progressive insurance company review 2022

progressive insurance company: Everything you need to know

  • Headquarters: 6300 Wilson Mills Road Box W33, Mayfield Village, Ohio 44143
  • Net premiums written: $40.6 billion (2022)
  • Policies written: 24.7 million (2022)
  • Total assets: $64.1 billion (2022)
  • Underwriting expertise: Vehicle, Property, Commercial, and Personal
  • Key people: Tricia Griffith – President and CEO; Karen Bailo – Commercial Lines President; Steve Broz – Chief Information Officer; Pat Callahan – Personal Lines President; Jeff Charney – Chief Marketing Officer; Dan Mascaro – Chief Legal Officer; John Murphy – Customer Relationship Management President; Lori Niedert – Chief Human Resource Officer; Andrew Quigg – Chief Strategy Officer; John Sauerland – Chief Financial Officer; Michael Sieger – Claims President

Pros

  • Offers customizable auto and home insurance coverage
  • Apart from offering a range of qualifying discounts, auto insurance discounts rank among the industry’s best
  • Customers can access a range of user-friendly online tools and resources
  • Above-average grade in A.M. Best’s rating indicates its strong financial health

Cons

  • Home and auto insurance policies are rated below the industry average in terms of claims satisfaction based on J.D. Power’s ratings
  • Life insurance policy options are limited compared to other providers
  • Offers limited options for additional home insurance coverage
  • NAIC’s complaints index shows a relatively a high number of complaints for many of its insurance products

Common coverage types

Auto insurance
Standard coverage typeWhat it pays for
Liability coverageBodily injury or property damage caused by the policyholder while driving, up to the policy’s limits
Comprehensive coverageEvents out of the driver’s control, including fire, theft, vandalism, hitting an animal, glass breakage, or acts of nature
Collision coverageCost to repair or replace the damaged vehicle if it collides with another object such as a tree, guardrail, fence, or another vehicle
Uninsured/underinsured insurance coveragesBodily injuries sustained by the policyholder and their passengers and cost to repair or replace their vehicle if the at-fault driver has no and not enough coverage.
Medical paymentsMedical and funeral expenses for the policyholder and their passengers, regardless of who is at fault; also covers expenses if the accident happens in another vehicle the policyholder and their family members are riding in, or if they are hit while walking or riding a bicycle
Extra coverage
Loan/lease payoffAlso known as gap insurance; can cover the difference between what the policyholder owes and what the vehicle is actually worth, or up to 25% of the actual cash value
Rental car reimbursementCar rental expenses up to driver’s policy limits while their vehicle is at the shop; routine maintenance is excluded
Custom parts and equipment (CPE) value coverageCost to repair or replace items that were not installed by the manufacturer, including stereo, navigation system, custom wheels, or even a paint job
Rideshare coverageThe gaps that the driver’s rideshare company does not cover such as while they are logged into a ridesharing app and waiting for a trip request
Roadside assistanceTowing services if the car breaks down for any reason; also covers lock-out service, flat tire changes, fuel/fluid delivery, and other related issues
Deductible savings bankSubtracts $50 from the collision and comprehensive deductible for every claim-free policy period

Progressive’s auto insurance discounts

  • Multi-policy discount: Policyholders can save an average of 5% in premium by combining auto insurance with other policies
  • Multi-car discount: An average of 4% discount for drivers with more than one vehicle listed in their policy
  • Continuous insurance: Customers switching to progressive insurance company can save an amount depending on how long they have been continuously insured with their previous insurer/s
  • Snapshot safe driver discount – The app personalizes the policyholder’s rate based on how safe they drive
  • Teen driver discount: Offsets the some of the cost of adding a teen driver on the policy
  • Good student discount: Drivers can save an average of 10% in their premium by adding a full-time student who maintains a B average or better to their policy
  • Distant student discount: For drivers with a full-time student 22-years old or younger and who lives more than 100 miles from home on their policy as long as the student does not have a vehicle while at school
  • Homeowner discount: Nearly 10% discount for homeowners even if their home is not insured through progressive insurance company network of home insurers
  • Online quote discount: An average of 7% savings for customers who quote their car insurance online or if a licensed representative finishes their quote over the phone
  • Sign online discount: For policyholders who sign their documents online
  • Paperless discount: For policyholders who opt to receive their documents via email
  • Pay in full discount: For policyholders who pay their policy in full up front
  • Automatic payment discount: For policyholders who set up automatic payments from a checking account, credit card, or debit card

