Choosing the right insurance policy is crucial in protecting your finances and assets in case of unpredictable events such as accidents, theft, or natural disasters. With so many insurers in the market, it can be difficult to navigate the options and determine which company is the most reliable, affordable and convenient for your needs.
Progressive is one of the leading insurance providers in the United States, offering a wide range of policies for auto, home, renters, boat, motorcycle, business, and life. But is Progressive a good insurance? In this article, we will review its features, benefits, drawbacks, customer satisfaction, pricing, discounts, and more to help you make an informed decision.
What is Progressive Insurance?
Progressive was founded in 1937 and has been growing steadily over the years to become a Fortune 100 company with more than 40,000 employees and 21 million policies in force. It is known for pioneering innovative insurance solutions such as usage-based auto insurance, comparison shopping, and digital claims processing.
Progressive is a direct-to-consumer insurer, which means that you can purchase, manage, and file claims for your policy online or through its mobile app. This can save you time and hassle compared to traditional agents and paper processes. Progressive also offers 24/7 customer support through phone, chat, or email, so you can get help whenever you need it.
Here are some of the main insurance policies that Progressive provides:
Policy |
Coverage |
|---|---|
Auto |
Bodily injury, property damage, collision, comprehensive, medical payments, uninsured/underinsured motorist, roadside assistance, rental reimbursement |
Home |
Dwelling, other structures, personal property, liability, medical payments, loss of use, water backup, identity theft, pet injury |
Renters |
Personal property, liability, medical payments, loss of use, theft, fire, smoke, water damage, vandalism |
Boat |
Agreed value or actual cash value, liability, medical payments, personal effects, towing, roadside assistance, fuel spill cleanup |
Motorcycle |
Bodily injury, property damage, collision, comprehensive, medical payments, uninsured/underinsured motorist, roadside assistance, accessory coverage |
Business |
General liability, professional liability, commercial auto, workers’ compensation, property, cyber liability, commercial umbrella |
Life |
Term life, whole life, universal life, final expense, accidental death and dismemberment, identity theft |
Progressive Insurance Reviews and Ratings
Before deciding on any insurance company, it’s important to check what other customers are saying about their experiences. Here are some of the main sources of reviews and ratings for Progressive:
BBB
The Better Business Bureau (BBB) is a nonprofit organization that monitors businesses, resolves disputes, and provides ratings based on several factors such as complaint history, transparency, advertising practices, and customer feedback. Progressive has an A+ rating from BBB, which is the highest possible grade. However, it also has a high number of customer complaints (over 2,000 in the past three years), which may raise some red flags.
J.D. Power
J.D. Power is a market research company that conducts surveys and assessments on various industries, including insurance. Its ratings are based on factors such as policy offerings, price, claims handling, customer interaction, and overall satisfaction. In the latest Auto Insurance Study by J.D. Power, Progressive received a score of 837 out of 1,000, which is above the industry average of 835. In the Home Insurance Study, Progressive was rated 822 out of 1,000, which is slightly below the industry average of 823.
A.M. Best
A.M. Best is a credit rating agency that evaluates the financial strength and stability of insurers. Its ratings are based on factors such as capitalization, underwriting results, investment performance, and economic outlook. Progressive has an A+ rating from A.M. Best, which is considered superior and indicates a high level of ability to pay claims.
Progressive Insurance Pricing and Discounts
One of the main factors that affect your decision to choose an insurance company is the cost. Progressive has a transparent pricing system that allows you to get personalized quotes online or through its app, based on several factors such as your vehicle or property type, location, age, driving record, credit score, and coverage limits.
Progressive also offers various discounts that can lower your premiums, such as:
- Multiple policy discount: You can save up to 5% by bundling your auto, home, or renters insurance with Progressive.
- Snapshot discount: You can save up to 30% by enrolling in Progressive’s usage-based auto insurance program, which tracks your driving behavior and rewards safe and low-mileage habits.
- Safe driver discount: You can save up to 31% by maintaining a clean driving record for at least three years.
- Multi-car discount: You can save up to 12% by insuring more than one vehicle with Progressive.
- Paperless discount: You can save up to 3% by opting for online billing and policy documents.
- Pay-in-full discount: You can save up to 7% by paying your entire premium upfront instead of monthly installments.
Keep in mind that your discounts may vary depending on your state and policy details, and that not all discounts are available in all states or for all types of policies.
Progressive Insurance Pros and Cons
To help you weigh the advantages and disadvantages of Progressive insurance, here are some of its main pros and cons:
Pros
- Wide range of policies: Progressive offers many types of insurance coverage that can suit different needs and preferences.
- Direct-to-consumer model: Progressive allows you to manage your policy online or through its app, which is convenient and efficient.
- Innovative features: Progressive has introduced several technologies and tools such as Snapshot, Name Your Price, and HomeQuote Explorer that can help you save money and find the best policy for your budget.
- Discounts: Progressive offers many discounts that can significantly reduce your premiums if you qualify for them.
- Financial stability: Progressive has a strong financial rating from A.M. Best and has been in business for over 80 years.
Cons
- Customer complaints: Progressive has a high number of complaints from customers, particularly regarding claims handling and communication.
- Pricing: Progressive may not always offer the cheapest rates compared to other insurers, especially for high-risk drivers or properties.
- Coverage options: Progressive may not include all the coverage options that you need or want, and some policies may have restrictions or exclusions.
- Online-only service: Progressive may not appeal to customers who prefer face-to-face interaction with agents or brokers.
Conclusion: Is Progressive a Good Insurance?
Based on the information and analysis above, it seems that Progressive can be a good insurance option for some customers, but not necessarily for everyone. Its strengths lie in its wide range of policies, direct-to-consumer model, innovative features, discounts, and financial stability.
However, its weaknesses include the high number of customer complaints, pricing, coverage options, and online-only service. Therefore, we recommend that you carefully weigh the pros and cons of Progressive and compare them to other insurance providers before making a final decision.
FAQ
What is Progressive insurance?
Progressive is an insurance company that provides policies for auto, home, renters, boat, motorcycle, business, and life. It was founded in 1937 and has over 21 million policies in force. Progressive is known for its direct-to-consumer model, innovative features, and discounts.
How do I get a quote from Progressive insurance?
You can get a quote from Progressive by visiting its website or downloading its mobile app, and filling out some basic information about your vehicle or property, location, age, driving record, credit score, and coverage preferences. You can also call its customer support or chat with an agent to get personalized assistance.
What discounts does Progressive offer?
Progressive offers various discounts that can lower your premiums, such as multiple policy discount, Snapshot discount, safe driver discount, multi-car discount, paperless discount, and pay-in-full discount. However, not all discounts are available in all states or for all types of policies, and eligibility criteria may vary.
Does Progressive have good customer service?
Progressive offers 24/7 customer support through phone, chat, or email, and has a responsive and informative website and mobile app. However, its customer satisfaction ratings are mixed, with some customers praising its speed and efficiency, while others criticizing its communication and claims handling.
Is Progressive a reliable insurance company?
Progressive has a strong financial rating from A.M. Best and has been in business for over 80 years. However, it also has a high number of customer complaints from the Better Business Bureau and other sources, which may indicate some reliability issues.