Geico vs. Progressive: Which Has Cheaper Car Insurance Rates in 2023
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UPDATED: Jun 6, 2023
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Everyone knows that Geico and Progressive are the two largest online insurers in the U.S. But what makes one better than the other? Let’s compare and contrast both companies and see if one floats to the top.
Geico vs Progressive: What are their coverages and ratings?
The table below compares industry ratings for value, claims service, and customer service for drivers, as well as some of the optional coverages offered by both Geico and Progressive insurance.
|Value for Price||79/100||88/100|
|Market share percentage||11.4%||8.8%|
|Mechanical breakdown insurance||Yes||Yes|
|New car replacement insurance||No||No|
|Where you can buy||Can buy online or use a Geico agent||Online or from independent agents|
|Number of agents||150+||30,000+|
|Compare Prices Go|
Each company offers property damage liability coverage, collision coverage, comprehensive coverage, GAP insurance, personal injury protection, renters insurance, mechanical breakdown coverage, and many more insurance products.
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Geico vs Progressive Policy: Which offers better discounts?
Everyone likes discounts, especially when talking about car coverage. Geico and Progressive both offer a good selection of discounts to help you save money, and the list below shows some of the discounts that are available with each insurer.
|Defensive driver training||Yes||Yes|
|Pay in full||No||Yes|
|Student away from home||Yes||Yes|
|Seat belt use||No||No|
|Online quote discount||No||Yes|
|Compare Prices Go|
Viewing the tables above, you can see that offerings are similar between both Geico and Progressive. If car insurance discounts are your thing, each insurance company offers a slightly different choice of discounts, but discounts generally do not apply to your entire policy premium. Rather, they usually take a percentage off a specific coverage depending on the discount.
Should you check online or with a local insurance agent?
Progressive differs a little bit from Geico in how they sell car insurance. Progressive not only sells online, but they also offer coverage through a network of independent agents. Geico has a small number of agents in relation to Progressive, but they have a larger online marketshare. So if you prefer to work with a local agent, stop in to your local independent agent and inquire if they offer Progressive as an option.
Is Geico or Progressive cheaper?
If the cheapest car insurance is your objective, then Geico may be the best choice. Out of the top five largest auto insurance companies, Geico was the cheapest at around $1,100 a year. Progressive was second at about $1,240 a year. Farmers, State Farm, and Allstate rounded out the top five at $1,250, $1,325, and $1,570, respectively.
Who has the best claims service?
If the best claims process experience is your goal, it’s pretty much a wash. Both Geico and Progressive lagged behind Allstate, Farmers, and State Farm when it came to customer satisfaction with their property damage or bodily injury claim settlements.
Are both solid financially?
There are a lot of different ways to compare Geico and Progressive, but the two companies are so similar that you really cannot go wrong with either one. They are both solid financially, with good ratings with both A.M. Best and Standard & Poor’s. So you will not have to worry about either one going insolvent and not being able to pay your auto claim.
How can you compare rates?
If you want the best auto insurance comparison, we recommend you not only compare Geico with Progressive but include some independent agents and also exclusive agents like State Farm and Allstate in the mix. Each one has unique discounts and coverages that may lend themselves well to a drivers personal risk profile.
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Frequently Asked Questions
What are the coverages and ratings of Geico and Progressive?
Geico and Progressive offer a range of coverages, including property damage liability, collision coverage, comprehensive coverage, GAP insurance, personal injury protection, renters insurance, mechanical breakdown coverage, and more. In terms of ratings, both companies have industry ratings for value, claims service, and customer service. It’s recommended to compare the specific coverages and ratings of each company to determine which one suits your needs best.
What discounts do Geico and Progressive offer?
Both Geico and Progressive provide various discounts to help customers save money. The available discounts may differ slightly between the two companies. Examples of discounts include safe driver discounts, multi-policy discounts, multi-car discounts, good student discounts, and more. It’s important to review the discounts offered by each insurer to see which ones apply to your situation.
Should I check online or with a local insurance agent for Geico or Progressive?
Geico primarily operates online and has a larger online market share. On the other hand, Progressive offers coverage not only online but also through a network of independent agents. If you prefer working with a local agent, you can inquire at your local independent agent to see if they offer Progressive as an option.
Which company, Geico or Progressive, is cheaper?
In terms of cost, Geico tends to be cheaper compared to Progressive. Geico is often considered one of the more affordable options for car insurance. However, it’s essential to compare quotes from multiple insurers, including independent agents and exclusive agents like State Farm and Allstate, to find the best rates for your specific risk profile.
Who has the best claims service?
When it comes to customer satisfaction with property damage or bodily injury claim settlements, both Geico and Progressive lag behind Allstate, Farmers, and State Farm. While Geico and Progressive are reputable companies with solid financial standings, it’s worth considering the claims service aspect and comparing it with other insurers if that is a priority for you.
Are Geico and Progressive financially stable?
Geico and Progressive are both financially stable companies with good ratings from organizations like A.M. Best and Standard & Poor’s. These ratings indicate their ability to fulfill financial obligations, including paying auto claims. Customers can have confidence in the financial stability of both companies.
How can I compare rates between Geico and Progressive?
To get the best auto insurance comparison, it is recommended to compare rates not only between Geico and Progressive but also consider quotes from independent agents, State Farm, and Allstate. Each insurer may offer unique discounts and coverages that align with your personal risk profile. By comparing rates from multiple sources, you can find the most suitable and affordable car insurance coverage for your needs.
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