insurer to extend your coverage when you are logged in to a rideshare app and are waiting on a fare.|
|Deductible Bank||When the Deductible Bank option is selected, the policyholder is awarded a $50 credit for each claim-free policy period to be used against the comp and collision deductible you have selected.|
|Accident Forgiveness||With this option, Progressive will forgive an at-fault accident and not increase your insurance rates at renewal.|
|Pet Coverage||If your pet dog or cat is injured during a car accident, Progressive will pay the vet bills associated with the accident subject to your deductible.|
How does Progressive Compare with other Insurance Companies?
How your car insurance premium is calculated depends on the vehicle(s) you drive and the driver(s) listed on your policy. Where you live also has an impact on car insurance rates. Knowing this, it’s impossible to provide an exact quote for any individual without first gathering the pertinent information.
We can, however, provide a comparison between Progressive and a few other popular insurers using an average driver with an average vehicle. Here is what it looks like:
|42-year-old Couple (1 accident)||
What Discounts Does Progressive Offer?
That’s always a question we’re asked when quoting auto insurance, and yes, Progressive offers many discounts that can help reduce your Progressive auto insurance premium. Typically you will find your biggest discount when you bundle your home insurance policy with your car insurance policy.
What are Progressive’s Customers Saying?
It’s always a good idea to find out what customers and former customers are saying about any insurance company you may be considering. There is plenty of feedback from car insurance customers online. Some of it’s authentic but some of it isn’t. We recommend that you review consumer feedback on platforms such as J.D. Power or Consumer Affairs to find out if that company that’s on TV telling you how great they are, are really telling the truth.
Here is what ConsumerAffairs.com has published about Progressive Auto Insurance:
Here is how J.D. Power ranked Progressive Auto Insurance for Overall Satisfaction:
The Bottom Line about Progressive Auto Insurance
In our opinion, Progressive lives up to the hype you see in their commercials. No, they are not rated best overall, but when you look at their rates, claims and customer service, along with the company’s solid financials, choosing Progressive may be a very smart decision.