Investors had a little bit of a freak out at Progressive Car Insurance’s news that February monthly earnings fell 51%, dropping the share price by 6.6%. I guess the interesting question is; is this a sign of bad things to come?

Overall the situation is far from being bad for Progressive. Lets face it even if the economy is struggling a bit auto insurance is pretty much a necessity especially when you consider a basic level of cover is pretty much mandatory.
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A comparison service like insurance.com can give you a quote for Progressive car insurance.

An advantage of using a comparison service is that it will give you quotes for different car insurance companies so you can see if your Progressive car insurance quote is cheap or if there’s a better option.
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Progressive car insurance recently reported fourth-quarter results, with profit falling 41% due to reduced car insurance rates.

Progressive car insurance’s net income dropped to $236.1 million, down from $400.9 million for the same period last year. As a result of the drop in income Progressive car insurance is eliminating jobs and combining units to reduce expenses. Progressive car insurance announced in November 2007 that it would reduce its workforce by around 1.3%, a cut of 341 jobs.

The car insurance companies attempt to drop car insurance rates to attract customers seems to have worked with the number of Progressive Car Insurance policy holders rising by 4% in the year.
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Progressive car insurance company has stamped it’s mark in Cleveland, well at least for the next 16 years. The home of the Cleveland Indians will be changed from Jacobs Field, named in 1994 after the team was purchased by Richard Jacobs, to Progressive field.
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