GEICO vs. Progressive
No one wants to pay more money than they need to when they’re in the market to insure your vehicles. But, as we all know, an informed consumer will usually get the best prices. Federal and State regulations that govern the insurance industry help provide consumers with a variety of protections and information. Using free upfront price quotes can make sure that the auto insurance shopper is getting the most value for the lowest price. We here at General have crafted a system that enables insurance consumers to do their due diligence in price shopping, enabling them to stretch their car insurance dollars as far as possible. You can use General’s platform to get free, upfront price quotes from GEICO and Progressive for comparable coverage, right from your own keyboard or device.
How About GEICO?
The insurance firm popularly known by its acronym GEICO (it stands for Government Employees Insurance COMPANY) has delighted and informed consumers with humorous and edgy advertisement campaigns featuring, among other things, cave men, lizards, camels and a catchy tagline informing consumers that a mere 15 minutes researching their products can save you money.
GEICO was formed in 1936 by the husband and wife team of Leo and Lillian Goodwin as a vehicle to market auto insurance directly to employees of the federal government along with their families. The Goodwins considered federal employees as a more financially stable and more risk averse segment of the broader market at the time and they focused on building their business with those particular consumers in mind.
Over the decades GEICO’s business grew by leaps and bounds and they were eventually bought out by financier Warren Buffet and bought under the umbrella of his famed Berkshire Hathaway holding company. Buffet is famously known for his skill in identifying well managed companies with bright futures. GEICO today insures over 15 million people and 24 million vehicles.
Low Prices With GEICO Insurance?
Insurance carriers in general and auto insurers in particular examine many factors before pricing a car insurance policy for a potential customer. GEICO, like all other companies in this market segment, do not just have a one size fits all product or price. They need to asses your risk profile in order to price a product accordingly. A consumer builds their risk profile by providing their age, their place of residence, the year, make and model of the vehicle they seek coverage for and, last but not least, their driving safety record. Next an auto insurance consumer needs to identify the breadth and depth of the coverage they seek. Are they looking for standard collision and liability coverage, or do they want broader protections for things like roadside assistance and protections against other reckless uninsured drivers.
The online platform here at General.com provide a tool for auto insurance consumers to use to obtain fair, low process for apples to apples coverage. General is speedy, easy to use and will empower you to be a well informed, economical consumer.
Next, Let’s Look at Progressive
Progressive Insurance, or as its formally known The Progressive Group of Insurance Companies, was founded in 1937 by two business partners, Joseph Lewis and Jack Green. Lewis and Green wanted Progressive to seek out markets for their insurance wherever they could and they were among the first auto insurance companies to offer policies and coverage to a broad spectrum of customers, including those with less than perfect deriving records. Later, Progressive became the first in the industry to offer installment plans for customer’s insurance premiums, a win-win for both consumers and the Progressive.
Over the years, the company prospered and grew. They expanded their portfolio of products into other areas of insurance and financial services. Progressive became a publicly traded company in 1971, listing its shares on the New York Stock Exchange, and has its headquarters in the the Cleveland, Ohio suburb of Mayfield Village.
By 2018 the company’s revenues had grown to approximately $32 billion with earnings of $2.6 billion for the year. According to industry information, Progressive has an 11% share of the car insurance market, making it the third largest carrier in its market segment. It is a strong, solid, solvent entity.
|Age tier||GEICO avg. annual premium||Progressive avg. annual premium|
Will you get better pricing from Progressive
Each and every auto insurance consumer can enable low prices by maintain a safe driving record. However, smart consumers also research possible discounts that individual insurance carriers like Progressive may offer such as for U.S. service veterans and people who have taken driving safety refresher courses. Why miss out on these potential ways to reduce your auto insurance costs when all you need to do is a little due diligence and some smart comparison shopping? Next, you’ll need to identify the level of financial coverage you want to protect yourself and your family. Progressive, like most other players in this market segment, provides a full menu of products and levels of coverage. It can get confusing. But we at General.com provide an economical, simple platform that will focus your price comparisons to the products you need at the most economical price point. General will act as your eyes on the ground to seek out the best deals for savvy auto insurance consumers.
GEICO vs. Progressive – Which One for You?
Given the complexities involved in comparing two competing companies in a flexible priced product like auto insurance, it would be too simplistic to merely say that either GEICO or Progressive has the lowest rates. As mentioned, prices are determined by demographic, geographic and personal risk factors. Both GEICO and Progressive are strong, reputable companies. How can you you do smart research with out spending inordinate amounts of time on the phone and trading voluminous emails?
|Anti theft device discount||Yes||Yes|
|Home owner discount||No||Yes|
|Multi car discount||Yes, up to 25%||Yes, up to 10%|
|Paid in full discount||Yes||Yes|
|Safety device discount||Yes, up to 15%||Yes|
|Safe driver discount||Yes||Yes|
|Special employment discount||Yes||No|
|Student discount||Yes, up to 15%||Yes|
|Usage based discount||No||Yes|
The Bottom Line for Car Insurance Savings
Competing car insurance price quotes that are based on the exact same inputs - coverage levels, personal profile, etc. – will allow consumers to make the most economical decision for themselves. And that’s where General.com comes in. We simplify the information collection and distribution, funneling the right information to auto insurance companies and getting quotes that allow you to do your own head to head analysis. We allow you to be satisfied that you got the best coverage you could, that you saved as much as you could.