Disclaimer: We are not GEICO Insurance. This review is specifically designed to inform you about GEICO Car Insurance and inform you if they may be the best solution for your car insurance.
This in-depth GEICO Insurance review is a 7-minute read.
Our Geico Car Insurance Review will cover a wide range of topics including discounts, coverage options and the advantages of choosing Geico for your car insurance coverage.
Use any of the links directly below to skip straight to a section of this post that interest you
- GEICO Insurance Review and History
- GEICO Financial Strength and Ratings
- Who Is GEICO Best For
- How Much Does Geico Cost
- Running Rates and Applying With GEICO
- Geico Vs. The Competition
- Auto Insurance With GEICO
- Speciality Insurance With GEICO
- Consumer Reviews For GEICO
- Pros of Choosing GEICO
- Cons of Choosing GEICO
- Discounts With GEICO Auto Insurance
- User Experience and Technology With GEICO
- Final Thoughts on GEICO Car Insurance
If you are looking for a quick synopsis, here’s a quick overview:
GEICO Insurance is one of the best car insurance providers in the industry and can be a great option for drivers looking to save money on their car insurance.
They have a streamlined online process to apply and offer various discounts including military discounts and discounts for federal employees.
GEICO Car insurance is also one of the cheapest options for individuals under the age of 25.
GEICO also allows for lower credit scores and potentially more blemishes on your driving record without impacting your car insurance rates as much as other car insurance companies.
If you prefer to complete the auto insurance process online and you are trying to save money on car insurance, GEICO is likely a top consideration.
If however, you have special circumstances, several blemishes on your driving record or need low mileage discounts, you may want to read our review first or continue comparing car insurance companies to find the best rates possible.
If you have been searching for the best car insurance, you have likely come across GEICO car insurance as a viable option to consider.
That was the quick overview of Geico Car Insurance Company.
If, however, you do have a few minutes to spare, we recommend reading the rest of our review to get the full details.
Here is what you need to know.
Our GEICO Car Insurance Review
GEICO Auto Insurance has been a top provider in the U.S. for a long time standing.
GEICO has also captured our attention using a catchy slogan and an entertaining lizard for nearly two decades.
However, commercials that stick in our mind doesn’t necessarily make a car insurance provider your number 1 choice.
This is when it becomes imperative to research in-depth reviews to ensure you are purchasing the most robust and comprehensive coverage to protect you and your loved ones.
GEICO auto insurance is short for Government Employees Insurance Company.
GEICO is an American Auto Insurance Company that’s currently headquartered in Chevy Chase, Maryland and is currently ranked as the #2 largest Auto Insurer in the United States.
GEICO currently only trails State Farm Auto Insurance who now ranks #1 in the U.S. for total car insurance policies in force and active.
GEICO is owned by Berkshire Hathaway and was initially founded in 1936 by Leo Goodwin Sr and Lillian Goodwin (Leo’s Wife).
Initially, GEICO specifically offered auto insurance directly to federal employees and their families.
Goodwin began his career working for USAA who had a similar model but began by offering auto insurance coverage to military personnel.
Although GEICO was begun with the intentions of offering auto insurance to federal employees, they currently have no direct relations with any federal entity and remain a private auto insurance company.
In 1964 GEICO hit a milestone surpassing the 1 million active policies in force.
The GEICO Gecko that we all love and recognize did not make a debut on commercials until 2000 and soon, some of the most popular auto insurance slogans and catchphrases were born.
I’m sure you are all aware of the catchphrases I’m referring too.
Here are a few to refresh your memory.
“So Simple a Caveman Could Do It”
“15 Minutes Could Save You 15% or More By Switching to GEICO.”
While GEICO remains a top car insurance provider in the United States and has a rich history, it’s always important to look at every aspect of an auto insurance provider before moving forward.
Here’s a breakdown of the numbers and financial strength with GEICO.
GEICO Ratings and Financial Strength
As of January 2020, A.M. Best has announced that GEICO has been awarded an A++ Rating.
This is considered Superior, or the highest financial strength rating and auto insurance company can be afforded.
