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Why Is Progressive Insurance So Cheap?

Why Is Progressive Insurance So Cheap?

It is the time of the month when every car owner mutters and takes money out of their wallet to pay for the monthly insurance. Sometimes, the insurance rate is high to the extent that you may regret the moment you thought of buying a car or a bike.

That needn’t be the case if you have heard of Progressive Insurance. To give a worthy introduction, I can tell you that Progressive Insurance ranks first among the auto insurers in the USA. So what is Progressive Insurance? How does Progressive insurance work? Why is it so cheap? Let us find out.

About Progressive Insurance

The Progressive Corporation is an American insurance company that has been dominating the world of insurance for over 80 years. Its tagline – ‘an Insurance Company You Can Rely On’ stands true to its words. It is the third-largest insurance company provider that offers insurance policies for vehicles, automobiles, boats, trains, and so on.

Progressive Insurance has a standout product that makes it a tough competitor for its rivals – Snapshot. Snapshot or Pay As You Drive is the company’s usage-based insurance programme. The cost of paying is based on your vehicle, time, distance, place, and behavior.

Benefits from Progressive Insurance

Progressive Insurance company offers an extensive gamut of policy discounts. It recorded lower than average customer complaints (0.68 complaint score in 2020). It also offers relentless customer service 24/7. Its usage-based insurance program is a noteworthy highlight among its other benefits. You can learn a lot more about other stuff from the blog section of our blog.

Coverages and Discounts from Progressive Insurance

The four major types of coverages offered by Progressive are – liability, comprehensive and collision, uninsured and underinsured motorist, and roadside assistance. Other types include medical payments, rental car reimbursement, rideshare coverage, loan or lease payoff, and custom parts and equipment value insurance.

The thirteen types of discounts offered by the company are one of its most popular and featured benefits. Some of them are:

*Driver-based Discount – You get this discount based on premises like being a safe driver, a teen driver, an academically good student driver, and so on.

*Loyalty-based Discount – If you have been a policyholder for a long time, or have two insurance policies, you get this discount.

*Quote and Buy Discount – You can avail this discount if you get a car insurance quote online.

*Automatic Payments Discount – You get this discount if you have opted for automatic payments (account, credit card or debit card).

*Paperless Discount – You are eligible for this discount if you opt to get your documents over email.

Perks of Insuring – Why Progressive Insurance is Cheap

The coverage rates offered by Progressive Insurance are 19% cheaper than the national average. Good drivers pay around $1,397 per year for an insurance policy from Progressive. Thus, it can be deemed that the company offers affordable rates for drivers. Also, the company is a great option when it comes to saving money on premiums due to the ample discounts the customers can avail.

Progressive Insurance company provides two kinds of accident forgiveness – small accident forgiveness and large accident forgiveness. By small accident forgiveness, the company won’t increase your premium if the charges are below $500.

If you have been an active customer for five years and remained accident-free for three years, the company won’t increase the rate for a large accident, which is essentially large accident forgiveness.

The company performs well when it comes to utilizing digital technology to satisfy its consumers. The ‘Name your Price Tool’ on the company’s website lets the drivers calculate the amount they have to pay based on their budget.

The website also has a tool that lets you compare the quotes suggested by Progressive as well as its competitors. The company’s main mobile app and the Snapshot mobile app let the consumers track their policies, view policy information and driving behavior, details of their trips, respectively.

Progressive also puts forth insurance policies for houses, garages, sheds, and also for pets. It also offers renters as well as term and permanent life insurance policies. You can also make use of insurance policies offered by the partners of Progressive, such as business insurance, flood insurance, health insurance, ID theft insurance, mobile home insurance, and so on.

Progressive Insurance is the best option for high-risk drivers with poor credit performance. People who were denied a policy from other insurers also can avail specialized insurance from Progressive.

To sum it up, Progressive Insurance company presents the customers with a variety of policies and discounts. Anyone interested in buying an insurance policy can easily use the company’s tool to compare the rates quoted by different insurers. The snapshot mobile app even rewards you for your driving record and behavior! The company claims that 99% of its consumers usually qualify for at least one of its discounts.

Awareness About Progressive Insurance 

Bagging the no. 1 commercial auto insurer title tells you about the popularity and worthiness of Progressive Insurance. But being the third-cheapest insurance provider means that there are other competitors who can provide even cheaper rates than Progressive Insurance. Nonetheless, Progressive Insurance is a good call for good and high-risk drivers. You get to save money if you have qualified for the discounts offered. Customer satisfaction is something Progressive considers very dearly. On the bottom line, before finalizing a policy, make sure you get insurance quotes from several insurers. 

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