Auto Insurance Companies
Progressive uses rating information publicly filed with the different states departments of insurance to estimate prices. Comparison rates found on Progressive.com are inaccurate for a variety of reasons.
- Use of credit information- Progressive doesn't exactly know what their competitors credit models are, so they have to estimate it. This generates an inaccurate component for the formula that gives the final policy price.
- Use of different underwriting companies by competitors of Progressive- In the insurance industry, a company can not charge one rate for a new customer and different rate for an existing customer. So what many insurance companies do to raise prices is open a new underwriting company. Then all the new business goes into the new underwriting company and they get a different price then the old customers. The prices quoted on Progressive.com are often from old underwriting companies and those prices are no longer available to new customers like you.
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