Zaneta Wood, Ed.S. has over 15 years of experience in research and technical writing bringing a keen understanding of data analysis and information synthesis to reach a wide variety of audiences. She studied adult education and instructional technology at Appalachian State University as well as technical and professional communication at East Carolina University. Zaneta has prepared technical p...

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Joel Ohman is the CEO of a private equity backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He has an MBA from the University of South Florida. Jo...

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Reviewed by Joel Ohman
Founder & CFP®

UPDATED: Jun 15, 2020

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Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.

Here's what you need to know...

  • Internet searches reveal that the MyRate tool does indeed save money on auto insurance.
  • The MyRate program is not available in all states due to various requirements on insurance.
  • You can name your own price without using the MyRate tool by requesting discounts.
  • Compare costs and coverage of several insurance companies before purchasing a policy.

The “Name Your Price” Tool with Progressive (Does it really work?) You cannot name your price for car insurance at Progressive Insurance. Just like some travel sites that offer “name your price hotel”, it is just a way to advertise to get people to buy the company’s insurance product. And Flo with Progressive has become a really popular part of the culture, with a lot of name your price tool memes floating around.

So let’s take a look at a company that has built such a reputation and review Progressive’s various ways to get rates.

If you’re looking for name your own price insurance, we can help you save. Enter your ZIP code now in our free tool and compare online cheap car insurance quotes now.

Table of Contents

The Pros and Cons of the Progressive “Name Your Price” Tool

How does Name Your Price tool work? The “Name Your Price” tool is convenient because it gives the person searching for car insurance an easy to read and understand solution.

Seeing how the coverage options change as the monthly price changes is simple.

One of the drawbacks to this tool is that just because the person likes the price-per-month amount does not mean they will have adequate insurance coverage.

And though there are other “name your price” tools, like Priceline, out there, Progressive is the one that started it. But we can help you find out if Progressive, Geico, or an independent agency can provide the best price.

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How does the Progressive “Name Your Price” tool work?

The first step is to go to the Progressive Insurance website. Once on the company’s website, you have to go through the quote process.

This video is one of Progressive’s many videos about the Name Your Price tool.

To obtain a quote, some necessary personal information includes:

  • Address
  • Gender
  • Marital status
  • Number of drivers and cars

Some necessary information about the car and the person’s driving history includes:

  • Make and model of the car
  • Use of the car
  • Whether the car is owned or leased
  • Whether the car has a passive or active alarm
  • Any accidents in the past five years
  • Any moving violations or insurance claim in the past three years

After providing all of this information, the person is taken to a screen with a sliding bar that they can drag to the left or right to change the number of monthly payments on a six-month car insurance policy.

As you drag the bar to the left, the payment amount will decrease as the coverage available changes, and if you drag the bar to the right, the payment amount will increase along with the coverage options.

How does the MyRate tool work?

There is no real Progressive name your price tool toy. The way Progressive works is that you must first apply for coverage. Upon applying for coverage, you will receive a quote.

Is the Name Your Price tool real? It is, but it’s not exactly what you might think. If you decide to purchase insurance from Progressive, you are then given the option of signing up for the “MyRate” tool. If you sign up for the tool, Progressive will give you a 10 percent discount on your first term premium. Then, you are charged $30 for every term to cover the measuring device that is placed in your vehicle.

The device will provide a reading of how, how much, and when you drive.

According to Progressive, the measuring device can save you up to 25 percent on your policy or cost you up to 9 percent more depending on driving habits and patterns.

If you do some research, you’ll find proof on the Internet that MyRate from Progressive is saving people money on their auto insurance.

Why Progressive Offers the “Name Your Price” Feature

Progressive Insurance began offering this feature in 2009 at the beginning of the current economic recession. At that time it was estimated that one in six drivers would cancel their policies as a way to save money.

Here’s a look at how Progressive’s average annual car insurance rates stack up against a Geico quote, one from Allstate, and other top companies.

Average Annual Car Insurance Rates from Top Car Insurance Companies
CompaniesAverage Annual Rate
USAA$2,541.91
Geico$3,216.39
State Farm$3,267.63
American Family$3,443.09
Nationwide$3,446.70
Progressive$4,043.83
Farmers$4,188.80
Travelers$4,444.85
Allstate$4,898.25
Liberty Mutual$6,095.54
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Not only would this mean that many people would be without the protection of car insurance but also that insured drivers would be at a greater risk of being in an accident with an uninsured driver.

