Progressive Ins Group : Everything you need to know
Progressive Ins Group
The address for corporate offices is 6300 Wilson Mills Road Box W33 in Mayfield Village, Ohio 44143.
Writings of net premiums totaled $40.6 billion (2020)
There are 24.7 million policies in place (2020)
Assets in total: $64.1 billion (2020)
Proficiency in underwriting Key individuals: Vehicles, property, businesses, and private individuals President and CEO Tricia Griffith is joined by the following executives: Pat Callahan, President of Personal Lines; Karen Bailo, President of Commercial Lines; Steve Broz, President of Information; Jeff Charney, President of Marketing; Dan Mascaro, President of Legal; John Murphy, President of Customer Relationship Management; Lori Niedert, President of Human Resources; Andrew Quigg, President of Strategy; John Sauerland, President of Finance; and Michael Sieger, President of Claims.
Pros
- Provides adaptable home and car insurance protection
- In addition to offering a variety of acceptable savings, vehicle insurance discounts are among the greatest in the business.
- A variety of user-friendly online tools and resources are available to customers.
- A.M. Best's assessment implies strong ring financial health when it receives an above-average grade.
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Cons
- According to J.D. Power ratings, claims satisfaction for home and car insurance policies is ranked below the industry average.
- There are fewer alternatives for life insurance policies than with other carriers.
- offers few options for supplemental house insurance protection
- The NAIC's complaints index reveals that several of its insurance products have a disproportionately high number of complaints.
Common forms of coverage
vehicle insurance
The standard form of protection
- For what it pays
Liability protection
- While driving, the policyholder may inflict bodily harm or property damage up to the policy's limitations.
Complete protection
- Events beyond the control of the driver, such as a fire, theft, vandalism, striking an animal, breaking glass, or natural disasters
Collision protection
- If a car collides with a tree, guardrail, fence, or another vehicle, the cost to repair or replace the damaged object is.
Insurance that is either uninsured or underinsured
- If the at-fault driver does not have enough coverage, the policyholder's and their passengers' medical bills as well as the cost to repair or replace their car will be covered.
Medical bills
- No matter who is at fault, the policyholder and their passengers' medical and funeral costs are covered. These costs are also covered if the accident occurs while the policyholder and their family members are traveling in another vehicle, or if they are struck while on foot or on a bicycle.
Extra protection
Loan/Lease Repayment
- Also known as gap insurance, it can pay the difference between the policyholder's debt and the vehicle's real cash value, or up to 25% of it.
Reimbursement for a rental automobile
- Rental car costs up to the policy's maximum while the driver's car is being repaired; basic maintenance is excluded
Value protection for customized parts and equipment (CPE)
- Cost of replacing or repairing non-manufacturer-installed components, such as a radio, navigation system, custom wheels, or even a paint job
Cab service coverage
- The times when a driver is enrolled into a ridesharing app and waiting for a trip request that the driver's rideshare business does not cover
Towing service
- If the vehicle breaks down for any reason, towing services are provided in addition to lockout assistance, flat tire replacements, fuel/fluid supply, and other pertinent services.
Bank with deductible savings
- During each claim-free time within the coverage, $50 is deducted from the collision and comprehensive deductible.
Discounts for auto insurance from Progressive
- Multi-policy discount: By combining vehicle insurance with additional policies, policyholders can save an average of 5% on premiums.
- Multi-car discount: For drivers who name more than one vehicle on their insurance, they receive a discount of, on average, 4%.
- Continuous insurance: Depending on how long a customer has been continually covered by their prior insurer or insurers, switching to Progressive might result in savings.
- Snapshot® safe driver discount: The app adjusts the premium for the policyholder by their level of driving safety.
- Discount for young drivers - Helps cover some of the expense of adding a minor driver to the insurance.
- Drivers may save an average of 10% on their premiums by adding a full-time student who maintains a B average or above to their coverage.
- A dA distant student discount is available to policyholders who have a full-time student who is 22 years old or younger and who commutes more than 100 miles to school, provided that the student does not operate a car while enrolled in school.
- Discount for homeowners Even if a homeowner's house is not covered by Progressive's network of home insurers, they are still eligible for a discount of about 10%.
- Online quote discount: Customers who quote their auto insurance online or over the phone with a licensed professional save an average of 7%.
