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

Quick Facts

• Looking at the national averages for insurance, Equity offers slightly cheaper prices than Progressive
• Equity has less expensive rates for drivers who have less-than-stellar credit
• Progressive has more affordable premiums for policyholders who don't have any speeding tickets, DUIs, or at-fault accidents on their record

Equity vs. Progressive: Which Company has the Cheapest Car Insurance?

Are you in the market for a new insurance policy? After all, you've seen ads from all sorts of companies offering hefty discounts. But exactly how much can you save by switching?

You might have narrowed your search down to Equity or Progressive, but between the two, which one will save you the most?

Looking at nationwide averages, Equity is about $15 per month less expensive than Progressive.

That being said, that doesn't necessarily mean Equity will be the cheaper option for every single driver. Auto insurance companies vary their rates depending on things like where you live, how clean your driving record is, how old you are, how good your credit score is, and a ton of other factors. So, at the end of the day, prices from each carrier will differ quite a bit from person to person.

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

Equity or Progressive: Average Car Insurance Rates by State

Equity and Progressive only compete against each other in two states, with Progressive offering more affordable premiums to the average driver in all of them. Oklahoma has the most noticable difference, where Equity prices are over 15% less expensive than insurance rates at Progressive.

There's a lot more that goes into your car insurance payment than just where you call home. Keep reading to learn more.

Which is the Best Company For Young Drivers?

Young drivers -- especially teens -- normally pay a lot for insurance compared to older drivers. Typically, that's because young, inexperienced drivers are statistically much more likely to get into accidents since they have less experience on the roads.

Even so, that doesn't mean teen drivers can't still save money on their auto insurance. Just look at the table above -- where 18-year-old drivers who have Equity for their car insurance pay more than $95 less than those who use Progressive.

However, both carriers will lower prices by the time you turn 25. For example, average premiums for Equity policyholders reduce nearly 60% and Progressive's rates decrease almost 70% over that time.

Which is the Best Company for Retired Drivers?

Drivers around retirement age usually enjoy some of the most affordable insurance premiums you'll ever see. After all, they've likely been driving for quite some time, which generally reduces their chances of collisions and other infractions that can increase prices.

But who has the best premiums for retired drivers between Equity and Progressive? Equity gets the slight edge here, with average prices coming in at around $128 monthly compared to Progressive's $131. But the difference is only about 5%, so other factors will likely come into play when determining which carrier has the cheapest rates for you.

Which is the Best Company for Married Drivers?

Married couples tend to get slightly more affordable car insurance prices than single policyholders. That's because policies for married policyholders normally cover several cars, which many companies will offer you a discount for.

When it comes to relationship status, Equity is the clear winner for single drivers, with premiums around $27 a month cheaper than Progressive, on average. But for married drivers, that advantage is much less clear - Equity offers the lowest average rates , but the difference is only a dollar.

Equity vs. Progressive: Average Rates by Gender

You may not know, but auto insurance is typically cheaper for women than it is for men. This is because men are statistically more likely than women to cause a collision and get into accidents, which leads to increased risk for insurers and, therefore, higher prices.

With Equity, men usually pay over $20 per month more than women, while with Progressive, the difference is closer to $5 a month.

Looking at the data for each company specifically, Equity comes out as the cheapest option for both genders. On average, male drivers save about $8 per month and women save about $24 with Equity compared to the average Progressive policyholder.

Equity or 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.

Car insurance isn't the easiest topic to understand. Everyone needs insurance, but there are so many different limits and coverages that it can be hard to find the right policy.

However, most policies end up falling into two different types of coverage -- liability only (that covers bodily injury and property damage for other drivers and their passengers if you cause an accident) and full coverage (which includes comprehensive and collision coverages that protect your own vehicle, in addition to what you get with a liability policy).

In this case, Equity offers the most affordable average rates for state minimum liability limits, while Progressive has the edge for full coverage policies with similar coverage limits. Drivers looking for basic state minimum coverage can save around $45 with Equity Insurance Company, while full coverage comes out to be around $10 more affordable with Progressive.

Is Equity or Progressive Better for Drivers with Spotty Records?

It's no big secret that drivers who are accident-free get better deals on their auto insurance. But even if you have a spotty record, you can still find plenty of ways to save some cash on your monthly bill.

Accidents and tickets will most likely raise your premiums, but is Equity or Progressive less expensive for drivers with less-than-ideal driving records?

Which Company is Best for Drivers with Speeding Tickets?

Equity policyholders can expect their rates to go up an average of $6 a month if they get a ticket, while Progressive generally raises prices about $31 per month, on average.

If you have a clean record, Progressive tends to offer the best premiums at around 3% cheaper, while Equity has the edge for drivers with a speeding ticket.

Which Company is Best for Drivers After an Accident?

Equity policyholders who get in a collision can expect to see their prices rise by just under 15%, while those who have insurance through Progressive will see about a 30% increase.

Overall, the more affordable rates come from Equity, with monthly premiums averaging $179 compared to Progressive's $214.

Which Company is Best for Drivers with a DUI?

On average, a DUI offense is going to cost you much more than a single accident or ticket when it comes to your insurance bill. Progressive drivers usually see a 16% increase in their car insurance prices after a DUI charge, while Equity will normally raise premiums by around 7%.

