Progressive Insurance customers... have your rates jumped?

[outback97]

We insure four cars, and when we changed to Progressive from Geico two years ago, we lowered our costs around $100 per month. Our rates had been very consistent over the past two years, but I just got the notice on the bill for the next six months, and it's increased nearly 20%. It's still quite a bit less than we'd been paying before we switched, but I was surprised at the size of the jump.

I called to discuss this with them, and got a mix of legit reasons (costs have gone up) and b.s. irrelevant ones (have you seen the price of groceries OMG?) but I'm thinking that it's mostly this (from an August 2021 article):

Progressive Insurance Hurt by Rise in Auto Claims, Low Premiums in Q2

Progressive Corp. reported a 56% decrease in net income to $790.1 million for the second quarter. Net income was down 9% for the first six months. The

www.insurancejournal.com

Progressive Corp. reported a 56% decrease in net income to $790.1 million for the second quarter. Net income was down 9% for the first six months.

The company said the largest contributor to the year-over-year decreases was the reduction of underwriting income, which decreased 68% for the quarter and 38% for the first six months of 2021. The companywide underwriting margin for the second quarter 2021 was 3.5%, compared to 12.3% for the same period last year.

I did have an incident last summer where my car got hit, but the other driver was at fault, his (sister's) insurance paid me, and I did not file any claim with Progressive. I haven't ruled out that as part of the reason for my rate going up, because apparently Progressive is known as a company that will increase your premiums if you're involved in an accident, even if you're not at fault. But the rep I spoke with yesterday didn't mention anything about it.

Just curious if there's other Progressive customers here with feedback on what your auto insurance rates are doing.

 

[Brunnie]

Somebody has to pay for all those cars lost in the Marshall Fire in Boulder county. I don't have progressive but I bet my rate will rise too.

 

[Prime]

Yeah. I'm waiting for the same. My geico went up $100/mo when I moved from VA to CO. Because hail. And I pay for good deductibles.

 

[xyoverland]

My Geico went up a little but my wife hit somebody in a parking lot last year. They also eliminated some of their lower limits for a couple things. I can’t remember the exact categories.

I would think it also has something to do with used car values now. My personal property taxes went up a big chunk due to that. With the market so nuts right now the $$ it will cost to fix or replace anything has gone up a good bit.

 

[Fromfrontier2Xterra]

My usaa coverage went up too. Not a lot but enough for me to notice. I agree with @ffxcores with it being the current market.

 

[Prime]

personal property taxes

How I don't miss those. CO charges a rate on vehicle value but only to get plates. And mine has bottomed out. Once I get to move to the mountains it gets cheaper.

 

[outback97]

My Geico went up a little but my wife hit somebody in a parking lot last year. They also eliminated some of their lower limits for a couple things. I can’t remember the exact categories.

I would think it also has something to do with used car values now. My personal property taxes went up a big chunk due to that. With the market so nuts right now the $$ it will cost to fix or replace anything has gone up a good bit.

Definitely used car prices are a factor, they mention that too in the article I linked.

The year-over-year increase in collision coverage severity, in part, reflects an increase in the valuation of used vehicles in 2021.

 

[C3NK0]

My geico went up 72 dollars per year. No accidents, claims or tickets. Location MD.

Sadly if the drivers in your zipcode having lots of incidents and claims, it will jack your rates too.

If you were to live in a no fault state, you would pay a lot more. Like DC for instance, unless there is a fatality or proof, it goes 50/50 no matter who is at fault, hence higher rates

edit: just wanted to add one more thing

progressive is one of those companies that will jack your rate, even if you are not at fault if your state allows them to do so.

 

[outback97]

My geico went up 72 dollars per year. No accidents, claims or tickets. Location MD.

Sadly if the drivers in your zipcode having lots of incidents and claims, it will jack your rates too.

If you were to live in a no fault state, you would pay a lot more. Like DC for instance, unless there is a fatality or proof, it goes 50/50 no matter who is at fault, hence higher rates

edit: just wanted to add one more thing

progressive is one of those companies that will jack your rate, even if you are not at fault if your state allows them to do so.

Utah is a no-fault state (just realized I didn't have my location listed) so yeah I'm in one of those. There's always been bad drivers here IMO, and our population has been booming, so there's just more distracted, aggressive and overall bad drivers in the mix.

I'm still saving quite a lot over what I had been paying before. I'll be curious to see if they stay at this rate for a while or just continue to jump up, which is what Geico had been doing, prompting my switch to Progressive.

I can see a point down the road where I shop around and switch back to someone else. Loyalty to companies doesn't seem to be rewarded as much as being a new customer.

 

[Brunnie]

I can see a point down the road where I shop around and switch back to someone else. Loyalty to companies doesn't seem to be rewarded as much as being a new customer.

I quit being "loyal" after Hartford didn't raise my rates, they JUMPED them by 20+% several years ago. I went, and still do go, to an independent agent that will shop several companies for me. My agent reevaluates my coverage as well as which company will give me the best rates for auto and home combined.

My advice.... find an independent agent and start shopping.

