If you’ve been thinking about purchasing new car insurance, you may have heard about Progressive’s Name Your Price Tool during TV commercials. But, what is it exactly? Can it truly save you money on car insurance? Below, we discuss what the Name Your Price Tool is, and how you can use it to your benefit when shopping for car insurance with Progressive. We also discuss how you can use other resources, like price comparison tools, which is the most effective way to save money on car insurance.
What We'll Cover
Is Progressive Car Insurance Cheap?
For almost a century, one of Progressive’s goals has been to offer affordable car insurance to all of its prospective and current customers. No matter which insurance provider you choose, the price of car insurance depends on various factors, including age, vehicle model, marital status, location, driving record, and more. This means that your car insurance with Progressive could be much higher or much lower than other policyholders with the same coverage. However, Progressive offers many discounts on car insurance for which you may be eligible. For instance, like most insurance providers, Progressive allows policyholders to bundle home and auto insurance to save money on the monthly costs of insurance.
Other forms of discounts that you can receive with Progressive include having a teenager who gets good grades in school, owning a home, keeping a clean driving record, and insuring multiple vehicles under one policy. However, one of the most well-known ways that Progressive helps customers save money is through their Name Your Price Tool. In addition to helping you save money, the purpose of the Name Your Price Tool by Progressive is to eliminate the hassle and time consumption associated with hunting for the best deals on car insurance. Keep reading to learn how you can use this tool, as well as its pros and cons.
What Is the Name Your Price Tool by Progressive & How Does it Work?
People are often initially misinformed about the Name Your Price Tool, but this article will help you understand what it is and what it is not. The Name Your Price Tool is not a way for you to simply tell Progressive what you want to pay and automatically receive a car insurance policy for that price. Instead, with Progressive’s Name Your Price Tool, you have the ability to present to Progressive what kind of coverage you want—and at what price you’re willing to pay. Then, Progressive will respond by presenting you the available options in your price range. Although you can state what your preferred budget is, it’s also important to be realistic about the price of car insurance. Depending on your personal data and your state’s car insurance laws, you may not find enough coverage for your price. Still, the Name Your Price Tools visualizes what coverage you can get with Progressive for a certain price. Once you receive the results, you can choose to meet with a Progressive agent to further discuss your coverage options and budget.
To use the Name Your Price Tool, follow these quick and easy steps:
- Get a free quote from Progressive by answering questions about your vehicle, age, zip code, and more.
- Then, go to the Name Your Price Tool and input the amount of money you would like to spend on your car insurance.
- After that, Progressive will provide you with a list of various coverage options that fit your budget.
The Pros and Cons of Progressive’s Name Your Price Tool
While it’s a great resource from Progressive, Name Your Price has both positive and negative features. Below, we discuss both sides in detail, so that you can decide if this tool is right for you.
- Quick and easy way to find deals on car insurance
- Allows you to see options that will help you stick to your budget
- Automatically determines whether you qualify for any of Progressive’s discounts on car insurance
- Lets you increase or decrease your price to visualize different coverage options
- This tool only shows you the prices and coverage options for Progressive, not other insurance providers
- While the prices you see may be cheap, they might not be as competitive as the policies of other insurance companies
- The cheapest plans may only give you the minimum coverage legally required
The Name Your Price Tool: The Benefits
When shopping for low car insurance rates, the Name Your Price Tool by Progressive is a great resource to use. By completing three simple steps, you can see Progressive car insurance coverage options that fit the budget that you set. This process saves you time so that you can see if Progressive is for you before ever meeting with an insurance agent. Although you can’t set the price of your insurance, seeing the coverage options that Progressive already has will help you stay on budget and avoid spending extra money. Additionally, when using the Name Your Price Tool, Progressive automatically determines which of its discounts on car insurance you qualify for. And, if once you see the list of coverage options you decide you’re willing to spend a little bit more money, you can easily adjust the price you entered.
The Name Your Price Tool: The Drawbacks
While the Name Your Price Tool has great benefits, it also has its drawbacks. For starters, this tool only shows you coverage options from Progressive. This is obvious, as Progressive wants to make you a customer. But, when shopping for car insurance, one of your main goals should be to look at various insurance providers. Although you can probably find a policy for really cheap, by only relying on the Name Your Price Tool, you risk the chance of missing a great deal at a different insurance company. It’s also important to remember that the cheapest plans at Progressive may only cover the bare minimum car insurance that your state legally requires. It’s possible that you find a more competitive car insurance policy that gives you more coverage for a little extra money. But to find that deal, you need to do more than just use the Name Your Price Tool.
Final Thoughts on Progressive’s Name Your Price Tool
Progressive is a national car insurance provider that helps people save money on car insurance. One of the ways that they help their customers is by offering the Name Your Price tool, which allows customers to eliminate the stress of hunting for the best car insurance bargains. This is what makes the Progressive Name Your Price Tool a great resource to use as your first step to finding cheap car insurance. However, your search for affordable car insurance shouldn’t stop there. It takes time to find the best deal, and the Name Your Price Tool should only be a single part of your investigation of good car insurance rates. Truthfully, you may be able to find better coverage at an insurance provider other than Progressive.
The best way to save your money on car insurance is by comparing prices from as many local insurance providers as possible. That might seem like time-consuming research, but it’s actually really simple—especially if you use the right tools. Insurance comparison websites allow you to see a list of insurance providers near you and determine which ones will give you the best deals. If you’re looking for cheaper car insurance, the form below will help you get started instantly. When you enter your zip code, you will be taken to BestInsurer—an insurance comparison website that will list out the best rates near you. Click below to find deals on car insurance today.