Progressive vs. Travelers: Best Auto Insurance for 2023
When comparing auto insurance companies like Progressive vs. Travelers, you want to analyze both company pricing and company ratings. Travelers Insurance offers more affordable rates to men and women of various ages. Furthermore, both companies are comparably reviewed by A.M. Best and the Better Business Bureau.
- Travelers Insurance offers more affordable rates to men of various ages than Progressive.
- Travelers offers more affordable rates to women of various ages than Progressive.
- Travelers and Progressive are comparably reviewed by the Better Business Bureau and A.M. Best.
The process of auto insurance company comparison can be overwhelming. In an effort to simplify the process, we are going to be focusing exclusively on Progressive vs. Travelers auto insurance today.
We will be covering both company pricing and company ratings today in our Progressive vs. Travelers Insurance review.
So, Progressive or Travelers: which company is best for you? Let’s find out together. Before we dig into the details, type your ZIP code into our free and helpful tool above to find affordable auto insurance quotes in your area.
Progressive vs. Travelers: Which company offers more affordable rates to men?
When you begin comparing insurance companies, you want to start with what is important to you. For many, the most important is finding the most affordable auto insurance rates.
The following table shows the rates offered to men of various ages by the largest auto insurance companies, including Progressive and Travelers. These rates are for single 17 and 25-year-olds as well as married 35 and 60-year old men.
|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, Travelers is over twice as expensive as Progressive. For single 25-year-old men, things reverse. In this category, Progressive is about $1,400 more expensive per year than Travelers.
For married 35-year-old men, Progressive is over $800 dollars more expensive Travelers Insurance. Finally, for married 60-year-old men, Progressive is over $700 more expensive per year than Travelers Insurance.
So, our Travelers vs. State Farm insurance review shows that Travelers offers more affordable rates to men of almost all ages. Let’s see if Travelers wins in our next category when we compare the rates offered to women of various ages.
Progressive vs. Travelers: Which company offers more affordable rates to women?
We are now going to do what we did in the last section, but this time we will analyze the rates offered to women of various ages by companies including Progressive and Travelers.
|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 females, Travelers is about $5,500 more expensive per year than Progressive. For single 25-year-old women, Progressive is over $1,500 more expensive per year than Travelers.
For married 35-year-old women, Progressive is almost $1,000 more expensive per year than Travelers. Finally, for married 60-year-old females, Progressive is over $700 more expensive per year than Travelers.
So, again, Travelers wins. Let’s wrap up with company reviews to see if Travelers can sweep this thing.
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Progressive vs. Travelers: Which company is more well-reviewed?
Before we finish for the day, we need to stress the importance of company ratings from organizations like 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 Travelers? It turns out that they also lack BBB accreditation, and have an identical rating of “A+”.
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.
Progressive received the second-highest rating of “A+”. How did Travelers do with A.M. Best? Travelers holds 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.
Progressive received a long-term ICR of “aa”. What long-term ICR did Travelers receive? They received a rating one notch lower of “a+”.
So, in short, you have two good options here. Progressive and Travelers are comparably reviewed by A.M. Best and the BBB, but Travelers has the edge in terms of pricing.
Don’t let your Progressive vs. Travelers auto insurance comparison stop here. Type your ZIP code into our free and helpful tool below to find affordable auto insurance rates in your area.