Progressive Home and Auto Insurance Review

FT Contributor  | 

You may already be familiar with Progressive Insurance Company due to its extensive commercials and advertisements for auto insurance. While the company is mostly known for car insurance, it offers other types of insurance policies through third-party providers, including homeowners, renters, and life insurance.

As a consumer, a comprehensive line of insurance is an important factor in protecting your financial assets. Learn more about the insurance policies you can purchase through Progressive in the following sections.

Progressive Auto Insurance

Progressive has an A+ rating with the Better Business Bureau and is rated as A+ for financial security through A.M. Best Company. The company offers standard auto insurance policies and the premiums are based on several factors, such as the customer’s driving history and vehicle safety features.

When you get an auto insurance quote from Progressive Insurance, you may qualify for premium discounts, such as the following:

  • Good student.
  • Additional insurance policies with Progressive.
  • Insuring multiple vehicles on the same policy.
  • Continuous insurance.
  • No previous accidents or violations.
  • Being a homeowner.
  • Receiving your insurance quote online.
  • Signing up for paperless policy document delivery.
  • Paying your six-month policy premium in full.
  • Setting up automatic payments each month.

When you look into auto insurance coverage for a new car with Progressive, you’ll need to buy at least the minimum insurance requirements in your state. The company offers additional coverage to help you build a more comprehensive policy, such as rental car coverage. Some available add-on coverages are discussed in the upcoming sections.

Gap Insurance

If you have a loan or lease on your car, gap insurance pays up to 25% over the value of your vehicle if it’s totaled in a covered loss. You can put these extra funds toward paying off the lease or loan balance. To qualify for gap insurance with Progressive, you must purchase a policy that includes comprehensive and collision coverage for your vehicle.

Custom Parts and Equipment Value

If you have custom parts or accessories you’ve added to your vehicle, custom parts and equipment value coverage pays you to replace these items when you’re involved in a covered loss.

Pet Injury Protection

When you opt for collision coverage on your Progressive auto insurance policy, pet injury protection coverage is automatically included. If your pet is injured during a covered collision loss, this coverage assists with veterinary bills and treatment for your pet.

Deductible Savings Bank

When you opt into the deductible savings bank program and carry both collision and comprehensive coverage, your deductible is lowered by $50 for every six months you remain claim-free. The program continues to lower your deductibles until they’ve reached $0.

Snapshot

To save money on your auto insurance premium, you can also sign up for the Snapshot program. Progressive sends you a device to plug into your vehicle’s computer system and it tracks your driving habits, including your speed, how often you drive, when you have to stop quickly, and the time of day you’re most likely to drive. If you’re seen as a low-risk driver, the company provides you with a discount when you renew.

Rideshare Insurance

In certain states, Progressive offers rideshare insurance, which covers you when you use a rideshare service. The auto insurance coverage you have on your regular policy carries over to you for the length of time the rideshare app is active on your smartphone, from ride acceptance to drop-off.

Progressive Homeowners Insurance

If you recently stopped renting and bought a home, you may be in the market for homeowners insurance. Progressive offers this coverage through third-party providers and the homeowners insurance rate you’re offered generally depends on the characteristics of your home and your financial and claims history.

A homeowners insurance policy protects your investment as a homeowner and is different from mortgage insurance, which protects your lender. You can use the Progressive website to receive a quote and you may be eligible for homeowners insurance discounts, including the following:

  • Multi-policy discounts, if you bundle both home and auto insurance with Progressive.
  • Discounts for paying your entire one-year policy premium up front instead of monthly.
  • Discounts for your home’s safety features, such as an alarm system or hurricane shutters.
  • A discount if your home has a new roof or is new construction.
  • Paperless policy document delivery discounts.
  • Setting up automatic payments.

You may also opt for additional coverage for your garage, shed, or other structures on your property.

Progressive Insurance Policy Options

Progressive Insurance offers several other types of insurance, discussed in the following sections.

Other Types of Progressive Insurance

In addition to auto insurance through Progressive, you may also be able to purchase additional policies through the company, including:

  • Motorcycle.
  • Personal watercraft.
  • Segway.
  • Golf cart.
  • Snowmobile.
  • ATV.

When you buy one of these policies, you may be eligible to opt-in for additional coverage and you may also qualify for premium discounts. For example, with a motorcycle insurance policy, you may be eligible for discounts if you:

  • Bundle other Progressive insurance policies with your motorcycle coverage, such as homeowners or RV insurance.
  • Haven’t had a motor vehicle accident or violation in the past three consecutive years.
  • Own a home, condominium, or mobile home.
  • Continue to make your premium payments on time.

It’s also important to review the additional coverages you may be eligible to add to your Progressive policy. For example, on a motorcycle insurance policy, you could qualify to add coverage for your gear and personal belongings, total loss coverage for a new motorcycle, or full replacement cost.

Third-Party Insurance Through Progressive

Progressive partners with other companies to offer a comprehensive line of insurance products. Some of the insurance policies you can purchase through third-party providers with Progressive include the following:

  • Flood.
  • Pet.
  • Health.
  • Auto coverage for driving in Mexico.
  • Renters.
  • Classic car.
  • Condominium.
  • Events.
  • Life.
  • Travel.
  • Identity theft.

There are various discounts associated with these third-party insurance policies. For example, if you purchase renters insurance, you may qualify for a discount if you:

  • Opt to receive policy documents electronically.
  • Receive your quote in advance, at least three days before the policy start date.
  • Pay your premium in full.
  • Live in a gated community.

You may also be eligible for a discount if you bundle your policy with another line of insurance through Progressive.

Is Progressive Good Insurance?

When deciding if Progressive adequately fits into your financial plan and strategy, it’s important to review the pros and cons you may experience as a customer.

Pros

  • You can purchase several different insurance policies through the same company.
  • Progressive offers various discounts and additional coverages.
  • You can manage your policy online and report a claim through the smartphone app.

Cons

  • You may not qualify for all discounts and additional coverages may not be offered in your state.
  • Progressive quotes higher rates for young or risky drivers.
  • If you’re not technologically savvy, you miss out on some features, such as online quoting, electronic policy document delivery, and the convenience of a smartphone app.

Before you decide to purchase insurance through Progressive, review your quote, including the discounts and coverage you’re eligible to receive. Insurance is crucial because it protects your financial assets so obtaining a comprehensive yet affordable policy is key.


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