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Why is my Progressive quote so much lower than my State Farm policy?
Would higher deductibles make such a large difference in my monthly premiums? I have a policy with State Farm and I am insuring four vehicles, all full coverage. Progressive recently gave me a quote saving about $120 per month! The only difference is the deductibles are set at $1,000 vs my current deductible of $250.
Shannon Martin · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Updating your coverage is a great way to save money on your insurance policy!
Yes, increasing the deductible on both
comprehensive coverage
and collision coverage
can significantly impact your rate. The more you pay for your deductible, the less the carrier has to payout at the time of the accident. A saving of $120 a month is excellent; however, make sure you are comfortable with having a $1,000 deductible. You should set the deductible at an attainable limit and $1,000 can be a lot to come up with in the event of a sudden loss, depending on your financial situation. It might be worth it to get quotes on a $500 deductible as well.
When comparing insurance companies, make sure all of your coverages are the same. For example, since
Progressive
saves so much, check to see if your State Farm
rates are similar once the deductibles are increased to $1,000. If Progressive is still lower, it might be time to make a change! While insurance companies tend to use the same kind of rating factors (such as driving history, age, marital status, credit), every company weighs them differently. It could very well be that State Farm isn’t as competitive for you as they once were.
The easiest way to ensure the lowest price with the best coverage is to simultaneously get quotes from several insurance companies.
Downloading the free
Jerry
app would be perfect for you. Jerry shops prices with over 50 different insurance companies and delivers the lowest rates straight to your phone in seconds. The best part? You can see the quotes all at the same time, which makes selecting your new insurance company a breeze!” View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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