Progressive insurance was founded in 1937, and has since grown from 100 initial employees to more than 27,000 representatives, plus an estimated 30,000 independent agents. With more than 14 billion dollars in auto insurance policies in effect, Progressive is known as one of the more innovative insurance companies, and has the distinction of being the first to introduce monthly premiums to policy holders.
A.M. Best, a financial ratings company, gives Progressive a financial strength rating of A+, which indicates the company is on sound financial ground but has room to improve. The company goes on to provide a debt rating of A, which is indicative of recent turmoil in world financial markets. Many insurance companies have been adversely affected, but not so badly that their economic outlook has been severely impacted.
Depending on where you look for customer reviews and surveys, Progressive holds between a 25 and 57 percent customer satisfaction rating. Keep in mind, however, that such surveys have a tendency to be used by unhappy customers more so than ones that have received good service. Happy customers, it seems, feel less inclined to tell others about their experiences while unhappy ones are eager to proclaim their dealings to the world at large.
Progressive Insurance is a truly national company, represented by dedicated and independent agents alike in all 50 states. For people who are required to move periodically due to their occupations, Progressive insurance can travel with you. Even though the state requirements differ from one place to another, you can rest assured that there will be a Progressive insurance agent nearby to help you determine what is required in your new state of residence.
The Bottom Line
Progressive insurance is a well-established and dependable company. The company has a long history of innovative approaches to insurance, and has been a leader in developing new ways to serve their customers better. For those considering Progressive Insurance as an investment tool, the financial outlook is subdued, but more favorable than others.