The “Name Your Price” Tool (Does it really work?)

A former policy producer, Laura understands that education is keystone when it comes to buying policy. She has happily dedicated many hours to helping her clients understand how the policy marketplace works then they can find the best car, home, and liveliness insurance products for their needs.

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Laura Berry

Former Insurance Agent

Joel Ohman is the CEO of a secret equity backed digital media ship’s company. He is a attest FINANCIAL PLANNER™, generator, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has besides previously served as the founder and house physician CFP® of a national policy agency, real Time Health Quotes. He has an MBA from the University of South Florida. Jo …
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column Guidelines : We are a free on-line resource for anyone matter to in learning more about car policy. Our finish is to be an aim, third-party resource for everything car indemnity related. We update our site regularly, and all content is reviewed by car insurance experts .
here ‘s what you need to know …

  • Internet searches reveal that the MyRate tool does indeed save money on auto insurance plans.
  • The MyRate program is not available in all states due to various requirements on insurance.
  • You can name your own price without using the MyRate tool by requesting discounts.
  • Compare costs and coverage of several insurance companies before purchasing a policy.

The “ Name Your Price ” joyride with Progressive ( does it in truth work ? ) You can not name your price for car policy at Progressive Insurance. Just like some change of location sites that offer “ name your price hotel ”, it is just a way to advertise to get people to buy the company ’ randomness policy product. And Flo with Progressive has become a truly popular separate of the acculturation, with a batch of name your price joyride memes floating round .
so let ’ s take a look at a company that has built such a reputation and reappraisal Progressive ’ s respective ways to get rates .
It’s all about you. We want to help you make the right coverage choices.  If you ’ re looking for identify your own price indemnity, we can help you save. Enter your ZIP code now in our loose cock and compare on-line cheap car indemnity quotes now .

What is the name your price tool?

progressive ’ mho “ Name Your Price ” instrument was the inaugural of its kind in the car insurance industry. Basically, Progressive lets you choose your coverage based upon how a lot you are willing to pay for the product .
While this surely gives the driver more operate over the quote action, it doesn ’ thymine constantly mean you will get the cheapest rates, and you may find that a lower price on your car policy means a lower charge of coverage on your vehicle .

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What are the pros and cons of the Progressive “Name Your Price” tool?

How does Name Your Price tool work ? The “ Name Your Price ” joyride is convenient because it gives the person searching for car policy an easy to read and understand solution .
Seeing how the coverage options change as the monthly price changes is simple .
One of the drawbacks to this instrument is that just because the person likes the price-per-month measure does not mean they will have adequate policy coverage .
And though there are other “ name your price ” tools, like Priceline, out there, Progressive is the one that started it. But we can help you find out if Progressive, Geico, or an independent representation can provide the best price .

How does the Progressive “Name Your Price” tool work?

The beginning step is to go to the Progressive Insurance web site. once on the web site for the insurance company, you have to go through the quotation mark march .

To obtain a quotation, some necessity basic information you ’ ll want to add in the steps includes :

  • Address
  • Gender
  • Marital status
  • Number of drivers and cars

Some necessity information about the car and the person ’ sulfur driving history includes :

  • Make and model of the car
  • Use of the car
  • Whether the car is owned or leased
  • Whether the car has a passive or active alarm
  • Any accidents in the past five years
  • Any moving violations or insurance claims in the past three years

After providing all of this information, the person is taken to a riddle with a sliding stripe that they can drag to the leave or good to change the total of monthly payments on a six-month car policy policy .
As you drag the legal profession to the leave, the requital sum will decrease as the coverage available changes, and if you drag the bar to the right, the payment come will increase along with the policy coverage options, giving you an car policy quote based on how much coverage you want .
The more optional coverage you add, the higher the price will be .
All of this data and more will be used by Progressive to determine your indemnity agio. Drivers with a clean drive record will constantly pay the lowest premiums .
Your credit history might besides be taken into explanation, though several states have made it illegal for policy companies to consider citation scores when setting rates .

How does the MyRate tool work?

There is no real progressive appoint your price cock play. The way Progressive works is that you must first apply for car indemnity coverage. Upon applying for coverage, you will receive a quote .
Is the Name Your Price tool actual ? It is, but it ’ s not precisely what you might think. If you decide to purchase policy from Progressive, you are then given the option of signing up for the “ MyRate ” tool. If you sign up for the tool, Progressive will give you a 10 percentage discount on your first term premium. then, you are charged $ 30 for every term to cover the measure device that is placed in your fomite .
The device will provide a reading of how, how much, and when you drive .

According to Progressive, the measuring device can save you up to 25 percentage on your policy or cost you up to 9 percentage more depending on the actual tug habits and patterns .

If you do some research, you ’ ll find proof on the Internet that MyRate from Progressive is saving people money on their car insurance .

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figure your ZIP code below to view companies that have bum car policy rates .

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Why does Progressive offer the “Name Your Price” feature?

progressive Insurance began offering this feature in 2009 at the begin of the current economic receding. At that time it was estimated that one in six drivers would cancel their policies as a way to save money .
hera ’ s a spirit at how progressive ’ second average annual car insurance rates stack up against a Geico quotation, one from Allstate, and early crown companies .
Average Annual Car Insurance Rates from Top Car Insurance Companies

Companies Average Annual Rate
USAA $2,541.91
Geico $3,216.39
State Farm $3,267.63
American Family $3,443.09
Nationwide $3,446.70
Progressive $4,043.83
Farmers $4,188.80
Travelers $4,444.85
Allstate $4,898.25
Liberty Mutual $6,095.54
Get Your Rates Quote Now #blank#

Compare RatesStart Now → not only would this mean that many people would be without the security of cable car indemnity but besides that cover drivers would be at a greater gamble of being in an accident with an uninsured driver .

