Progressive: Car Insurance Review 2020



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Progressive-Car-Insurance-Review

Progressive Car Insurance

Aside from its commercials featuring upbeat cashier Flo, Progressive stands out in the very competitive car insurance landscape for diverse coverage, ample discounts, and such features as medical coverage for your pet if it is injured in an accident while traveling in your car.

Pros

Wide range of coverage options. Progressive offers coverage for all types of motor vehicles, both personal and commercial, including cars, RVs, trucks, trailers, boats, and more. The policies can be fully customized to fit your specific needs. The company also issues other types of insurance, such as life and homeowner’s, but these policies are underwritten by third parties.

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Large number of discounts. Progressive offers more discounts than its competition – at least 14 different types. These include breaks if you have more than one Progressive policy, and for teen drivers, students, signing online, and homeowners.

Cons

May cost more than the norm. Progressive’s auto insurance policies, however, are not among the most affordable. According to Business Insider, the average cost of car insurance in the U.S. for 2020 is $1,348 per year ($112 per month). Given Progressive’s average cost of $116 to $188 per month, you might find it isn’t the cheapest option for you.

Customer service is only average. Finally, although Progressive has outstanding financial strength according to rating agencies such as A.M. Best, the company only received an “average” score in the 2019 J.D. Power Auto Insurance Customer Satisfaction Study. In other words, its customer service is acceptable but does not stand out.

Progressive Auto Insurance Policies

The coverage features of Progressive’s auto insurance policies are among the most comprehensive in the U.S. As with most other companies, they include:

  • Liability for when you’re at fault in an accident, including coverage for bodily injuries to third parties and property damage.
  • Comprehensive coverage for events beyond your control, such as theft, vandalism, and weather events.
  • Collision coverage, provided regardless of fault, to repair or replace your vehicle in case of an accident. With Progressive, this coverage also includes free pet insurance to pay for any medical expenses in case your pet was injured in the collision.
  • Uninsured/underinsured coverage to pay for any injuries (suffered by your and/or your passengers’) or property damage caused by a driver who has zero or insufficient insurance to cover for the costs.
  • Medical expenses – also known as Personal Injury Protection – to cover you, your family members, and/or your passengers in case of an accident, regardless of fault.

The company also offers the following coverages as riders or add-ons to your policy:

  • Roadside assistance to tow your car to the nearest repair station.
  • Loan/lease pay-off to pay your remaining loan balance in case your car is totaled in an accident.
  • Rental car reimbursements for the fees to rent a car while your vehicle is being repaired or replaced.
  • Custom parts and equipment value, which covers any items you add to your car. These additions, such as stereos, rims, and navigation systems, are not typically covered by standard auto policies.
  • Deductible savings bank add-on which lets you subtract $50 off your collision or comprehensive deductible for every six months without a claim.

Progressive’s Features and Services

  • The Snapshot® app and plug-in device, which log information about your driving to personalize your rate.
  • A network of repair shops is available to all Progressive policyholders, and repairs are guaranteed when you use any of these shops. You could take your car to other repair shops, but Progressive will not guarantee their service.
  • Progressive Photo Estimate is a service within Progressive’s dedicated app that allows policyholders to get estimates by submitting photos or videos of the damage. This way, you can save time by forgoing a personal inspection.
  • Progressive’s Name Your Price® tool allows customers to submit the price they want to pay and get several quotes within said amount. If you know exactly how much you can –or are willing to– pay for auto insurance, this is a great way to find your coverage.
  • With Progressive’s Accident Forgiveness feature, available in all auto policies, your rate won’t change if you have an accident – even if you’re the one at fault. To qualify, you must be a policyholder for at least five years and be accident-free for three consecutive years. As part of this service, Progressive will also automatically forgive any “small accident” claims totaling less than $500.

Progressive Auto Insurance Costs and Fees

Before providing you with a quote, Progressive will require that you submit information about yourself. The requirements include providing your name, age, gender, marital and employment status, and credit score along with your car, your driving habits, records of any accidents, and location. You should, of course, also specify how much coverage and/or how many policy add-ons you want.

The average price for Progressive auto insurance in the US ranges between $116 and $188, depending on your personal data and the state you drive in. The premium may vary according to whether you buy your insurance from an independent agent or from the company itself.

As mentioned earlier, Progressive offers multiple discounts. Here’s a complete list with the relevant premium reductions:

  • $1,000+ when you combine home and auto insurance
  • 4% for starting your quote online
  • 8.5% for signing the policy online
  • 10% for multi-car policies
  • 31% if you are a safe driver for three consecutive years

A price feature for younger drivers: Progressive drops its rates by an average of 18% once the policyholder turns 25, provided they’ve had no accidents. The discount could even remain in place until the person reaches age 75, at which point rates will likely increase due to risk data that shows older drivers tend to have more accidents.

Finally, we found no notable hidden fees in Progressive Auto Insurance policies.

Key Facts on Progressive Auto Insurance

Third largest auto insurer in the US
Number one commercial truck and motorcycle insurer in the US
Accident forgiveness program available to all policyholders with clean driving records
“Name Your Price” tool for quick online quotes that fit your budget
Prices range between $116 and $188
Several discounts are available so you can lower your costs

Progressive Insurance: Company Overview

Founded in 1937, Progressive Insurance is the third largest auto insurer and a leading provider of motorcycle and commercial auto insurance in the U.S. Progressive is a Fortune 500 company with over 21 million policies in force, 42,000 employees nationwide, and over 38,000 agents.

In 2019, this company, alongside the insurance company GEICO, captured nearly 92% of all auto insurance premium growth, according to a 2020 report by J.D. Power.

Progressive is currently rated A+ Superior by A.M. Best, AA by Standard and Poor, and Aa by Moody’s, which means that the company has an outstanding ability to meet its ongoing financial and insurance obligations.

Progressive was the first insurance company to add a “name your price” option, and one of the first to launch a dedicated website and to offer auto insurance policies in real time.

Progressive Auto Insurance FAQs

How is Progressive handling its auto insurance claims during the COVID-19 pandemic?

To protect the health of its policyholders and employees, Progressive says it is currently prioritizing virtual inspections and interactions as much as possible. You can make your claim online, by phone, or via the Progressive app.

If I use my car for business purposes, will Progressive cover any damages?

Yes. Besides personal auto insurance, Progressive offers comprehensive commercial auto insurance for any type of vehicle – including food trucks – used as part of a business. To find out more about this type of Progressive insurance, click here.

How long does it take Progressive to handle a claim?

According to the company’s website, Progressive requires between 7 and 14 days to complete your claim.

Progressive Auto Insurance: Summary and Key Takeaways

  1. Progressive is one of the top three auto insurance companies in the US, offering coverage for all types of motor vehicles, both personal and commercial.
  2. With the company’s Snapshot® program, rates are based on your actual driving record.
  3. Many discounts are available for policyholders, which may significantly lower your costs.
  4. Progressive’s Name Your Price tool allows for policies that fit your specific budget.
  5. Pet insurance – covering medical expenses – included at no additional charge in all collision policies.

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