Progressive Insurance Group Ranked Fourth in Auto Insurance Market

The Progressive Casualty Insurance Company Makes It to the Top 5

Progressive Insurance Group and Auto InsuranceThe Progressive Casualty Insurance Company, founded in 1937 by Joe Lewis and Jack Green as the Progressive Corporation, has claimed slightly more than 8% of the automobile insurance market share. It ranks fourth among the nation’s top 25 auto insurance providers, right behind State Farm, Allstate and Geico, a division of Berkshire Hathaway. Progressive has its corporate offices in Mayfield Villege, Ohio.

Progressive’s Different Divisions

The Personal Lines segment of the company is the division responsible for writing private passenger automobile insurance in addition to insurance coverage for boats, motorcycles and recreative vehicles. Its other two divisions are the Commercial Auto Segment and an Other-idemnity Segment offering professional liability insurance. A network of more than 30,000 independent insurance agents working through the Internet or by phone handle more than 10 million policies annually. Progressive was the first auto insurance company to offer customers the convenience of purchasing policies either online or by phone. Many customers are familiar with its popular television ad campaign in which the company’s enthusiastic cashier named Flo works in an insurance superstore ringing up the numerous benefits that smart shoppers receive when they choose Progressive Insurance.

One of the Pioneers in the Pay-as-You-Drive Programs

Progressive was among the first major companies to offer Pay as You Drive programs, a usage-based insurance. Their Snapshot program enables drivers to receive discounts for voluntarily sharing their driving habits with Progressive to prove that they drive less miles, use safe driving habits and drive during safer times of the day. A special device is provided that is plugged into the vehicle’s on-board diagnostic port, which is then relayed to Progressive for a period of 30-days in order to see if they qualify for a discount of up to 30%. The Snapshot device does not base its discount on speed or location and drivers are not penalized with higher rates if they don’t qualify for the Snapshot discount. This special program is only available in 42 of the 50 states as well as the District of Columbia.

A Trailblazer in the Pet Injury Coverage

Progressive was the first major agency to offer Pet Injury Coverage as part of a policy holder’s automobile insurance. Up to $1,000 worth of coverage is automatically included in any Collision coverage policy in the event a dog or cat is injured or killed while travelling in the car during an accident or other non-collision event involves the vehicle in which they are riding such as theft or fire. Vet costs are only covered for injuries sustained by the pet in an auto accident.

Progressive Offering Unique Policy Options

Progressive also offers some policy options not offered by other major insurers. These include Loan/Lease Payoff Coverage, which pays the policy holder the difference between what they actually owe on a vehicle they are still making payments on and what the insurance company would pay if the vehicle is totaled or stolen; and a Custom Parts and Equipment/Accessories Coverage, allowing for purchase of up to $4,000 in additional coverage beyond the standard $1,000 offered by Comprehensive or Collision policies. Progressive also offers policy options similar to other major insurers beyond the minimum bodily liability injury coverage mandated by most states, such as Comprehensive and Collision, Uninsured/Underinsured Motorist Coverage, Rental Reimbursement and Roadside Assistance, all available for an additional premium.

Progressive’s Name Your Price Tool

Progressive aims to be consumer-friendly by offering a popular Name Your Price Tool on its website which allows the customer to tell the company what they have budgeted for insurance and then see the insurance package that best fits those parameters. Progressive customers are also enrolled in an automatic Loyalty Rewards program simply by taking out a policy. These can range from small and large accident forgiveness which prevents rate hikes after making a claim, to discounts for adding a driver under the age of 25 to a policy and receiving discounted rates the longer that a policy holder is a Progressive customer.

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