Progressive Insurance is the third largest auto insurance company in the United States, with flexible solutions like usage-based insurance and rideshare insurance that appeal to a broad spectrum of drivers.
According to our progressive insurance analysis, company full coverage premiums for excellent drivers are about 19% lower than the national average. Progressive is consistently ranked as one of the best auto insurance companies in the country based on industry evaluations.
However, is a progressive insurance program worth the money? In this article, we'll review Progressive insurance coverage options, examine who Progressive would be a good fit for, and compare it to other popular options.
What is progressive insurance?
Progressive Corporation is an American insurance company that is the third largest insurance company and the largest commercial auto insurer in the country. As a corporation co-founded by Jack Green and Joseph M. Lewis in 1937, its headquarters are in Mayfield Village, Ohio, USA.
The company covers passenger cars, motorcycles, recreational vehicles, trailers, boats, personal watercraft, and commercial vehicles. Progressive also offers home, life, pet and other insurance options through a network of trusted providers. Having expanded globally, Progressive now offers motor insurance in Australia.
The company is ranked 74th on the recently released Fortune 500 list of top United States corporations.
Experts have given Progressive significant ratings, including an A+ financial strength rating from AM Best and an A+ rating from the Better Business Bureau (BBB). Customer feedback on progressive insurance is mixed.
History of progressive insurance
In an attempt to provide safety and security for automobile owners, Joseph Lewis and Jack Green founded Progressive Mutual Insurance Company on March 10, 1937.
Both were lawyers who believed that creating an insurance company would be a worthwhile investment. 80 years in the line of business, his gamble seems to have paid off.
Progressive, as the name suggests, is all about discovering new and inventive methods to improve the auto insurance marketplace. It was the first auto insurer to provide a drive-in claims service, and it was also the first to allow customers to pay premiums in installments instead of annual payments.
In the 1950s, the company's rapid growth prompted a relocation to new offices in downtown Cleveland. Following the death of Joseph Lewis in 1955, Jack Green became CEO of Progressive and Joseph's son Peter began a prosperous career with the company.
He immediately began looking for ways to further distinguish Progressive in the marketplace. In 1956, his efforts resulted in the formation of the Progressive Casualty Company, a company that sought to write auto insurance for high-risk drivers.
In 1965, the Progressive Corporation was formed due to further growth and expansion in the early 1960s.
Still, in the same year, Peter Lewis was appointed CEO, a position he held for 35 years until Glenn Renwick took over in 2000. Tricia Griffith, the current CEO, and the Chairman took over from Renwick in 2016.
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Progressive was the first major auto insurer in the world to develop a website. In an innovative step, the site launched in 1995, and by 1996, consumers could compare prices online.
Just one year later, customers were able to purchase progressive auto insurance coverage online in real time.
In 2021, the insurer has a successful direct-to-consumer business, supported by a variety of 24/7 digital tools such as online policy service and management, online claims reporting, a rate scoreboard (a comparison tool), an independent agent finder, chatbots and an instant quote service.
Advantages of progressive insurance
- Provides customizable auto and home insurance coverage.
- In addition to providing a variety of qualifying discounts, auto insurance discounts are among the best on the market.
- Customers can take advantage of a variety of easy-to-use online tools and information.
- AM Best's above-average rating indicates the company's strong financial health.
Cons of Progressive Insurance
- According to JD Power ratings, auto and home insurance policies rank below the industry average in terms of claims satisfaction.
- Compared to other providers, the possibilities of the life insurance policy are limited.
- Provides just a few supplemental homeowners insurance coverage options.
- The NAIC's complaint rate reveals a disproportionately high number of complaints about many of its insurance products.
