Why is my Progressive quote so much lower than my State Farm policy?

Would that higher deductibles make such a large difference in monthly premiums? I have a policy with State Farm and I am insuring four vehicles, all full coverage. Progressive recently gave me a quote that saves about $120 per month! The only difference is the deductibles are set at $1000 vs my current deductible of $250.

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Shannon Martin
Answered on Jun 24, 2021
Shannon is an expert in personal lines liability insurance with 13 + years of insurance industry experience. She also served as a special insurance liaison to AARP members for 6 of those years. She is a graduate of UL Lafayette and currently resides in NY with her family. Shannon is also an amateur juggler, ukulele player, and is a time travel paradox theory enthusiast.
“Yes, increasing the deductible on both comprehensive coverage and collision coverage can significantly impact your rate. The more you pay in deductible, the less the carrier has to payout at the time of the accident.
When comparing insurance companies, make sure all of your coverages are the same. Since Progressive saves so much, check to see if your State Farm rates are similar once the deductibles are increased to $1000. If Progressive is still lower, it might be time to make a change!”
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