Does Progressive’s “Name Your Price” Tool Actually Save You Money?
Last Updated on October 7, 2020
One of Progressive’s biggest selling points for their auto insurance is their “Name Your Price” tool. At first glance, this sounds too good to be true – you tell them what you want to pay and they give you an auto insurance policy for that rate. While the tool does not work exactly like that, it does search a vast range of car insurance options to find one that fits your price point.
How does the Name Your Price tool actually work? What are the pros and cons of using the Name Your Price tool? Below, we’ll answer every question you might have as we review the Name Your Price tool to see if it can actually help save you money.
How Does the Name Your Price Tool Work?
To use the Name Your Price tool, you have to first get a quote from Progressive. To do this, you’ll start by answering some basic questions about yourself and your vehicle. This quote is essentially a price range of coverage options available from Progressive. Next, you’ll go to the Name Your Price tool, enter the amount you’d like to pay, and it will then show you a variety of different coverage options at the price you named.
The Name Your Price tool prevents you from having to tinker around with your car insurance policy on your own. Instead, it shows you all the various combinations of different types of coverage and discounts at the price you’d like to pay. While you obviously won’t be able to find rates at a rediculously low price (i.e. $15 per month), you will be able to see coverage options at different prices.
What Are the Benefits of Name Your Price?
The benefit of the Name Your Price tool is that it makes it very easy to find car insurance discounts. Car insurance companies like Progressive offer discounts for a vast range of things, but many customers don’t realize they qualify for a discount when signing up for insurance. When you use the Name Your Price tool, it will ask you a series of questions to determine if you qualify for their available discounts. Some of the discounts that they offer include discounts for good driving, being a good student, having safety features installed on your car, taking driver’s education courses, and much more.
If you are on a stringent budget, Name Your Price is also a great way to find very cheap policies. They have a sliding scale tool that you can adjust to see which prices make the most sense for you. As you adjust the scale upwards, the level of coverage goes up, and vice versa. It’s important to note that Name Your Price is somewhat of a misnomer because you are still choosing from the price options that Progressive already has. However, it does give you more flexibility than other insurance companies.
What Are the Downsides to Using Name Your Price?
There are a few downsides to using the Name Your Price tool. The first is that although the policy options on Name Your Price are very cheap, some other insurance companies may offer you a more competitive quote, or who are able to provide better coverage for the same price. This is why shopping around for car insurance coverage is so important. Even if you think you have found the lowest price available, you should always check just to make sure there isn’t something better somewhere else.
The other downside is that many of Progressive’s ultra-cheap car insurance policies will leave you without adequate coverage in the event of an accident. Their cheapest plans will typically offer only the coverage that is required by law, which isn’t always enough to cover the cost of damages in a serious accident. Depending on what state you are in, you are usually required to have a certain amount of liability coverage to pay for the other person’s damages and medical costs in an accident. Some states will require you to have personal injury protection, but not all do. Collision and comprehensive insurance are not required by law, but they will pay for the damages to your car should something happen to it. If you don’t have enough coverage, you could end up with serious financial struggles if something happens.
The Bottom Line on the Name Your Price Tool
If you are shopping for car insurance, it’s worth looking at the Name Your Price tool to see what kind of deals you can get. You may be able to find a very affordable option that will meet your car insurance needs. This tool is very helpful because it makes it much easier to find the discounts you are looking for. It essentially ensures that you won’t miss a discount just because you didn’t know about it. Progressive has a wide range of insurance options available, so you get plenty of flexibility when it comes to selecting a policy.
However, before purchasing an insurance policy, it’s important to make sure it actually suits your needs. There are online calculator tools that you can use to determine exactly how much coverage you need for your car, depending on its worth, how much you drive, and a variety of other factors. It can be tempting to just search for the cheapest option available instead of choosing the one that makes the most sense in terms of coverage. Keep in mind that those extra savings won’t mean much if you get into an accident with major damages.