Is Progressive an “A” Rated Insurance Company? 2024 (2024)
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.
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.
Fitch Ratings publishes credit ratings that are forward-looking opinions on the relative ability of an entity or obligation to meet financial commitments.
Ratings - Chicago - 24 May 2024: Fitch Ratings has affirmed The Progressive Corporation's (NYSE: PGR) operating subsidiaries' Insurer Financial Strength (IFS) ratings at 'AA' (Very Strong). Fitch has also affirmed the holding company's Issuer Default Rating (IDR) at 'A+' and senior debt ratings at 'A'.
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.
Progressive ranks 14th out of 35 providers for the best homeowners insurance in 2024 and our research team rated it a 4.4 out of 5. While Progressive can be expensive for some, its wide range of discounts, benefits and coverage options makes it a worthwhile choice.
Progressive is also currently seen as financially secure, with an A.M. Best rating of A+, so it can be relied on to pay out future claims. However, average rates without discounts are expensive, and the company gets twice as many complaints than average.
Key Takeaways: Geico is best for you if you're simply looking for the cheapest option, as the provider has a cheaper average rate estimate in 82% of states across the U.S. Progressive is best for you if you're looking for more coverage options, add-ons and customizations.
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.
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.
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. The company holds 13.7% of the market share and wrote more than $35.8 billion in auto insurance premiums in 2021.
The FSR of A+ (Superior) and the Long-Term ICRs of “aa” (Superior) have been affirmed with stable outlooks for the following members of The Progressive Corporation: Progressive Casualty Insurance Company. Progressive Northern Insurance Company.
This means they are considered to have an excellent ability to meet on-going insurance obligations. The better the financial rating of an insurer, the more likely they are to be able to meet their financial commitments, such as paying valid claims under your warranty cover.
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.
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