- Signing online and saving - For policyholders who electronically sign their paperwork
- For policyholders who want to get their documents through email, there is a paperless discount.
- Discounts are available to customers who pay their premiums in full up ahead.
- Discount for policyholders who set up automatic payments using a credit card, debit card, or bank account
Customer satisfaction score according to J.D. Power for 2021
856 out of 1,000 possible points (sixth among large auto insurers in the US)
Cost of insurance for the most popular vehicles
According to The Zebra, the average yearly premium in 2022 will be:
- Ford F-150: $1,410
- Chevrolet Silverado: $1,501
- Dodge Grand Caravan: $1,231
- Toyota RAV4: $1,520
- Honda CR-V: $1,371
- Nissan Frontier: $1,394
- Kia Sedona, position seven: $1,238
- Subaru Forester: $1,482
- GMC Sierra $1,487
- Chevrolet Equinox $1,389
Age-related car insurance prices
US News' average rates for 2021 are as follows:
- Female age 25: $1,605
- Male aged 25: $1,635
- Female age 35: $1,302
- Male, 35 years old: $1,237
- Female 60 years old: $1,101
- Male 60 years old: $1,126
Auto insurance prices based on driving history
US News' average rates for 2021 are as follows:
- Clients with a spotless driving record pay $1,334
- $1,759 for motorists who commit one speeding offense
- $2,237 for those involved in a single accident
Residence Insurance
Standard forms of protection
- For what it pays
Housing protection
- Affected areas of the home include the garage, the roof, the chimneys, the deck, the countertops, cabinets, flooring, and the vanities.
Other buildings
- Damage to buildings not firmly affixed to the home
Personal belongings
- Any damaged or stolen personal property, such as electronics, furniture, clothing, tools, and power equipment.
Losing use
- If the house is destroyed due to a covered loss and the policyholder is unable to stay there, temporary living costs such as hotel, rent, and food.
Private responsibility
- Legal costs associated with litigation brought against the policyholder or a member of their family as a result of injury or property damage
Medical bills
- If someone is injured while on the policyholder's premises, medical expenses
Optional protections
Water reversal
- Sewage backups and clogged sump pumps can cause water damage.
Personal harm
- litigation against the policyholder that is uncommon but costly, including defamation or libel claims, unlawful entrance claims, malicious prosecution claims, wrongful eviction claims, and claims of false arrest, detention, or incarceration
Perils covered by Progressive's homeowner's insurance
- Lightning
- Smoke and fire
- Tornadoes
- Voltage spikes
- Damage brought on by snow, ice, or sleet's weight
- Eruption of a volcano
- Hail and windstorms Theft
- Explosions
- Violence and vandalism
- Car/plane colliding into the house
- Trees or other items falling
- Water stains (from leaking roofs, burst pipes, or broken appliances, but not floods)
What the homeowner's insurance from Progressive does not cover
- Landslides, Mudslides, Earthquakes, and floods
- Sinkholes
Homeowners insurance reductions from Progressive
- Discount for combining car and house - 5% off, on average, when combining house and vehicle insurance plans (savings applied on auto insurance)
- Savings on alarms and safety - If the house is equipped with security measures like cameras, security systems, and automated sprinklers
- Customers who receive a quotation at least 10 days before the commencement of their insurance are eligible for it.
- Customers who are buying a new house (it doesn't have to be brand-new) or switching from a renters' insurance policy are eligible for this discount.
- Emailing paper is an option for policyholders who choose to get them that way.
- Development of new homes The higher the discount, the newer the house.
- Pay in full - For clients who make a one-time payment for the whole 12-month policy
J.D. Power customer satisfaction score for 2021
821 out of a possible 1,000 (12th among home insurers in the US)
Life Assurance
Coverage fashion
- Benefits and Features
Long-term care insurance
- Provides protection for a predetermined period of time, paying benefits as long as the insurance is active and the policyholder has made premium payments.
Complete life insurance
- Lifetime coverage is provided, and the insurance has set premiums and cash value components that policyholders may eventually be able to borrow against.
Continuity of life insurance
- Also known as adjustable life insurance, it enables policyholders to modify their death benefit and monthly payments up to a certain level.
