You’ve just bought a new car or you own several cars. For some reason you’re upset with your current insurance provider. Should you go with slightly scary Progressive’s spokesperson “Flo” with too much caked-on makeup or should you go with Nationwide’s somewhat less interesting “World’s Greatest Spokesman” who has no name?
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The answer should have less to do with each company’s commercials, and more to do with benefits vs. costs, what plans are you comparing between the two companies, and your own personal variables (which include your age, gender, driving history, and even educational background). You might also need to know if Progressive insurance is cheaper than Nationwide’s coverage.
How do cost and benefits compare?
Does Progressive offer a better deal than Nationwide? The answers, in terms of the three random Craigslist cars (2010 Kia, 2003 Chevrolet Cavalier, and 2002 Lincoln Town Car) put into the respective online quote generators of both companies, would be threefold.
- One: Nationwide can get you a cheaper deal by almost $120 dollars a month for three vehicles ($134 monthly for Nationwide vs. $264 for Progressive), but you lose many benefits that you might end up needing, such as roadside assistance or rental car expenses while your car is being repaired or replaced.
- Two: When Nationwide offers a package of comparable benefits to Progressive, the costs are pretty much the same and can change depending on the discounts offered and perhaps even your negotiating skills.
- Three: What are your variables? For this particular online test the applicant was a college-educated male, over the age of 40. He is making payments on his current insurance, had no accidents or DUIs within the last several years, and was looking to bundle all three cars for one monthly quote for the state of Pennsylvania.
Your prices would probably be completely different for one or two cars, if you hadn’t paid insurance for a while, or even if you weren’t a college graduate (which is a debatable criteria, but one often used by insurance companies). Use the quote generators and play with the benefits to get your best price.
Why isn’t cheapest my best bet?
The “Basic” or barebones insurance that Nationwide can provide you with is about $120 cheaper than the recommended version that Nationwide suggests and about $127 cheaper than what Progressive recommends. (Progressive didn’t offer three tiers of coverage.) But here’s what you don’t get with that $134 a month premium for your three vehicles:
- Supplemental income
- Low deductible
- Accidental death benefits
- Funeral benefits
- Roadside assistance
- Rental car expenses
Those last two are very important if you need a car to get to work. It might be worth it to spend a little bit extra to get several benefits that you might need down the road.
What variables should I consider?
The final numbers that were provided with our three sample cars were these.
Nationwide offered three quotes: $132.99 per month for Basic, $256.42 a month for Recommended, and $294.02 for Recommended Plus. Progressive offered one quote of $264.22 per month for three cars. But the Progressive interface did have flexibility so you could change the parameters of many of its features. It wouldn’t be surprising if you could achieve a Progressive quote competitive with Nationwide’s Basic rate or even as high as Nationwide’s Recommended Plus, just by tweaking the parameters of things like accidental death benefits or income loss.
But the important thing to remember is that all those numbers change depending on variables. If you don’t bundle three cars at once, then the numbers change. If you had renter’s insurance and bundle further, then the numbers change. If you live in California as opposed to Pennsylvania, then the numbers change. If you’re a college-educated male as opposed to a female high school dropout, then the numbers will probably change.
You might not even get a quote if you’ve been in too many accidents or had one too many DUI convictions. Or worse yet: you owe the insurers money!
The final answer to the question “Is Progressive Cheaper than Nationwide?” is “It depends.”
It depends on whether a barebones plan will satisfy your needs and if you’re a long-time customer of either insurer. It depends on what state you live in and how safe a driver you are. It depends on whether you want replacement of your car or the car’s actual value if it is destroyed in an accident. It even depends on whether you limit your insurance choices to just two companies.
Shop around and find the best deal at the best value. Type your zip code into the free quote tool and compare car insurance rates between Progressive and Nationwide and other insurers today!
