Progressive vs. Geico
I have a 2024 Tacoma and a 2022 Mazda 3 shared between my wife and me. We’re currently with Geico, and our rate is $1,686 every six months. I just used Progressive’s online calculator, and it quoted me $890 for the same coverage period. I matched the coverage as closely as I could. How is it possible for the difference to be so significant?
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It’s definitely surprising to see such a big difference in quotes! There are a few reasons why Progressive’s rate might be significantly lower than Geico’s:
Risk Assessment: Each insurance company has its own method for assessing risk. Factors like your credit score, driving history, location, and the specific vehicles can all lead to varied rates. Progressive might have a different model that sees you and your cars as less risky.
Discounts: Progressive may offer more discounts or have a different approach to applying them. Things like bundling insurance, safe driver discounts, or even loyalty discounts can greatly affect your premium.
Coverages and Deductibles: Even if you matched the coverages, double-check the details on deductibles, limits, and any optional coverage (like roadside assistance or rental reimbursement). Small differences in these can lead to large discrepancies in price.
Market Competition: Insurance companies frequently adjust their rates to stay competitive. If they’re looking to increase their market share or bring in new customers, they may offer lower initial rates.
Promotional Offers: Sometimes, insurance companies run promotions or have introductory rates for new customers that can make their quotes significantly lower initially.
It could be worth switching to Progressive, especially if the coverage is comparable. However, consider contacting Geico to see if they can match the new rate or provide any additional discounts. It’s always good to compare and negotiate to get the best deal!