The car insurance company that you choose today will save you a lot of money and headaches tomorrow. Make sure that you make the right insurance choice. That is what this comparison review of two of the top insurance carriers is all about.
Progressive Vs State Farm car insurance is a comparison between the largest and 4th largest insurer for auto and home policies. Both companies have perks, let’s find out which is the best choice. Today, we will be looking at the financial stability of both companies, the discounts that they have to offer, the average rates, and more.
Information about both companies
State Farm
State Farm was founded in 1922 by George Jacob “G.J.” Mecherle. The vision of G.J. became more than just a reality. Today, State Farm is the most popular insurance provider in the U.S. In 2015, it was reported that State Farm held over 18% of the market share for auto insurance. This is over 5% more than any other country.
Progressive
Progressive was founded in 1937, which was 15 years after State Farm by Joseph Lewis and Jack Green. Today the company is led by Tricia Griffith, who is the president and CEO. In 2015, it was reported that State Farm held slightly under 9% of the market share for auto insurance.
Cheapest and most expensive states for auto insurance.
Most expensive states to insure your vehicle
- Louisiana
- Oklahoma
- Michigan
- West Virginia
- Washington, D.C.
Cheapest states to insurance your vehicle.
- Maine
- Iowa
- Wisconsin
- Idaho
- North Carolina
Auto insurance rates comparison
On average the cheapest states for State Farm are Nebraska, Kansas, and Virginia. On average the cheapest states for Progressive are Alabama, Iowa, and Idaho. Both companies offer average insurance rates and both offer a plethora of discounts that will reduce your insurance rates.
The only way to compare pricing is to compare quotes. Rates will always differ for every driver. Your rates are dependent on who you are, how well you drive, how well you have driven in the past, your gender, the discounts available to you, the vehicle that you own, etc. Make sure that you compare quotes today, which can be done in 60 seconds.
Financial stability comparison
The financial stability of a company is something that should never be overlooked. You don’t want to choose a company just to find out that they can’t pay your insurance claims. Companies with lower financial stability find every excuse to deny claims. If you’re purchasing insurance for security, then make sure to have a company that actually gives you protection and security when the time comes. State Farm and Progressive are large companies with high financial strength ratings. Companies such as A.M. Best rate the financial stability of insurance carriers.
State Farm has over $150 billion in assets.
- A.M. Best gave State Farm an “A++” financial strength rating.
- S&P Global Ratings gave State Farm an “AA” financial strength rating.
Progressive rated well across the boards.
- A.M. Best gave Progressive an “A+” financial strength rating.
- S&P Global Ratings gave Progressive an “AA” financial strength rating.
- Moody’s gave Progressive an “Aa2” financial strength rating.
Auto insurance claims comparison
State Farm and Progressive received 3 out of 5 Power Circles in overall claims in the J.D. Power Auto Claims Study. These companies were identical in every category except in the estimation process where State Form scored one Power Circle higher. In the Rental Experience category Progressive scored one Power Circle higher than 4 out of 5 Power Circles. In the Overall Customer Satisfaction Ranking State Farm scored 865 points while Progressive scored 853 points.
Better Business Bureau
Both Progressive and State Farm received positive grades from BBB. Both companies were given an “A+” rating from the BBB rating system. BBB takes into consideration licensing, advertising reviews, number of complaints filed, and more.
Insurance coverage options
- Collision coverage
- Comprehensive Coverage
- Liability Coverage
- Car Rental and Travel Expenses Coverage
- Uninsured Motor Vehicle Coverage
- Underinsured Motor Vehicle Coverage
- Medical Payments Coverage
- Emergency Road Service Coverage
- Rideshare Driver Coverage
- Pet Injury
- Custom Parts And Equipment Value.
Progressive car insurance discounts
Bundle – When you add multiple policies such as your car and property insurance policies, then you will be able to save 5%.
Snapshot – Usage-based insurance and pay as you go programs is becoming more and more common. Snapshot is program that you can sign up for that will help you to save big on car insurance. With this program safe driving can help you save an average of $130. The best way to save with Snapshot is to limit hard brakes, drive less, and don’t drive late on weekends.
Name Your Price Tool – This tool helps you to get coverages that match your budget.
Safe Driver – Do you have a good driving record? If so, then you can be saving up to 31% with Progressive. To be eligible you have to have been accident-free and ticket-free for the past 3 years.
Homeowner – The amount that you can save with this discount varies per person. To be eligible you must be a homeowner. The home does not have to be insured by Progressive for you to qualify for this insurance discount.
Continuous insurance – The longer you have been with one insurance company without gaps in your coverage the more that you can save with this insurance discount. The company that you have had continuous insurance with can be a company besides Progressive.
Sign documents – Save up to 7% on auto insurance by signing your documents online.
Multi-car – This 10% discount applies to everyone who lives in your home whether or not you are not related.
Good student – The amount that good students can save varies per person.
Teen driver insurance discount – Adding your newly licensed teen driver can help you to save on auto insurance.
State Farm car insurance discounts
Drive Safe & Save – Some of you might be wondering what this program is all about. This program is all about smarter, safer driving and saving money on your insurance policy. State Farm claims that this program can save you up to 50%.
Steer Clear – This is an awesome insurance program for drivers under 25. If you are a new driver or if you are under 25 years old, then you can save up to 15% when you have no at-fault accidents or moving violations within the past three years.
Student Away at School – When your child moves away to college and they leave their vehicle at home, then you will be eligible for this discount. To qualify, the vehicle can only be used while at home during school vacations and holidays.
Multiple Auto – When you have two or more cars that are insured by State Farm, then you can save 20% on auto insurance. The vehicles must be owned by related individuals in the same household.
Multiple Line – Having multiple policies such as home, renters, condo, and life can help you save up to 17%.
Good Student – Getting good grades can save you up to 25%. This discount will extend beyond your graduation date until you turn 25.
Good Driving Discount – New State Farm customers who have gone three years or more without moving violations or at-fault accidents will be eligible for this discount.
Passive Restraint – Factory-installed air bag or other passive restraint system can save you up to 40% on auto insurance.
Driver Training – To qualify, all under 21 drivers who operate your vehicle must complete an approved driver education course.
Roadside assistance
The 24-hour Emergency Roadside Service that State Farm offers includes towing, locksmith, gas or oil, jumpstart, change of tires, up to an hour of mechanical labor, and more. Drivers who use State Farm roadside services in Ontario and Alberta are subject to a $75 limit.
Progressive boasts in their awesome emergency roadside assistance service. Here is what is included, towing within a 15-mile radius, winching service, battery jump-start, fuel delivery, locksmith service, flat tire change, and on-scene labor up to an hour.
Mobile app
The Progressive app is beautiful and very flexible. With the app, you are given several features such as the ability to view coverages, ID Cards, and policy information. You will also be able to pay your bill with your credit card, report and track a claim, get in touch with your Progressive agent, find a service center, and more.
The State Farm app has been redesigned. The new revamped app will offer features such as CarCapture, Steer Clear, and Drive Safe & Save. You will receive basic features such as filing a vehicle claim, viewing your auto insurance ID card, roadside services through the app, and more.
Bottom Line
State Farm and Progressive are both great auto insurance choices. Whether you live in Florida, California, Texas, New York, Georgia, etc. you will have no problem getting decent rates. Get and compare quotes today to pay the best insurance price.