Which car insurance company, Geico or Progressive, offers better coverage?
In the U.S., both Progressive and Geico are highly regarded for their affordability and accessibility in the auto insurance industry.
In 1937, Progressive began as a company offering affordable coverage for high-risk drivers and has since grown into a leading provider of auto insurance in the U.S., with a 15.3% market share in 2023.
Geico, founded in 1936 as the Government Employees Insurance Company, initially offered auto policies to federal employees before expanding to provide various insurance lines to the public. Now owned by Berkshire Hathaway, Geico boasts some of the lowest average rates in the industry and was the third-largest auto insurer in the U.S. in 2023, with a 12.3% market share.
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Geico vs. Progressive: Pros and cons
Geico vs. Progressive: Coverage
Both Progressive and Geico provide liability, collision, and comprehensive insurance, along with a range of optional add-ons.
Is Geico cheaper than Progressive?
Geico and Progressive are both cheaper than the national average for drivers with good credit and a clean driving record. Geico is slightly cheaper than Progressive for full coverage and noticeably less for liability-only insurance. Geico also edges ahead with teens and young drivers and those with at-fault accidents, while Progressive is more affordable for seniors and those with a DUI on their record.
Factors such as location, age, and driving record will determine the cost of your individual premiums.
Geico vs. Progressive: Discounts
Discounts can significantly reduce your monthly premiums beyond base rates.
Geico vs. Progressive: Customer satisfaction
In J.D. Power's 2024 auto insurance study, Geico outperformed the average in 5 out of 11 regions, while Progressive fell below average in all regions surveyed.
J.D. Power's survey on customers' digital experience ranked Progressive's innovative website and app as the top choice, while Geico fell below average. Despite both companies scoring below average for customer satisfaction with the claims process, Progressive's digital experience was deemed superior.
Geico and Progressive both received high ratings from the Better Business Bureau, but Geico has fewer complaints than its similarly sized competitors, while Progressive has a slightly higher-than-average volume of complaints.
Both companies maintain 24/7 customer service phone lines and provide live chat online.
Geico vs. Progressive: Which is better?
Both Geico and Progressive are prominent in the car insurance industry, and selecting the best option for you depends on your specific needs.
Geico offers cheaper rates overall, including for drivers under 25 and those with at-fault accidents, while Progressive is more affordable for seniors and drivers with DUI convictions.
Geico offers a military discount of up to 25% when insuring multiple vehicles, while Progressive provides coverage options such as trip interruption protection, custom equipment coverage, and three levels of accident forgiveness. Additionally, Progressive covers $1,000 in veterinary expenses if a pet is injured in a covered accident, something Geico does not offer. Despite this, Geico has fewer complaints and earned higher marks from both J.D. Power and the Better Business Bureau.
It is convenient for both companies to obtain an online quote for comparing their rates and coverage options that meet your requirements.
Why trust CNBC Select?
Our goal at CNBC Select is to deliver top-notch service journalism and in-depth consumer advice to our readers, enabling them to make well-informed decisions when it comes to their finances. Each car insurance review we publish is the result of thorough reporting by our team of expert writers and editors, who possess extensive knowledge of car insurance products. At CNBC Select, we take pride in our journalistic standards and ethics, and we ensure that all our content is created without any input from our commercial team or external third parties. We earn a commission from affiliate partners on many offers and links, but this does not affect the integrity of our reporting or our commitment to providing our readers with the best possible information.
Our methodology
CNBC Select evaluates auto insurance products based on several factors, including coverage options, average rates, accessibility, discounts, and customer satisfaction.
We utilize data from various sources, including the National Association of Insurance Commissioners' complaint index, Better Business Bureau ratings, A.M. Best's financial strength scores, J.D. Power surveys on insurance shopping, the claims process, the digital consumer experiences, and overall customer satisfaction.
We took into account CNBC Select audience data, including demographics and engagement with our content and tools, when possible.
The sources of auto insurance rates can include both the provider and state insurance departments.
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