It’s no secret that insurance companies are losing money, and not all of it is due to the rising cost of premiums.
While there are a lot of reasons why insurers are losing revenue, one of the big culprits is their inability to accurately estimate what will happen if a car is stolen.
Many companies fail to include information about what happens to a stolen car, which makes them subject to liability for its occupants.
However, Progressive Insurance is trying to change that with a new insurance policy that offers auto insurance at a much lower cost.
The new policy will only cover the original owner of the car, and only when it’s returned.
This policy is only valid for the year of purchase, and Progressive says that the coverage is designed to keep a car in the insured’s care when a car theft occurs.
Progressive also promises to take the cost of the policy out of the insurer’s pocket when a theft occurs, which could be beneficial for drivers who can’t afford to insure themselves.
For more information, read our comprehensive guide to buying insurance with Progressive.
Progressive is not alone in offering auto insurance through a new policy, as a number of companies have begun offering insurance through Progressive’s policies, including: Mitsubishi: Priced at $1,500 per year, the Mitsubishi Preferred policy covers the purchase of a new vehicle for the first year of ownership, and covers the cost for theft or damage to the vehicle.
It’s not available for vehicles that are leased or sold.
Tesla: The Tesla Preferred car insurance plan covers a new car for the entire life of the vehicle, and for damage or theft to the car.
Volkswagen: The Volkswagen Preferred insurance plan is available for the purchase and lease of new cars, and the insurance company claims it’s designed to cover the owners of stolen vehicles for up to 20 years from the date of the theft.
Honda: Hondas policy is designed for the acquisition of new or used cars for the buyer, and it covers theft and damage to a vehicle.
Ford: Ford’s policy is for the ownership and leasing of a vehicle, but it doesn’t include damage or damage from theft.
Honda is the only company offering a new, auto-only car insurance policy.
Chevrolet: Chevy’s car insurance offers both the owner and the vehicle that are purchased for a new owner, and includes coverage for theft and theft of the driver.
Lexus: Lexuses policy is a car insurance only policy, and its not available to the buyer.
Hyundai: Hyvisus policy is available only to the owner, but is not available as an auto-specific insurance policy for the owner.
Toyota: Toyotas policy covers theft or theft of a driver, and is not a car-specific policy.