There are few insurance companies that are as popular as GEICO and Progressive. Auto, house, renter’s, and business insurance are just some of the many coverages offered by both firms. Both GEICO and Progressive have earned a solid reputation for providing competitive rates and a wide range of discounts that can be applied to your premium. After looking at a number of different insurance policies from both GEICO and Progressive, we determined that Progressive was the better overall option. If you’re looking for coverage and discounts, Progressive is your best bet. However, many buyers will find that GEICO’s policies are cheaper, while the coverage is limited. In this article, we will discuss the full comparison of Progressive vs. Geico auto insurance, motorcycle, and home, as well as the comparison with State farms.
Overview of Geico and Progressive
Since its founding in 1936, insurance provider Geico has called Chevy Chase, Maryland, home to its headquarters. Although the federal government and the military were the primary target markets for Geico’s insurance coverage at first, the company has since opened its doors to the general public. It offers car, home, renter, and small business insurance.
Established in 1937, Progressive Insurance has called the Cleveland area home since its inception. In addition to car insurance, the company offers coverage for other kinds of vehicles, as well as insurance in categories such as homeowners and renters, business, pet, and dental.
Progressive vs. Geico: Which Is Better?
Not only did we rank Geico higher than Progressive overall, but we also found that Geico performed better in several subcategories, including claims processing, likelihood of being recommended, and best for seniors. Our research found that Progressive ranked almost bottom in the categories of most likely to be recommended, top firms for customer loyalty, and best for seniors.
In a recent survey, 48% of Geico policyholders reported being entirely satisfied with the value they received from their insurance. However, this number dropped to 45% for those who had submitted a claim. About 43% of Progressive customers felt entirely satisfied with the value they obtained from the company, while 50% of Progressive customers who had filed a claim said they were completely satisfied.
We surveyed over 9,500 customers and analyzed vehicle insurance quotes to arrive at our comparison of insurers.
Your actual auto insurance premium may be more or less than the example rates we provide due to factors like your driving record, the type of vehicle you drive, your geographic region, and other factors.
Geico vs. Progressive: Coverage
The insurance policies of both Geico and Progressive are comprehensive. This means that the six most common forms of auto insurance coverage are all available from every carrier:
- Liability: Both bodily injury liability and property damage liability are subsets of liability auto insurance. If you cause an accident and are found at fault, this coverage will cover the costs of repairing or replacing the property and bodily harm sustained by the opposing party. In most states, you must carry liability insurance.
- Collision: Collision insurance pays for the costs of repairing your own vehicle after an accident or a flip. Animals are not included in the coverage’s exclusions.
- Comprehensive: Your comprehensive insurance will cover the cost of repairs if an animal, a natural disaster, or a fire destroys your car. If your car is stolen or vandalized, this insurance will help you replace it.
- Medical payments (MedPay): This policy will cover the cost of treating you and your passengers after an accident.
- Personal injury protection (PIP): This coverage pays for medical expenses for you and your passengers, as well as pain and suffering damages and compensation for lost wages if you cannot work due to accident-related injuries. It is required in many no-fault states.
- Uninsured/underinsured motorist (UM/UIM): In the event of a hit-and-run, your medical and repair bills will be covered under an uninsured motorist policy. It also protects you if the other driver is uninsured or has insufficient coverage to pay for all of the harm they cause. Some states mandate UM coverage.
Most drivers should have full insurance, but many simply have the legally required minimums. Approximately 25% of drivers have minimum coverage and approximately 67% have complete coverage, according to our team’s assessment of 1,000 auto insurance clients in 2022.
Progressive vs. Geico: Which Is Cheaper?
Affordable auto insurance is available from both Geico and Progressive. In general, Geico has cheaper rates, but for high-risk drivers, Progressive is the better option. Those who have received a DUI caused an accident, or received a speeding citation within the past several years are considered high-risk drivers.
|High-Risk Drivers (DUI)||Low-Risk Drivers (DUI)|
Of course, prices are different for each driver because of a variety of criteria, such as:
- Driving history
- Marital status
- Policy limits
- Credit score (in some states)
In addition, getting auto insurance quotes from Geico and Progressive is the only way to determine which one will be more cost-effective for you. Your eligibility for discounts will determine which insurance will be the most cost-effective for you.
Progressive vs. Geico: Discount
Although Geico and Progressive both provide opportunities to save money, the specific reductions that each company provides vary slightly. The following is a detailed examination of the rebates made available by each service provider.
|Geico Discounts||Progressive Discounts|
In addition to its discounts, Progressive also provides a number of other ways to save cash. For example:
- Deductible savings bank: If you go a year without filing a claim or getting a ticket, your deductible for comprehensive and collision coverage drops by $50 (for an additional price, of course).