2022 J.D. Power customer satisfaction rating (auto insurance)

856 out of 1,000 points (sixth among large auto insurers in the US)

Cost to insure most popular cars

Average annual premium in 2022, according to The Zebra
1. Ford F-150: $1,410
2. Chevrolet Silverado: $1,501
3. Dodge Grand Caravan: $1,231
4. Toyota RAV4: $1,520
5. Honda CR-V: $1,371
6. Nissan Frontier: $1,394
7. Kia Sedona: $1,238
8. Subaru Forester: $1,482
9. GMC Sierra $1,487
10. Chevrolet Equinox $1,389

Car insurance rates by age

2022 average rates according to US News:
2022 average rates, according to US News
25-year-old female: $1,605
25-year-old male: $1,635
35-year-old female: $1,302
35-year-old male: $1,237
60-year-old female: $1,101
60-year-old male: $1,126

Car insurance rates by driving record

2022 average rates, according to US News
$1,334 for clients with a clean driving record
$1,759 for drivers with one speeding violation
$2,237 for those with one accident, and
$1,733 for those with one DUI
Homeowners insurance
Standard coverage typesWhat it pays for
Dwelling coverageDamage to the house and anything permanently attached to it, including garage, roof, chimneys, deck, countertops, cabinets, flooring, and vanities
Other structuresDamage to structures not permanently attached to the house
Personal possessionsPersonal belongings, including electronics, furniture, clothes, and tools/power equipment, if they are stolen or damaged
Loss of useTemporary living expenses, including hotel, rent, and food, if the home is damaged from a covered loss and the policyholder cannot stay there
Personal liabilityLegal expenses stemming from lawsuits against the policyholder or their family member due to injury or property damage
Medical paymentsMedical bills if someone is hurt while on the policyholder’s property
Optional coverages
Water back-upWater damage from backed-up sump pumps and sewer systems
Personal injuryUncommon but expensive lawsuits against the policyholder, including slander or libel, wrongful entry or malicious prosecution, wrongful eviction, and false arrest, detention, or imprisonment

Perils that Progressive Insurance’s homeowners’ policy covers:

  • Lightning
  • Fire and smoke
  • Tornadoes
  • Power surges
  • Damage from the weight of ice, snow, or sleet
  • Volcanic eruption
  • Windstorms and hail
  • Theft
  • Explosions
  • Vandalism and riots
  • Car/aircraft crashing into the home
  • Falling trees or other objects
  • Water damage (from leaking roofs, bursting pipes, or broken appliances, but not floods)

What’s not covered by Progressive Insurance’s homeowners’ policy:

  • Floods
  • Earthquakes, landslides, and mudslides
  • Sinkholes

Progressive Insurance’s homeowners’ insurance discounts

  • Bundle home and auto discount: An average of 5% discount for bundling home and auto insurance policies (savings applied on auto insurance)
  • Safety and alarm discounts: If the home has safety features installed such as automatic sprinklers, security systems, and cameras
  • Quote in advance: For customers who get a quote at least 10 days before their policy starts
  • New purchase: For customers who are purchasing a new home (does not have to be newly built) or switching from a renters’ insurance policy
  • Receive documents by email: For policyholders who opt to receive their documents via email
  • New home construction: The newer the home, the bigger the discount
  • Pay in full: For customers who pay for the full 12-month policy upfront

2022 J.D. Power customer satisfaction rating (home insurance)

821 out of 1,000 points (12th among home insurers in the US)

Life insurance
Coverage typeFeatures and benefits
Term life insuranceProvides coverage for a set number of years, paying out as long as the policy has not expired, and the policyholder has paid the premiums
Whole life insuranceProvides lifetime coverage; features fixed premiums and a cash value components that policyholders may be able to borrow against over time
Universal life insuranceAlso called adjustable life insurance; allows policyholders to increase or decrease their death benefit and adjust or skip monthly premium within certain limits
Variable life insuranceBuilt on two pieces: Face value death benefit: Fixed death benefit to be paid out upon the policyholder’s passing as long as premiums are paid Variable cash value: The cash value rises and falls based on the payments made and the performance of the selected investments
Final expense life insuranceAlso known as burial insurance; covers funeral costs, hospital bills, and related expenses

