I just found out that when I tried to replace my Progressive auto insurance policy for my 2022 Polestar 2 in Oregon, the quote came back with a staggering 2x increase in premium. I’ve been with Progressive for three years, consistently paying a competitive rate of around $90-100 per month. Curious about the difference, I did a “what if” scenario and recreated my policy with the same coverage options, but this time I didn’t enter my VIN or lessor details.
To my shock, the new quote jumped from $491 for six months to $1124 for the same period. Has anyone else experienced such a dramatic increase? What could cause this?
There are a few reasons why you’re seeing such a significant increase in your premium quote when trying to replace your Progressive policy, even with the same options:
Customer Loyalty Discounts: Insurance companies often provide discounts to long-term customers. Since you’ve been with Progressive for three years, your current policy might include loyalty discounts that would not apply to a new policy quote.
Rate Changes: Insurance companies frequently adjust their rates based on a variety of factors, such as claims history, state regulations, and overall market conditions. It’s possible that Progressive has increased their rates since you initially took out your policy.
Driving Record: Your driving record is a major factor in determining insurance premiums. If there have been any changes in your record (even minor) since you first obtained insurance, this could influence your quote.
Credit Score: In many states, insurance companies use credit scores as a factor in determining premiums. If your credit score has changed, it could lead to a difference in your quoted rate.
Coverage and Deductible Changes: Even small differences in coverage options or deductibles can lead to significant changes in premiums. Ensure that you’ve selected exactly the same coverage levels.
VIN and Lessor Information: Providing the VIN and lessor information can also affect the quote. This information can alter the risk assessment process; for example, if the vehicle is considered high-risk or if there are specific requirements for leases.
Geographic Considerations: Sometimes, specific details about your location (like crime rate, accident frequency, etc.) can affect premiums. If there have been changes in your area or if you entered a different zip code during your quote process, this might lead to a higher rate.
It may be worth contacting Progressive directly to discuss the significant difference in quotes. They can help clarify the reason for the increase and explore any available discounts. Additionally, you might want to shop around with other providers to see if you can find a better rate.