Geico vs. Progressive: Compare insurance companies in 2024

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Our recommendation: Geico vs. Progressive: Which is better?

Geico and Progressive are both financially strong insurance companies that have a lot to offer drivers. While both are good choices, the right insurer for you will vary based on your needs. 

If you are looking for the most affordable rates, Geico tends to have some of the cheapest rates in the industry. In addition to low rates, Geico offers responsive customer support, making for a smooth experience as you work with the company. Geico makes it easy to manage your policy entirely online. 

Progressive is another good option for drivers looking for relatively low rates. Although Progressive tends to have higher average rates than Geico, it still offers some of the most affordable rates in the industry. With great customer support and an easy renewal process, many drivers are happy to renew with Progressive. 

Rating comparison for Geico vs. Progressive car insurance

Geico stands out as offering an easy-to-navigate digital experience. But Progressive saw a larger percentage of drivers choosing to renew, which bodes well for a positive experience with the company. 

The table below offers more insight into how these two insurance giants stack up against each other. Please note that numerical ratings are on a scale of 0-5 with 5 being the highest possible score.

Geico vs. Progressive: Pros and cons

Every insurance company has advantages and disadvantages. Below is a closer look at the pros and cons to consider with these companies. 

Geico vs. Progressive: Which provides the cheapest car insurance rates?

Geico tends to offer cheaper rates for all levels of insurance coverage. For example, the average cost for a full-coverage policy with Geico is $1,763. In contrast, the same average cost for a full-coverage policy with Progressive is $1,998. 

The table below highlights the average costs of different policy levels for each company. Liability-only indicates higher than state minimum coverage limits of 50/100/50.

Geico vs. Progressive: Car insurance rates by age and gender

On average, Geico offers lower rates across all age groups. But the difference is especially pronounced for young drivers. Drivers aged 16 to 19 pay an average of $3,855 for an annual policy with Geico. In contrast, drivers of the same age group pay $7,190 for an annual policy with Progressive. 

In general, women tend to enjoy lower car insurance rates than men across all age groups. But the gap shrinks as you age. 

The table below illustrates how different age groups can expect different rates across both companies. 

Geico vs. Progressive: Rates by credit score

Drivers with good credit scores often pay less for insurance than drivers with poor credit scores. That trend holds true with both Geico and Progressive. 

But, once again, Geico beats out Progressive by offering cheaper average rates. For example, fair credit drivers with Progressive can expect to pay an average of $2,504. But Geico drivers with fair credit pay an average of $2,158. 

The table below highlights how average rates vary by credit score at Geico and Progressive. 

Geico vs. Progressive: Rates for different violations

When it comes to getting a good car insurance rate, maintaining a clean driving record is critical. If you receive a moving violation, that tends to drive your car insurance costs higher. 

“High-risk behaviors such as speeding, driving under the influence (DUI/DWI), and at-fault accidents typically lead to higher premiums,” says John Crist, founder of Prestizia Insurance. 

The table below shows how a violation can push average rates higher at each insurer. Geico and Progressive penalize drivers similarly for driving violations in most cases. But the impact of a violation varies based on the insurer. 

Geico vs. Progressive: Customer satisfaction comparison

While the companies tend to offer different rates, customers are generally satisfied with both Geico and Progressive. Seventy-five percent of Geico customers said they were satisfied, compared with 70% of Progressive customers, according to the 1,750 insurance consumers surveyed in the fall of 2023. 

Geico vs. Progressive: Car insurance discount availability comparison

Both Geico and Progressive offer a wide range of discounts for drivers. Of course, the type of discounts you qualify for will vary based on your unique situation. For example, homeowners can tap into a discount with both Progressive and Geico.

The table below highlights the different discounts you can expect to find with each company. 

Geico vs. Progressive: Additional insurance availability comparison

Geico and Progressive are both major insurance companies, which means you can buy much more than car insurance from the insurers. You can find a breakdown of which other policy types this company offers in the table below. 

Resources & Methodology

Methodology

Insure.com in the fall of 2023 surveyed more than 1,750 insurance consumers (1,459 people with auto insurance). Online market research company Slice MR conducted the survey. Respondents were asked to name their auto insurer and then grade it in the following categories – customer satisfaction, ease of service and policy offerings. The percentage of respondents who said they were satisfied or very satisfied with their insurer is presented in the results.

Respondents were then asked to pick their insurer’s top three attributes out of more than a dozen presented – trustworthiness, claims satisfaction, digital experience, discounts and best for auto/home bundling. The responses for each attribute were totaled and then divided by the number of each company’s customers who responded to that survey question to create a percentage. 

Respondents were then asked if they would recommend their auto insurer to someone else and whether they would renew with their company. The percentage who said yes is presented in the results.

Finally, respondents were given the statement “I trust my insurance company” and asked if they strongly agreed, agreed, disagreed or strongly disagreed with the statement. The percentage of those who said they agreed or strongly agreed is presented in the results.

The editors compiled the survey results and then selected – based on the number of survey responses – the top companies for further evaluation. 

They then collected AM Best data, which measures financial strength, and National Association of Insurance Commissioners’ complaint data, which ranks a company by the number of customer complaints it receives. The Insure.com team identified the NAIC company code or codes that were the primary underwriting companies for each carrier and line of business using total annual premiums. The associated NAIC complaint index score was used in the calculations. If more than one underwriting company was identified for a line, the editors used a weighted average of the NAIC complaint index scores.

In addition, we also created star rankings for each company. Respondents were asked to pick their insurer’s top three attributes out of the more than the dozen presented, again including customer satisfaction and policy offerings. The number of responses for each attribute was totaled and then divided by the number of each company’s customers who responded to that survey question to create the star ranking. 

The editors also collected insurance rate data from Quadrant Information Services.

With the help of Prof. David Marlett, Ph.D., Managing Director of the Brantley Risk and Insurance Center at Appalachian State University, the editors created a rating system to determine which insurance companies were best in each sector. For auto insurers, we took the following and gave each a weight.

• Survey: 40% of the total score (10% customer satisfaction, 10% recommended, 10% renewal rate and 10% claims handling)
• Annual premium: 20% of the total score
• AM Best: 25% of the total score
• NAIC: 15% of the total score

Each insurer was awarded from half a star to 5 stars. No insurer in our star ranking received less than half a star and 5 stars was the most any insurer could receive.

Sarah Sharkey

Contributing Researcher

 

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Sarah Sharkey is a personal finance writer with a master’s degree in management from the Hough School of Business at the University of Florida. She enjoys helping readers find money solutions that work. She has written for numerous personal-finance publications including Money Under 30 and The College Investor.