A review of over 130 top auto insurance providers in the U.S. shows Geico and Progressive are very close in many areas. Geico is a bit cheaper, but Progressive offers better coverage. Even though Geico scored a bit higher overall, the difference is tiny. So, it’s smart to get quotes from both to see who offers the best deal for you.
Both Geico and Progressive are great choices for most people. They each have their own strengths and weaknesses. This means one might be a better fit for you than the other.
Key Takeaways
- Geico and Progressive are two of the top auto insurance providers in the U.S., finishing closely in a comprehensive industry review.
- Geico has a slight edge over Progressive when it comes to cost, while Progressive offers more comprehensive coverage options.
- It’s worth getting quotes from both insurers to compare, as the overall quality is similar, but the cost difference could be significant.
- Geico is preferred for federal employees and military members, while Progressive is recommended for high-risk drivers and those seeking usage-based coverage.
- Both companies offer a range of discounts and innovative digital tools to help customers save on their auto insurance premiums.
Company Overview and Market Share
Geico and Progressive are two big names in auto insurance in the U.S. Geico was the second-largest auto insurance provider in 2021, with 14.4% of the market. Progressive was third, with 13.8% of personal auto insurance premiums. Both companies cover all 50 states and Washington D.C.
Over time, Geico and Progressive have grown a lot in the market. In 1995, Geico and Progressive had smaller shares, at 2.5% and 2.2%, respectively. By 2021, Geico’s share was 14.3%, and Progressive’s was 13.7%. In 2022, Progressive became the second biggest, surpassing Geico.
In 2022, Geico’s costs went down, but so did its profits. Progressive’s costs also decreased, but it kept its profits steady. This led to Geico’s overall performance being worse than Progressive’s.
| Metric | Geico | Progressive |
|---|---|---|
| Market Share (2021) | 14.4% | 13.8% |
| Expense Ratio (2022) | 11.7% | 18.5% |
| Loss Ratio (2022) | 93.1% | 77.3% |
| Combined Ratio (2022) | 104.8% | 95.8% |
In 2023, Geico made a big profit before taxes, $3.6 billion, and earned $39.6 billion in premiums. Its performance was the best since 2007. Progressive also did well, making $3 billion in profit and earning $58.7 billion in premiums, with a good combined ratio.
Recently, the market share of Geico and Progressive has changed. Geico’s share dropped to 12.38% in 2023, while Progressive’s rose to 15.33%. State Farm also grew, from 16.85% to 18.42% during this time.
Cost Comparison: Geico vs Progressive
Comparing car insurance rates between Geico and Progressive is key to finding the best deal. Geico is often cheaper than Progressive for many drivers. Geico has some of the lowest rates in the country for most drivers. But, these rates assume a driver has a clean record and good credit, not true for everyone.
For drivers with accidents, Geico is the better choice for basic coverage. Progressive is a bit cheaper for full coverage. Our data shows Geico is cheaper for all ages in our study.
Average Rates by Age and Coverage Level
Geico and Progressive have big differences in rates by age and coverage. Younger drivers find Geico’s rates much lower, especially in their 20s. For instance, a 21-year-old can get full coverage from Geico for about $154 a month, while Progressive costs $239.
| Age | Geico Average Rate | Progressive Average Rate |
|---|---|---|
| 21 | $154/month | $239/month |
| 35 | $1,308/year | $1,611/year |
| 45 | $163/month | $189/month |
Geico clearly offers cheaper rates than Progressive for all ages and coverage levels. This makes Geico a more budget-friendly choice for many.
Discounts Offered by Geico and Progressive
Discounts can greatly reduce your car insurance costs. Geico and Progressive both offer discounts to help you save. We compared them and found Geico has more discounts and saves more money than Progressive.
