I just went through the process of replacing my Progressive policy for my 2022 Polestar 2 in Oregon, and I was shocked to find that my premium nearly doubled.
I’ve been with Progressive for three years, and I’ve always enjoyed a decent rate—around $90 to $100 per month. Recently, I was curious about why my rate was lower than what I’ve heard from others, so I decided to run a “what if” quote on their site, using the exact same coverage options as my original policy. The only changes I made were leaving out the VIN and the lessor information.
To my surprise, the quote came back with a staggering increase—from $491 for six months to $1,124 for the same coverage.
Has anyone else experienced something like this? Any insights on why my premium would jump so significantly?
There are a few reasons why you might see such a significant increase in your premium when getting a new quote, even for the same policy. Here are some possibilities to consider:
Claim History: If you’ve had any claims or incidents in the past three years, even if they weren’t your fault, it could affect your premium. Insurers often review your driving record and any recent claims when generating a quote.
Market Changes: Insurance rates can fluctuate based on overall market conditions. If Progressive has raised their rates recently due to increased claims costs or changes in risk assessments, this could explain the higher quote.
Policy Changes: Even if you selected the same options for coverage, slight differences in policy language or terms might lead to a higher quote.
Discounts: You may have been receiving certain discounts initially that are not being applied to the new quote (e.g., multi-policy discounts, safe driver discounts, etc.). Make sure to check if these discounts are available for your new quote.
Location and Risk Factors: If there have been changes in your area regarding theft rates, accidents, or other risk factors, it could impact your premium. Progressive might assess your risk differently when entering new information.
Data Variations: When you didn’t enter the VIN or lessor information, Progressive may have assumed a higher risk category when generating the quote. The VIN can provide specific details about the car that affect rates.
Update in Rating Factors: The company may have updated its risk assessment algorithms or rating factors, leading to different premiums for the same risk profile.
To get a clearer picture, you might want to contact Progressive directly to ask about the specifics behind the quote. They can provide insight into what factors contributed to the increase. Additionally, it may be worthwhile to shop around with other insurers to see if you can find a better rate.