GEICO is categorized as having a strong operating performance and an extremely favorable business model with limited and modest debts and adequate profits to cover operating expenses.
Part of this is due to the success of GEICO and its surge since 1994 and part of this is due to having a financial powerhouse in Berkshire Hathaway as their “parent company.”
A significant factor to GEICO’s profitability is its direct distribution model.
This business model saves significant money on underwriting resources and continues to be a strength of GEICO Auto Insurance.
GEICO continues to grow and assert dominance in the industry and currently sits on total assets of just over 32 billion.
Additional Financial Numbers for GEICO Auto Insurance
- Total Number of Vehicles Insured- 28 Million
- Total Number of Auto Insurance Policies in Force- 17 Million
- Current Coverage Area GEICO Offers Auto Coverage- Nationwide
- Total Number of Discounts Offered- 15
- Average Annual Savings for New Auto Insurance Consumers- $500.00 Annually
An impressive financial background to say the least.
Who Should Consider GEICO For Car Insurance?
GEICO is known for many advantages, but for young drivers with clean driving records, they rank among the best rates available in the car insurance industry.
USAA is currently the only car insurance provider that’s offering lower monthly rates for individuals that are 17 years old or younger.
However, with GEICO, as you age, your rates tend to be much more comparable to other auto insurance providers.
After the age of 25, GEICO will not stand out from the crowd on money savings.
Furthermore, it’s a known fact that drivers over the age of 60 can do much better shopping for other car insurance companies outside of GEICO due to the inflated premiums.
The point here is simple.
For young drivers, GEICO likely makes the most sense.
It’s easy to apply and begin coverage, and the rates probably can’t be beaten.
However, as you age, we would advise that you continue to shop rates and compare coverage with multiple top-rated car insurance providers.
Additionally, GEICO is known to ding you substantially for having poor credit or prior accidents and DUI’s on your driving record.
If you fall into this category, you should be considering working with independent car insurance near you or shopping rates with multiple car insurance providers.
How Much Does GEICO Car Insurance Cost?
Rates for car insurance will always be determined on a case by case basis.
It’s tough to show blanket rates for specific individuals, but we can certainly look at averages.
We went ahead and used the GEICO’s Coverage Calculator, which walks you through several steps to obtain possible rates.
We are going to break down this process step by step for you.
Running Auto Insurance Quotes and Purchasing Auto Insurance With GEICO
Step 1- Marital Status
For marital status, we selected “single.”
Step 2- Age
For Age, we selected that we are 25 years or older.
Step 3- What’s Important to You?
This is where you select if you want the lowest cost car insurance or prefer the best protection at a higher premium per month.
We selected that we wanted the lowest cost auto insurance that GEICO can offer.
Step 4- Do You Own Your Home?
We Selected “Yes”
Step 5- Do You Own, Lease, or Finance Your Vehicle?
We selected that we “own” our vehicle.
Step 6- Vehicle Value
We selected that are vehicle value was between 5,000 and 40,000 in coverage (we believed this would be the most common scenario for individuals seeking auto insurance coverage).
Step 7- How Much Time Do You Spend in Your Vehicle?
We Selected we spend “average time in your vehicle.”
Following these questions, GEICO’s website will present you with the recommended coverage amounts you should consider.
From here, unfortunately, you haven’t done all the legwork to obtain your quotes with GEICO.
You still need to run your free quotes using more personalized information.
I happened to go through this process to test the waters.
I used all the same information we discussed previously and ran the rates on a 2013 Chevrolet Malibu 2LT.
I also inputted that I drive between 6,000 and 12,000 miles per year.
My Quote Came Out To $43.61 Per Month or A Yearly Premium of $231.73
Overall, I thought this was good, but I also didn’t run these same parameters with the top ten companies.
I don’t think rates would get much cheaper than this with other options, but it’s possible that different car insurance companies may offer bigger discount breaks.
Comparing GEICO Auto Insurance Against 3 Other Great Companies
Likely, if you are out on the internet searching for reviews such as this GEICO review, you are likely doing the same for other car insurance companies as well.
It’s natural to want to dig into several options and make sure you are getting the best deal.
