Progressive vs. State Farm: Prices & Coverage (2022) – MarketWatch | CarTailz

Deciding between Progressive vs. State Farm for auto insurance depends on your specific coverage needs. In our 2022 study, we ranked State Farm first overall best car insurance Company, while Progressive was seventh.

At the Home Media review team, we’ve looked at each company’s industry reputation, average prices, coverage options, and customer service ratings to see how they compare. In this article, we’ll break down State Farm and progressive auto insurance policies to help you decide which is the right choice for you.

About progressive

According to the National Association of Insurance Commissioners (NAIC) Progressive is the third largest auto insurance company in the United States, behind State Farm and Geico. The company holds 13.7% of the market share and wrote more than $35.8 billion of car insurance premiums in 2021.

Progressive has been in business since 1937. In 1956, the company began to focus on drivers with infractions such as culpable accidents on their records. Today, the company continues to offer these drivers affordable rates. That’s why we gave Progressive the “Low Rates for High-Risk Drivers” designation in our 2022 Best Auto Insurance Companies study.

About State Farm

district farm is the country’s largest auto insurer, accounting for 15.9% of the US auto insurance market, according to NAIC. The company wrote more than $41.6 billion in auto insurance premiums in 2021.

State Farm has been in business for 100 years and offers affordable rates for most drivers, as well as a variety of discounts. The company also has over 19,000 insurance agents spread across every state except Massachusetts and Rhode Island, making it easy to find personalized service.

Progressive vs. State farm coverage

As you’d expect, both Progressive and State Farm offer standard coverage such as personal injury and property damage liability insurance, uninsured driver protection, collision protection and comprehensive coverage.

As for the optional coverages, you will find some differences between the two providers. State Farm offers trip interruption benefits that help pay for groceries and other expenses if your vehicle breaks down far from home. Progressive only offers trip interruption coverage for motorcycles and boats.

Neither Progressive nor State Farm offers gap insurance, which covers the difference between the value of your car and your remaining debt in the event of a covered total loss. However, Progressive does offer lease/loan payback coverage that caps payouts at 25% of vehicle value. State Farm offers a similar benefit to gap coverage, but is only available for vehicles funded by the State Farm Bank.

Progressive vs. State Farm: Consumption-Based Insurance

Both progressive and state farm feature telematics insurance Programs that help you save money through safe driving habits. Snapshot of Progressive® The program tracks your driving habits through a mobile app or plug-in device for a period of time after you sign up. From there you can earn rebates by driving safely.

The downside of Snapshot is that you may see a rate increase if it determines you’re an unsafe driver. It is also important to note that the snapshot utility is not available in California.

State Farm’s usage-based program is called Drive Safe & Save™. You get a discount just by enrolling in the program and you can save up to 30% by maintaining safe driving habits until you renew your policy. Drive Safe & Save tracks acceleration, braking, cornering, speed, time of day and phone usage to assess your driving.

The Drive Safe & Save program is not available in California, Massachusetts or Rhode Island. Discounts may not be available for certain drivers in North Carolina.

Progressive vs State Farm Pricing

On a 10-point scale, we rate State Farm’s cost at 9.2 and Progressive’s at 8.7. State Farm’s rates are typically lower than Progressive’s, but both companies offer auto insurance rates that are below the national average, as can be seen from the table below:

*Note: All estimates are for comprehensive insurance and are based on the standardized profile of a 35-year-old driver with a clean driving record and a good credit history, unless otherwise noted.

Progressive vs. State Farm Cost Estimates

Car insurance rates vary widely based on individual factors. Here are some cost estimates for different types of driver profiles from Progressive and State Farm. All estimates apply to comprehensive motor vehicle insurance.

Progressive vs. State Farm: Discounts

Progressive and State Farm offer impressive auto insurance discounts to help policyholders find the best rates, but there are some differences in the type of discounts available with each provider. For example, Progressive’s safe driver rebate is based on good driving tracked through the company’s usage-based snapshot program, while State Farm’s rebate is earned simply by driving for three years without moving violations or at-fault accidents .

Here’s a breakdown of the discounts from these leading providers:

Progressive vs. State Farm: Customer Experience

State Farm ranks in both the JD Power 2021 US Auto Claims Satisfaction Study℠ and the JD Power Insurance Shopping Study. Out of a possible 1,000 points, State Farm ranked first in the Purchasing Study with 885 points and sixth in the Claims Satisfaction category with 892 points. With both results, State Farm is well above the industry average. Progressive underperformed in both JD Power studies.

When it comes to BBB customer reviews, both companies don’t get high marks. This is relatively normal for the industry as people are more likely to report negative than positive experiences to the BBB. State Farm has an A+ rating of BBB, while Progressive has an F rating.

We reached out to Progressive for comment on its low BBB ratings and underperforming in JD Power studies, but received no response.

Progressive vs. State Farm: Conclusion

When it comes to comparing Progressive vs. State Farm, affordable prices and solid customer service are common themes. While every provider is a reputable option, we rank State Farm higher in almost every category. That’s why we’ve named State Farm our Editor’s Choice.

Other recommended car insurance companies

Best always Compare car insurance Offers from multiple providers. With that in mind, we suggest you pay attention to Geico and Travelers in your search.

Geico: Affordable for most drivers

Affordable prices and a long list of discounts make Geico a smart choice for many types of drivers. The popular auto insurer has one Rating A+ from the BBB and a Financial strength rating A++ by AM Best. Geico received the highest reputation rating of 9.8 out of 10.0 in our test.

Continue reading: Geico insurance review

Travelers: Most coverage options

As one of the top-ranked companies in our industry-wide rating, Travelers stands out for the wide range of coverage options it offers. From two tiers of roadside assistance to a new vehicle replacement, most drivers should be able to find auto insurance coverage that suits their needs through Travelers. Auto insurance policies are also typically affordable, with average costs below the national average.

Continue reading: Review of travel insurance

Our methodology

Because consumers rely on us to provide objective and accurate information, we have developed a comprehensive rating system to formulate our ranking of the best auto insurance companies. We collected data on dozens of auto insurance providers to rank the companies based on a variety of ranking factors. The end result was an overall rating for each provider, with the insurers with the most points topping the list.

Here are the factors our reviews take into account:

  • Cost (30% of total score): Auto insurance rate estimates and discount opportunities generated by Quadrant Information Services have been included.
  • Coverage (30% of total score): Companies that offer a variety of insurance coverage choices are more likely to meet consumer needs.
  • Reputation (15% of total score): Our research team considered market share, industry expert reviews, and fiscal year to assign this rating.
  • Availability (10% of total score): Auto insurance companies with greater state availability and fewer licensing requirements scored highest in this category.
  • Customer Experience (15% of total score): This score is based on the number of complaints reported by NAIC and customer satisfaction ratings reported by JD Power. We also considered the responsiveness, friendliness and helpfulness of each insurance company’s customer service team based on our own buyer analysis.

*Data correct at time of publication.

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