Insurance plays a crucial role in our lives. It provides us with security, protection, and coverage from future incidents.
The two most renowned insurance companies in the USA are GEICO and Progressive. Both companies provide various insurance policies in domains like home, auto, renters, and other commercial purposes.
Key Takeaways
- Geico provides more discounts for policyholders, whereas Progressive offers a unique Name Your Price tool for customized coverage.
- Geico’s financial strength ratings are higher than Progressive’s, indicating a better ability to pay claims.
- Progressive offers a more extensive range of optional coverages, such as pet injury protection, for various customer needs.
GEICO vs Progressive Home Insurance
GEICO offers a range of insurance products, including home insurance, with affordable rates and an online platform. Progressive is a larger insurance company that provides a wide range of insurance products, including home insurance. It also provides additional coverage options, such as identity theft protection.
The GEICO insurance company was founded in 1936. The founders of GEICO are Leo Goodwin and Lillian Goodwin. It is a private insurance company.
The headquarters of the company is in Maryland, United States.
On the other hand, the progressive corporation was founded in 1937. Jack Green and Joseph M Lewis founded it.
It is a public insurance company. The headquarters of the company is in Mayfield Village, Ohio, USA.
Comparison Table
| Parameters of Comparison | GEICO | Progressive Home Insurance |
|---|---|---|
| Year of establishment | 1936 | 1937 |
| Policy underwriter | GEICO is the underwriter of its policies | The coverage rates are affordable, the policyholders can use excess live chat feature, and the company provides discounts on car insurance for federal employees and military personnel |
| Type of insurance company | Private | Public |
| Advantages | Access to various online tools and resources, availability of 24/7 customer service irrespective of holidays, and the company provides unique personal policies in multiple domains | Progressive home insurance does not provide any live chat feature, the rates of the policies are higher, and the availability of certain discounts and coverage is limited depending on the region |
| Disadvantages | The coverage options provided in GEICO are limited, and only a few discounts are available on policies that are non-auto insurance-related | Progressive home insurance does not provide any live chat feature, the rates of the policies are higher, and the availability of particular discounts and coverage is limited depending on the region. |
What is GEICO?
GEICO is a private American insurance company. GEICO stands for Government Employees Insurance Company. It is considered the second-largest insurer in The United States.
The CEO of GEICO is Todd Combs. The company was founded in the year 1936.
It has over 40,000 employees. The founders of GEICO are Leo Goodwin and Lillian Goodwin.
The insurance company uses the slogan “real service, real savings” for its advertisements. The headquarters of the company is in Maryland, United States.
The parent organizations of the insurance company are our national indemnity company and Berkshire Hathaway. The company has an online process for signing up.
There are various local insurance agents also who sell the policies of GEICO. They are known as GEICO field representatives.
As home insurance policies, the company also covers other risks like personal liabilities, medical bills, and additional expenses experienced during a loss or accident.
The policies cover natural calamities like nuclear hazards, earthquakes, and other maintenance issues like broadens, termites, mould, and further insect damage.
Apart from regular home insurance, GEICO also provides other types of property insurance like renters, condo, mobile home insurance, and others.
The insurance rates are affordable and can be quoted and switched accordingly. The policies cover properties like appliances, furniture, dishes, and even clothing damaged or stolen during the incident.
There is limited coverage for jewellery, also.
What is Progressive Home Insurance?
Progressive Cooperation is a public insurance company in the United States. It is considered the 3rd largest insurer.
The headquarters of the company is in Mayfield Village, Ohio, USA. The company has over 43000 employees.
It was founded by Jack Green and Joseph M Lewis in 1937. Progressive Cooperation covers three significant segments: commercial auto, personal lines, and other indemnities.
The company provides various riders that can be added to home insurance policies for enhanced protection. The riders are water bag coverage, flood insurance, and even personal injury coverage.
The insurance company is known for its 24/7 customer service, even on holidays. Initially, the insurance company was known as Progressive Direct and rebranded as the Progressive Corporation in 2011.
The company provides the feature of the quote in advance so that the homeowners can plan and save accordingly. It also has add-on features like alarm systems and safety devices, which can be qualified at discounts.
Even new homeowners get a discount on the policy rates. The standard coverages provided by the company include dwelling coverage, loss of use coverage, personal liability coverage, and personal property coverage.
The claims processing of the insurance company is done on the phone, online, or through a mobile application. Progressive has multi-policy services and paperless systems.
It also has a single deductible system. The insurance company also has a gated complex or community.
Main Differences Between GEICO and Progressive Home Insurance
- The policies of GEICO offer the lowest rates, while the policies of Progressive Home Insurance are of moderate to high rate.
- GEICO operates through online signup processes, while Progressive operates through a network of insurance agents who are independent.
- J.D. Power U.S. Study of Auto Claims Satisfaction in 2020 scored GEICO as 871 out of 1000 and Progressive 856 out of 1000.
- NAIC Complaint score for GEICO is 1.70 and for Progressive Home Insurance is 1.69.
- The AM best rating given to GEICO is A++ and Progressive Home Insurance is A+.
- https://www.leg.mn.gov/docs/2015/mandated/150992.pdf
- https://www.emerald.com/insight/content/doi/10.1108/case.darden.2016.000241/full/html
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Piyush Yadav