The Progressive Insurance Company (NYSE: PGR) began its history as a mutual company in March, 1937, founded by two lawyers beginning their professional careers. It became a publicly shared company in 1971. Company headquarters are now located in Mayfield Village, Ohio, just outside of Cleveland, but there are over 450 regional and claims offices throughout the US. It is currently one of the largest automobile insurers in the United States. In 2009, Progressive began selling insurance policies online in Australia. Progressive’s group of insurance companies enjoys an A+ rating from the A.M. Best Co.
Progressive strives to live up to its name. It claims to be the first insurer to offer drive-in claims service; a way to inspect damaged vehicle and write repair estimates. The company also claims to be the first to allow its customers to pay policy premiums in installments rather than annual or semi-annual payments. In the early 1990’s it introduced the opportunity for potential customers to compare rates from many different insurance companies just by consulting Progressive.
Currently, Progressive developed what the company calls concierge claims handling: a policy holder with a claim may drop off the damaged vehicle at a participating Progressive claims service center and pick it up after repairs are complete with Progressive managing everything in between. In 2010, the company introduced an Android ™ app just for car insurance.
The company is available to customers 24/7/365 by telephone and through the internet. Premium quotes and policies may be obtained via both, or through an independent insurance agent. Progressive sells the typical insurance products, including personal and commercial automobile, homeowners, renters, boat, motorcycle and RV. It also sells pet injury insurance.
Progressive consistently wins so many industry awards year after year that we won’t go into them here. Even Progressive’s website is a winner: the #1 auto insurance web site for 2011 (Keynote Systems). It offers the current or potential customer the opportunity to do everything from get a quote to purchasing a policy to reporting a claim. One may even pull up one of overly-enthusiastic spokeswoman Flo’s commercials for entertainment.
Progressive is a community-minded organization. In 2008, the company signed a 16-year contract for the naming rights to the home field of the Cleveland Indians, renaming it Progressive Field. The same year it announced the title sponsorship of the Progressive Insurance Automotive X Prize; an international competition to encourage the development of viable and super fuel-efficient vehicles (100 mpg). This is a world-wide competition with a $10 million dollar prize. Progressive is also the title sponsor for the 2011 Gator Bowl college football bowl game.
Whether you are an investor, or shopping around for an automobile insurance policy, this seems to be a company to keep your eye on. Before you make a final decision about which company to purchase a policy from, make sure to get a quote from this one also. You might get a welcome surprise.
If you have even worked for Progressive Insurance or had a policy with them, our readers would love to hear from you. What did you think about the company? What did you like or dislike about it. How was the customer service. Please share your insights or personal story with the rest of our insurance community. Just fill out the web-form below to get started. Thank you.
This article is written for informational purposes and is not intended to take the place of competent local legal counsel. The writer is not associated with this insurance company or any of its affiliates. This website does not endorse any specific automobile insurance company over another.
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First Party Insurance Claims vs. Third Party Insurance Claims
What to do When You are in an Accident
The Insurance Company's Preferred Body Shop Program
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