GEICO vs Progressive 2023

GEICO Insurance and Progressive Insurance are the two heavyweights of the insurance industry that have set a benchmark in competitive pricing, customer experience, and innovation in their services. Both these carriers have built a solid reputation as “reliable insurers” over the years.

GEICO and Progressive have become the go-to names when buying insurance in the U.S. But if you had to choose one over the other, which one is the better choice and why?

Let’s find out by comparing the coverage, pricing, and services offered by GEICO and Progressive insurance comprehensively.

GEICO and Progressive: Highlights

GEICO Insurance:

GEICO is an American insurance company that specializes in providing car insurance coverage to customers across the United States. Established in 1936, it is the second-largest auto -insurer in the country, with a market share of 13.76%.

In addition to car insurance, GEICO also offers home, renters, and other insurance products with competitive pricing.

Progressive Insurance:

Progressive Insurance is the third-largest insurance carrier and the largest commercial auto insurer in the country. The company was established in 1937 and is headquartered in Mayfield Village, Ohio.

Progressive is known for its competitive pricing, innovative approach to insurance, flexible policy options, and exceptional customer service.

Background & Ratings

GEICO and Progressive are well-respected and innovative insurance providers that have earned the trust of millions of customers over the years.

Let’s look at the background and ratings of both insurance companies.

Insurance Options

GEICO and Progressive are two of the largest insurance carriers in the United States, offering a wide range of insurance products.

GEICO primarily specializes in car insurance and is the second-largest car insurance provider in the United States. It offers other insurance products through its agencies and affiliations.

Progressive, on the other hand, offers a wider range of insurance products under property, personal, business, and financial categories.

Car Insurance Overview

Here’s an overview of car insurance offered by GEICO and Progressive:

• Coverage Options: Both GEICO and Progressive offer a wide range of coverage options, including liability, collision, comprehensive, and more. However, Progressive offers a few additional options like gap insurance and vanishing deductibles.
• Discounts: GEICO and Progressive both offer discounts on safe driving, multiple policies, and multiple vehicles. However, GEICO offers more discounts than Progressive, like a federal employee and military discount.
• Pricing: Premium rates can vary widely based on individual factors, such as driving history, location, and model of the vehicle. GEICO tends to be more affordable for drivers with a clean driving record, while Progressive may be a better option for high-risk drivers or those with multiple accidents or tickets.
• Customer Service: Both GEICO and Progressive have a strong reputation for customer service. Geico has consistently ranked higher in customer satisfaction surveys, while Progressive has a strong reputation for its online tools and mobile apps.

Roadside Assistance

Roadside assistance is a service that helps drivers who experience unexpected car issues while driving. Here’s how the roadside assistance benefits provided by GEICO and Progressive compare:

Telematics Comparison

GEICO and Progressive have their own usage-based insurance (UBI) programs called DriveEasy and Snapshot which track driving behavior to offer personalized auto insurance rates.

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Home Insurance Overview

GEICO and Progressive mainly specialize in providing car insurance. However, both these carriers offer other insurance options as well. GEICO offers home insurance through one of its 31 partner companies and agencies.

• Coverage Options: GEICO and Progressive offer all the standard homeowners’ insurance coverage options like dwelling, personal belongings, and additional expenses coverage. GEICO also provides additional coverage options like flood insurance, earthquake, and jewelry coverage, while Progressive provides water backup coverage and personal injury protection for riders.
• Discounts: Both carriers offer discounts for home insurance buyers. If you want to get bundle discounts, you can choose GEICO. However, if you want more discounts, you can go with Progressive.
• Pricing: Progressive’s average home insurance rate is $1355 annually. GEICO doesn’t underwrite its own policies, so it is hard to determine the exact rates. Since the rates can vary depending on individual factors, we recommend that you consult with an insurance agent.
• Customer Service: GEICO and Progressive offer 24/7 customer service for all its home insurance buyers. GEICO doesn’t underwrite its home insurance policies but has received a good response in customer surveys. Progressive offers various options like apps, websites, and assistance for its home insurance customers.

Rate Comparison

GEICO and Progressive are known for their competitive pricing and attractive discount offers. While rates can vary depending on multiple factors like coverage requirement, credit score, location, and history of the buyer, here’s a look at the average rates of both carriers:

The rate comparison shows that GEICO is the better choice for car insurance as it has lower rates than Progressive. However, Progressive offers lower rates for high-risk drivers.

Discounts

GEICO and Progressive offer different insurance discounts to help customers save money on their premiums. It’s important to review your policy at regular intervals to see if you are eligible for any discounts that can help lower your premium.

Car Insurance Discounts

Here are the car insurance and home insurance discounts that GEICO and Progressive offer:

Home Insurance Discounts

Information on Claims

When it comes to claims processing, both GEICO and Progressive offer multiple channels for filing claims, including online, by phone, and through their mobile apps. Both apps allow customers to see their ID cards, view policy information, and pay bills.

However, customers of GEICO can file claims online and through mobile apps for auto, home, and renters’ insurance only. Similarly, Progressive supports online and mobile claims for auto insurance only. For other types of claims, customers must contact a GEICO or a Progressive agent.

Both insurance companies have a simple claim submission process. Customers need to provide their policy number, and detailed description of the event and wait to be contacted by a claim adjuster.

Customer Satisfaction

When it comes to customer satisfaction, GEICO and Progressive are both highly-rated insurance providers with good customer loyalty. GEICO is known for its excellent customer service and has consistently received high ratings for customer satisfaction. According to the 2022 J.D. Power Auto Insurance Rating, GEICO scored 853 out of 1000, which is above the industry average. GEICO’s car insurance mobile app was rated one of the best insurance apps in 2022.

Progressive also has a good reputation for customer satisfaction. In the 2022 J.D. Power Auto Insurance Rating, Progressive Insurance scored 859 out of 1000.

While both companies have a fair share of negative reviews related to denied claims, unfair claims payouts, unexpected premium increases, and other issues, GEICO and Progressive have a good satisfaction record overall.

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— GEICO (@GEICO) October 24, 2022

GEICO vs. Progressive Insurance: Which Company is Best for You?

GEICO and Progressive are two major players in the U.S. insurance market. Hence, as expected, the competition is pretty much neck to neck between these carriers. Both these carriers have enough capital and resources to provide quality insurance.

Both GEICO and Progressive offer competitive pricing and are known for their excellent customer service. While GEICO may have an edge in some areas, like lower car insurance rates, discounts, and financial strength, Progressive has a reputation for being more innovative and customer-focused, particularly regarding claims processing and customer service. Also, Progressive offers more insurance products compared to GEICO.

Ultimately, the best insurance provider for you will depend on your specific requirements and preferences, so it’s worth comparing what both companies offer before deciding.

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