Progressive vs Geico
I own a 2024 Toyota Tacoma and a 2022 Mazda 3, which belong to my wife and me. Right now, I’m with Geico and paying $1,686 for six months of coverage. I just tried out Progressive’s online calculator, and it’s offering a rate of $890 for the same six-month period. I made sure to match the coverage as closely as I could. How is it possible that there’s such a huge difference in price?
It’s definitely surprising to see such a significant difference in quotes between Progressive and Geico, especially when you matched the coverage levels closely. Here are a few reasons why Progressive might be offering you a lower rate:
Pricing Models: Different insurance companies have different algorithms and pricing models to determine rates. They consider factors such as your driving history, credit score, location, and even the specific vehicles you’re insuring. Progressive might have a pricing structure that is more favorable for your situation.
Discounts: Progressive might be offering specific discounts that you didn’t qualify for with Geico, such as multi-policy discounts, safe driver discounts, or loyalty programs.
Market Strategy: Insurance companies often have different market strategies. Progressive may be in a position to offer lower rates to attract new customers or to grow their market share.
Coverage and Deductibles: Ensure that the coverage limits, deductibles, and any additional features (like rental car coverage or roadside assistance) are aligned between the two policies. Sometimes a slight difference in coverage can lead to significant price changes.
Promotions and New Customer Offers: Progressive may have current promotions for new customers that are not available with Geico.
It might be worth reaching out to Geico to see if they can match or better the quote you received from Progressive. Just make sure to carefully review the policy details and any potential differences in coverage.