Progressive vs. Geico
I own a 2024 Tacoma and a 2022 Mazda 3 between my wife and me. Right now, I’m with Geico, and my premium is $1,686 for six months. I recently decided to check Progressive’s online calculator, and it came out to just $890 for the same coverage period. How is it possible for the price to be that much lower?
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It’s quite common for insurance rates to vary significantly between providers, even for similar coverage. Several factors could explain the difference in your quotes:
Rate Calculation Differences: Each insurance company has its own formula for calculating rates, which includes various risk factors, underwriting guidelines, and company-specific discounts.
Discounts: Progressive may offer discounts that you haven’t utilized with Geico, such as bundled policies, safe driver discounts, or loyalty rewards.
Market Strategies: Insurers often adjust their pricing strategies based on market conditions, competition, and overall business goals. Progressive may be trying to attract new customers, which can lead to lower introductory rates.
Claims History and Risk Assessment: Depending on your driving record and other personal factors, Progressive might view you as a lower risk than Geico does, resulting in lower premiums.
Coverage Options: Even if you’ve matched coverage as closely as possible, there could still be differences in policy terms, limits, or exclusions that affect pricing.
It’s a good idea to contact Geico and see if they can match or offer a more competitive rate, especially if you’re considering switching. You could also review your coverage needs to ensure you’re getting the best protection for your budget.