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Progressive review: National carrier with low rates for auto, homeowners, and life insurance

Progressive logo on Personal Finance pattern background 4x3

Progressive insurance pros and cons

Pros Cons
  • National presence
  • Low rates
  • Discounts for bundling insurance products
  • Not ranked high in customer satisfaction 

Progressive auto insurance review

Progressive Auto Insurance has been around since 1937. It ranked #17 out of 18 for auto claims satisfaction in J.D. Power’s auto claims satisfaction survey. Progressive is available nationwide.

Progressive Auto Insurance offers “Name Your Price” insurance options (pick a premium you want to pay, and it will show you options in your budget) and “Snapshot” safe driver programs. The carrier also has discounts for bundling auto and home insurance and good student drivers.

There are four types of insurance coverage: liability insurance (required by most states), comprehensivecollision, and full car coverage. If you lease or finance your car, your lender may require comprehensive and collision coverage.

The difference between the various coverage types is outlined in the table below:

Damage Comprehensive Collision Liability Full
Theft Yes No No Yes
Vandalism Yes No No Yes
Fire Yes No No Yes
Natural disaster Yes No No Yes
Falling objects (tree) Yes No No Yes
Animal damage Yes No No Yes
Collision/accident No Yes No Yes
Rollover No Yes No Yes
Bodily injury/medical bills No No Yes Yes
Physical damage No No Yes Yes
Property damage No No Yes Yes
Uninsured motorist No No Yes Yes

Progressive homeowners insurance review

Progressive Homeowners Insurance didn’t make the list for J.D. Power’s homeowners insurance customer satisfaction survey. 

Progressive Homeowners Insurance offers homeowners, condo, renters, and mobile home insurance. It also offers flood insurance and home warranties. It gives discounts for home security systems, automatic sprinkler systems, bundling your auto and homeowners insurance, and a new home.

Homeowners insurance protects your dwellingpersonal belongings, and offers personal liability coverage for injuries that happen on your property. Standard homeowners insurance looks like the table below, but coverage varies depending on your provider:

Coverage Included with homeowners insurance?
Dwelling/structure Yes
Personal liability Yes
Personal belongings Yes
Loss of Use (additional living expenses) Yes
High-end electronics/special jewelry Limited, requires add-on*
Equipment breakdown Yes
Electrical outage Yes*
Service lines Yes*
Cyber liability Yes*
Water damage Yes
Flood No**
Wind or hail Yes, but not high winds***
Earthquake No*
Pets Yes*

*Available as add-on coverage if not part of policy

**Flood insurance is available through the NFIP and approved insurers

***If you live in hurricane or tornado areas, additional windstorm rider may be required

Progressive life insurance review

Progressive Life Insurance didn’t make the list for J.D. Power’s life insurance customer satisfaction

Progressive Life Insurance offers offers term and permanent life insurance products. The term life products offered are level term, final expense, and short-term RAPIDecision no medical exam policy (simplified issue). The permanent life insurance products offered are whole life and universal life.

There are two types of life insurance: permanent life and term life. Term life insurance lasts for a specified period. When it’s up you can reapply for coverage, but the premiums most likely will go up as you age.

Permanent life insurance never expires, has a death benefit for your beneficiaries, and a cash value that you can use during your lifetime. Some financial advisors recommend a combination of term and permanent life insurance.

Types of term life insurance Types of permanent life insurance
Level premium Whole life
Annual renewal (ART) Universal life
Return of Premium Guaranteed Universal
Convertible Indexed Universal
Group life insurance Variable life
Guaranteed issue Variable universal life
Simplified issue  
Final expense

Progressive insurance vs. the competition

Here’s how Progressive Life Insurance compares to other national insurance providers.

 
Progressive insurance logo
Progressive

GEICO
nationwide
Availability  National presence National presence National presence
Types of insurance offered Auto, homeowners, life Auto, homeowners, life Auto, homeowners, life
Claims and customer satisfaction 
  • Ranked #17 in J.D. Power’s auto claims satisfaction 

 

  • Ranked #8 in J.D. Power’s auto claims satisfaction
  • Ranked #9 in J.D. Power’s auto claims satisfaction
  • Ranked #14 in J.D. Power’s homeowners insurance customer satisfaction
  • Ranked #2 in J.D. Power’s life insurance customer satisfaction

Is Progressive trustworthy?

We checked the NAIC Complaint Index for complaints against Progressive Life Insurance. Progressive has relatively few complaints filed against it compared to other top insurers.

Progressive’s financial stability is strong, with an A.M. Best’s rating of A+ (Superior).

Read the original article on Business Insider

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