Progressive vs. State Farm

Attribute	Progressive	State Farm
Founded	1937	1922
Headquarters	Mayfield Village, Ohio	Bloomington, Illinois
Number of Employees	over 35,000	around 70,000
Types of Insurance Offered	Auto, Home, Renters, Motorcycle, Boat, RV, etc.	Auto, Home, Renters, Life, Health, etc.
Market Share	10.3%	9.3%

Company Background

Progressive and State Farm are two of the largest insurance companies in the United States. Progressive was founded in 1937 and is known for its innovative approach to insurance, including being the first to introduce drive-in claims service and the first to offer comparative insurance rates online. State Farm, on the other hand, was founded in 1922 and has a long history of providing reliable insurance coverage to its customers. Both companies have a strong financial standing and a solid reputation in the industry.

Insurance Products

Progressive and State Farm offer a wide range of insurance products, including auto, home, renters, and life insurance. Progressive is known for its competitive rates and customizable policies, allowing customers to tailor their coverage to fit their specific needs. State Farm, on the other hand, is known for its personalized service and comprehensive coverage options. Both companies offer discounts for bundling multiple policies and for safe driving habits.

Customer Service

When it comes to customer service, State Farm is often praised for its personalized approach and dedicated agents who are available to assist customers with their insurance needs. Progressive, on the other hand, is known for its user-friendly website and mobile app, which make it easy for customers to manage their policies and file claims online. Both companies have 24/7 claims service and offer multiple ways for customers to get in touch with a representative.

Financial Strength

Both Progressive and State Farm have strong financial ratings from independent agencies, indicating their ability to meet their financial obligations and pay out claims. Progressive is a publicly traded company, while State Farm operates as a mutual company owned by its policyholders. This difference in ownership structure can impact how each company operates and makes decisions, but both companies have a long history of financial stability and reliability.

Technology and Innovation

Progressive is known for its use of technology and innovation in the insurance industry, including its Snapshot program that tracks driving habits to offer discounts to safe drivers. State Farm, on the other hand, has been slower to adopt new technologies but has recently made strides in improving its online and mobile capabilities. Both companies are investing in new technologies to improve the customer experience and streamline the insurance process.

Community Involvement

State Farm has a strong commitment to giving back to the community through its State Farm Neighborhood of Good program, which supports local initiatives and charitable organizations. Progressive, on the other hand, has a focus on sustainability and environmental initiatives, including offering discounts for hybrid and electric vehicles. Both companies have a strong presence in their local communities and are committed to making a positive impact.

Conclusion

Overall, Progressive and State Farm are both reputable insurance companies with a long history of providing reliable coverage to their customers. Progressive is known for its competitive rates and innovative approach to insurance, while State Farm is praised for its personalized service and strong community involvement. When choosing between the two companies, it's important to consider your individual insurance needs and preferences to find the best fit for you.