- Large accident forgiveness: After an accident, your Progressive premiums will not go up if you have been a policyholder for at least three years and have not had any other claims.
- Small accident forgiveness: If your first claim is for less than $500, Progressive will not increase your premiums.
Also, if you go a certain amount of time without filing a claim, Geico will automatically add accident forgiveness coverage to your policy at no extra cost. Specifics and states have different availability.
Progressive vs. Geico: Customer Experience
When it comes to customer service, Geico matched with three other firms for the No. 4 slot in the subcategory of best auto insurance for customer service. There are eight places where Progressive is in a tie for eighth.
Customers are equally as devoted to Geico as they are to the number-four company. Tenth place went to the Progressive camp. We found that 57% of Geico policyholders who took part in our poll were pleased with the company’s handling of their new policies, while 51% of policyholders who had submitted claims were also pleased.
While 57% of individuals who had filed a claim were satisfied with Progressive’s new policy process, 58% of those who hadn’t indicated their satisfaction with the firm.
When asked how satisfied they were with Geico’s customer service, 50% of customers who hadn’t filed a claim gave the company a perfect score, whereas just 47% of customers who hadn’t filed a claim gave the same rating to Progressive. But more Progressive customers (55%) than Geico customers (52%), who filed claims, reported being entirely satisfied with the ease with which they could reach customer support.
Geico vs. Progressive: Usage-Based Insurance Comparison
Today’s insurance providers offer cutting-edge online resources to help policyholders save money on auto coverage because they recognize the growing importance of digital channels. In this category are telematics programs, which analyze your driving patterns. These programs can have an impact on the cost of your insurance and function with the use of an app or small gadget that is placed in your car to harvest real-time data on your driving skills. With the help of the telematics program, you may be able to get a lower premium if you can demonstrate that you are a safe driver.
It is crucial to weigh the benefits of telematics programs against the possibility of a rate increase before deciding whether or not to enroll.
|Geico DriveEasy||Progressive Snapshot|
|Telematics device||iOS or Android app||iOS or Android app; or plug-in device|
|Monitored driving factors||Braking, accelerating, time of day, mileage, use of mobile phone, and speeding||Braking, accelerating, time of day, mileage, use of mobile phone and speeding|
|Potential impact on rates||May increase your rate||May increase your rate|
|Potential discount||Varies||Average annual savings of $156|
|Availability||Available in 33 states and Washington, D.C.||49 states (except California)|
Does Progressive Raise Rates After 6 Months?
Progressive Insurance, like many other insurance companies, evaluates various factors when determining policy rates. While they might not have a fixed policy of raising rates after exactly 6 months, insurance premiums can be adjusted periodically. Rate adjustments can occur for several reasons, such as changes in driving history, claims filed, location, or even updates in the company’s overall pricing strategy.
Insurance companies regularly review their policyholders’ information to ensure that rates reflect the current risk profile accurately. This means rates might change at renewal, which typically occurs every six months. However, the specific rate adjustments and their timing can vary based on individual circumstances and regional regulations.
It’s important to review your policy documents and communicate directly with Progressive Insurance to understand how their rates might be adjusted in your specific situation, as policies and regulations can change over time. Stay informed about your coverage to make well-informed decisions regarding your insurance needs.
Why Does Progressive Do 6-Month Policies?
For the same reasons that other insurance providers provide 6-month coverage, so does Progressive. The capacity to adjust rates to reflect shifts in risk factors, including driving histories, accident rates, and other factors, is crucial. Because of this, the corporation can efficiently respond to shifting market conditions and consumer preferences. Shorter policy terms also give the insurer and policyholder more leeway to make changes.
Customers can reevaluate their coverage needs on a more regular basis, and insurers can maintain a competitive edge by modifying premiums in real-time. In addition, insurers may better manage their finances with the support of a steady income flow provided by 6-month plans. Insurers are able to more regularly reassess the risk profiles of their clients because of the shorter policy duration, which may result in more precise pricing. All these reasons add up to why so many insurance companies provide plans with a 6-month duration.
Progressive vs Geico: Auto Insurance
When it comes to auto insurance, Progressive comes in at third and GEICO at second. The average monthly auto premium for GEICO is $156, with Progressive’s at $162.
|Market share (%)||Second largest auto insurer: 13.56%||Third largest auto insurer: 13.26%|
|Average monthly auto premium||$156||$162|
GEICO started off as the Government Employees Insurance Company for government employees and the military in 1936. It expanded its services to the public somewhat thereafter. It became a wholly-owned subsidiary after Warren Buffett’s Berkshire Hathaway acquired it in 1996.