 Comparison of Progressive Insurance’s life insurance policies

TypeCoverage lengthBest for agesBuilds cash value?Death benefit amount
Term10, 15, 20, 30 years18 to 65No$100,000+
WholeLifetime18 to 65Yes$50,000+
UniversalLifetime18 to 65Yes$50,000+
VariableLifetime18 to 65Yes$50,000+
Final ExpenseLifetime50 to 85Yes$2,500 to $35,000

About

progressive insurance company (Progressive) is one of the most famous insurance plan manufacturers in the US. The insurance plan juggernaut claims to be the 0.33 greatest auto insurer and the wide variety one motorcycle/specialty RV insurer in the country. Progressive rubs shoulders with corporations like State
Farm, Allstate, GEICO, and Farmers Insurance Group, and writes extra than thirteen million auto insurance policies per year.
Though great recognized for riding innovation in the non-public auto market, progressive insurance company additionally writes business auto and a variety of different private traces risks, consisting of homeowners’ insurance. The association sells insurance plan without delay to the purchaser or by means of unbiased agents. Progressive’s Agency commercial enterprise sells thru extra than 30,000 unbiased insurance plan companies throughout the US.

History

progressive insurance company used to be set up on March 10, 1937, when Joseph Lewis and Jack Green set up Progressive Mutual Insurance Company to supply car proprietors with safety and protection. The pair had been each legal professionals and idea beginning an insurance plan corporation would possibly be a excellent investment. Fast ahead eighty years and their guess appeared to have paid off.

True to its name, progressive insurance company is all about finding innovative ways to improve the auto insurance industry. It became the first auto insurer to offer drive-in claims service, and later the first company to allow clients to pay premiums in installments as opposed to annual payments.

progressive insurance company review 2022

In the 1950s, successful growth prompted a move to brand new offices in downtown Cleveland. Following the death of Joseph Lewis in 1955, Jack Green became progressive insurance company CEO and Joseph’s son Peter began the start of a fruitful career with the firm. He immediately looked for ways to further differentiate Progressive in the marketplace. His efforts led to the establishment of Progressive Casualty Company in 1956, a unit formed to write auto insurance for high-risk drivers.

Further growth and expansion in the early 1960s resulted in the formation of The Progressive Corporation in 1965. Peter Lewis was named CEO in the same year, and he held the top position for 35-years until Glenn Renwick took over in 2022. Renwick was succeeded by current CEO and president Tricia Griffith in 2022.

Embracing the internet

progressive insurance company was the first major auto insurer in the world to launch a website. In a revolutionary move, the site was born in 1995, and by 1996 consumers could obtain comparison rates online. Just one year later, consumers were able to buy Progressive auto insurance policies online in real time.

In 2022, the insurer now has a thriving direct-to-consumer business, which is supported by a number of 24/7 digital tools, including: online policy service and management, online claims reporting, rate ticker (a comparison tool), independent agent locator, chatbots, and an instant quoting service.

Product lines

progressive insurance company is satisfactory recognised for its auto insurance plan products, however the association affords options for a widespread vary of non-public and business risks. Its dazzling e book includes, however is now not constrained to: automobile insurance, rental insurance, boat insurance, pet insurance, domestic insurance, RV insurance, renters’ insurance, motorbike insurance, existence insurance, business insurance, and insurance plan bundles.

Distribution method

progressive insurance company has been constructing stable partnerships with the unbiased agent channel for greater than seventy five years. The company claims to be the variety one creator of auto insurance plan insurance policies thru impartial insurance plan agents. In 2022, Progressive works with about 43,000 retailers and brokers from heaps of organizations throughout the US.

Despite supporting the independent agent channel, progressive insurance company has never been one to shy away from innovation. The insurer offers a number of direct purchase options and programs to meet evolving customer needs.

What is Progressive looking for in a new independent agent partner?

Information shared on Progressive’s internet site states: “You want to have an business enterprise license in right standing with the Department of Insurance in the kingdom the place you design to write business, an lively corporation P&C Errors & Omissions coverage with minimal mixture limits of $300,000. Also, for the duration of this manner we’ll additionally habits a crook heritage test on your organization – it’s how we make certain each progressive insurance company purchaser has the high-quality journey possible.”

Who is Flo?

Anyone in the US with a television has likely seen Flo selling progressive insurance company on their screens at some point in the past decade. Since 2022, the fictional salesperson has featured in more than 100 television commercials for the insurance giant. She’s known as an extremely enthusiastic and helpful insurance salesperson, recognized for her upbeat personality, heavy makeup, and retro hairstyle. Flo is also popular on social media, amassing millions of likes on her Facebook page and many followers on Twitter.

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