Yes, Progressive is an "A+" rated insurance company, according to financial analysis by AM Best. AM Best's "A+" designation means that Progressive is in an excellent position to pay out claims to customers.
Car insurance companies are rated on a variety of metrics in addition to financial strength, including customer satisfaction and claims processes. Below, you can find a few additional ratings for Progressive that speak to its overall reputation.
Notable Progressive Ratings
- AM Best: A+
- WalletHub Editors: 3.9/5
- JD Power: 4.1/5
- NAIC: 1.45
- BBB: A+
To learn more, check out WalletHub's review of Progressive.
This answer was first published on 10/10/23. 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.
FAQs
AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of "aa" (Superior) of the members of The Progressive Corporation (Progressive) (Mayfield Village, OH) [NYSE: PGR].
Does Progressive have a good reputation? ›
J.D. Power 2023 Insurance Claims Satisfaction: Similar to their overall ratings in the United States, Progressive sat just below the industry average by 8 points with a score of 870 out 1000. NAIC Insurance Claims Complaints Index: Progressive earned a score of 1.97 which is . 97 points above the national average.
What ranking is Progressive Insurance? ›
Progressive's financial ratings from third-party companies
| Rating organization | Progressive rating |
|---|
| Rating organization:A.M. Best | Progressive rating:A+ Superior |
| Rating organization:Standard and Poor | Progressive rating:AA |
| Rating organization:Moody's Investors Services | Progressive rating:Aa |
What rating does Progressive insurance have? Progressive is rated 3.9 out of 5 by WalletHub's editors, based on factors such as customer reviews and watchdog-group ratings.
Who is better, Geico or Progressive? ›
Geico tends to offer lower rates for most policyholders and has slightly higher customer satisfaction scores. On the other hand, Progressive has great options for high-risk drivers and more widely available usage-based insurance. We recommend comparing rates from both when you shop.
Who is bigger, State Farm or Progressive? ›
About Progressive
According to the National Association of Insurance Commissioners (NAIC), Progressive is the third-largest auto insurance provider in the U.S. behind State Farm and Geico.
Are people happy with Progressive? ›
According to our research, Progressive policyholders seem to be mostly satisfied with the insurer's claims process. Customers in our August 2022 insurance survey gave Progressive a rating of 4.0 out of 5.0 for their satisfaction with the outcome of their claim.
Who is Progressive biggest competitor? ›
Competitor comparison
- Berkshire Hathaway Inc Headquarters. 396,500. $364.5B.
- The Allstate Corp Headquarters. 53,000. $57.1B.
- State Farm Mutual Automobile Insurance Co Headquarters. 53,000. $50.1B. Private.
- Liberty Mutual Holding Company Inc Headquarters. 50,000. $50.0B. Private.
Progressive is owned by its shareholders, as it is a publicly-traded company. The biggest shareholders are The Vanguard Group, BlackRock Fund Advisors, and Wellington Management, which have a combined ownership stake of almost 20%, according to public records, as of Q1 2021.
Who is the most trusted insurance company? ›
Summary: Best Car Insurance Companies of May 2024
| Company | Our expert take | Forbes Advisor Rating |
|---|
| Nationwide | Best overall | 5.0 |
| USAA | Best for military members and veterans | 4.8 |
| Travelers | Great for drivers with speeding tickets | 4.7 |
| Erie | Best for drivers who caused an accident | 4.6 |
4 more rowsBest health insurance companies of 2024
- Kaiser Permanente: Best health insurance.
- Aetna: Best health insurance for young adults.
- Blue Cross Blue Shield: Best health insurance for the self-employed.
- UnitedHealthcare: Best health insurance provider network.
If you buy directly from a Progressive company, your car insurance price reflects the cost of staffing and maintaining the sales centers, and a larger portion of our marketing costs.
Does Progressive raise your rates after 6 months? ›
Your Progressive rates may increase after six months depending on a number of factors. Like other car insurance providers, Progressive will typically raise your rates if you receive a speeding ticket or moving violation, cause an accident or make comprehensive insurance claims.
How does Progressive handle claims? ›
When you report a claim, we'll gather some basic information, then assign a claims rep to you. They'll provide more details on the claims process and answer any questions. You can file a claim by logging in to your policy, using our mobile app, or by calling our claims center.
How can progressive insurance be so cheap? ›
Progressive is so cheap because it offers a wide variety of discounts and gives consumers tools to acheive the best rates possible, such as Progressive's price comparison tool and their Name Your Price program.
What is Progressive ranked in the Fortune 500? ›
Fortune Magazine ranked the world's top 500 corporations, based on total revenue. Mayfield-based Progressive, with $49.8 billion in revenue, was 287th. It was 88th on the 2023 Fortune 500 list.
What is an A rated insurer? ›
An 'A' rated insurer indicates an excellent ability to pay claims, while a 'C' rating means that the insurer may be less able to pay claims.
Is progressive insurance financially stable? ›
Progressive car insurance review. In recognition of Progressive's high financial strength ratings, numerous discounts and customizable policy options, we assigned Progressive's auto insurance a Bankrate Score of 4.4 out of 5.
