Geico vs. Progressive
The Bankrate promise
At Bankrate, we strive to help you make smarter financial decisions. To help readers understand how insurance affects their finances, we have licensed insurance professionals on staff who have spent a combined 47 years in the auto, home and life insurance industries. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation of . Our content is backed by Coverage.com, LLC, a licensed entity (NPN: 19966249). For more information, please see our .
Geico and Progressive are two well-known car insurance companies in the U.S., both with a major presence in state availability, advertisements and online. Geico has been selling insurance since 1936. Now owned by Berkshire Hathaway, it is the second-largest seller of auto insurance policies in the country, with 14.4 percent market share, according to the Insurance Information Institute (Triple-I). In addition to the popular Geico gecko, the company is known for its long discount list, which could help you save money on your premium.
Progressive comes in just behind Geico in popularity, with 13.8 percent market share. The company is a year younger than Geico, having been founded in 1937, and it revolutionized the insurance claims process by instituting the first drive-in claims location. More recently, it has become popular for its Name Your Price tool, which helps you quickly fit your budget to your insurance needs online.
| Geico | Progressive | |
|---|---|---|
| Bankrate score | 4.4 | 4.2 |
| Tier 1 | 4.5 | 3.7 |
| Tier 2 | 4.0 | 5.0 |
| Tier 3 | 4.7 | 4.4 |
-
Our 2023 Bankrate Score considers variables our insurance editorial team determined impacts policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories.
Like our previous Bankrate Scores, each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. This year, our 2023 scoring model provides a more comprehensive view, indicating when companies excel across several key areas and better highlighting where they fall short.
- Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, 2023 quoted premiums from Quadrant Information Services (if available), as well as any of the latest third-party agency ratings from J.D. Power, AM Best and the NAIC, were analyzed.
- Tier 2 (Coverage & savings): We assessed companies’ coverage options and availability to help policyholders find a provider that balances cost with coverage. Additionally, we evaluated each company’s discount options listed on its website.
- Tier 3 (Support): To encompass the many ways an auto insurance company can support policyholders, we analyzed avenues of customer accessibility along with community support. This analysis incorporated additional financial strength ratings from S&P and Moody’s and factored a company’s corporate sustainability efforts.
Tier scores are unweighted to show the company’s true score in each category out of a possible five points.
Compare auto insurance rates
Save on auto insurance with quotes from trusted providers like:
Drivers switch & save an average of $750+/year
Are you overpaying for auto insurance?
Safe drivers choose Allstate®
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
Compare auto insurance rates
Save on auto insurance with quotes from trusted providers like:
Drivers switch & save an average of $750+/year
Are you overpaying for auto insurance?
Safe drivers choose Allstate®
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
Geico vs. Progressive comparison
When looking at Geico vs. Progressive, it may help to consider the pros and cons for each company. Both companies offer advantages — but both also have areas where they fall short.
Geico pros and con
| Pros | Cons |
|---|---|
| Average rates tend to be lower | Limited opportunity to customize policies |
| Offers an extensive list of auto insurance discounts | Home and life policies underwritten by a third party |
| Scores above average for customer satisfaction | NAIC complaint index above average |
Progressive pros and cons
| Pros | Cons |
|---|---|
| Can be an option for high-risk drivers | J.D. Power score below average |
| App is well-reviewed | Average rates higher than Geico |
| Low NAIC complaint index ranking | Low Bankrate Score for home insurance |
Is Geico cheaper than Progressive?
