Progressive vs Geico
I own a 2024 Tacoma and a 2022 Mazda 3, which I share with my wife. Right now, I’m with Geico, paying $1,686 for six months of coverage. I just ran the numbers on Progressive’s online calculator, and it’s showing $890 for the same six-month period with similar coverage. How is there such a significant difference in pricing?
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It’s not uncommon for car insurance quotes to vary significantly between different providers like Progressive and Geico. Here are a few reasons why Progressive might be offering a lower rate for your coverage:
Risk Assessment: Each insurance company has its own criteria for evaluating risk. Progressive may see your profile (age, driving history, credit score, etc.) as lower risk compared to Geico, which can lead to lower premiums.
Discounts: Progressive might offer specific discounts that you may not have received with Geico, such as multi-policy, safe driver, or good student discounts.
Coverage Options: Sometimes, even small differences in coverage can lead to significant changes in quotes. Ensure that the coverages and deductibles are truly matched between the two quotes.
Market Competition: Insurance companies constantly adjust their rates based on market conditions and competition. Progressive might be trying to attract new customers with competitive pricing.
Claims Experience: Different companies might have different claims processing reputations, which can affect rates. If Progressive has a strong reputation, they might offer lower rates to gain more business.
It’s always a good idea to shop around for car insurance periodically to ensure you’re getting the best deal. Just make sure to compare the coverage levels and customer service ratings as well, not just the price. If you think the Progressive quote offers better value, it might be worth considering a switch!