Also, it is available in all 50 states and DC. GEICO ranked #13 in J.D. Power’s auto claims satisfaction survey and is placed #3 in Insider’s guide to the best car insurance carriers. The first issue of Progressive appeared in 1937. In a survey of 18 different auto insurance providers, it received a ranking of #17. The availability of Progressive is nationwide.
When comparing monthly premiums, discounts, and overall customer happiness, GEICO ranks head and shoulders above the competition.
Geico vs. Progressive: Auto Insurance Features and Discounts
|Snapshot — A telematics-based system that adjusts your premium in real time while you drive.||Set Your Own Price — You can discover how much coverage you can afford by setting your own premium.|
|Anti-lock brakes — Anti-lock brakes installed by the manufacturer are eligible for discounts of up to 5%.||Snapshot — A telematics-based system that adjusts your premium in real-time while you drive.|
|Protection against theft — Discounts as high as 23% are available for those who purchase an anti-theft device for their car.||Group insurance discounts — Combine multiple insurance policies, such as car and home, and save money.|
|New automobile — Save as much as 15% on vehicles that are three model years old or newer.||Good student discount — If your child keeps an A-average or higher, you will be eligible for a discount.|
|Good motorist — If you go five years without filing an insurance claim, you might save up to 22%.||Bank account deductions — For each policy period without an accident or infraction, drop $50 from your comprehensive or collision deductible.|
|Military — Receive up to 15% off for military and up to 25% for emergency deployment.||Accident forgiveness — When it comes to accidents, Progressive offers both a “small accident forgiveness” and a “large accident forgiveness” scheme.|
Progressive vs Geico: Home Insurance
In disaster-prone areas, where homeowners may file many claims in a single year, even the cheapest homeowner’s insurance coverage will be of little use if the insurer has a bad reputation for customer satisfaction.
When it comes to market share, Progressive ranks as the tenth-largest homeowner’s insurance provider. In contrast to its dominance in the vehicle insurance industry, GEICO is a minor participant in the house insurance sector.
According to J.D. Power’s study of house insurance providers, GEICO ranked dead last in customer satisfaction. Even more telling is the fact that Progressive, the tenth largest homeowners insurance provider, did not make the cut in J.D. Power’s customer satisfaction survey.
Geico vs. Progressive: Home Insurance Features and Discounts
|Home security systems: Receive a discount if you have a home security system installed.||Flood insurance: separate optional coverage for homeowners who live in flood zones|
|Flood insurance: Flood insurance is separate coverage and required if you live in a flood zone.||Smoke detectors or fire extinguishers — Save money on your policy if you have these in your home.|
|Smoke detectors or fire extinguishers — Save money on your policy if you have these in your home.||Home warranty — Optional coverage that repairs or replaces home appliances.|
|Bundling policies — Get a discount when you bundle your auto and homeowners insurance.||Safety and alarm discount — Receive a discount for burglar and fire alarms as well as safety features like automatic sprinklers, security systems, and cameras.|
|New home discount — Earn a home insurance discount if you’re purchasing a new home or switching from a current renters insurance policy.|
Progressive vs Geico Motorcycle Insurance
There’s always talk about which insurance company is better, Progressive or GEICO. These insurers offer full protection for your home, auto, and property.
You can get motorcycle insurance from both GEICO and Progressive, which you may have noticed if you ride. Which insurance provider offers the best plans? Is there a noticeable pricing difference between the two? Also, read MOTORCYCLE INSURANCE PROGRESSIVE: Coverage, Cost & More.
Progressive vs Geico: Motorcycle Insurance Benefits
Motorcycle insurance must be handled on an individual basis. Although many people share some of the same cycling habits as you, the way you ride is unique.
So, whenever you’re in the market for new insurance coverage, be sure to get a quote first. Based on your unique set of circumstances, the insurer will provide a risk profile and quote.
Examining the coverage options and discounts that each insurer provides for bikers is essential when deciding between Progressive and GEICO.
|Benefits of GEICO||Benefits of Progressive|
|If you have a policy, you can use the website’s live chat function to get your questions answered right away.||There are a number of tools and resources available online to help you get motorcycle insurance that will adequately safeguard your possessions.|
|Several low-cost GEICO motorcycle insurance policies are available. This business has products and services that appeal to a wide range of consumers.||Each policy has the option of adding extra coverage, such as towing, roadside assistance, and specialized parts.|
|Discounts are available for federal employees, military personnel, and others to keep prices down.||Motorcyclists who need an SR-22 or who are considered high-risk now have more coverage alternatives.|
Because of all the discounts they offer, young riders should get insurance through GEICO. You can get 10% off your policy if you complete a recognized safety course.
