Progressive To Offer Specialized Full Coverage Motorcycle Insurance For The First Time in North Carolina
Legislative Change that Allows Company to Charge Own Rates Paves the Way for Progressive Motorcycle Product
MAYFIELD VILLAGE, Ohio — March 22, 2004 — The Progressive group of insurance companies, which comprise the nation's largest insurer of motorcycles, will offer its specialized physical damage motorcycle insurance for the first time in North Carolina effective April 1, 2004, the company announced.
In 2001, the passage of Senate Bill (SB) 729 enabled property and casualty insurance companies to set their own physical damage rates, which were previously set by the North Carolina Rate Bureau. A key objective for Progressive is accurate pricing based upon the company's expected cost of doing business; the company will generally not write insurance policies where it cannot set its own rates, thus ensuring accurate and adequate pricing.
Since the passage of SB 729, Progressive has been working steadily on pricing and I/T applications necessary to offer the coverage in North Carolina. The coverage is already available in 47 states (not available in Massachusetts, New Jersey and Washington D.C.).
"We're thrilled to be bringing our specialized product offering, competitive prices and 24/7 in-person and online services to riders in North Carolina," said Scott Hall, product manager, Progressive." Progressive also insures all-terrain vehicles (ATVs), scooters, mopeds, classic and custom bikes and even the SegwayT Human Transporter (HT).
In North Carolina, the motorcycle products will be available by dialing 1-800-PROGRESSIVE, going online at progressive.com, and by visiting one of almost 1,000 independent insurance agencies representing Progressive in the state.
Progressive is the official insurance of the American Motorcyclist Association (AMA) and the official insurance of the Honda Riders Club of AmericaT. Progressive proudly supports major motorcycle events countrywide too. It is the title sponsor of the AMA Progressive Insurance Flat Track Championship racing series, the presenting sponsor of the 2004 Honda HootT, and a presenting sponsor of the 2004 Laconia Motorcycle Week.
The Progressive group of insurance companies, in business since 1937, ranks third in the nation for auto insurance based on premiums written. The Common Shares of the Progressive Corporation, the Mayfield Village, Ohio-based holding company, are publicly traded at NYSE: PGR. More information can be found at progressive.com.
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