Progressive Car Insurance Claims
The Progressive Corporation, which trades on the NYSE as PGR, is better known as The Progressive Casualty Insurance Company or simply Progressive. The company provides auto insurance and specialized property and casualty insurance in all 50 states.
Progressive Auto Insurance
Progressive offers its car insurance on the Internet, by telephone and via independent agents. Progressive insures both private and commercial vehicles.
Private policies are available for passenger cars, as well as for motorcycles, ATVs, RVs and boats, both directly and through agencies. Commercial Vehicle insurance policies for business-owned vehicles are provided mostly by way of independent agencies.
Progressive offers options as add-ons to its basic motor vehicle insurance packages, such as bodily injury and property damage liability, comprehensive, collision, roadside assistance and rental reimbursement, among many others. One of the company’s innovations, introduced in September 2007, includes offering pet injury coverage to insure cats and dogs which may be injured in accidents as a free addition to its collision coverage.
Progressive.com, the company’s online sales sector, was given the highest rating for online car insurance sites by Keynote Competitive Research, one of the leading authorities in internet and mobile sites.
Progressive customers are able to make payments and update their information online, as well as file claims. Potential customers are able to scroll through their Rate Ticker in order to compare Progressive Direct’s rates with those of their competitors and by simply entering a zip code, the company makes it easy to locate an independent agent in a customer’s area. Customer service is accessible at the click of an icon, enabling you to speak to a representative directly, or have one call you.
History of Progressive
The Progressive Mutual Insurance Company was founded on March 10, 1937 by two young lawyers, Jack Green and Joe Lewis. Jack Green became CEO in 1955, after Joe Lewis died and his son, Peter Lewis, joined the company. In 1956, a new company was formed – The Progressive Casualty Company – for the specific purpose of insuring high-risk drivers.
In the 1960s, after further growth and expansion, The Progressive Corporation was launched. Peter Lewis was CEO of this company from 1965 to 2000. When he retired, Glenn Renwick took over as CEO and President of the company. Progressive Corp. went public in 1971.
1987 saw the company pass the $1 billion mark for written premiums, and for its listing on the NYSE. In 1992, Progressive become the largest seller of motor insurance via independent agents, and by 1994, the company had written more than $2 billion in premiums. Growth has steadily increased and for the years between 1996 and 2005, the company showed an impressive 17% average annual increase, rising from $3.4 billion to $14 billion.
At the end of 2009, the company announced its expansion into the Australian car insurance market by way of Progressive Direct, which is an online-only sales product.
Progressive was the first auto insurance company to use a drive-in claims office, the first to offer reduced premiums for low risk drivers and the first to allow their customers to pay for their premiums in installments.
Financial Information About Progressive
With over 10 million policies written, Progressive is one of the largest private passenger motor insurers in the US. Revenue for 2009 was $14.6 billion. The company has 24,661 employees. In 2009, Fortune 500 ranked the company at 209. A M Best, Fitch, Moody’s and Standard and Poor’s are respected international rating agencies, which have given Progressive financial strength ratings of A+, AA, Aa2 and AA respectively, and debt ratings of a, A, A1 and A+ respectively.