To help save you some effort, we wanted to do a quick breakdown of GEICO and how they stack up against 3 other top-tiered car insurance companies in the United States.
Here’s a look at them.
GEICO Auto Insurance Vs. State Farm Auto Insurance
State Farm and GEICO come in very close to one another.
Like we stated previously in this post, State Farm is currently the only car insurance provider ahead of GEICO ranked #1 in the U.S. for auto insurance.
GEICO does have the upper hand however, for individuals with poor credit. State Farm drops a more substantial penalty on individuals with poor credit causing premiums to cost more ultimately.
Both State Farm and GEICO use a standard credit rating table to determine which class you fall into.
GEICO also is known to be a better option for coverage if you have any of the following situations apply to you.
- At-Fault Accidents
- Speeding Ticket
- Reckless Driving Violations
GEICO is also the clear the choice for drivers that we discussed previously that are considered young or new.
However, although it seems like GEICO is taking home the gold medal, State Farm does have some advantages over GEICO that include some of the following discounts that are available with State Farm.
- Driver Away at School
- Defensive Driving Course
- Driver Training Course
- Drive Safe and Save Tracking
- Annual Mileage Discounts
At the end of the day, we don’t think you can go wrong pursuing auto insurance coverage with either of these 2 juggernaut companies.
Be sure to check the discounts available and compare rates between both companies based on your specific situation.
GEICO Auto Insurance Vs. Progressive Auto Insurance
When comparing GEICO to Progressive Auto insurance, you will find some similarities and some distinguishing differences.
Both Progressive and GEICO are both full Online platforms making life easy on the consumer.
Progressive is also a better platform if you want to see comparable rates with other car insurance providers.
It populates the best rates in your area after completing the online quote process.
Additionally, Progressive offers the Snapshot program, which is a significant saving for individuals who don’t drive too frequently or keep their annual mileage at a minimum.
While Progressive offers excellent savings and discounts, we still prefer GEICO for most drivers and overall rates such as young drivers, poor credit drivers, and drivers with blemishes on their motor vehicle report.
Again, just like our previous comparison, both companies have unique strengths, and your best avenue is to “shop around.”
GEICO Auto Insurance Vs. Allstate Auto Insurance
Allstate is the last powerhouse auto insurance company we want to compare GEICO against in this review.
Currently, Allstate is ranked number 3 in the U.S. for auto insurance policies in force.
Allstate is another car insurance provider that allows for full online quotes and activating coverage but typically falls to State Farm, Progressive, and GEICO when it comes to overall pricing for coverage.
Allstate also offers several discounts but overall we still believe GEICO will be a better choice for most consumers when it comes to user experience and total savings possible on car insurance.
Auto Insurance Coverages Offered by GEICO
GEICO currently offers the same basic auto insurance coverage that all companies offer.
Here is a snapshot and overview of your coverage options with GEICO car insurance.
- Liability Insurance Bodily Injury
- Liability Insurance for Property Damage
- Collision- Link explaining more about collision auto insurance
- Comprehensive- Link breaking down how comprehensive auto insurance works
- Other Coverage Options with GEICO
In addition to your basic coverage options with GEICO, you also have some supplemental coverage options that are completely optional when you elect to purchase coverage.
Here’s a look at them.
Emergency Roadside Assistance- Covers roadside breakdowns that can have various causes such as flat tires, dead batteries, towing, and even if you lock your keys in your car.
Rental Vehicle- This will allow you to get a full 100% refund on your rental car cost while your insured vehicle receives the repair.
Mechanical Breakdown- This is somewhat like an extended warranty that a car dealership would offer.
It covers mechanical repairs that are no longer covered under your vehicle’s manufacturer warranty.
Auto Repair Xpress- This an additional coverage that can be exercised to speed up the auto repair process but only after a claim has been filed.
Accident Forgiveness- This is a nice discount to implement if you decide to purchase auto insurance with GEICO. It’s going to stop your premiums from increasing after you have your first at-fault accident.
Specialty Auto Insurance Available with GEICO
GEICO also offers some other auto-insurance coverage options that would be considered “specialty auto insurance.”
