Progressive Insurance has begun a new online program for personal auto customers that allows customers to name the price of their policy. Name Your Price empowers shoppers to name their price for car insurance by offering options on limits and coverage.
Customers can get a quote at www.progressive.com. After entering some information about yourself and your vehicle, you can tell the insurer how much you want to pay.
Progressive will then show the customer the closest available package of coverages, limits, and deductibles offered by the carrier based on the price entered.
Users can then drag the “slider” bar to the right or left to see how the coverages and price can change within a range of options. If users drag to the right, the rate will increase as coverages change (e.g., higher limits, lower deductibles); if users drag to the left, the rate will decrease as coverages change (e.g., lower limits, higher deductibles).
“Drivers want to customize their car insurance so they get the best possible coverage at a price that’s right for them, especially in times of economic uncertainty,” says Dale Willis, Progressive’s Name Your Price manager. “Name Your Price gives people this control.”
Name Your Price currently is available in 16 states: California, Connecticut, Florida, Georgia, Illinois, Indiana, Kansas, Maryland, Michigan, Missouri, Ohio, Oklahoma, Pennsylvania, Texas, Washington, and Wisconsin. A nationwide rollout of the functionality will continue throughout 2009.