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GEICO AND PROGRESSIVE: CAR INSURANCE

GEICO AND PROGRESSIVE

Geico is the second largest auto insurance company in the United States, founded in1936, with headquarters in Maryland. Geico provides coverage for more than 24 million motor vehicles. The insurance company sells policies through local agents, known as Field Representatives and also through their websites and over the phone directly to the consumer via licensed insurance agents. Geico controls 6.6% of the market and sells nearly 50,000 policies each year. The company has policies for homeowners and renters which covers property damage from fire, wind, water damage.

Types of coverage

  • Motorcycle insurance
  • RV insurance
  • Commercial vehicle insurance
  • Boats and personal watercraft insurance
  • ATV insurance
  • Personal liability

The Progressive Corporation is one of the largest car insurance company in America established in 1937 headquartered in Mayfield Village. Progressive has also expanded internationally, offering car insurance in Australia. It was the first  insurance company offering policies through the phone and website. The company provides coverage over 13 million policies. In 2007 Progressive started offering Pet Injury coverage, which provides coverage for dogs and cats and other animals that are injured by any crash.

Types of coverage

  • Motorcycle insurance
  • RV insurance
  • Collision insurance
  • Medical payments
  • Rental car insurance
  • Rideshare coverage
  • Home insurance

Millions of drivers choose Geico and Progressive for auto insurance as they are the largest insurance companies in the US. But there are different approaches of providing insurance of the companies. Both have long and different lists of coverage options of customizing policies. Geico does business online or by phone while Progressive has thousands of agents. Geico is $19 a month cheaper than Progressive, on average, for good drivers who can buy a full coverage policy. And for other drivers with poor credit are about $56 a month lower than  Progressive’s. But in Louisiana, Maryland, New Mexico and in 8 other states Progressive is cheaper than Geico. According to sources in 21 states Geico is cheaper than Progressive. Since rates vary so much by states and driver’s circumstances it is very difficult to know whether Progressive or Geico is cheapest. Both Geico and Progressive earned 3.5 stars ratings of best car insurance companies, Geico ranked 15th while Progressive ranked 19th out of 24 insurers. Progressive offers coverage in some states that are not available from Geico while Geico offers mechanical breakdown coverage that is not available from Progressive. Another big similarity is that both companies have websites and apps where drivers can manage their auto insurance policies online.

There’s almost no way to avoid car insurance, but you have a choice when it comes to which car insurance company you can use. Both the companies have its own advantages and disadvantages which have been elaborated. Both companies showed strong financial strength and are able to fulfill claims of customers. When you compare online reviews you can find both negative and positive reviews for both providers. Depending on what your individual needs are, you will find one company is more appealing than the other. Overall Geico scores and rates are higher in customer satisfaction, but you can’t overlook Progressive, so both auto insurance companies are highly recommended.

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