News Release

Progressive® Insurance redefines classic car insurance

Progressive Advantage® Classic Car Insurance powered by Hagerty® offers specialized coverage at a savings of up to 43 percent compared to standard auto insurance

MAYFIELD VILLAGE, Ohio — May 6, 2015 — Don't think your car's a classic? You may want to think again. The Progressive® Group of Insurance Companies is expanding the definition of a classic car, when it comes to auto insurance. Some brand new vehicles and even others with values as low as $5,000 may qualify for specialized, low cost classic car coverage through Progressive Advantage® Classic Car Insurance, powered by Hagerty®. Progressive, the fourth largest auto insurer has expanded its partnership with Hagerty, a leader in classic car insurance, to make quoting by phone and online even easier for customers. It's another step forward for Progressive in expanding its offerings to meet all its customers' insurance needs.

"We suspect that as many as half of all casual classic car owners are using standard auto policies when they could get better coverage for less money if they bought classic car coverage for their secondary-use vehicles," says Jay VanAntwerp, product manager for the Progressive Advantage® program. "Many people don't realize that this specialized insurance exists or that they could qualify for better coverage. If you have a car that you garage a portion of the year and take it out when the weather breaks to take weekend cruises or small road trips, you may qualify."

If a vehicle fits the following criteria, it could qualify for classic car coverage:

  • The vehicle is an extra vehicle in the household. It's not a daily driver and is primarily used for pleasure driving.
  • The vehicle is parked inside a locked garage when not in use.
  • The vehicle is well maintained and kept in good working condition.

Research from Hagerty, a leading classic car insurance provider and partner for Progressive's classic car program, suggests drivers who qualify for the program could save up to 43 percent on their insurance and gain additional benefits when insuring with classic car coverage rather than with a standard auto policy. Some benefits of specialized classic car insurance from Progressive and Hagerty include:

  • Guaranteed ValueTM—in the event of a covered total loss, you'll receive your car's insured value with no depreciation.
  • No fixed mileage restrictions—use your car for pleasure driving without worrying about hitting mileage restrictions. Usage isn't restricted to just parades or club events, you can drive it when and where you choose.
  • Expert claims handling—claims are handled by experts in classic cars. Nearly 9 of 10 people who experience a claim with Hagerty say they would refer a friend. Hagerty offers stock original replacement parts when available, and has specialists on hand to hunt down those that are rare or hard-to-find.

To learn more about the advantages of classic car coverage and to check to see if your vehicle could qualify, visit https://www.progressive.com/classic-car-insurance/ or call 1-877-213-5485 to speak with a Progressive representative. To read more about affordable classic cars, visit http://at.progressive.com/firsthand-experiences/5-affordable-modern-classics.

About Progressive
The Progressive Group of Insurance Companies makes it easy to understand, buy and use auto insurance. Progressive offers choices so consumers can reach it whenever, wherever and however it's most convenient—online at progressive.com, by phone at 1-800-PROGRESSIVE, on a mobile device or in-person with a local agent.

Progressive provides insurance for personal and commercial autos and trucks, motorcycles, boats, recreational vehicles, and homes. Home insurance is underwritten by select carriers, including its majority-owned subsidiary, American Strategic Insurance (ASI).

Progressive is the fourth largest auto insurer in the country; a leading seller of motorcycle and commercial auto insurance; and through ASI, one of the top 20 homeowners carriers. Progressive also offers car insurance online in Australia at http://www.progressiveonline.com.au.

Founded in 1937, Progressive continues its long history of offering shopping tools and services that save customers time and money, like Name Your Price®, Snapshot®, and Service Centers.

The Common Shares of The Progressive Corporation, the Mayfield Village, Ohio-based holding company, trade publicly at NYSE:PGR.

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