Leading Commercial Auto Insurer Improves Coverage Options for the Trucking Market
Progressive leverages industry expertise to help meet the needs of new and growing businesses;
improvements mark the beginning of overall expansion of its truck program
MAYFIELD VILLAGE, Ohio — June 25, 2007 — The Progressive Group of Insurance Companies, one of the nation's largest commercial auto groups, has announced coverage enhancement options for the commercial trucking market. New coverages are designed to provide more protection to new and growing transportation businesses, offering flexible solutions that meet their constantly changing needs.
"Thanks to our size, expertise and specialized focus on the local and regional trucking market we're able to respond to market needs and offer competitively priced coverages and enhanced products that appeal to a broad spectrum of businesses," said Ken Bowman, Commercial Auto product manager, Progressive. "We know that not all companies involved in commercial transportation are the same, so we don't treat them that way when we price policies or develop new products."
Coverage enhancements that are available immediately include:
500-Mile Radius on Liability
As smaller businesses grow, many need to travel beyond the 300-mile radius that initially suited their needs. Increasing its liability coverage radius to 500 miles for tractor-trailer combos and pickups with a fifth-wheel hitch is one example of how Progressive leverages its understanding of the transportation industry to help customers meet their growing and changing business needs.
Comprehensive Coverage for All Vehicles
All trucks, including extra-heavy trucks with a gross vehicle weight of 45,000 pounds or more are now eligible for Comprehensive coverage. With this new coverage option, even dump trucks will be protected for loss or damage caused by any event other than a collision, including weather-related events, theft and vandalism; it also provides glass coverage.
As a leading insurer of dump trucks and other extra-heavy vehicles Progressive knows this coverage option can mean a real savings in time and money for business owners who depend on these vehicles for their livelihood.
Seasonal Coverage for All Vehicles
Comprehensive coverage is also now available for seasonally used vehicles that are often stored for prolonged periods of time. Previously, business owners were required to either maintain all coverages for a 12-month period or cancel a policy. Now, they can avoid unnecessary insurance lapses by simply adding or removing coverages as their business needs dictate throughout the year. Carrying Comprehensive coverage provides year-round protection against real threats such as fire, theft and weather-related catastrophes even when the vehicle is not in use.
Single Physical Damage Deductible for all Covered Vehicles
Now, if there's a loss that involves multiple insured vehicles, business owners only have to pay a single physical damage deductible amount; this applies to Comprehensive or Collision claims. So regardless of the number of vehicles involved in a covered loss only one deductible will apply, a feature that is especially important for tractor-trailer combinations. This is also a significant advantage to those companies that experience a catastrophic loss situation, as all vehicles in a fleet will be covered by only one deductible.
A single deductible allows business owners the flexibility to reduce their premiums by choosing higher deductibles. The single deductible is automatically included with no additional costs or package requirements and covers vehicles in the event of a total loss and/or if a vehicle is repairable.
These coverage improvements, indicative of Progressive's continued effort to provide flexible solutions for its customers, mark the beginning of an overall expansion of its truck program. Progressive will continue to develop and enhance its Commercial Auto coverage options in the coming months, rolling out customizable coverage options for most commercial drivers and vehicle types, including light local vans and passenger cars, as well as dump trucks, tow trucks and trailers.
"Drivers and business owners in the local and regional truck market can be confident insuring their vehicles with Progressive," said Bowman. "No other specialized truck insurer offers the same combination of transportation industry expertise, accurately priced policies for various business needs, and a claims and operational infrastructure tailor made for trucking."
For more information or to find a local independent agent who sells Progressive Commercial Auto, go to www.commercialauto.progressive.com.
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.progressive.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.
The Common Shares of The Progressive Corporation, the Mayfield Village, Ohio-based holding company, are publicly traded at NYSE:PGR. For more information, visit www.progressive.com.
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Ken Bowman, Progressive, is available for interview.
