Progressive Insurance
From LoveToKnow Insurance
With its focus on integrity and customer service, Progressive Insurance has become one of the leading car insurance companies in the nation.
History of Progressive Insurance
Progressive Insurance was officially established on March 10, 1937, by Joe Lewis and Jack Green, two lawyers looking to provide security and reasonable insurance rates to vehicle owners. An innovative organization, Progressive was the first car insurance company to offer customers the option of paying insurance premiums in installments. This bold step allowed more individuals to afford quality auto insurance than ever before.
The organization experienced steady growth throughout the 1940s, 50s, and 60s and went public in 1971. By the 1990s, Progressive Insurance had become the third largest seller of auto insurance through independent agents, passing the $2 billion mark by 1994.
In 1995, the company took a leap into the World Wide Web and launched their online quote comparison program and the ability to purchase car insurance online. Progressive has continued to grow its online services, and now offers customers the ability to manage insurance policies, change coverage, and make payments via the Internet.
Progressive Insurance and AutoPro
Progressive Insurance has continually sought ways to provide better value and service to its customer base. In 1994, for example, Progressive introduced AutoPro, a service that allows customers to get up to three car insurance quotes from competing agencies. With one simple phone call, customers can save hours of aggravation and research.
The interesting part about AutoPro is that Progressive’s rate is not always the cheapest option. Even more interesting is the fact that Progressive makes absolutely no attempt to conceal this information. From a marketing perspective, this approach really resonates with clients. Customers feel that, by providing an unbiased snapshot of market rates, the company proves that customer needs are it's top priority.
Before AutoPro, it was virtually unheard of for a car insurance company to advertise the competition, particularly if the competition was offering a cheaper policy! From a business standpoint, this “no sell” technique has worked well, as revenue continues to climb and Progressive continues to grow.
Other Innovations
Progressive Insurance is a cut above the rest when it comes to attending to the comfort and convenience of its customers. Here are some interesting innovations that the company has brought into play:
- An established “Immediate Response Claim Service” that serves customers at the accident scene.
- An online rate ticker that provides a cross section of auto insurance rates from leading companies.
- The ability to purchase motorcycle, boat, and watercraft insurance over the Internet in real time.
- Establishment of incentives for no-claim periods, setting the current industry standard.
- A "one-stop shop" concierge service in which the entire claims process can be handled from start to finish. This service allows customers to complete paperwork and oversee vehicle repair via one centralized claims center.
Progressive Rates
How does the company stack up against other leading companies like Geico and Allstate? Sometimes, Progressive offers the cheapest car insurance and other times the competition offers a more attractive policy. It all depends on your personal circumstances and auto insurance needs.
There is a certain constellation of traits that affects the cost of auto insurance. Factors determining rates include:
- Age
- Gender
- Driving history
- Make and model of automobile
- Uses of automobile
- Driving habits
There may be differences in how various auto insurance companies evaluate these factors and these differences can result in varying rates.
Rates will also vary depending on the amount of coverage offered. No matter what company you choose, make sure that the coverage offered meets or exceeds your needs and your state's requirements.
In Conclusion
Progressive strives to be a customer-oriented, respectable company. While they also try to offer low prices to consumers, they do not always the cheapest coverage available. However, the old adage “you get what you pay for” can apply to car insurance, as to anything else. Progressive offers many services and benefits to its customers. Before making a final decision on your policy, carefully evaluate all of your insurance needs. If Progressive fits the bill, it may be worth it to pay a few extra dollars.
Related Insurance Links
This page has been accessed 904 times. This page was last modified 02:47, 12 October 2007.
© 2006-2008 LoveToKnow Corp.
