Bankers vs. Progressive: Which Company is the Best Fit for You?

Quick Facts

• In general, Bankers offers slightly cheaper prices than Progressive
• Bankers offers more affordable premiums for policyholders who live in rural neighborhoods
• Progressive offers less expensive average prices for policyholders who are looking to purchase insurance with a spouse

Bankers or Progressive: Which Company has the Cheapest Car Insurance?

So, you're thinking about switching to a new insurance policy. After all, you've seen ads from all sorts of companies offering huge savings. But exactly how much can you save by switching?

You might have narrowed your search down to Bankers or Progressive as your top options, but which one will offer you more affordable rates?

Looking at nationwide averages, Progressive is around $9 more a month than Bankers.

That being said, Bankers may not be the lowest or best option for every single driver out there. Car insurance carriers vary their premiums depending on things like how clean your driving record is, how old you are, where you live, how good your credit score is, and all sorts of other factors. So, at the end of the day, rates from every company will differ quite a bit from person to person.

Luckily, we've broken down average prices from both Bankers and Progressive by many different rate factors, so read on to find out which carrier is the best for you.

Bankers vs. Progressive: Average Car Insurance Rates by State

Bankers and Progressive only compete against each other in two states, with Bankers offering cheaper rates to the average driver in all of them. District of Columbia has the most noticable difference, where Bankers premiums are $52 more affordable than auto insurance prices at Progressive.

That being said, there are plenty of other factors that go into your car insurance bill than just where you live. Keep reading to find out more.

Which is the Best Company For Young Drivers?

Teen drivers will almost always have the most expensive insurance rates of any other group of drivers out there on the road. That's because teen drivers are statistically much more likely to cause collisions and other accidents that will result in an insurance claim.

But still, even with seemingly sky-high prices, teen drivers can still find ways to save money. As you can see above, teens who use Bankers save 20% per month compared to those who use Progressive.

But with both companies, you'll see your premiums drop significantly once you turn 25. For example, average rates for Bankers policyholders reduce about $200 and Progressive's prices decrease around $300 over that time.

Which is the Best Company for Retired Drivers?

Drivers around retirement age generally enjoy some of the cheapest auto insurance premiums you'll ever see. After all, they've likely been driving for quite some time, which usually decreases their chances of collisions and other infractions that can raise rates.

So, which company offers the best premiums to retired drivers? In this case, Progressive has the slight edge, with prices about $1 a month less than Bankers. Even so, the difference is only around 5%, so other variables will likely come into play when determining which carrier has the most affordable rates for you.

Which is the Best Company for Married Drivers?

Single drivers tend to get offered slightly more expensive insurance prices than married policyholders. That's normally because married couples tend to own and insure more than one vehicle, which can often earn you a discount.

For single policyholders, the difference in average premiums between these two carriers is significant, with Bankers prices coming in at about 10% less than Progressive's. It's not quite so glaring for married drivers, where drivers who use Progressive save almost $15 per month.

Bankers or Progressive: Average Rates by Gender

Because women are less likely to get into accidents and get tickets, they run a lower risk of filing a claim with insurance. So, insurance companies will tend to charge women less than men.

Women typically pay over $15 a month less than men with Bankers, but with Progressive, the difference is closer to $5 per month.

Looking at overall affordability, Bankers offers the cheapest average rates for both men and women, with average premiums $4 less for men and $15 cheaper for women.

Bankers vs. Progressive: Compare State Minimum vs. Full Coverage Rates

*State minimum value indicates liability-only policies at each state's minimum bodily injury and property damage (BI/PD) limits

**Full coverage indicates state minimum BI/PD limits with collision and comprehensive coverages added to policy.

For most people, car insurance can be pretty complicated. There are so many different terms and limits that it can make it pretty confusing to find the right policy for you.

The two most common policies that drivers look at fall into two categories -- liability coverage (which covers the other party's property damage and injuries if you cause a collision) and full coverage (which includes collision and comprehensive coverages that protect your own car, in addition to what you get with liability).

When it comes to state minimum liability limits, Bankers has the edge, while Progressive offers the lowest average prices for full coverage policies with similar coverage limits. Policyholders looking for basic state minimum coverage can save around $45 with Bankers Insurance, while full coverage comes out to be around $25 less expensive with Progressive.

Is Bankers or Progressive Better for Drivers with Spotty Records?

You've probably seen plenty of commercials from auto insurance carriers offering great premiums for good drivers, but that doesn't mean people with less-than-perfect driving records can't save money, too.

It's no secret secret that speeding tickets and accidents lead to higher rates, but which company -- Bankers or Progressive -- has the most affordable prices for drivers with less-than-perfect records?

Which Company is Best for Drivers with Speeding Tickets?

Drivers who use Bankers for their car insurance can normally expect their monthly bill to go up about 14% after getting a speeding ticket. Progressive policyholders can expect a bit more drastic of an increase of around 17%.

However, Bankers is typically the cheaper option for both drivers who have clean records and those with a recent ticket. With Bankers Insurance, drivers with a clean record can save about $28 a month and drivers with a speeding ticket can save around $39 per month.

Which Company is Best for Drivers After an Accident?

Bankers policyholders who get in an accident can expect to see their rates climb by just under 35%, while those who have insurance through Progressive will see about a 30% increase.

At the end of the day, the less expensive premiums come from Bankers, with average prices coming in at $186 compared to Progressive's $214.

Which Company is Best for Drivers with a DUI?

If you get a DUI charge, you can expect some pretty significant increases in your monthly insurance bill -- generally a lot more than a collision or ticket. Bankers drivers usually see a 49% climb in their car insurance premiums after a DUI charge, while Progressive will usually raise rates by around 16%.

