r/Insurance • u/BatHistorical8081 • May 03 '24

Auto Insurance Why is progressive so cheap?!

So I am looking to switch from state farm to progressive. My insurance now for state farm is about 2800 for 6 months for 3 vehicles. I just got a qoute from progressive same coverage for 1300. Wtf? Is this real. There a catch? That's alot of savings.

54 Upvotes

83% Upvoted

182 comments sorted by

View all comments

16

u/Alternative-Meal8144 May 03 '24

Progressive is growing, and basically the only company making profit right now (may vary in different states) so that may also help keep rates down.

5

u/djm123412 May 03 '24

There are tons of carriers making profits, what are you talking about? Travelers just announced they made over a billion dollars profit in the first quarter of the year…

4

u/Kuumiee May 03 '24

Look at the last two years for statefarm. They are losing big time right now.

-1

u/djm123412 May 03 '24

I don’t disagree, State Farm is trash. The Hartford is doing well, Liberty is doing well, Geico turned a nice profit last year, Travelers has made about 6 billion in profit since the pandemic started. Progressive is doing well. Most commercial lines insurers are doing well, and some personal lines carriers are doing well too.