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Progressive Insurance Credit Tier

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Anonymous
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Progressive Insurance Credit Tier

I was recently informed that my credit tier with Progressive is 2K. Does anyone know what this means and what the ranges are? Are these codes proprietary for Progressive or do they come from some outside agency? Any help would be appreciated!
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Anonymous
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Re: Progressive Insurance Credit Tier

There are many different scores used by insurance companies for different insurance purposes.  For example, Progressive uses something called an "auto insurance score" which is just one of the scores they use internally.  They also use a "Financial Responsibility Score" which is totally different.

 

Financial Responsibility Scores do not match different insurers in terms of rating or number.  Some don't use numbers only.  In fact, you won't even find many websites discussing these scores because they're internal ratings and may vary by zip code or other non-protected classes.  One article I found that kinda gives a glimpse is here.

 

FTA: "Insurers do not have a standardized scoring model, such as your FICO score, between 300 and 850. You may be assigned an insurance score of A through Z, A through F, “1B,” “2r,” “Preferred 49” or even a “1678JHTY490.” No matter what arbitrary alpha numeric code you are assigned, it all means nearly the same thing."

 

So basically, your score/rating of 2K means nothing to you but it might mean a lot to your insurer.

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