How does Credit Score Impact Bankers and Progressive Rates?

Often times, your credit score can be used as one of the factors to determine your monthly auto insurance premiums. Certain states and companies do not allow for credit score to be used as an insurance factor, but it will come into play for several drivers.

Insurance carriers argue that those with good credit scores are more likely to pay their bills on time each month, which lowers the risk involved on their end, while the opposite is true for those with bad credit.

So, which carrier offers the best rates for policyholders with good, average, or poor credit?

Which Company is Best for Drivers with Good Credit?

Which Company is Best for Drivers with Bad Credit?

Is Bankers or Progressive Better for Drivers who Work from Home or Have Short Commutes?

The amount of time you spend behind the wheel of your car plays a big role in your monthly car insurance cost. That's because the fewer miles you put on your vehicle, the less likely you are to be in an accident and file an insurance claim.

As you can see in the table above, annual mileage doesn't have much of an impact on how much Progressive charges. However, there's a small difference in monthly prices for Bankers, with drivers who put 6,000 miles on their car annually paying about $3 less every month compared to those who drive 12,000 miles yearly. Still, for drivers in both categories, Bankers is the more affordable company.

Bankers or Progressive: Compare Rates for Urban, Suburban, and Rural Drivers

Where you park your vehicle can have a considerable impact on your monthly insurance payment. Typically, drivers who live in less densely populated rural areas will pay quite a bit less than urban policyholders since there are a lot fewer cars on the road where they live, which reduces the chances of an accident.

When comparing these two companies side-by-side, Bankers generally comes out as the less expensive option for drivers in rural and urban areas, while Progressive wins in suburban areas.

Those in rural areas can expect to save around $40 with Bankers compared to Progressive. People who live in suburban areas pay about $47 less with Progressive compared to Bankers. For drivers in urban ZIP codes, Bankers Insurance's average premiums are around $35 less than Progressive.

Bankers vs. Progressive Discounts

No matter why you might be in the market for a new auto insurance policy, you're always going to want to save as much money as you can. That's where car insurance discounts comes into play.

But with what seems like a million different discounts out there, it can be difficult to find all the ones you're eligible for or to nail down the carrier that has the most discounts for your unique driver profile.

Luckily, we did the hard work for you and broke down all of the different discounts offered by both Bankers and Progressive so that you can easily see which company offers the most discounts and see which ones you might be able to take advantage of.

Progressive blows Bankers away when it comes to the sheer amount of discounts available, offering 34 different discounts to Bankers's 16.

Both carriers offer lots of the same discounts -- like anti-theft discounts, discounts for being a defensive driver, distant student discounts, and group discounts -- but Progressive also offers discounts for advance quote, advanced safety feature, agency transfer, and more.

On the other hand, Bankers has a few proprietary discounts of their own for things like annual mileage discounts, driver training discounts, employers subject to ma worker discounts, and more.

Final Thoughts: Is Bankers or Progressive Best for You?

So, we've broken down the average prices for many of the variables insurance companies look at, and walked through the different discounts each company offers, too. But, when it comes down to it, which insurance carrier is the right company for you and your specific needs?

Bankers might be best for you if....

• You will be the only person on the auto insurance policy.
• You have less-than-stellar credit.
• You want to save money while purchasing car insurance for a teenager.

Progressive might be best for you if...

• Your driving record includes a DUI charge.
• Your home is located in the suburbs.
• You're married and plan to have both of your names on the vehicle's auto insurance policy.

Hopefully, this guide helps you get a better idea of the difference between Bankers and Progressive and that it aids in making a more informed decision about your insurance.

At the end of the day, the sure-fire way to make sure you're getting the best deal on your car insurance policy is to compare quotes from several carriers, not just Bankers and Progressive. Luckily, Compare.com does all the hard work for you. Just enter your ZIP code below and get free quotes from dozens of top insurance companies in your area, all in just a few minutes.

Bankers vs. Progressive FAQs

Is Bankers or Progressive cheaper?

Bankers is the cheaper of the two carriers when looking at national average rates, with policies averaging $171 a month with Bankers and $180 for Progressive. Even so, that doesn't mean Bankers will be the cheapest company for each driver, since there are several different factors (things like age, gender, driving record, etc.) that play a role in how much you pay.

Who is better, Bankers or Progressive?

Sadly, the answer truly is "it depends.". Neither carrier is "better" for every policyholder -- it all boils down to your unique auto insurance profile. For example, Bankers is more affordable for drivers with excellent credit, while Progressive offers less expensive premiums for drivers with a recent DUI.

Why do Bankers and Progressive offer me different rates?

Insurance companies use quite a few different variables when determining the rates they charge. Things such as age, your driving record, where your home is, gender, and sometimes even things like your credit score can all come into play. Both Bankers and Progressive calculate prices using different formulas, so it's likely they'll offer different rates. The best way to determine which company is the most affordable for you is by comparing personalized quotes from a variety of different carriers.

How do I know if Bankers or Progressive is right for me?

The only way to find the car insurance carrier that's right for you is by getting quotes from multiple companies and finding the one best suited for your individual budget. Luckily, Compare.com makes it easy for you to do just that. Just enter your area information and you'll get quotes from dozens of your local top auto insurance carriers for free. With those, you can guarantee you're getting the best premium. And maybe you'll find that the best company for you isn't Bankers or Progressive at all, but another you hadn't even thought of!

Methodology

All of the data referenced in this article has been gathered in collaboration with Quadrant Information Services. We analyzed more than 2.5 million rows of carrier-reported data to calculate the average rates referenced above. All rates are based on an insurance profile of a single-vehicle policy for a driver that owns a 2016 Honda Accord. For more information on how we calculate rates, please reference our data methodology.