Geico’s discounts include:
- Multi-policy discount for bundling your car insurance with other policies
- Multi-vehicle discount for insuring more than one car
- Good student discount for maintaining a high academic performance
- Good driver discount for having a clean driving record
- Usage-based insurance program discounts for safe driving habits
Progressive also offers discounts, but they save less than Geico. Their discounts include:
- Loyalty discount for staying with the company
- Paperless discount for managing your policy online
- Continuous coverage discount for maintaining insurance without a lapse
- Snapshot discount for participating in their usage-based insurance program
Geico is clear about how much you can save with each discount. This makes it easier for customers to see the benefits. Progressive’s discounts are less clear, making it hard to know how much you’ll save.
Overall, Geico is a better choice for drivers wanting to save on car insurance. It has more discounts and is more transparent about savings.
progressive vs geico: Coverage Options
When looking at car insurance, Geico and Progressive both offer standard options. These include liability, collision, and comprehensive coverage. But, Progressive has some unique options that Geico doesn’t.
Standard and Additional Coverage
Geico and Progressive have similar basic auto insurance coverages. They offer what drivers need, like:
- Liability coverage to protect you if you cause an accident and hurt others or damage their property
- Collision coverage to pay for damage to your car if you hit another car or object
- Comprehensive coverage for non-collision damage, like theft, vandalism, or natural disasters
Progressive also offers some extra coverage options not found at Geico, including:
- Vision insurance to help with eye exams, glasses, and contacts
- Home security insurance to protect your home from burglaries and break-ins
- Home warranty insurance to cover major home appliances and systems
- Workers’ compensation insurance for businesses to protect their employees
While Progressive’s unique options might attract some drivers, both Geico and Progressive offer strong basic auto insurance. They provide the standard protection and value drivers need.
“Geico and Progressive both offer comprehensive car insurance coverage, but Progressive stands out with its unique additional offerings like vision, home, and workers’ compensation insurance.”
Customer Satisfaction Ratings
Geico is often the top choice over Progressive when it comes to customer satisfaction. It has a higher rating on platforms like J.D. Power, the National Association of Insurance Commissioners (NAIC), and user reviews.
Geico’s NAIC Complaint Index is 1.35, showing it has fewer complaints than its size would suggest. Progressive’s is 1.82. J.D. Power gives Geico a 4.2/5 for customer satisfaction and 4.4/5 for claims satisfaction. For Progressive, the scores are 4.1/5 and 4.3/5, respectively.
| Metric | Geico | Progressive |
|---|---|---|
| NAIC Complaint Index | 1.35 | 1.82 |
| J.D. Power Customer Satisfaction | 4.2/5 | 4.1/5 |
| J.D. Power Claims Satisfaction | 4.4/5 | 4.3/5 |
Geico often scores higher in customer satisfaction and claims satisfaction than Progressive. This is important for people choosing car insurance.
Usage-Based Insurance Programs
Geico and Progressive have programs that track how you drive and offer discounts for safe driving. Geico’s is called DriveEasy, and Progressive’s is called Snapshot. Our research shows Geico’s DriveEasy can save up to 25% on premiums. Progressive’s Snapshot claims to save drivers $94 to $231 a year. But, these programs track your driving and phone use, which some find worrying.
These programs use telematics technology to watch your driving habits. They reward safe driving with discounts. This way, they aim to encourage responsible driving and lower insurance costs.
While saving money is great, some worry about privacy with these programs. They collect data on your driving and phone use. This can give insurers a detailed look at your driving habits, which might feel too much to some. It’s key to look over the program’s details to know how your info is used and kept safe.
| Usage-Based Insurance Program | Potential Savings | Privacy Concerns |
|---|---|---|
| Geico DriveEasy | Up to 25% on premiums | Tracking of driving behavior, including phone usage |
| Progressive Snapshot | Average of $94 to $231 per year | Monitoring of acceleration, braking, and speed |
Usage-based insurance can save safe drivers a lot of money. But, it’s important to know the pros and cons and privacy issues before joining these programs.
Claims Satisfaction and Handling
J.D. Power Claims Satisfaction Ratings
Geico and Progressive are top choices for claims satisfaction, based on industry ratings. Geico and Progressive are scored very similarly for claims satisfaction by J.D. Power, with Geico earning a 4.4/5 rating and Progressive earning a 4.3/5 rating. This shows both companies are good at solving customer claims. But, some customers have complaints about low settlement offers, poor handling of claims, and delays.
