Progressive vs. Geico: A Surprising Discovery
I own a 2024 Tacoma and a 2022 Mazda 3 for my wife and me. Right now, I’m with Geico, paying $1,686 for six months of coverage. I recently decided to try out Progressive’s online calculator, and it quoted me just $890 for the same six-month term. I made sure to match the coverage as closely as I could. How is it possible for there to be such a huge difference in price?
Progressive vs geico
It’s quite common for insurance premiums to vary significantly between companies, even for similar coverage. Here are a few reasons why Progressive might be offering you a lower rate:
Different Risk Assessments: Insurance companies use various algorithms and data to assess risk. Progressive might view your driving history, location, or vehicle types as lower risk compared to Geico.
Discounts & Promotions: Progressive might be offering specific discounts or promotions that could apply to your situation, such as multi-car or safe driver discounts.
Pricing Strategies: Each insurer has its pricing model based on their target market and customer demographics. Progressive might be aiming to attract new customers with more competitive rates.
Claims Experience: The insurance company’s past claims experience can influence pricing. If Progressive has had fewer claims for similar profiles, they may offer lower rates.
Coverage Options: Even minor differences in coverage details or deductibles can result in a price change. Double-check that all the terms match exactly.
It might be a good idea to contact both companies and ask for a detailed breakdown of the coverage and factors affecting your premium. Additionally, you may want to consider how reputable each company is in terms of customer service and claims handling before making a switch.