Progressive Name Your Price Review

You’ve probably heard or seen the “Progressive Name Your Price” advertisement that claims you can choose your own insurance rate. Especially for drivers on a tight budget or those bringing a teen driver onto their policy, this seems like a dream. The way it’s presented, you have the upper hand in bargaining.

So is it fact or fiction?

Oddly enough, the answer is a little of both, though it depends on how accountable you hold a billion dollar insurance corporation for its advertising claims. In a simplistic sense, Progressive insurance allows you to name your price up to a point. If you tell them you only want to pay $1, you can expect nothing. If, on the other hand, you only want to pay a maximum of $400 for 6 months, it could be a toss up.

I suppose you’re “technically” choosing your own price because you physically enter a monthly dollar amount for coverage, which in-turn, will raise or lower your insurance premium.

But in reality, this is just another example of a somewhat misleading insurance advertisement, similar to the “switch and save” and “15 minutes can save you 15%” ads we’re accustomed to seeing every day.

What does the name your own price tool really mean?

First off, naming your own price doesn’t mean your getting the coverage that best suits you, it just means you’re entering a desired dollar amount and ending up with whatever Progressive will offer for that price. Their rates have not changed. If you’re okay with taking whatever coverage you can get for a certain price limit, this is fine. But if you have a specific coverage limit in mind to go with the price you’ve requested, you may end up disappointed.

That probably isn’t the best way to ensure you’re properly covered…check out our auto insurance checklist to see what you might need. Unfortunately, it could leave many vulnerable people with less coverage than they need on the road. Some may also not have the types of coverage they need. The worst part is you may not be getting the lowest prices for what you get. There’s no way to tell unless you’re comparing quotes.

Second, almost every car insurance company in the nation allows you to pick your coverage types and liability limits based on what they offer. It appears Progressive Insurance is touting the ability to click a button versus speaking to an agent. With many calculator letting you choose certain coverage options, it’s easier than ever to choose what you need and then get quotes from multiple companies at the same time. It’s not a name your price for an auto policy. But you can get name your coverage and then find the best price with an insurance provider that makes sense for you.

I can’t find another company selling insurance online that doesn’t allow you to choose your own coverage types and limits. In fact, if an insurer or an agent doesn’t explicitly make you aware of your options, they can get into trouble in the event of an insurance claim.

Finally, most auto insurance companies in the U.S. file their rates with the state department of insurance for every state in which they sell their products.

This is how consumers are guaranteed not to be charged an unfair or discriminatory rate for coverage.

On the flip side, it also means Progressive isn’t necessarily “making it up” to suit your individual needs.

When it comes down to it, your final premium from Progressive can only be manipulated by changing liability limits, picking up or dropping coverage, or applying discounts (which are given to you as you answer questions online).

There is no magic insurance wand here. No favors. No special deals. No different than anybody else.

Read more: Progressive Insurance Review

Is the convenience of the online tool enough?

They’ve just got a cool little widget that allows you to enter a monthly payment and match you with a program that fits your budget.

At the same time, there’s also no option for price matching with other insurer’s premiums. I guess that is what I would consider the ability to really name my price.

It’s worth pointing out that Progressive does have one of the sleekest websites out there, along with a ton of available discounts.

They are known industry-wide for their uncanny ability to spend unlimited amounts of money to make insurance easy to buy online or through an independent agent.

Of course, a large advertising budget has to be paid for somehow…and in this case it’s through selling insurance…and not necessarily at the lowest price.

The best way to ensure you’re getting the best coverage at the lowest price is to shop with an independent insurance agent.

Most agents will give you a Progressive quote along with quotes from a number of other companies, so this is the best way to really name your price.

Claims Process and Progressive Name Your Price: A Comprehensive Review

Ease of Filing a Claim (online, over the phone, mobile apps)

The Progressive Name Your Price advertising campaign suggests that customers have the ability to name their own insurance rate, promoting a sense of control and customization. However, the reality of this claim is more nuanced.

To exercise this feature, customers can input a desired monthly payment, effectively adjusting their premium, but within certain limitations set by Progressive.

Average Claim Processing Time

Progressive Insurance provides a platform for customers to input a preferred monthly payment and then matches it with a suitable insurance program. However, this does not necessarily translate to tailor-made coverage. Customers should be aware that despite the convenience of the online tool, the actual coverage may not always align with their specific needs and expectations.

Customer Feedback on Claim Resolutions and Payouts

While Progressive offers an easy-to-use online tool for adjusting insurance rates, it is essential for customers to carefully consider the coverage they are receiving in return. Customer feedback and experiences regarding claim resolutions and payouts indicate that simply naming a price may not guarantee the comprehensive coverage needed for various circumstances.

It is crucial for policyholders to thoroughly review their policy to ensure it adequately protects them in the event of an accident or loss.

Unveiling Digital and Technological Features: Progressive Name Your Price

Mobile App Features and Functionality

Progressive Insurance stands out in the market for its user-friendly online platform and mobile app. The mobile app features a convenient tool that allows users to input a desired monthly payment to adjust their insurance premium. However, it is essential for customers to be aware of the limitations of this tool and ensure they are receiving adequate coverage based on their preferences and needs.

Online Account Management Capabilities

Progressive’s online account management capabilities are intuitive and easy to use. Customers can easily navigate through the platform to adjust their insurance rates and review policy details. The online account management system provides a convenient way for policyholders to monitor and modify their coverage, ensuring it meets their evolving needs.

Digital Tools and Resources

Progressive offers a range of digital tools and resources to assist policyholders in understanding and managing their insurance coverage. These resources include the online platform, mobile app, and educational materials aimed at helping customers make informed decisions about their insurance.

The availability of these digital tools enhances the overall customer experience and empowers policyholders to have more control and understanding of their insurance policy.