Here’s an overview.
GEICO Rideshare Auto Insurance- This coverage is offered for any consumers who currently drive for popular rideshare companies such as Lyft, Uber, or even popular delivery companies.
GEICO Non-Owner Car Insurance- This coverage only would be needed for individuals who don’t currently own a primary vehicle.
Think of this coverage as your option that follows the driver and not the vehicle.
It covers rental cars as well as other vehicles the driver intends on driving regularly.
GEICO Commercial Auto Insurance- This auto insurance coverage is for business vehicles and commonly used for “fleets of vehicles” owned by a business.
GEICO Classic Car Insurance- Protects individuals who have unique, antique, or collectors’ cars.
GEICO Mexico Auto Insurance- This is for individuals who plan to drive their vehicle across the border into Mexico.
Other Important Notes Our In-Depth Analysis of GEICO Uncovered
When we complete our reviews of top auto insurance providers, we like to take it 1 step further.
We believe it’s essential for you to know the top pros and cons of the auto insurance company and if they have anything else unique to them compared to other car insurance options on the market.
Additionally, we find it imperative to know the top complaints against an auto-insurance provider before you make your final decision.
Here’s a snapshot of what we uncovered.
GEICO Auto Insurance Consumer Reviews and Complaints
In the grand scheme of the research, we didn’t find anything too terrible to say about GEICO Car Insurance.
Some consumers report that their coverage continued to climb in annual pricing.
It should, however, be noted that individuals didn’t elaborate as the reason behind the price jumps.
This includes items such as driving record or if an accident potentially was involved in GEICO’s decision to raise the pricing.
Some also didn’t like the marketing of other products after they purchased car insurance, things like GEICO’s life insurance offer…in which GEICO doesn’t have life insurance, they partner with a call center.
On a positive note, we found that the average consumer does recommend GEICO and would refer a friend.
Consumers also report that the annual savings can reach the promised 15% savings or more.
Clearly, this a nice welcomed savings many individuals will enjoy.
Pros of Working with GEICO Auto Insurance
- 15% or More Savings Potential
- Easy Online Process for Applying for Car Insurance Coverage
- 15 Discounts Available Including Occupation, Military, and Married Driver Discounts
- Accident Forgiveness
- Top-Rated Company in the Industry
- Unique Coverage Options
- Ridesharing Availability in Most U.S. States
Cons of GEICO Auto Insurance
- Potential Increasing Rates Depending on Motor Vehicle Report
- No Low Mileage Discount
- Reported Lack of Communication In some Claims Situations
- Not the Best for Individuals Over the Age of 60
- Price Savings Diminishes at Age 25-60
Discounts Available with GEICO Auto Insurance
Currently, GEICO offers a decent handful of discounts for drivers seeking coverage.
Here’s a quick list of them.
- Airbag Discount
- Anti-Lock Brakes Discount- 5%
- Anti-Theft Discount
- Daytime Running Lights Discounts
- No Seatbelt Ticket Discount
- Defensive Driving Course- 10%
- Drivers Ed Discount for Teenagers- 15%
- Military Service Discount
- Government and Corporate Affiliates
- Multi-Car Household Discount
Technology and User Experience with GEICO Auto Insurance
While a good majority of car insurance companies are beginning to evolve and enter the digital world, GEICO has been one company that’s been ahead of the curve for quite some time.
GEICO’s online presence and ability to customize quotes and coverage with ease is friendly user experience.
We think that overall GEICO is in the top ranks for user experience.
However, other companies are certainly making a stronger effort to be streamlined digital car insurance providers.
An example of this is a car insurance provider such as Root Auto Insurance.
In Summary, GEICO Auto Insurance is Solid, but Other Great Options Are Available
Our final thoughts on GEICO car insurance is that it’s at the top of the list for car insurance companies to consider.
However, due to a lack of discounts and price breaks for specific age groups and even individuals with poor credit, we highly recommend shopping for the best rates.
You can do this online or with an independent car insurance agent.
Ultimately that decision is yours, but if you do opt to choose GEICO as your car insurance provider, we certainly don’t blame you.