When comparing the average rates that each company offers for full coverage and minimal coverage, Geico comes in significantly lower than Progressive for the average cost on both types of policies. However, it’s important to note that your own rate will be calculated based on multiple factors unique to your situation, including your age (in most states), marital status, where you live and your driving history.
| Car insurance company | Average annual premium for full coverage | Average annual premium for minimum coverage |
|---|---|---|
| Geico | $1,353 | $373 |
| Progressive | $1,642 | $553 |
-
Bankrate utilizes Quadrant Information Services to analyze 2023 rates for ZIP codes and carriers in all 50 states and Washington, D.C. Rates are weighted based on the population density in each geographic region. Quoted rates are based on a 40-year-old male and female driver with a clean driving record, good credit and the following full coverage limits:
- $100,000 bodily injury liability per person
- $300,000 bodily injury liability per accident
- $50,000 property damage liability per accident
- $100,000 uninsured motorist bodily injury per person
- $300,000 uninsured motorist bodily injury per accident
- $500 collision deductible
- $500 comprehensive deductible
To determine minimum coverage limits, Bankrate used minimum coverage that meets each state’s requirements. Our base profile drivers own a 2021 Toyota Camry, commute five days a week and drive 12,000 miles annually.
These are sample rates and should only be used for comparative purposes.
Geico is generally cheaper for drivers with poor credit
Your credit score might impact your car insurance premium. Drivers with poor credit tend to pay higher rates, due to an increased likelihood of filing a claim. However, in some states, including California, Hawaii and Massachusetts, the use of credit as a rating factor is banned. When comparing average rates from the two providers, Geico is generally cheaper for drivers with poor, average and good credit scores/ The average car insurance rates for drivers with excellent credit, on the other hand, are comparable between Progressive and Geico, with Geico’s average rates just slightly lower than Progressive’s average rates.
| Credit Score | Geico | Progressive |
|---|---|---|
| Poor | $1,865 | $2,968 |
| Average | $1,437 | $1,836 |
| Good | $1,353 | $1,642 |
| Excellent | $1,258 | $1,270 |
-
Rates were calculated based on the following insurance credit tiers assigned to our drivers: “poor, average, good (base) and excellent.” Insurance credit tiers factor in your official credit scores but are not dependent on that variable alone. Four states prohibit the use of credit-based insurance scores as a rating factor in determining auto insurance rates: California, Hawaii, Massachusetts and Michigan.
Geico is generally cheaper for young drivers
Progressive and Geico, like most other insurance companies, also use your age as a rating factor (except in Hawaii and Massachusetts, where the use of age to determine premiums is banned). Younger drivers usually pay more due to their inexperience. At most ages, Geico’s average annual full coverage rates are lower than Progressive’s. These average rates are for young drivers on their parents’ policy.
| Geico | Progressive | |
|---|---|---|
| Age 16 | $2,977 | $3,473 |
| Age 17 | $2,753 | $3,509 |
| Age 18 | $2,523 | $3,163 |
| Age 19 | $2,212 | $2,885 |
| Age 20 | $2,054 | $2,600 |
-
The rates displayed reflect the total cost of a 16- through 20-year-old driver added to their parents’ policy.
Geico is generally cheaper for adult drivers
Once drivers are out of their teenage years, the average rates start to decline due to having more time and experience behind the wheel. Average car insurance rates generally continue to drop until drivers reach their 60s. Drivers in their 70s and 80s may see a slight increase on average, as data shows that senior drivers are statistically more likely to be involved in incidents behind the wheel. Based on Bankrate’s analysis of average rate data from Quadrant Information Services, Geico’s average rates are generally lower for adult drivers of all ages.
| Geico | Progressive | |
|---|---|---|
| Age 18 | $4,048 | $7,088 |
| Age 25 | $1,584 | $2,070 |
| Age 30 | $1,389 | $1,779 |
| Age 40 | $1,353 | $1,642 |
| Age 60 | $1,264 | $1,460 |
-
Rates were calculated by evaluating our base profile with the ages 18-60 (base: 40 years) applied. Depending on age, drivers may be a renter or homeowner. Age is not a contributing rating factor in Hawaii and Massachusetts due to state regulations.