Alternative life insurance
- As long as premiums are paid, a fixed death benefit at face value will be paid out upon the policyholder's death.
- fluctuating monetary value Based on the payments made and the success of the chosen assets, the cash value will increase and decrease.
Expense-based life insurance
- Also referred to as burial insurance, it pays for funeral expenditures, medical bills, and related charges.
About
One of the most well-known insurance companies in the US is The Progressive Group of Insurance Companies (Progressive). The insurance behemoth asserts to be the nation's top motorcycle and specialized RV insurer as well as the third-largest car insurer. Progressive writes more than 13 million vehicle policies annually and competes with companies like State Farm, Allstate, GEICO, and Farmers Insurance Group.
Progressive covers homeowners' insurance as well as commercial vehicles and a number of other personal lines risks, but it is best recognized for promoting innovation in the personal auto industry. The company either offers insurance to customers directly or via independent brokers. In the US, more than 30,000 independent insurance companies provide products under the Progressive Agency brand.
Progressive Insurance: a historical perspective
On March 10, 1937, Joseph Lewis and Jack Green founded Progressive Mutual Insurance Company with the goal of offering security and safety to car owners. Both attorneys, they believed that founding an insurance firm may be a wise investment. After 80 years, their wager appears to have been profitable.
True to its name, Progressive is dedicated to advancing the car insurance sector via creative thinking. It was the first car insurer to provide drive-in claims assistance, and it was also the first business to let customers pay premiums in installments rather than one lump sum.
The company relocated to brand-new premises in downtown Cleveland in the 1950s as a result of significant expansion. Joseph Lewis passed away in 1955, and Jack Green took over as CEO of Progressive. Joseph's son Peter then had a successful career with the company. He started looking for strategies to further set Progressive apart in the industry. Through his efforts, Progressive Casualty Company was founded in 1956 as a division created to write vehicle insurance for high-risk drivers.
The Progressive Corporation was established in 1965 as a result of more development and expansion in the early 1960s. Peter Lewis assumed the role of CEO the same year and retained it for 35 years till Glenn Renwick succeeded him in 2000. Tricia Griffith, the current CEO, and president succeeded Renwick in 2016.
Embracing the internet: Progressive Insurance
The first significant car insurance in the world to introduce a website was Progressive. In a ground-breaking step, the website was created in 1995, and by 1996, users could get online pricing comparisons. Consumers may purchase Progressive vehicle insurance coverage online in real time just one year later.
The insurer now operates a successful direct-to-consumer business in 2021, supported by a number of 24 hours-a-day, 7 days a week digital tools, such as an online policy service and management, online claims reporting, a rate ticker (a comparison tool), an independent agent locator, chatbots, and an instant quoting service.
Product lines at Progressive Insurance
Although Progressive is most well-known for its vehicle insurance products, the company also provides solutions for a wide variety of other personal and business hazards. Car insurance, condo insurance, boat insurance, pet insurance, house insurance, RV insurance, renters' insurance, motorcycle insurance, life insurance, business insurance, and insurance bundles are just a few of the outstanding topics covered in this book.
Progressive Insurance: method of distribution
For more than 75 years, Progressive has developed strong relationships with the independent agent channel. According to the company, independent insurance agents are the top writers of vehicle insurance policies. Progressive will collaborate with over 43,000 agents and brokers in 2021, representing hundreds of firms across the US.
Progressive has never shied away from innovation even though it supports the independent agent channel. To suit the changing demands of its customers, the insurer provides a number of direct purchase choices and programs.
What qualities does Progressive want in a potential independent agent partner?
According to information provided on Progressive's website, "You must have a current agency P&C Errors & Omissions policy with minimum aggregate coverage of $300,000 and an agency license in good standing with the Department of Insurance in the state where you want to write business." We'll also review your agency's criminal history during this procedure to guarantee every Progressive consumer has the finest experience possible.
So who is Flo?
Anyone in the US who has a television has probably seen Flo promoting Progressive insurance on their screens at least once during the previous ten years. The fictitious salesperson has appeared in more than 100 television ads for a major insurance company since 2008. She is renowned for being a very cheery and friendly insurance salesperson and is noted for her dramatic makeup and vintage haircut. Flo is well-liked on social media, with millions of Facebook likes and a sizable Twitter following.
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