- A+ (Superior) financial stability ranking from AM Best.
- The Name Your Price tool can help you find the right coverage for your needs.
- The company doesn’t underwrite its homeowner and life insurance policies.
Progressive Insurance was founded in 1937 in Cleveland to sell auto insurance. As of 2021, it is the third-largest writer of car insurance policies in the U.S. and offers homeowners, dental, life, travel, and health insurance in all 50 states and the District of Columbia through its underwriting partners. It also offers a range of financial services, including online checking and personal loans, plus an extensive range of services for commercial enterprises.
Progressive reviews from third-party agencies are mixed. The company has stellar rankings with agencies that monitor financial stability, including an A+ (Superior) designation from AM Best. J.D. Power ranks Progressive near the bottom of the list for auto insurance customer satisfaction in the 2021 U.S. Auto Claims Satisfaction Study. Homeowners satisfaction scores for ASI Progressive fall below average for the industry as well, but the company receives strong scores for digital insurance experience, ranking in second place for the quality of their digital tools.
Progressive insurance sells policies through the U.S. but does not underwrite its homeowners or life insurance policies. Progressive partners with third-party insurers for these products, so your experiences may vary depending on policy type and underwriting company.
Progressive Insurance Overview
|J.D. Power Customer Satisfaction Score J.D. Power scores are based on surveys for customer satisfaction and product quality.||AM Best Financial Strength AM Best rates insurance providers creditworthiness. Ratings are based on the provider’s ability to follow through with a payout when a consumer files a claim.|
|Pin Auto Insurance||862/1,000||A+ (Superior)|
|Pin Home Insurance||821/1,000||A+ (Superior)|
|Pin Life Insurance||N/A||A+ (Superior)|
Progressive Auto Insurance
Progressive offers a range of auto coverage options, including liability, collision, comprehensive, medical payments, and uninsured motorist coverage. Additional coverages include loan/lease payoff, rental reimbursement, custom parts and equipment, rideshare, and roadside assistance. An unusual option Progressive offers is the Deductible Savings Bank, which subtracts $50 from your collision and comprehensive deductibles for every claim-free and violation-free six-month period, which could eventually mean your deductibles drop to $0.
Progressive car insurance has a robust list of discounts that may lower your rate. Most of these are common to all auto insurers: bundling, multi-car, good student discount, and one for obtaining an online quote, among others. Progressive’s Snapshot safe driver program, which uses an app to give the company real-time information on your driving behaviors, may save drivers an average of up to $146 a year.
One nice feature for quoting with Progressive is the company’s Name Your Price Tool — available on its website. It allows you to input some basic information and then tell the tool how much you’d like to pay for your policy. It will show you what coverage is available at that price point. You can adjust coverage options to find the best intersection between your insurance needs and your budget.
Strengths: Progressive might cover vet bills if a pet is injured in a car accident and you carry collision coverage; accident forgiveness for large claims if you’ve been a customer for five years and have been accident-free (and violation free for three years); Name Your Price Tool helps make quoting easy; could be a good choice for high-risk drivers as it offers SR-22s.
Restrictions: Quote tool may require a soft credit check before giving coverage estimate; customer satisfaction rankings with J.D. Power are below average.
Discounts: Loyalty discounts and safety discounts.
Progressive Home Insurance
If you are looking for the best homeowners insurance, it may be helpful to include ASI Progressive in your comparison. Progressive home insurance is available for a range of property types, including condos, renters, and mobile homes. The company will also facilitate the purchase of flood insurance, offer home warranty plans, and provide optional Progressive Home Security by SimpliSafe, a security and monitoring system that you can easily install in your home.
Progressive’s standard home insurance policy helps cover your dwelling, other structures, and your possessions. It also extends liability, loss of use, and medical payments coverage up to policy limits, in the event of a covered loss. Optional coverages include water backup and personal injury, which covers legal fees and additional damages if you are facing a libel lawsuit or other legal issues stemming from an incident on your property or in your home.
Progressive offers some common home insurance discounts, including ones for safety and alarm systems, bundling, and obtaining quotes in advance. It also offers a single deductible if you bundle your homeowners and auto insurance with Progressive and ASI. Progressive’s underwriters also have a contractor network that you can access if you need repairs, which may save you money in the long run.
Strengths: Homequote Explorer feature lets you compare home insurance quotes from multiple providers; offers a range of discounts.
Restrictions: policies are underwritten by other insurers and managed by Progressive, so your experiences may vary; customer satisfaction scores are below average in 2021 J.D. Power studies; limited optional coverages available.
Discounts: Obtaining a quote in advance, a new purchase, new home construction, and bundling, among others.
Progressive Life Insurance
Progressive offers five options for life insurance: term, final expense, short term, whole life, and universal life. These all fit into one of the two main categories of life insurance: term and whole life. The company’s term policy offers coverage for 10, 15, 20, or 30 years. The short-term policy is less common in the industry: one year of coverage that helps if you have a temporary gap that needs to be filled or if you are not interested in committing to a longer-term policy. Progressive does not require a medical exam for this type of policy, so you may be able to get coverage quickly.
Progressive’s permanent life insurance options may also meet your long-term life insurance needs. Whole life provides coverage for the rest of your life, as long as you pay the premium, while also building up a cash value you can borrow against. Universal life is similar but offers more flexibility. Final expense insurance is designed to cover funeral costs or other expenses, with coverage options typically ranging from $5,000 to $35,000.
Strengths: Offers a range of coverage options, including one-year policy and final expense insurance; flexible payment plans with some policies.
Restrictions: Most plans require a medical exam.
Frequently Asked Questions
In 2015, Progressive purchased the homeowners insurance company American Strategic Insurance (ASI). Since Progressive only underwrites its auto insurance policies, the merger allowed the company to have a competitive role in the homeowners insurance sector of the market. With the acquisition of ASI, Progressive became one of the top ten writers of homeowner policies in the U.S.
Progressive is in second place in J.D. Power’s 2021 Digital Experience Survey, indicating that the company’s digital tools are helpful for policyholders. You can get a quote, file a claim, and manage your policy online. Its mobile app is available at the App Store, where it has a 3.4 rating, and Google Play, where it’s received a rating of 4.1.