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):
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.
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.