If you ride a custom motorcycle, Progressive is your best bet. The plans give coverage for full replacement expenses, ensuring that your aftermarket add-ons are returnable to their original state if you have a legitimate claim. In addition, depreciation is not accounted for in this price.
Progressive vs Geico: Motorcycle Insurance Disadvantages
When looking for an insurer, riders should keep in mind that for every perk they may find, there are drawbacks that may affect the policy’s price or quality.
These are the key differences between Progressive and GEICO that you should consider while making your final decision.
|Disadvantages of GEICO||Disadvantages of Progressive|
|When compared to other types of auto insurance, savings for motorcyclists are scarce.||Not all plans and services are offered in every state in the USA. The choices available depend on the state.|
|For younger motorcyclists (those under 25 years old), full coverage (comprehensive, collision, and liability) insurance costs around the same as it does for some automobiles.||When compared to automobile owners, bikers do not have access to all of the claim choices.|
|GEICO’s insurance policies are typically of low quality and coverage.||Policies are more expensive than those of other insurers when no discounts apply to the coverage.|
In most cases, GEICO will offer a lower premium and have somewhat higher marks for customer service. High-risk riders and those with usage-based insurance requirements have more choices with Progressive.
Get free quotes from both companies to compare pricing depending on your specific needs before making a final decision. The vehicle identification number (VIN) or motorcycle model information is required to proceed.
Geico vs Progressive vs State Farm: Full Comparison
Comparing GEICO, Progressive, and State Farm provides a comprehensive view of their offerings. GEICO, known for competitive rates and catchy advertising, appeals to price-conscious customers. They offer a variety of discounts and a straightforward claims process, making them popular among budget-minded consumers. Progressive, recognized for innovation, provides unique features like the Name Your Price® tool and Snapshot® program, catering to tech-savvy users. They emphasize user-friendly online tools and mobile apps for convenient policy management. State Farm, one of the largest insurers in the U.S., offers a wide range of coverage options and personalized service through local agents. Their extensive network of agents provides a personal touch, appealing to customers who prefer face-to-face interactions. State Farm also offers various discounts and additional services, like banking and investment products.
When choosing among GEICO, Progressive, and State Farm, it’s crucial to consider factors such as pricing, coverage options, customer service, and overall reputation. Customers should obtain quotes from each company, compare coverage details, read reviews, and assess customer satisfaction ratings. Additionally, evaluating the ease of filing claims, available discounts, and the availability of local agents can help individuals make informed decisions based on their unique preferences and needs.
Why Are Geico Rates So High?
GEICO’s insurance rates can vary based on several factors, and what one person might consider “high” could be different for another individual. The driver’s age, location, driving history, vehicle type, coverage options, and even the state of the insurance market as a whole all have an impact on insurance rates.
Several reasons could contribute to GEICO rates being perceived as high:
- Individual Factors: If a driver has a history of accidents, traffic violations, or other high-risk behaviors, their insurance premium is likely to be higher. GEICO, like other insurers, calculates rates based on these risk factors.
- Coverage Options: The level of coverage chosen significantly affects the premium. More extensive coverage with lower deductibles tends to result in higher premiums.
- Location: Rates can vary based on the area where you live. Urban areas with higher traffic congestion and a higher incidence of accidents may have higher premiums.
- Type of Vehicle: The make and model of your car can impact your insurance rates. Expensive or high-performance vehicles may cost more to insure due to repair costs and theft rates.
- Market Conditions: Broader market factors, such as the state of the economy, changes in regulations, and the total cost of claims incurred by the insurance company, can also have an impact on insurance rates.
It’s essential to shop around, obtain quotes from multiple insurance providers, and consider different coverage options to find the most competitive rate that suits your needs. Additionally, maintaining a clean driving record and exploring available discounts can help reduce insurance costs.
Can I Trust Progressive?
Yes, Progressive is a well-established and reputable insurance company with a long history in the industry. As one of the largest auto insurers in the United States, many customers trust Progressive for their insurance needs. However, whether you can trust Progressive or any other insurance company ultimately depends on your individual experience, specific policy terms, and customer service interactions.
When looking for auto insurance, two of the best companies to choose from are Geico and Progressive. Most policyholders may save money with Geico, and the company also has somewhat superior customer satisfaction ratings. However, usage-based insurance is easier to come by through Progressive and they have wonderful options for high-risk drivers. When making a purchase, it is advised that you check both of their prices.
Progressive vs Geico FAQs
What type of insurance is best for car?
Comprehensive auto insurance is the best option because it protects not only the other driver and their vehicle (as with Third-Party insurance) but also the policyholder in the event of an accident.
Who is Progressive biggest competitor?
When it comes to auto insurance, State Farm has the largest share of the market. The next three largest corporations are Progressive, Geico, and Allstate, respectively.
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