A car accident with one or more uninsured driver could have an adverse affect on a policyholder’s insurance rates.

Progressive hoped that this tool could show people that they could still afford to stay insured.

When this tool was first released in 2009, it was only available in 30 states. However, Progressive has now extended this tool into other states.

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Is the Progressive MyRate program available in all states?

The MyRate program is only available in certain states, according to Progressive. Every state’s insurance requirements and minimum rates vary. Insurance companies can only discount certain amounts and still meet insurance regulations.

Insurance companies are required to charge a certain minimum rate for insurance.

Insurance companies must keep enough reserves on hand in case of catastrophic payouts. If they charge too little, the reserves will not grow or will become depleted. In certain states, there is less leverage to adjust rates.

Another factor to why the tool is only available in certain states is that insurance discounts must first be approved by the state’s insurance department before the company can market it to potential policyholders.

Progressive is currently working on receiving approval from other states’ insurance departments so that they can market the MyRate tool in these additional markets.

How is the MyRate program a different discount?

The MyRate program is not any different than any other discount offered by an insurance company. For instance, most insurance companies will give you a discount if you drive less than the national average.

Most insurance companies will also give you a discount on how you drive. You can get a lower premium for being a good driver with almost any insurance company.

Lastly, many insurance companies will give you a lower car insurance premium if you drive at off times. If you do not drive in rush hour every day for miles to the office, there is a pretty good chance your insurance will be lower than someone who does. Your commute is a big deal. The average commute in the United States is 25.7 minutes, according to DataUSA. If yours is shorter, you might get a discount.

But specifically, what discounts does Progressive Insurance offer?

Car Insurance Discounts Offered by Progressive
Car Insurance Discounts Offered by Progressive
Adaptive Cruise Control
Adaptive Headlights
Anti-lock Brakes
Anti-Theft
Daytime Running Lights
Electronic Stability Control
Vehicle Recovery
VIN Etching
Lane Departure Warning
Newer Vehicle
Forward Collision Warning
Claim Free
Continuous Coverage
Defensive Driver
Distant Student
Driver's Ed
Driving Device/App
Early Signing
Family Legacy
Full Payment
Good Credit
Good Student
Homeowner
Low Mileage
Loyalty
Married
Multiple Policies
Multiple Vehicles
Online Shopper
Paperless Documents
Paperless/Auto Billing
Passive Restraint
Safe Driver
Stable Residence
Switching Provider
Young Driver
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It also helps to shop around, as insurers differ on what discounts they offer.

Can I name my own price without the Progressive MyRate tool?

According to Consumer Reports, you can also name your price without the MyRate tool. Progressive allows you to name your own price by entering an amount in a tool box after the quote has been generated.

However, the website will not allow you to go below a certain level due to industry regulations.

Also, as your amount is adjusted, so is your coverage. Your price will get lower as the insurance coverage decreases or as your deductible increases.

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Enter your ZIP code below to view companies that have cheap car insurance rates.

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Can I name my own price with another car insurance company?

You can name your own price with any insurance company but with certain restrictions. Again, insurance companies are regulated by how much or how little they can charge.

You can lower your premiums by adjusting your coverage. A few adjustments to coverage can save you hundreds of dollars.

You should also ask for or research possible discounts for car safety features, driver’s education courses, good student discounts, marital status, or bundling of coverage.

Essentially, when you make these adjustments, you are naming your own price in the insurance industry. After all, you are determining the minimum required coverage for the lowest amount of money.

Remember you should always receive at least three quotes when shopping for car insurance. You should always compare the cost of coverage and be sure you purchase insurance from a reputable company.

Read the full Progressive car insurance review and then compare online car insurance.

Progressive Insurance offers a car insurance program called “Name Your Price.”

  • The “Name Your Price” program helps drivers customize their car insurance by coverage and price
  • This tool provides drivers with an easy solution to the overwhelming problem of finding insurance
  • Make sure that you don’t sacrifice adequate coverage just to get a cheap price on insurance

This car insurance program lets a person who is searching for car insurance to customize their policy by indicating their insurance needs and the amount they would prefer to pay.

Our FREE car insurance rates comparison tool does the hard work out of finding the cheapest car insurance available.

Who has the cheapest auto insurance? Compare Progressive’s car insurance rates to other leading companies today by entering your ZIP in the box below. Get the best cheap auto insurance for you.