How does Credit Score Impact Equity and Progressive Rates?

Did you know that many auto insurance carriers take into account your credit score when calculating rates? This isn't always the case (Massachusetts, for example, has banned the use of credit score as a rating factor) but it will come into play for quite a few drivers.

The reasoning insurance companies use is that policyholders with good credit will be more likely to pay their bills on time; so they'll reward them with cheaper premiums, while those with poor credit will usually be forced to pay more.

Looking specifically at Equity and Progressive, which company has the best prices for drivers at different credit levels?

Which Company is Best for Drivers with Good Credit?

Which Company is Best for Drivers with Bad Credit?

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

Did you know that the amount of time you spend in your car have a pretty big impact on your monthly auto insurance cost? Typically, the more miles you drive, the more you can expect to pay for car insurance.

In this case, neither Equity or Progressive report increasing rates for drivers with higher annual mileage figures. That being said, Equity comes out as the lowest for drivers at both intervals, whether they put 6,000 or 12,000 miles on their car yearly, with average premiums of $165 a month for both.

Equity vs. Progressive: Compare Rates for Urban, Suburban, and Rural Drivers

Where you park your vehicle can have a large impact on your monthly auto insurance bill. Generally, policyholders who live in heavily-populated urban areas will pay quite a bit more than rural drivers due to the number of cars that are on the roads in those areas.

When comparing these two carriers side-by-side, Equity typically comes out as the cheapest option for drivers in all areas, regardless of if they're urban, suburban, or rural.

For policyholders in urban ZIP codes, Equity offers rates about $192 per month compared to Progressive's $207. People who live in suburban ZIP codes can expect to pay around $158 per month for Equity and $179 for Progressive. Lastly, those in rural areas tend to get the lowest premiums from both companies, with average monthly prices coming in at $143 and $154 for Equity and Progressive respectively.

Equity vs. Progressive Discounts

Regardless of why you might be in the market for a new insurance policy, you're always going to want to save as much money as possible, and the best way to do that is by taking advantage of as many car insurance discounts as you can.

But with what seems like a million different discounts out there, it can be challenging to nail down the company that has the most discounts for your unique driver profile and to find all the discounts you qualify for.

In the section below, we've compared all of the different discounts offered by Equity and Progressive so that you can see which carrier offers the most discounts and see which ones you might be able to take advantage of.

Progressive blows Equity away when it comes to the sheer amount of discounts available, offering 34 different discounts to Equity's 10.

A couple of those are overlapping for things like agency transfer discounts, education discounts, group discounts, and paid in full discounts. Progressive also offers ABS discounts, advance quote discounts, advanced safety feature discounts, and more that Equity does not.

On the flip side, Equity has a unique discount of its own -- a driver training discounts.

Final Thoughts: Is Equity or Progressive Best for You?

So, we've broken down the average rates for many of the variables auto insurance carriers look at, and we've shown you all the discounts each carrier offers. That's all well and good, but at the end of the day, which insurance company is the right company for you, your vehicle, and your wallet?

Equity might be best for you if....

• Your driving record contains an at-fault collision.
• Your neighborhood is in a rural area.
• You are over 65 years old and want to save some money on your car insurance.

Progressive might be best for you if...

• You haven't received any speeding tickets or been in an accident in the last few years.
• Your credit score is high.
• You're looking for more protection with "full coverage" insurance.

We hope this guide helps you get a better idea of the difference between Equity and Progressive and that you can now make a more informed decision when it comes to your car insurance.

But, at the end of the day, there's only one way to know for sure that you're getting the best possible deal on auto insurance -- comparing quotes from several companies, not just Equity and Progressive. Luckily, Compare.com does all the hard work for you. Simply enter your ZIP codes below and get free quotes from dozens of top insurance carriers in your area, all in just a few minutes.

Equity vs. Progressive FAQs

Is Equity or Progressive cheaper?

Looking just at the national average prices, Equity is the cheaper of the two companies, offering average rates of $165 a month compared to $180 for Progressive. But Equity won't necessarily be the most affordable carrier for every driver, since there are several different factors that are considered when it comes to your car insurance payment.

Who is better, Equity or Progressive?

Sadly, the answer truly is "it depends.". Neither company is "better" for everyone -- it all depends on what your unique insurance profile looks like. For example, Equity offers less expensive premiums for drivers with a recent DUI, while Progressive is cheaper for drivers with excellent credit.

Why do Equity and Progressive offer me different rates?

Auto insurance carriers take a look at several different variables when determining the rates they charge drivers. Factors like your driving record, gender, age, where your home is, and sometimes even things like your credit score can all be used. Both Equity and Progressive calculate premiums using different formulas, so each one will most likely offer different prices. The only real way to see which carrier is the lowest for you is by comparing personalized quotes from multiple different companies.

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

The only way to find the car insurance company that's right for you is by getting quotes from multiple carriers and finding the one best suited for your individual budget. Luckily, sites like Compare.com do all the hard work for you. Just enter your ZIP code and you'll get free quotes from dozens of the best auto insurance companies in your area. With those, you can guarantee you're getting the cheapest price. And who knows, the best carrier for you might not be Equity or Progressive at all!

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.