Geico vs Progressive (What’s The Top Car Insurance Company?)
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UPDATED: Nov 19, 2020
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Progressive and Geico are two of the higher ranked car insurance companies in the country. Both are consistently in the top 5 car insurance companies because of their affordable rates, range in discounts, and attention to customer service.
In the auto insurance market, these 2 companies have very similar performance ratios:
- Progressive and Geico are 2 of the top 3 with the highest satisfaction rating for website in a 2015 survey
- They also rank highest for highest satisfaction in mobile apps
However, Progressive beat Geico in satisfaction rating for policy changes and billing process while Geico eases out Progressive in “ease of insurance set up for first timers” in the same January 2015 survey.
Progressive Car Insurance Company
Progressive came into the insurance market in 1937 with 2 neophyte lawyers and a determined innovative plan: they began offering low rates to low-risk drivers. This was a first in the industry but they didn’t stop there.
Progressive was also the first car insurance company to offer free comparative online quotes. They have never stopped trying to be creative with auto insurance and other programs they introduced and started were:
- Drive-in claims
- Immediate Response Vehicle Program
- Phone policy purchases
- A concierge service including finding a replacement car with financing for total wrecks for drivers with special needs
Based on a 2015 study, Progressive enjoys 9.78% market share which puts them 4th place overall. The company has independent agents offering their products mainly to cater to individual needs better.
Progressive Full Coverage Insurance
Progressive is known for its excellent service and great options for many different vehicle combinations.
Typical of this company are the wide range of options also available for full coverage such as:
- Full liability coverage for at-fault and medical
- Post accident medical coverage
- Underinsured and uninsured for no-fault for bodily injury and property damage
- Collision repairs
- Gap insurance
- Pet Injury
- Rental Reimbursement
- Customs Parts and Equipment
- Roadside Assistance
Some of these options require payment of the deductible like the underinsured, uninsured, comprehensive, and collision.
Progressive SR22 auto insurance
Progressive stresses that SR22 is not insurance it is a certificate that your insurance company files and verifies you have coverage. If you have insurance you simply add it to your policy and if you do not have coverage you get a quote with it added. It is not permanent but it may take up to 3 years before it is removed from your policy.
Progressive Overall Performance
One of the main features of the Progressive website is the comparative costing. It is a clear indication of how confident the company is about their products, rates, and value for money features. In terms of accuracy in providing the rates of competitors in their comparative quotes, there are very small discrepancies
Financially, the company is extremely stable which means it can be relied upon to service claims. As for customer service, Progressive is not rated as good as other top car insurance companies. This is mostly due to how the claims process can take time to complete, however when comparing to lesser-known insurance companies, they will get an above-average grade in customer service.
According to Progressive, it is possible to avail of up to $500 worth of discounts on car insurance for new policy holders. They also have a loyalty rewards programs for their clients who do not file any claims during a minimum 3 year period. This includes an accident forgiveness benefit after a 5 year term as a policy holder. Their policies can also include glass coverage, rental reimbursement, and roadside assistance.
- Good student and bundling with home insurance (up to 10%)
- Multiple policy (up to 30%)
- Buying online
- Lump sum payment
- Military or veteran policy holder
- Loyal customer
- Low mileage
- Students away at school
- Taking a defensive driving course
- And up to 10% for anti-theft and safety features
The higher discount offers are for good credit (up to 84%) and clean record (up to 26%). Rates and exact discounts like most insurance companies are tailored to you once you have signed in and requested a quote.
Progressive Snapshot is the special discount from Progressive which requires you to get their device that monitors your driving habits. The program is free to sign up for and the device will need to be attached to your vehicle.
Geico Car Insurance Company
Privately owned Government Employee Insurance Company or Geico was established a year before Progressive Insurance or in 1936. The first market for Geico were federal employees because the founder, Leo Goodwin Sr., had previous experience with insurance packages for military personnel and believed that federal employees and their families were a low-risk group.
It was in 1974 when Geico expanded to the general public which took the company to be one of the top 5 insurance companies in the US. It is now owned by financially-strong Berkshire Hathaway and has a customer roster of over 20 million cars and a 14.08% market share thus making it the second largest car insurance company in the country.
Geico Full Coverage Car Insurance
Geico provides options to build a “full coverage” insurance plan. This is because full coverage insurance is always a case of customized choices you make with your agent or on your own. It’s building up on the basic requirements by adding more features and increasing the insurance amount.
For a full coverage auto insurance plan, you have the option of adding the following to your basic policy:
- Bodily Injury Liability which includes legal defense
- Medical payments for no fault also called personal injury protection
- Uninsured coverage
- Comprehensive physical damage
- Property Damage Liability
- Road Assistance
- Rental Reimbursement
- Mechanical Breakdown
Geico Car Insurance SR22 and FR44
When Geico talks about SR22 they also include FR44. Both are certificates added to your auto insurance policy. They are not insurance which most consumers often get confused. Not all states will require you to have financial certificates of responsibility. Check with your state.
Typically DUIs, reckless driving, and or accidents caused by uninsured drivers are the culprits for these certificates. With Geico as you go through your car insurance quote you can get a quote with either of these two added to your policy. Be sure to answer "yes" to the question "Need a Certificate of Financial Responsibility or SR-22?" If you would like to get a quote and compare multiple carriers we suggest comparing and finding the best rates.
Geico Overall Performance
The selling points of Geico are its low rates and service. Like Progressive, it is very aggressive in offering discounts and makes a similar claim of giving as much as $500 in discounts to new customers. Since Geico is a direct writer, it does not pay agent commissions which give it more leeway than Progressive in offering discounts and spending on advertising.
With less local agents, Geico may have less visibility and accessibility at the local level compared Progressive. However, once you get in touch with their customer front liners through local agents, phone, via their mobile app, or online chat, you can be relatively assured of good service and quick claim processing.
While Geico also offers 24 hours assistance, accident forgiveness, rental reimbursement, and roadside assistance, it charges $100 to cancel a policy which is twice that of Progressive.
- Good student
- Safe driver (up to 26%)
- Safety features and anti-theft (up to 40%)
- Military (15% or 25% for emergency deployment)
- Multiple car
- As a member of a professional group
- Defensive driving
- Lump sum
Both Progressive and Geico are known for their above-average performance but Geico offers slightly lower rates than Progressive without suffering coverage. Progressive’s customer service is above par but signing up can be complicated while Geico’s service is average with a simpler sign-up procedure in spite of the fact that both companies are direct writers.
Both companies are financially stable and trustworthy but both also reserve the right to increase rates without prior announcements and make policy changes like removing or reducing certain discounts without explaining.Geico was awarded “Best in New York” for 2014 by JD Power, a powerhouse research firm; there have been multiple cases of issues with repair facilities and materials. Still, if your main concern is rates, Geico may be more affordable. The trick still is to compare quotes from both companies.
Lastly, Progressive has more agents and prides itself on being innovative and tech-savvy. Progressive also tends to be aggressive with their marketing through email, SMS, and phone, which seems to be normal with today’s online marketing tactics to acquire new customers.