Progressive vs. State Farm: Best Auto Insurance for 2023
When comparing insurers like Progressive vs. State Farm, it is for the best that you analyze both company pricing and company ratings. Progressive is more well-reviewed by the Better Business Bureau, whereas both companies are reviewed comparably by A.M. Best. State Farm offers more affordable rates to men and women of various ages than Progressive.
- State Farm offers more affordable rates to men of various ages than Progressive
- State Farm offers more affordable rates to women of various ages than Progressive
- Progressive is more well-reviewed by the Better Business Bureau than State Farm
The process of comparing auto insurance companies can prove to be a little overbearing. To reduce the stress of this process, today we are going to be focusing exclusively on Progressive vs. State Farm auto insurance rates.
We will be covering both company pricing as well as company ratings today in our State Farm vs. Progressive Insurance review.
Prior to us diving into this Progressive vs. State Farm review, though, type your ZIP code into our free and helpful tool above to find affordable auto insurance quotes in your area.
Progressive vs. State Farm: Which company offers more affordable rates to men?
When you set out to compare auto insurance companies, you almost certainly would like to start with what is important to you. For many people, if not most, that would be companies’ pricing.
The following table shows the rates offered to men of various ages by the largest auto insurance companies, including Progressive and State Farm. These rates are for single 17 and 25-year-olds as well as married 35 and 60-year old men.
To compare affordable Progressive vs. State Farm auto insurance quotes, take a look at the table below.
|Company||Married 60-Year-Old Male Average Annual Rates||Married 35-Year-Old Male Average Annual Rates||Single 25-Year-Old Male Average Annual Rates||Single 17-Year-Old Male Average Annual Rates|
|State Farm Mutual Auto||$1,349.64||$1,529.96||$2,003.27||$5,604.41|
|Travelers Home & Marine Ins Co||$1,702.69||$1,701.83||$1,922.42||$27,457.38|
|Liberty Mutual Fire Ins Co||$3,781.20||$3,967.26||$5,397.88||$15,000.77|
As you can see, for single 17-year-old men, Progressive is over $7,600 more expensive per year than State Farm. For single 25-year-old men, the disparity lessens, but Progressive is still $1,300 more expensive than State Farm per year.
For married 25-year-old men, Progressive is a little less than a thousand dollars more expensive per month than State Farm. Finally, for married 60-year-old men, Progressive is about $1,100 more expensive than State Farm per year.
So, our Progressive vs. State Farm Insurance review seems to show that State Farm wins in terms of the rates offered to men of various ages. Let’s see if this holds true in terms of the rates offered to women.
Progressive vs. State Farm: Which company offers more affordable rates to women?
We are now going to do something similar to what we did in the last section. This time, though, we will be analyzing the rates offered to women of various ages by companies including Progressive and State Farm.
|Company||Married 60-Year-Old Female Average Annual Rates||Married 35-Year-Old Female Average Annual Rates||Single 25-Year-Old Female Average Annual Rates||Single 17-Year-Old Female Average Annual Rates|
As you can see, for single 17-year-old women, Progressive is about $7,600 more expensive per month than State Farm. For single 25-year-old women, Progressive is about $1,600 more expensive per month than State Farm, effectively doubling their price for this category.
For married 35-year-old women, Progressive is over $1,100 more expensive per year than State Farm. Finally, for married 60-year-old women, Progressive is again about $1,100 more expensive per year than State Farm.
In short, State Farm wins again. Let’s wrap up with company ratings and see if State Farm can sweep this thing.
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Progressive vs. State Farm: Which company is more well-reviewed?
Before we wrap up for the day, we must stress the importance of company ratings from organizations such as A.M. Best and the Better Business Bureau. A positive rating from one or both of these two rating organizations can give consumers confidence that an auto insurance company has and will continue to have financial strength.
The Better Business Bureau’s rating scale goes from the highest score of “A+” down to the lowest score of “F”. Progressive received the highest possible Better Business Bureau score of “A+”. With that being said, Progressive is not currently BBB accredited.
What score did the Better Business Bureau give State Farm? It turns out that not only does State Farm lack BBB accreditation, but they also lack a rating as well.
A.M. Best’s Financial Strength Rating (FSR) scale is slightly different in that it ranges from “A++” down to “D”. Not to mention, they actually have two different scales.
Let’s now take a look at a table that compares these A.M. Best Financial Strength Ratings.
|Providers (Largest-Smallest)||A.M. Best Rating|
|Auto Club Enterprises||A-|
As you can see, Progressive has a very high rating of “A+”. With that being said, State Farm is more well-reviewed by A.M. Best, with the highest possible rating of “A++”.
A.M. Best also has what is called Long-Term Issuer Credit Ratings (Long-Term ICR). Whereas their Financial Strength Ratings are about an insurer’s financial strength as well as its ability to meet ongoing policy and contractual obligations, a Long-Term ICR is focused on the future. A Long-Term ICR can be issued on a long-term basis or short-term basis.
This scale goes from the high end of “aaa” (Exceptional) down to the low end of “c”. It’s a little confusing, so the scale goes like this: “aaa”, “aa”, “a”, “bbb”, “bb”, “b”, “ccc”, “cc”, “c”. A company can also score notches in their ratings, i.e. “aa+”.
State Farm received a rating of “a”. What long-term ICR did Progressive receive? They received a rating one full level higher of “aa”. So, for A.M. Best, it’s somewhat of a tie.
Should you buy Progressive vs. State Farm auto insurance? In short, you have two wonderful options here, but State Farm stands above Progressive.
Now that you’ve finished this Progressive vs. State Farm review, type your ZIP code into our free and helpful tool below to find affordable auto insurance quotes in your area.