 

[C3NK0]

Utah is a no-fault state (just realized I didn't have my location listed) so yeah I'm in one of those. There's always been bad drivers here IMO, and our population has been booming, so there's just more distracted, aggressive and overall bad drivers in the mix.

I'm still saving quite a lot over what I had been paying before. I'll be curious to see if they stay at this rate for a while or just continue to jump up, which is what Geico had been doing, prompting my switch to Progressive.

I can see a point down the road where I shop around and switch back to someone else. Loyalty to companies doesn't seem to be rewarded as much as being a new customer.

For some reason, geico gives me the lowest price in my area. I get quotes every 6 months others never beat geico. Even with small increases they seem to be the cheaper. They all have different algorithms for pricing, i guess i am not such a liability for Geico.
Plus my girlfriend works for them, so I don’t mind sticking up with them. I don’t get a discount sadly but she gets some nice bonuses at the end of year so works out

 

[acvw74]

My Progressive insurance jumped in price too - still better than my previous provider.

 

[TheCrabby1]

When Progressive raised my rate's $512 a year for ONE speeding ticket after being with them for 2.5-3 year's with no claim's or anything else I switched. For the record it was one mile an hour under reckless driving but still only 3 point's. I couldn't figure out if they were trying to finance Flo's 401k with my increase or get that ugly biatch a face lift !!!!!!!!

 

[jsexton]

2 things I can guarantee with insurance:

1: if you have been with one company for more than 3 years, you are over paying
2: if you don’t use an insurance broker, you are over paying.

When we switched to a broker a few years ago, our new rates were less 1/3 what we used to pay for the same coverage. On top of that, it’s so easy I’ll never go back. They do all the work for you. Win win win.

 

[xyoverland]

2 things I can guarantee with insurance:

1: if you have been with one company for more than 3 years, you are over paying
2: if you don’t use an insurance broker, you are over paying.

When we switched to a broker a few years ago, our new rates were less 1/3 what we used to pay for the same coverage. On top of that, it’s so easy I’ll never go back. They do all the work for you. Win win win.

An independent broker or somebody like Allstate or State Farm where they have individual offices?

 

[Brunnie]

An independent broker or somebody like Allstate or State Farm where they have individual offices?

An independant broker. The other 2 you listed will only work with their companies, and not shop for a better deal with another company.

 

[Fromfrontier2Xterra]

Eh I dunno. It totally depends on the company. I'll never give up USAA. They've taken care of every wreck / issue I've had. When the drunk bastard hit and totaled my Frontier I went from a totaled truck to the Xterra literally within days. No issue. My rates have been normal and low for 10 + years and as mentioned noticed the recent increase but that is todays garbage economy.

 

[outback97]

I quit being "loyal" after Hartford didn't raise my rates, they JUMPED them by 20+% several years ago. I went, and still do go, to an independent agent that will shop several companies for me. My agent reevaluates my coverage as well as which company will give me the best rates for auto and home combined.

My advice.... find an independent agent and start shopping.

2 things I can guarantee with insurance:

1: if you have been with one company for more than 3 years, you are over paying
2: if you don’t use an insurance broker, you are over paying.

When we switched to a broker a few years ago, our new rates were less 1/3 what we used to pay for the same coverage. On top of that, it’s so easy I’ll never go back. They do all the work for you. Win win win.

Thanks. Well I guess I need to look into that. When I switched a couple years ago, I did the shopping around on my own. I've always felt like having a middleman just inevitably raises costs and won't save me money, but it sounds like you guys have seen it differently. My homeowner's insurance is with Traveler's, and while I could save a bit by bundling auto and home, so far I've opted to leave that alone. I was happy with their service when we had a claim for a backed up sewer lateral. We pretty much got a free basement remodel out of that deal.

When Progressive raised my rate's $512 a year for ONE speeding ticket after being with them for 2.5-3 year's with no claim's or anything else I switched. For the record it was one mile an hour under reckless driving but still only 3 point's. I couldn't figure out if they were trying to finance Flo's 401k with my increase or get that ugly biatch a face lift !!!!!!!!

Don't be rude to Flo, she saved me a lot of money when that gecko started to get greedy!

 

[Brunnie]

Thanks. Well I guess I need to look into that. When I switched a couple years ago, I did the shopping around on my own. I've always felt like having a middleman just inevitably raises costs and won't save me money, but it sounds like you guys have seen it differently. My homeowner's insurance is with Traveler's, and while I could save a bit by bundling auto and home, so far I've opted to leave that alone. I was happy with their service when we had a claim for a backed up sewer lateral. We pretty much got a free basement remodel out of that deal.

What the independant broker/agent does is puts out the same info to several companies at the same time, and then makes sure that the results are all on the same level. Also they will advise how much you could save if you bundle. If you are satisfied with Travelers, then check and see what they could do if you bundle with them, but also check with others too.

 

[C3NK0]

Had sio

What the independant broker/agent does is puts out the same info to several companies at the same time, and then makes sure that the results are all on the same level. Also they will advise how much you could save if you bundle. If you are satisfied with Travelers, then check and see what they could do if you bundle with them, but also check with others too.

Tried this. Still with geico
I don't have anything to bundle with its just the car so maybe ymmw