Geico is generally cheaper for high-risk drivers
Your driving record is one of the biggest factors to impact your car insurance rates. Policyholders with tickets, accidents and DUIs may be more likely to be viewed as high-risk drivers, and these incidents generally increase car insurance premiums. Geico’s average annual full coverage rates are cheaper than Progressive’s after a speeding ticket or accident, but Progressive’s average annual full coverage rate after a DUI conviction is much lower than Geico’s. Not all companies are willing to write policies for drivers with DUIs on their record; you may have to shop around to find a favorable rate in this case.
| Geico | Progressive | |
|---|---|---|
| Clean driving record | $1,353 | $1,561 |
| Speeding ticket conviction | $1,586 | $2,140 |
| At-fault accident | $1,900 | $2,638 |
| DUI conviction | $3,196 | $2,156 |
-
Rates were calculated by evaluating our base profile with the following incidents applied: clean record (base), at-fault accident, single speeding ticket and single DUI conviction.
Geico vs. Progressive: discounts
Both Geico and Progressive offer car insurance discounts to help drivers lower their premiums. While many discounts are relatively standard, each company offers a few that are relatively unique. Keep in mind that not all discounts are available in all states and eligibility may vary based on your driving profile.
Geico
- DriveEasy — Geico’s telematics program could help drivers save if they display safe driving habits. However, the company does warn that risky drivers might see an increase in their premiums.
- Membership & Employee — Geico offers varying savings for members of over 500 groups, including alumni associations, business organizations and federal employees.
- Military discount — if you are on active duty, retired from the military, or a member of the National Guard or Reserves, you may earn a discount of up to 15 percent on your auto insurance.
Progressive
- Snapshot — Progressive’s telematics discount is called Snapshot. Users could earn a discount based on their driving behavior, with an average savings of $156. Just like Geico, risky drivers could see an increase.
- Quote and sign online — Progressive offers two levels of discounts for doing business online. If you get your quote online, you could save an average of 7 percent, and if you complete your policy purchase online, you might save an additional 9 percent, on average.
- Homeowner — If you own your home, even if it’s not insured with Progressive, you save an average of almost 10% on your auto insurance. If you insure your home policy with Progressive, you might qualify for the multi-policy discount, too.
Usage-based insurance comparison: Geico vs. Progressive
In an increasingly digital world, insurance companies are using new digital tools to help customers get the best rates possible on their car insurance. This includes telematics programs, which are programs that determine your driving habits behind the wheel. These programs can have an impact on the cost of your insurance, and work with the help of an app or small device, which is placed in your car to glean real-time data on your driving skills. If the data from the telematics program proves you to be a safe driver, you may be eligible for a discount on the cost of your policy. However, some telematics programs can also cause your rate to increase in certain cases, so it’s important to understand the pros and cons of these programs before making a decision to participate.
| Geico DriveEasy | Progressive Snapshot | |
|---|---|---|
| Telematics device | iOS or Android app | iOS or Android app; or plug-in device |
| Monitored driving factors | braking, distance and time traveled, distracted driving, road type, weather, cornering, acceleration and speeding | Braking, accelerating, time of day, mileage, use of mobile phone and speeding |
| Potential impact on rates | May increase your rate | May increase your rate |
| Potential discount | Varies | Average annual savings of $156 |
| Availability | Available in 33 states and Washington, D.C. | 49 states (except California) |
Geico vs. Progressive: customer experience comparison
Both Geico and Progressive have robust online and mobile app features. If you prefer to handle your insurance online, you can do so with either carrier. With both online portals, you can make payments, process policy changes and access your documents. Progressive and Geico also each have a mobile app. Both apps allow you to see your ID cards, view policy information and pay bills, among other features. Both apps have the same high scores overall: 4.8 at the App Store and 4.6 at Google Play. When it comes to the provider rankings for the J.D. Power 2022 U.S. Auto Claims Satisfaction Study, Geico takes the lead with a score of 874 compared to Progressive’s score of 861.
[TABLE]
Frequently asked questions
-
-
The best car insurance company for you will depend on your needs, wants and specific rating factors. Geico may be a better option for those looking for a long list of discounts, or for teens and young drivers. For drivers with DUI convictions, Progressive’s average annual full coverage rate was far lower than Geico’s. However, price isn’t the only consideration when buying car insurance.
You may want to make a list of the features, coverage types, discounts and company accolades — such as customer satisfaction and financial strength that are important to you — and then get quotes from a few carriers. Comparing quotes could help you find the best car insurance for your needs.
