What’s Better for Car Insurance – Progressive or Liberty Mutual?
Last Updated on April 21, 2023
With so many different options for car insurance out there, it can be challenging to determine which one makes the most sense for your needs. Car insurance premiums can vary widely from company to company, and it’s worthwhile to get quotes from many different insurers and see which one can offer you the most affordable premiums.
Two car insurance companies that you might be looking at are Progressive and Liberty Mutual. Both offer coverage throughout the US and are Fortune 500 companies. While they have several similarities, both companies have their own unique pros and cons as well. Here’s what you need to know about Progressive and Liberty Mutual before you choose an insurer.
About Progressive Insurance
Progressive is one of the largest insurance companies in the US. They specialize in coverage for automobiles and other vehicles but also offer life and home insurance. The company is headquartered in Mayfield Village, Ohio, which is just outside of Cleveland. They have been at the forefront of the car insurance industry since their founding in 1937. In the 50s and 60s, they focused on offering coverage for high-risk drivers and later expanded to offer reliable car insurance coverage for everyone. Progressive was also the first car insurance company to have a website and consistently gets good reviews for their mobile phone app.
About Liberty Mutual Insurance
Liberty Mutual is also a very large US-based insurer. They were founded in Boston but now offer global insurance products through relationships with local insurers in South America, Asia, and Europe. They were founded in 1912 and differ from other insurance companies because they are a mutual company. This means that their insurance policyholders are also considered shareholders in the company. Liberty Mutual offers a wide range of policy types. In addition to car insurance, they also offer products like homeowners insurance and commercial insurance and are one of the largest property insurers in the world.
What Kinds of Insurance Do Progressive and Liberty Mutual Offer?
Progressive and Liberty Mutual both offer many different types of car insurance, and it is easy to customize your policy depending on the kind of insurance you need. Both offer standard policy types like liability, collision, comprehensive, medical payments/personal injury protection, and uninsured motorists. Both insurers also offer add-ons like roadside assistance and rental car reimbursement. Progressive is unique in offering rideshare coverage, which is very important for those who work for Lyft or Uber. Liberty Mutual also offers its own unique add-ons, like coverage for teachers and specialized coverage for car replacements. Additionally, both companies offer coverage for other vehicles, like motorcycles, boats, RVs, and more.
View the table below to compare the coverage offerings for each company:
| Coverage | Progressive | Liberty Mutual |
|---|---|---|
| Bodily Injury Liability | ✓ | ✓ |
| Property Damage Liability | ✓ | ✓ |
| Collision | ✓ | ✓ |
| Comprehensive | ✓ | ✓ |
| Personal Injury Protection | ✓ | ✓ |
| MedPay | ✓ | ✓ |
| Roadside Assistance | ✓ | ✓ |
| Rental Car Reimbursement | ✓ | ✓ |
| Gap Insurance | ✓ | ✓ |
| Accident Forgiveness | ✓ | ✓ |
| Rideshare Insurance | ✓ | ✓ |
| Custom Parts Replacement (CPE) | ✓ | |
| Teachers Car Insurance | ✓ | |
| New Car Replacement | ✓ | |
| Mexico Tourist Car Insurance | ✓ | |
| Lifetime Repair Guarantee | ✓ | |
| Original Parts Replacement (OEM) | ✓ |
Comparing Pricing: Progressive vs. Liberty Mutual
Progressive and Liberty Mutual are fairly similar when it comes to the cost of their premiums. However, Progressive offers more affordable coverage for specific types of drivers, and Liberty Mutual offers affordable coverage for other types of drivers. According to data collected, Liberty Mutual is significantly more affordable for teen drivers, while Progressive is slightly more affordable for older drivers. Progressive is also slightly more affordable for those who have high credit scores, while those with low credit scores or driving violations will get slightly lower rates with Liberty Mutual.
View the table below to compare the average annual premiums for each company by age group:
| Age Group | Progressive | Liberty Mutual |
|---|---|---|
| Teens | $8250 | $6560 |
| 20s | $2290 | $2690 |
| 30s | $1650 | $2690 |
| 40s | $1640 | $1930 |
| 50s | $1520 | $1790 |
| 60s | $1400 | $1750 |
What Discounts Do Progressive and Liberty Mutual Offer?
One of the best ways to save money on car insurance is through discounts. Both Liberty Mutual and Progressive offer plenty of discounts to bring the cost of your policy down. Both offer the ability to bundle your car insurance with your homeowners insurance and save money. Both companies also offer good student discounts and discounts for insuring multiple vehicles.
Progressive offers discounts for using its telematics program, which uses an in-car device to track your driving habits. They also offer discounts to homeowners and members of the military. Liberty Mutual offers discounts for safety features like anti-theft devices and anti-lock brakes, as well as discounts for driving an environmentally friendly vehicle. Liberty Mutual, like Progressive, also offers discounts for using its driver tracking program, RightTrack. They also offer discounts for paying your policy in full instead of in monthly installments.
View the table below to compare the discounts offered by each company:
| Discount | Progressive | Liberty Mutual |
|---|---|---|
| Bundle Policies | ✓ | ✓ |
| Multi-Vehicle | ✓ | ✓ |
| Good Student | ✓ | ✓ |
| Anti-Theft Device | ✓ | ✓ |
| Good Driver | ✓ | ✓ |
| Telematics | ✓ | ✓ |
| Anti-Lock Brakes | ✓ | ✓ |
| Defensive Driving Course | ✓ | |
| Driver Training | ✓ | |
| Environmentally Friendly Car | ✓ | |
| Pay in Full | ✓ | |
| Home Owner | ✓ | |
| Military | ✓ | |
| Married | ✓ | ✓ |
Customer Service: Progressive vs. Liberty Mutual
Both Liberty Mutual and Progressive generally get positive customer service ratings. They both have mobile phone apps that are easy to use, and you can easily get a quote online without having to talk to an agent directly. Overall, the companies have similar complaint ratios and get similar customer service ratings online. Both can be counted on to pay out claims in a timely manner and offer generally accessible customer service.
Regarding financial security, Progressive has a slightly higher rating from AM Best. AM Best is a firm that rates the financial strength and trustworthiness of insurance companies and other financial institutions. Progressive has received an A+ rating, while Liberty Mutual has received an A rating. However, both companies are financially stable and are able to pay out claims easily.
Who Should Use Progressive?
When looking at both companies, Progressive offers much more affordable rates for senior drivers and drivers with a good credit history. Progressive also offers rideshare insurance, which makes it a good choice for those who drive Uber or Lyft.
Who Should Use Liberty Mutual?
When comparing these two companies, Liberty Mutual is a much better choice for teen drivers, as their premiums are significantly lower. Liberty Mutual also has a wide range of home, life, and other types of insurance coverage, and it’s very easy to bundle your policies together to save money.
Both Liberty Mutual and Progressive offer reliable policies that are easy to customize. They have a wide range of discounts and add-ons to help make shopping for car insurance easier. Both insurers have plenty to offer, and the one that is best for you will depend on your personal situation. The best way to determine which is the best fit for you is to get quotes from both companies and see which one is more affordable. Be sure to ask about possible discounts and see which ones apply to you.
