Progressive is so expensive because car insurance is expensive in general, due to rising costs for insurers. The price of a Progressive policy may also reflect the cost of staffing, marketing campaigns, and maintaining sales centers. But at $549 per year, the average Progressive car insurance policy is actually less expensive than coverage from most competitors. In fact, Progressive is one of the 10 cheapest insurers nationally, according toWalletHub's analysis.
Even though Progressive offers cheaper-than-average rates, its premiums can get expensive for drivers with certain characteristics. For example, teenagers pay an average of $1,780 per year for Progressive insurance, compared to $580 per year for older drivers. Additionally, drivers who recently had an at-fault accident pay an average of $1,103 per year for Progressive coverage, which is 101% more than drivers with a clean record.
Factors That Can Make Progressive Insurance More Expensive
- Being a young or inexperienced driver
- Purchasing afull coverage policy versus minimum coverage
- Causing an accident or being convicted of a moving violation
- Living in a high-risk ZIP code
- Driving an expensive vehicle
- Having a poorcredit-based insurance score
If you're struggling to afford your Progressive insurance, there are ways for you to lower your rate. For example, you can take advantage ofProgressive discountsor reduce your coverage.
In some cases, it might be better toswitch insurers altogether. It's usually a good idea to compare quotes from at least three different insurers to see if you can find a better deal elsewhere. Each insurer uses its own algorithm to calculate premiums, so even if Progressive is charging you a high premium, you may be able to find a cheaper policy with another insurer.
To learn more, check out WalletHub's Progressive insurance review.
This answer was first published on 10/18/23 and it was last updated on 03/08/24. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