-
Yes, both Geico and Progressive offer homeowners insurance policies to customers, but neither company does its own underwriting. When you purchase a homeowners insurance policy from either company, your policy is underwritten by one of the partner companies. What that means is that when you file a claim against your homeowner policy, a different company will be managing the claim. However, you will generally still be eligible for a bundling discount for purchasing both homeowners insurance and car insurance from either company.
-
The average cost of car insurance in the U.S. for 2023 is $2,014 per year for full coverage. However, average rates vary based on where you live, the type of car you drive, the company you choose and your driving history, among other factors. Getting quotes from a few companies for the same coverage might help you decide what a competitive price is for your unique combination of rating factors.
-
Geico received a higher J.D. Power claims satisfaction score than Progressive. However, auto insurance claims are a highly individualized process. Each claim is its own unique scenario and will likely be handled as such.
-
Rates vary by age in most states, with younger drivers typically paying more than older drivers due to a higher likelihood of driving violations and claims. You may also see increased rates if you are over 70. Geico’s average annual premium for 60-year-old drivers is slightly less than Progressive’s, with an average rate of $1,460 per year compared to Progressive’s average cost of $1,264 per year. Rates will vary from the national average based on personal factors, so it’s worthwhile to obtain quotes from both companies to see which one gives you a better premium.
-
Methodology
Bankrate utilizes Quadrant Information Services to analyze 2023 rates for ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on a 40-year-old male and female driver with a clean driving record, good credit and the following full coverage limits:
- $100,000 bodily injury liability per person
- $300,000 bodily injury liability per accident
- $50,000 property damage liability per accident
- $100,000 uninsured motorist bodily injury per person
- $300,000 uninsured motorist bodily injury per accident
- $500 collision deductible
- $500 comprehensive deductible
To determine minimum coverage limits, Bankrate used minimum coverage that meets each state’s requirements. Our base profile drivers own a 2021 Toyota Camry, commute five days a week and drive 12,000 miles annually.
These are sample rates and should only be used for comparative purposes.
Credit-Based Insurance Scores: Rates were calculated based on the following insurance credit tiers assigned to our drivers: “poor, average, good (base) and excellent.” Insurance credit tiers factor in your official credit scores but are not dependent on that variable alone. Four states prohibit the use of credit-based insurance scores as a rating factor in determining auto insurance rates: California, Hawaii, Massachusetts, and Michigan.
Age: Rates were calculated by evaluating our base profile with the ages 18-60 (base: 40 years) applied. 16-year-old rates were factored as the added cost to their parents’ policy; 18-year-old rates were calculated as drivers who rent their primary residence. Age is not a contributing rating factor in Hawaii and Massachusetts.
Incidents: Rates were calculated by evaluating our base profile with the following incidents applied: clean record (base), at-fault accident, single speeding ticket, single DUI conviction (BAC of >= .08) and lapse in coverage.
Bankrate Score
Our 2023 Bankrate Score considers variables our insurance editorial team determined impacts policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories.
Like our previous Bankrate Scores, each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. This year, our 2023 scoring model provides a more comprehensive view, indicating when companies excel across several key areas and better highlighting where they fall short.
- Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, 2023 quoted premiums from Quadrant Information Services (if available), as well as any of the latest third-party agency ratings from J.D. Power, AM Best and the NAIC, were analyzed.
- Tier 2 (Coverage & savings): We assessed companies’ coverage options and availability to help policyholders find a provider that balances cost with coverage. Additionally, we evaluated each company’s discount options listed on its website.
- Tier 3 (Support): To encompass the many ways an auto insurance company can support policyholders, we analyzed avenues of customer accessibility along with community support. This analysis incorporated additional financial strength ratings from S&P and Moody’s and factored a company’s corporate sustainability efforts.
Tier scores are unweighted to show the company’s true score in each category out of a possible five points.
Related Articles
Best car insurance company: Allstate, Geico, Progressive, or State Farm?