In the 2024 J.D. Power U.S. Auto Insurance Study, Geico beat Progressive in nine out of 11 regions. Geico was in the top 5 in four regions, while Progressive was only in one (California). The average score was about 646, with Geico at 637 and Progressive at 622.
“Geico and Progressive are scored very similarly for claims satisfaction by J.D. Power, with Geico earning a 4.4/5 rating and Progressive earning a 4.3/5 rating. This indicates that both companies perform well in handling and resolving customer claims.”
Both insurers do well in claims handling, but it’s key for consumers to check their policy and know the claims process before an incident. This way, they can handle the claims process better and meet their needs quickly and satisfactorily.
High-Risk Driver Insurance Options
Finding car insurance can be tough for drivers with a history of accidents, speeding tickets, or a DUI. Progressive has made a name for itself by offering cheaper rates to these drivers. This is often lower than what Geico and other big names charge.
For those with less-than-perfect driving records, Progressive is a good choice. It’s more affordable than many other companies. This is great for high-risk drivers who can’t easily find insurance elsewhere.
Insuring high-risk drivers involves looking at several factors. Let’s dive into some important stats:
- The average full-coverage premium after an at-fault accident at State Farm is $1,769, while at Erie Insurance it’s $1,562.
- After a speeding ticket, the average full-coverage premium is $1,586 at Geico and $1,464 at USAA.
- For drivers with a DUI or DWI, the average full-coverage premium is $2,293 at State Farm and $2,049 at Progressive.
These numbers show why it’s key to shop around and compare quotes. This helps high-risk drivers find the best and most affordable coverage.
Progressive and other insurers offer discounts and special programs for high-risk drivers. These can include discounts for defensive driving courses, bundling policies, and rewards for safe driving.
By being proactive and looking at different insurance options, high-risk drivers can get the coverage they need. This way, they can stay safe on the road without breaking the bank.
Digital Tools and Online Experience
Both Geico and Progressive provide strong digital tools and online experiences for their customers. Geico is famous for its simple online tools and mobile app. These tools let policyholders manage their accounts, file claims, and get support. Progressive also offers a friendly website and app. They have special features like the “Name Your Price” tool to help customers find coverage they can afford.
A recent report by Keynova Group found Progressive leading in online user experience. Geico was second, and State Farm was third. The report looked at the mobile websites and apps of the 12 biggest U.S. property and casualty firms. It used about 250 criteria for evaluation.
| Feature | Geico | Progressive |
|---|---|---|
| Virtual Assistant Chatbots | Available | Available |
| Telephone Support | Available | Available |
| Email Support | Not Available | Not Available |
| Real-Time Texting | Not Available | Available |
| Mapping Tools | Available on Desktop | Available on Desktop and Mobile |
| Contact Preference Options | Available | Available |
| Live Chat | Available | Available |
Geico and Progressive also offer many features and services to help their customers. They have roadside assistance and voice-activated services. These insurers keep improving their digital services for a smooth and easy experience for their customers.
Conclusion
Geico and Progressive are both top choices for auto insurance. Geico is known for its low costs and many discounts. Progressive is great for its coverage and digital features. The best choice depends on your needs, driving history, and what you prefer. It’s smart to compare quotes from both and other insurers to find the best deal.
Geico is often the cheapest, making it a top pick. It’s known for its technology and making customers happy. Progressive is known for its wide range of coverage and is reliable.
State Farm and Progressive lead in making customers happy, with State Farm getting top scores. Geico and Allstate are also strong, offering great digital services and many coverage options. They meet the needs of today’s drivers well.
1 Comment
Geico and Progressive are both top choices for auto insurance. Geico is known for its low costs and many discounts. Progressive is great for its coverage and digital features. The best choice depends on your needs, driving history, and what you prefer. It’s smart to compare quotes from both and other insurers to find the best deal.