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Why is Progressive insurance so cheap?
I’ve always had car insurance from State Farm but I recently decided to look for quotes from other companies just to compare. My quote from Progressive was significantly cheaper than my current rate. Why is my Progressive quote so much lower than my State Farm policy?
Shannon Martin · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Every insurance company uses a different formula to calculate
car insurance rates
for policyholders, so you never know which provider will offer you the best rate until you compare quotes. If you requested quotes for the exact same coverage with the same deductible selections, your
Progressive insurance quote
may be cheaper than your quotes from other companies because of a combination of:- Progressive’s insurance rate calculation formula
- Your unique driver profile
- Your discount eligibility
Here are some of the factors that insurance companies take into account when
calculating insurance rates
:- Your age
- Your gender
- Your credit score (in some states)
- Your driving record
- Your insurance history
- Where you live
- Your vehicle make, model, and year
Progressive may weigh certain factors more heavily than your previous insurance company, which could account for the difference between the two rates.
Different insurance companies also offer different discounts. With Progressive, for example, you may qualify for some of the following car insurance discounts:
- Multi-policy: Bundling auto insurance with another Progressive insurance policy (like home or renters insurance) could earn you a discount.
- Teen driver discount: Because they are new to driving and more prone to risk,teen drivers tend to raise your insurance rates considerably. With Progressive, you can get a slight discount to help offset the cost if you have a driver age 18 or younger on your policy.
- Good student discount: If you have a full-time student on your policy who maintains at least a B average in school, you could be eligible for this discount.
- Homeowner discount: Even if you don’t have homeowners insurance through Progressive, you could earn about 10% in savings on your car insurance policy just for owning a home.
- Online quote discount: If you requested your Progressive quote online, you could earn a discount on your policy.
- Pay-in-full discount: You can earn a discount with Progressive for paying your entire premium upfront.
These are just some of the
car insurance discounts Progressive offers
, and you’ll have to check to see if they’re available in your state.MORE: How to get an accurate car insurance quote
View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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