Progressive is so cheap because it offers a wide variety of discounts and gives consumers tools to acheive the best rates possible, such as Progressive's price comparison tool and their Name Your Price program. A minimum coverage policy from Progressive costs an average of $86 per month, and Progressive premiums can be made even cheaper by taking advantage of discounts such as continuous insurance discount and paperless discount. Plus, Progressive rewards customer loyalty with discounts for insuring more than one car and bundling multiple policies, such as home and auto.
Average Monthly Rates for Progressive vs. Top Competitors
Company | Minimum Coverage | Full Coverage |
Progressive | $86 per month | $337 per month |
State Farm | $86 per month | $293 per month |
Geico | $66 per month | $241 per month |
Note: Premiums are representative of a 45-year-old good driver in CA; individual premiums will vary.
Progressive is especially cheap for safe drivers in particular. That's because Progressive has special savings opportunities for drivers in this category, such as lower rates for drivers who have not had any accidents or tickets for at least three years.
Your final premium is based on a variety of factors, though, such as your driving record, insurance history, and more. Every insurance company determines their rates differently, so even though Progressive is among the cheapest car insurance companies, the only way to confirm you've found the lowest price is to compare quotes from multiple companies.
To learn more, check out WalletHub's review of Progressiveand seeProgressive's full profile.
This answer was first published on 06/13/23 and it was last updated on 01/26/24. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
FAQs
Progressive is so cheap because it offers a wide variety of discounts and gives consumers tools to acheive the best rates possible, such as Progressive's price comparison tool and their Name Your Price program.
Is anyone cheaper than Progressive? ›
Geico and Progressive are two of the best choices for auto insurance coverage on the market. Geico tends to offer lower rates for most policyholders and has slightly higher customer satisfaction scores.
How do I get a better deal with Progressive? ›
The following factors can lead to a better insurance rate:
- Discounts.
- A clean driving record.
- Low severity and frequency of past claims.
- Vehicle usage.
- Car make and model.
- Coverage, limit, and deductible selections.
- Location.
- Age of drivers.
How Should You Approach Progressive?
- Analyze your full claim to identify all sources of compensation.
- Gather medical records and objectively assess the extent of injuries.
- Inspect vehicle and property damage to document claim scope properly.
- Challenge any unjust liability denials or premature conclusion of claims.
Geico is better than Progressive overall, per WalletHub's grading criteria. Geico beats Progressive in terms of cost and discounts offered, though the two companies are fairly evenly matched when it comes to the types of insurance available and customer reviews.
Does Progressive raise rates after 6 months? ›
Your Progressive rates may increase after six months depending on a number of factors. Like other car insurance providers, Progressive will typically raise your rates if you receive a speeding ticket or moving violation, cause an accident or make comprehensive insurance claims.
What is the golden rule at Progressive? ›
Golden Rule
We respect all people, value the differences among them, and deal with them in the way they want to be dealt with. This requires us to know ourselves and to try to understand others.
Can you haggle with Progressive? ›
The first settlement offer you receive will often be much lower than what you might deserve. Before you accept the first offer, you should know that you can negotiate the amount. Never accept the first offer. The first step will be to understand how much your car is worth.
How do I lower my insurance payment with Progressive? ›
Raise your car insurance deductible
Opting for a higher deductible on any of your insurance policies from Progressive can lower your premium. But if you decide to go this route, it's important that you choose a deductible amount that you can still afford if you suddenly need to file a claim.
Can you bargain with insurance companies? ›
In addition to each insurance company's specific pricing structure, state-specific regulations can come into play. Much like a utility service such as electricity or gas, you cannot negotiate a lower monthly car insurance payment. What you can do, however, is compare rates.
Today, many shoppers negotiate for a used car by requesting a car dealer quote online or texting the car's owner. Get the numbers: Look up the car's current market value. Make the right opening offer: Keep your offer low, but realistic. Make a counteroffer: Sweeten the deal, but not too much.
What are the three key rules to negotiate? ›
What Are The Three Key Rules to Negotiate?
- First Key Rule: Preparation.
- Tips for Effective Preparation.
- Second Key Rule: Communication.
- Tips for Effective Communication.
- Third Key Rule: Flexibility.
- Tips for Being Flexible.
In fact, Progressive is one of the 10 cheapest insurers nationally, according to WalletHub's analysis. Even though Progressive offers cheaper-than-average rates, its premiums can get expensive for drivers with certain characteristics.
Is Progressive Insurance losing money? ›
A net realized loss on securities of about $1.9 billion in 2022 was reversed to a gain of about $353 million in 2023. Fourth quarter net premiums written increased 21% to about $15.1 billion. Net premiums written in 2023 saw growth in personal, commercial and property of 24%, 8%, and 18%, respectively.
Where does Progressive rank in insurance? ›
We ranked State Farm second overall in our 2023 study of the best car insurance companies, while Progressive came in ninth. We at the MarketWatch Guides Team examined each company's industry reputation, average rates, coverage options and customer service ratings to see how they compare.
Is Allstate or Progressive cheaper? ›
In terms of car insurance costs, Allstate is more expensive than other top competitors like Progressive, Geico and State Farm. In the category of affordability, we rate Progressive 7.8 out of 10.0 stars and Allstate 7.4 out of 10.0 stars.