A cable car accident with one or more uninsured driver could have an adverse affect on a policyholder ’ south indemnity rates .

Progressive hoped that this instrument could show people that they could distillery afford to stay cover .
When this joyride was first released in 2009, it was lone available in 30 states. however, Progressive has now extended this tool into other states .

Is the Progressive MyRate program available in all states?

The MyRate program is only available in certain states, according to Progressive. Every state ’ s policy requirements and minimal rates vary. insurance companies can lone discount sealed amounts and hush meet indemnity regulations .

insurance companies are required to charge a certain minimal rate for policy .

indemnity companies must keep enough reserves on hand in shell of catastrophic payouts. If they charge besides little, the reserves will not grow or will become consume. In certain states, there is less leverage to adjust rates .
Another factor to why the tool is only available in certain states is that policy discounts must first be approved by the state ’ mho policy department before the company can market it to potential policyholders .
Progressive is presently working on receiving approval from early states ’ insurance departments so that they can market the MyRate tool in these extra markets .

How is the MyRate program a different discount?

The MyRate plan is not any different than any other deduction offered by an insurance caller. For case, most indemnity companies will give you a discount rate if you drive less than the national median .

Most indemnity companies will besides give you a discount rate on how you drive. You can get a lower premium for being a commodity driver with about any policy company .

last, many policy companies will give you a lower cable car indemnity premium if you drive at off times. If you do not drive in haste hour every day for miles to the position, there is a pretty good casual your indemnity will be lower than person who does. Your commute is a boastfully deal. The median change in the United States is 25.7 minutes, according to DataUSA. If yours is shorter, you might get a discount .
But specifically, what progressive discounts are offered ?
Car Insurance Discounts Offered by Progressive

Car Insurance Discounts Offered by Progressive
Adaptive Cruise Control
Adaptive Headlights
Anti-lock Brakes
Anti-Theft
Daytime Running Lights
Electronic Stability Control
Vehicle Recovery
VIN Etching
Lane Departure Warning
Newer Vehicle
Forward Collision Warning
Claim Free
Continuous Coverage
Defensive Driver
Distant Student
Driver’s Ed
Driving Device/App
Early Signing
Family Legacy
Full Payment
Good Credit
Good Student
Homeowner
Low Mileage
Loyalty
Married
Multiple Policies
Multiple Vehicles
Online Shopper
Paperless Documents
Paperless/Auto Billing
Passive Restraint
Safe Driver
Stable Residence
Switching Provider
Young Driver
Get Your Rates Quote Now

Compare RatesStart Now → The multi-policy discount, besides known as the pack rebate, gives you a manage for buying more than one lineage of indemnity with Progressive, such as car indemnity and homeowners or renters insurance .
As you can see, Progressive offers a wide range of insurance discounts, but it besides helps to shop approximately, as each insurance company differs on what discounts they offer .

Free Car Insurance Comparison

enter your ZIP code below to view companies that have cheap car insurance rates .

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Can I name my own price without the Progressive MyRate Tool?

According to Consumer Reports, you can besides name your price without the MyRate tool. progressive allows you to name your own price by entering an amount in a tool box after the quote has been generated .
however, the web site will not allow you to go below a certain level due to industry regulations .
besides, as your sum is adjusted, so is your coverage. Your price will get lower as the indemnity coverage decreases or as your deductible increases .
A deductible is the measure you will have to pay when you file an insurance claim before your insurance company covers any of the damages. so, if you have a high collision deductible, for case, your out-of-pocket costs after an accident will be eminent as well .

Can I name my own price with another car insurance company?

You can name your own price with any car policy party but with certain restrictions. Again, indemnity companies are regulated by how a lot or how little they can charge .

You can lower your premiums by adjusting your coverage. A few adjustments to coverage can save you hundreds of dollars .

You should besides ask for or research possible discounts for car guard features, driver ’ south education courses, good student discounts, marital status, or bundle of coverage .
basically, when you make these adjustments, you are naming your own price in the indemnity industry. After all, you are determining the minimal ask coverage for the lowest price .
just be certain you know what you ’ rhenium adding and dropping on your policy. If you ’ re not companion with a type of car indemnity coverage and what it does, do some research on-line or call your policy provider and ask questions .
There are many types of coverages out there and they all have alone functions and coverage limits, which vary by insurance company .
Remember you should always receive at least three quotes when shopping for car insurance. You should constantly compare the cost of coverage and be certain you purchase indemnity from a reputable company .
Read the wide Progressive car insurance review and then compare on-line car insurance .
liberal Insurance offers a car indemnity program called “ Name Your Price. ”

  • The “Name Your Price” program helps drivers customize their car insurance by coverage and price
  • This tool provides drivers with an easy solution to the overwhelming problem of finding insurance
  • Make sure that you don’t sacrifice adequate coverage just to get a cheap price on insurance

This cable car indemnity program lets a person who is searching for car indemnity to customize their policy by indicating their indemnity needs and the come they would prefer to pay.

Our exempt car policy rates comparison creature does the arduous work out of finding the cheapest cable car insurance available .
Who has the cheapest car policy ? Compare Progressive ’ sulfur cable car insurance rates to other leading companies today by entering your zip code in the box below. Get the best cheap car indemnity for you .

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