Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective. Terms apply to offers listed on this page. Read our editorial standards.
When it comes to insurance, there’s a lot of buzz around both GEICO and Progressive. But in Insider’s calculations, GEICO comes out on top. GEICO generally offers some of the lowest rates and more discounts than Progressive.
GEICO vs. Progressive auto insurance comparison
GEICO is the second largest
company based on market share and Progressive is the third largest. The average monthly auto premium for GEICO is $156, with Progressive’s at $162.
*Market share based on data from S&P Global Market Intelligence.
GEICO started off as the Government Employees Insurance Company, for government employees and the military in 1936. It later offered services to the general public. In 1996, it became a subsidiary of Berkshire Hathaway, headed by Warren Buffet.
GEICO operates in all 50 states and the District of Columbia. GEICO ranked #13 in J.D. Power’s auto claims satisfaction survey and it ranked #3 in Insider’s guide to the best car insurance companies.
Progressive has been around since 1937. It ranked #17 out of 18 for auto claims satisfaction in J.D. Power’s auto claims satisfaction survey. Progressive is available nationwide.
GEICO stands out in customer satisfaction, average monthly premium, and the number of discounts offered.
GEICO vs. Progressive homeowners insurance comparison
A cheap homeowners insurance policy does little if the company fares poorly in claims satisfaction — especially if you live in disaster-prone areas where you can have multiple claims in one year.
Progressive is the tenth largest homeowners insurance company based on market share. GEICO isn’t as big of a player in the homeowners insurance market as it is in the auto insurance market.
GEICO didn’t make the list for J.D. Power’s homeowners insurance customer satisfaction survey. Progressivedidn’t make the list for J.D. Power’s homeowners insurance customer satisfaction survey either, and that says more because it is the tenth largest homeowners insurance company.
GEICO vs. Progressive life insurance comparison
GEICO and Progressive have similar product offerings when it comes to life insurance. Neither GEICO nor Progressive made the list for J.D. Power’s life insurance customer satisfaction survey, and neither have a huge life insurance market share.
GEICO offers offers term and permanent life insurance products. The term life products offered are select (level) term and a no medical exam policy (simplified issue). The permanent life insurance products offered are whole life and universal life.
Progressive offers offers term and permanent life insurance products. The term life products offered are level term, final expense, and short-term RAPIDecision no medical exam policy (simplified issue). The permanent life insurance products offered are whole life and universal life.
No matter what company you go with, there are two types of life insurance: permanent life and term life. Term life insurance lasts for a specified period. When it’s up you can reapply for coverage, but the premiums most likely will go up as you age.
Permanent life insurance never expires, has a death benefit for your beneficiaries, and a cash value that you can use during your lifetime. Some financial advisors recommend a combination of term and permanent life insurance.
GEICO vs. Progressive: Which insurance company is more trustworthy?
We checked the NAIC Complaint Index for complaints against GEICO, and the company had relatively few complaints filed against it compared to other top insurers. GEICO’s financial stability is strong, with an A.M. Best’s rating of A++ (Superior).
We also checked the NAIC Complaint Index for complaints against Progressive. Progressive has relatively few complaints filed against it compared to other top insurers. Progressive’s financial stability is strong, with an A.M. Best’s rating of A+ (Superior).