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Founded in 1937, Progressive is now a leading company in the insurance industry. It’s currently the third-largest insurance provider, holding 12.2% of the market share, third behind Geico and State Farm. Progressive offers 34 insurance products, as well as a personal loan program.
Progressive has some of the most innovative insurance technology and online resources of any provider. “Progressive has traditionally been a leader in technology, allowing people to buy directly, which is great, and has been a big step forward for the industry,” says Chris Lotz, CEO of Goodcover, a California-based insurance provider. However, the company has below-average customer satisfaction, according to third-party ratings and some brokers.
Travelers issued its first insurance policy in 1864 when its founder charged a Hartford banker two cents for accident protection on his walk home from work. Travelers is now one of the largest insurance providers in the U.S.
Travelers is a well-known, established insurance provider with a long history of covering auto and home claims. Unlike its competitors, though, Travelers does not cover life insurance. Rates are below the industry average but not the cheapest. Yet you’ll have a wide variety of flexible coverage options and discounts to choose from.
You could be best served by a Travelers policy that provides sufficient financial protection that also fits your budget.