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Shopping for Car Insurance Could Fund Your Child's College Education

24 February 2000

Shopping for Car Insurance Could Fund Your Child's College Education
    'Insure Your Future Provides A Way to Start Your Child's College Fund'

    MAYFIELD VILLAGE, Ohio, Feb. 24 -- If you think you can't
save enough to fund your children's college education, think again.  The money
could be right in front of you -- in the form of your auto insurance premium.
Research from Progressive Insurance shows that the average difference between
the highest and lowest auto insurance premium available to the same consumer
from different companies is $522 every six months.
    If a person shopped for auto insurance, realized savings equal to the
average variance every six months and put this 'found money' ($522) into an
interest-bearing account (averaging 6 percent interest compounded annually),
in 18 years, the savings on auto insurance would accrue to more than $34,000
(without considering taxes).  This could be a big step towards paying for the
college education for the more than 15 million American children under the age
of three.
    "People don't realize that they can save a significant amount of money by
shopping around," said Dave Pratt, Director of Marketing, Progressive.
    Progressive Insurance has announced a program, "Insure Your Future," to
help consumers understand the savings available to them if they shopped around
for auto insurance.  "People shop for prices on cars, houses, even airline
tickets, but people rarely shop for car insurance.  Shopping for auto
insurance and putting away the savings is the perfect way to start a college
fund, or any other type of savings plan," said Pratt.
    For more details and to request a free brochure, "Insure Your Future: How
to Shop Around for Auto Insurance," visit http://www.progressive.com or write
to P.O. Box 94661, Cleveland, Ohio, 44101.
    The Progressive study involved 140,801 consumers who used Progressive's
unique auto insurance comparison rate service between July 1, 1999 and
December 31, 1999.  Consumers can compare auto insurance rates available to
them from up to four of the largest auto insurers in the country by calling
1-800-AUTO-PRO(R) or visiting http://www.progressive.com .
    Pratt said: "Remember Santa Claus in 'Miracle on 34th Street'?.  He told
people to go to competing stores where he knew specific toys were less
expensive.  That's what our rate comparison service is all about."
    When shopping, consider calling a company direct, or visiting an
Independent Agent.  Many consumers prefer to work with Independent Agents, who
typically represent multiple insurance companies, and can shop around on
behalf of a consumer and provide in-person service.
    Progressive Insurance , headquartered in Mayfield Village,
Ohio, is one of the nation's largest auto insurers.  In business since 1937,
the company provides all drivers with competitive rates and 24-hour, in-person
services.  More information about Progressive can be found at
http://www.progressive.com .