Progressive Insurance: Everything you need to know
Headquarters address |
6300 Wilson Mills Road Box W33, Mayfield Village, Ohio 44143 |
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Net premiums written | $61.6 billion (2023) |
Total assets | $88.7 billion (2023) |
Underwriting expertise | Commercial and personal lines insurance |
Key people | Tricia Griffith – President and CEO; Karen Bailo – Commercial Lines President; Jonathan Bauer – Chief Investment Officer; Steve Broz – Chief Information Officer; Pat Callahan – Personal Lines President; Remi Kent – Chief Marketing Officer; Dan Mascaro – Chief Legal Officer; Lori Niederst – Customer Relationship Management President; Bill Clawson – Chief Human Resource Officer; Andrew Quigg – Chief Strategy Officer; John Sauerland – Chief Financial Officer; John Murphy – Claims President |
About Progressive Insurance
Common coverage types
Auto insurance | |
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Standard coverage type |
What it pays for |
Liability coverage |
Bodily injury or property damage caused by the policyholder while driving, up to the policy’s limits |
Comprehensive coverage |
Events out of the driver’s control, including fire, theft, vandalism, hitting an animal, glass breakage, or acts of nature |
Collision coverage |
Cost to repair or replace the damaged vehicle if it collides with another object such as a tree, guardrail, fence, or another vehicle |
Uninsured/underinsured insurance coverages |
Bodily injuries sustained by the policyholder and their passengers and cost to repair or replace their vehicle if the at-fault driver has no and not enough coverage. |
Medical payments |
Medical and funeral expenses for the policyholder and their passengers, regardless of who is at fault; also covers expenses if the accident happens in another vehicle the policyholder and their family members are riding in, or if they are hit while walking or riding a bicycle |
Extra coverage |
|
Loan/lease payoff |
Also known as gap insurance; can cover the difference between what the policyholder owes and what the vehicle is actually worth or up to 25% of the actual cash value |
Rental car reimbursement |
Car rental expenses up to driver’s policy limits while their vehicle is at the shop; routine maintenance is excluded |
Custom parts and equipment (CPE) value coverage |
Cost to repair or replace items that were not installed by the manufacturer, including stereo, navigation system, custom wheels, or even a paint job |
Rideshare coverage |
The gaps that the driver’s rideshare company does not cover such as while they are logged into a ridesharing app and waiting for a trip request |
Roadside assistance |
Towing services if the car breaks down for any reason; also covers lock-out service, flat tire changes, fuel/fluid delivery, and other related issues |
Deductible savings bank |
Subtracts $50 from the collision and comprehensive deductible for every claim-free policy period |
Progressive’s auto insurance discounts
Homeowners insurance | |
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Standard coverage types |
What it pays for |
Dwelling coverage |
Damage to the house and anything permanently attached to it, including garage, roof, chimneys, deck, countertops, cabinets, flooring, and vanities |
Other structures |
Damage to structures not permanently attached to the house |
Personal possessions |
Personal belongings, including electronics, furniture, clothes, and tools/power equipment, if they are stolen or damaged |
Loss of use |
Temporary living expenses, including hotel, rent, and food, if the home is damaged from a covered loss and the policyholder cannot stay there |
Personal liability |
Legal expenses stemming from lawsuits against the policyholder or their family member due to injury or property damage |
Medical payments |
Medical bills if someone is hurt while on the policyholder’s property |
Optional coverages |
|
Water back-up |
Water damage from backed-up sump pumps and sewer systems |
Personal injury |
Uncommon but expensive lawsuits against the policyholder, including slander or libel, wrongful entry or malicious prosecution, wrongful eviction, and false arrest, detention, or imprisonment |
Progressive’s homeowners’ insurance discounts
Life insurance | |
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Coverage type |
Features and benefits |
Term life insurance |
Provides coverage for a set number of years, paying out as long as the policy has not expired, and the policyholder has paid the premiums |
Whole life insurance |
Provides lifetime coverage; features fixed premiums and cash value components that policyholders may be able to borrow against over time |
Universal life insurance |
Also called adjustable life insurance; allows policyholders to increase or decrease their death benefit and adjust or skip monthly premiums within certain limits |
Variable life insurance |
Built on two pieces:
|
Final expense life insurance |
Also known as burial insurance; covers funeral costs, hospital bills, and related expenses |
Life insurance type | Coverage length | Best for ages | Builds cash value? | Death benefit amount |
---|---|---|---|---|
Term |
10, 15, 20, 30 years |
18 to 65 |
No |
$100,000+ |
Whole |
Lifetime |
18 to 65 |
Yes |
$50,000+ |
Universal |
Lifetime |
18 to 65 |
Yes |
$50,000+ |
Variable |
Lifetime |
18 to 65 |
Yes |
$50,000+ |
Final Expense |
Lifetime |
50 to 85 |
Yes |
$2,500 to $35,000 |
The Progressive Group of Insurance Companies (Progressive) is one of the most popular insurance brands in the US. The insurance juggernaut claims to be the third-largest auto insurer and the number one motorcycle/specialty RV insurer in the country. Progressive rubs shoulders with firms like State Farm, Allstate, GEICO, and Farmers Insurance Group, and writes more than 13 million auto policies per year.
Though best known for driving innovation in the personal auto market, Progressive also writes commercial auto and a number of other personal lines risks, including homeowners’ insurance. The firm sells insurance directly to the consumer or via independent agents. Progressive’s Agency business sells through more than 30,000 independent insurance agencies across the US.
