Progressive Announces Double Digit Rate Decreases for Motorcycle, Boat and RV Policies
Independent agents and brokers can save customers BIG bucks just in time for summer
MAYFIELD VILLAGE, Ohio — April 6, 2007 — The Progressive Group of Insurance Companies, a leading insurer of motorcycles, boats and RVs, is lowering insurance premiums in 20 states for new and existing customers effective immediately. The 20 states are home to more than 40 percent of all registered motorcycles, boats and RVs in the country.
"We base rates on market conditions and our expected cost of doing business," said Valerie Krasowski, special lines general manager, Progressive. "Our most recent analysis suggests that our rates should be adjusted in a number of states — including double digit rate decreases in 16 states — so that our policies continue to be priced as accurately and competitively as possible."
Rate reductions (listed in the chart below) are statewide averages that will affect individual customers differently; some customers will see a larger or smaller rate decrease, others may see a rate increase and some will see little or no change. In addition to the most recent rate decreases, Progressive lowered motorcycle, boat and RV insurance premiums in 13 other states in the last half of 2006.
Krasowski said, "While price is certainly important, it's not the only thing to consider when buying insurance. The season is short, so getting a damaged motorcycle, boat or RV repaired following a claim is critical. Progressive's specially trained claims representatives work with customers from the beginning of a claim to the end with one goal in mind: to get them back on the road or in the water — fast. Finding the right combination of price, coverage and service can be difficult for consumers. That's why the advice and counsel provided by independent agents is so invaluable."
Progressive's 2007 Rate Decreases By State & Product:
State |
Motorcycle |
Boat |
Motor Home |
Travel Trailers |
Alabama |
9 % |
- |
- |
- |
Arizona |
- |
- |
12 % |
10 % |
California |
4 % |
- |
- |
- |
Colorado |
6 % |
10 % |
9 % |
13 % |
Illinois |
- |
12 % |
8 % |
5 % |
Iowa |
5 % |
13 % |
14 % |
7 % |
Maryland |
12 % |
- |
- |
- |
Michigan |
5 % |
10 % |
7 % |
1 % |
Minnesota |
10 % |
11 % |
8 % |
3 % |
Missouri |
- |
8 % |
11 % |
- |
New Jersey |
12 % |
10 % |
- |
- |
New Mexico |
11 % |
- |
- |
- |
North Carolina |
8 % |
- |
15 % |
15 % |
Ohio |
9 % |
15 % |
16 % |
6 % |
Pennsylvania |
10 % |
5 % |
11 % |
1 % |
South Carolina |
5 % |
- |
- |
- |
Texas |
6 % |
8 % |
14 % |
12 % |
Virginia |
- |
- |
7 % |
9 % |
Washington |
8 % |
11 % |
14 % |
12 % |
Wisconsin |
5 % |
8 % |
24 % |
13 % |
About Progressive
The Progressive Group of Insurance Companies, now celebrating its 70th year in business, is the country's third largest auto insurance group and largest seller of motorcycle and personal watercraft policies based on premiums written, and is a market leader in commercial auto insurance.
Progressive is committed to becoming consumers' #1 choice for auto insurance by providing competitive products and rates that meet drivers' needs throughout their lifetimes, superior online and in-person customer service, and best-in-class, 24-hour claims service, including its concierge level of claims service available at service centers throughout the United States.
Progressive companies offer consumers choices in how to shop for, buy and manage their auto insurance policies. The Agency Business sells Progressive Drive Insurance private passenger auto insurance through more than 30,000 independent agencies. To find an agent, go to www.driveinsurance.com. The Direct Business sells Progressive Direct private passenger auto insurance online at www.progressive.com and by phone at 1-800-PROGRESSIVE. Both businesses offer Progressive's other insurance products, including Progressive Commercial, Progressive Motorcycle, Progressive Boat, etc. Each business makes independent decisions about private passenger car insurance product design and pricing. Progressive and Drive are registered trademarks.
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Valerie Krasowski, special lines general manager, Progressive, is available for interview.