Progressive was born on March 10, 1937, when Joseph Lewis and Jack Green set up Progressive Mutual Insurance Company to provide vehicle owners with security and protection. The pair were both lawyers and thought starting an insurance company might be a good investment. Fast forward 80 years and their bet seems to have paid off.
True to its name, Progressive is all about finding innovative ways to improve the auto insurance industry. It became the first auto insurer to offer drive-in claims service, and later the first company to allow clients to pay premiums in installments as opposed to annual payments.
In the 1950s, successful growth prompted a move to brand new offices in downtown Cleveland. Following the death of Joseph Lewis in 1955, Jack Green became Progressive CEO and Joseph’s son Peter began the start of a fruitful career with the firm. He immediately looked for ways to further differentiate Progressive in the marketplace. His efforts led to the establishment of Progressive Casualty Company in 1956, a unit formed to write auto insurance for high-risk drivers.
Further growth and expansion in the early 1960s resulted in the formation of The Progressive Corporation in 1965. Peter Lewis was named CEO in the same year, and he held the top position for 35-years until Glenn Renwick took over in 2000. Renwick was succeeded by current CEO and president Tricia Griffith in 2016.
Progressive was the first major auto insurer in the world to launch a website. In a revolutionary move, the site was born in 1995, and by 1996 consumers could obtain comparison rates online. Just one year later, consumers were able to buy Progressive auto insurance policies online in real-time.
In 2021, the insurer now has a thriving direct-to-consumer business, which is supported by a number of 24/7 digital tools, including: online policy service and management, online claims reporting, rate ticker (a comparison tool), independent agent locator, chatbots, and an instant quoting service.
Progressive is best known for its auto insurance products, but the firm offers solutions for a vast range of personal and commercial risks. Its impressive book includes, but is not limited to: car insurance, condo insurance, boat insurance, pet insurance, home insurance, RV insurance, renters’ insurance, motorcycle insurance, life insurance, commercial insurance, and insurance bundles.
Progressive has been building solid partnerships with the independent agent channel for more than 75 years. The firm claims to be the number one writer of auto insurance policies through independent insurance agents. In 2021, Progressive works with approximately 43,000 agents and brokers from thousands of agencies across the US.
Despite supporting the independent agent channel, Progressive has never been one to shy away from innovation. The insurer offers a number of direct purchase options and programs to meet evolving customer needs.
Information shared on Progressive’s website states: “You need to have an agency license in good standing with the Department of Insurance in the state where you plan to write business, an active agency P&C Errors & Omissions policy with minimum aggregate limits of $300,000. Also, during this process we’ll also conduct a criminal background check on your agency - it’s how we ensure every Progressive customer has the best experience possible.”
Anyone in the US with a television has likely seen Flo selling Progressive insurance on their screens at some point in the past decade. Since 2008, the fictional salesperson has featured in more than 100 television commercials for the insurance giant. She’s known as an extremely enthusiastic and helpful insurance salesperson, recognized for her upbeat personality, heavy makeup, and retro hairstyle. Flo is also popular on social media, amassing millions of likes on her Facebook page and many followers on Twitter.
Progressive’s auto insurance discounts
Homeowners insurance | |
---|---|
Standard coverage types | What it pays for |
Dwelling coverage | Damage to the house and anything permanently attached to it, including garage, roof, chimneys, deck, countertops, cabinets, flooring, and vanities |
Other structures | Damage to structures not permanently attached to the house |
Personal possessions | Personal belongings, including electronics, furniture, clothes, and tools/power equipment, if they are stolen or damaged |
Loss of use | Temporary living expenses, including hotel, rent, and food, if the home is damaged from a covered loss and the policyholder cannot stay there |
Personal liability | Legal expenses stemming from lawsuits against the policyholder or their family member due to injury or property damage |
Medical payments | Medical bills if someone is hurt while on the policyholder’s property |
Optional coverages | |
Water back-up | Water damage from backed-up sump pumps and sewer systems |
Personal injury | Uncommon but expensive lawsuits against the policyholder, including slander or libel, wrongful entry or malicious prosecution, wrongful eviction, and false arrest, detention, or imprisonment |
Perils that Progressive Insurance’s homeowners’ policy covers:
What’s not covered by Progressive Insurance’s homeowners’ policy:
Progressive Insurance’s homeowners’ insurance discounts
Life insurance | |
---|---|
Coverage type | Features and benefits |
Term life insurance | Provides coverage for a set number of years, paying out as long as the policy has not expired, and the policyholder has paid the premiums |
Whole life insurance | Provides lifetime coverage; features fixed premiums and a cash value components that policyholders may be able to borrow against over time |
Universal life insurance | Also called adjustable life insurance; allows policyholders to increase or decrease their death benefit and adjust or skip monthly premium within certain limits |
Variable life insurance | Built on two pieces:
|
Final expense life insurance | Also known as burial insurance; covers funeral costs, hospital bills, and related expenses |
Comparison of Progressive Insurance’s life insurance policies
Type | Coverage length | Best for ages | Builds cash value? | Death benefit amount |
---|---|---|---|---|
Term | 10, 15, 20, 30 years | 18 to 65 | No | $100,000+ |
Whole | Lifetime | 18 to 65 | Yes | $50,000+ |
Universal | Lifetime | 18 to 65 | Yes | $50,000+ |
Variable | Lifetime | 18 to 65 | Yes | $50,000+ |
Final Expense | Lifetime | 50 to 85 | Yes | $2,500 to $35,000 |
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