GEICO Auto Insurance Review
Last Updated on October 24, 2023
GEICO is the second-largest property insurance company in the country. Founded in 1936 in Fort Worth as a car insurance company for government employees, the Government Employees Insurance Company (GEICO) continues to offer a diverse range of insurance products at affordable rates to customers across the United States.
- Wide Range of Coverage: GEICO offers a diverse range of insurance products, including liability insurance, collision coverage, comprehensive coverage, uninsured and underinsured motorist coverage, personal injury protection, and medical payments coverage. They also provide unique offerings like mechanical breakdown insurance and rideshare coverage.
- Discounts and Affordable Rates: GEICO offers various discounts, including those for federal employees, military personnel, and students with good grades. The company is known for its affordable rates, often ranking as the cheapest major insurance company in many states.
- Strong Financial Strength and Customer Service: GEICO has received the highest possible financial strength rating from A.M. Best, indicating it should have no trouble meeting financial obligations. The company also provides 24/7 customer service and a robust mobile app for policy management.
- Mixed Reviews: While GEICO has a solid financial rating and is known for its affordable rates, it has received mixed customer reviews. Some regions report below-average claims satisfaction, which may be costly for high-risk drivers or those with a bad driving history.
- Our Rating: Insurance Panda rates GEICO 4.4/5
- Types of Auto Insurance Coverage Offered by GEICO
- What Makes GEICO's Auto Insurance Unique?
- How Much Are GEICO's Insurance Rates?
- GEICO's Auto Insurance Discounts
- Pros and Cons of GEICO
- Frequently Asked Questions About GEICO Auto Insurance
- GEICO Reviews: What Do Customers Have to Say?
- How to Get a Quote from GEICO
- Our Rating of GEICO
- Final Word on GEICO
Types of Auto Insurance Coverage Offered by GEICO
GEICO insures millions of drivers across the United States. You can buy minimum liability insurance policies through GEICO, allowing you to meet minimum insurance requirements in your state. You can also buy full coverage car insurance, umbrella insurance policies, and other insurance products for added protection.
Auto insurance coverage available through GEICO includes:
Liability Insurance: GEICO, like all car insurance companies in the country, sells liability insurance to meet minimum insurance requirements in your state. Virtually every state requires bodily injury and property damage liability coverage, which protects other drivers from your actions.
Collision Coverage: Collision coverage compensates you for the cost of repairing or replacing your vehicle after a covered collision. If you collide with another driver and damage your vehicle, then GEICO’s collision coverage can cover the cost of repairing that damage. Collision coverage is optional in all states, although most leased or financed vehicles require collision coverage.
Comprehensive Coverage: Comprehensive coverage compensates you for the cost of repairing or replacing your vehicle after incidents outside of collisions. It covers fire damage, water damage, vandalism, theft, collisions with animals, and other incidents. Comprehensive coverage is optional in all states. GEICO offers full coverage car insurance in all regions, which includes collision and comprehensive coverage.
Uninsured and Underinsured Motorist Liability Coverage: In some states, nearly 25% of drivers are uninsured. Some states even require drivers to carry uninsured and underinsured motorist liability coverage. GEICO offers uninsured and underinsured motorist coverage in all states.
Personal Injury Protection and Medical Payments Coverage: Some states require personal injury protection (PIP) or medical payments coverage. These coverages function similarly to health insurance, covering medical bills, ambulance expenses, and similar costs after an accident. GEICO offers medical payments coverage and personal injury protection coverage in some states, including all states that require these coverages.
Gap Insurance: Gap insurance covers the gap between the value of your vehicle and the amount remaining on your lease or loan. If your new vehicle is declared a total loss after an accident, then your insurer could determine your vehicle is worth less than the amount remaining on your loan. Gap insurance covers this ‘gap’, which means you don’t need to pay the gap out of pocket. Note – As of 2023, GEICO does not offer gap insurance.
Mechanical Breakdown Insurance: GEICO offers mechanical breakdown insurance (MBI) on qualifying vehicles. If your vehicle is newer than 15 months old and has fewer than 15,000 miles, you could buy mechanical breakdown insurance. It functions similarly to a vehicle’s warranty, covering repairs to mechanical components like the engine, transmission, and air conditioner. GEICO is one of the largest car insurance companies in America that sells mechanical breakdown insurance.
Rideshare Coverage: All major insurers in the United States now offer rideshare insurance, which covers you when driving for Uber, Lyft, and other rideshare companies. GEICO is unique for offering a hybrid policy combining rideshare insurance with personal auto insurance. Most companies require you to purchase additional rideshare insurance. With GEICO, you can easily add rideshare insurance to your personal policy, with both coverages under a single policy.
Emergency Roadside Assistance: GEICO’s emergency roadside assistance is similar to AAA and other policies. It covers certain roadside service calls, including jumpstarts, flat tire changes, towing, and locksmith services. If your vehicle breaks down, runs out of gas, or if you lock your keys in the car, then GEICO’s roadside assistance could cover you.
Rental Reimbursement Coverage: GEICO’s rental car reimbursement coverage covers the cost of renting a car if your car cannot be driven for more than 24 hours. If your car needs repairs and cannot be driven, then GEICO can compensate you for your rental car.
Rental Car Coverage: If you have automobile liability insurance with GEICO, your GEICO policy should extend to any cars you rent.
Recreational Vehicle and Other Vehicle Insurance: GEICO offers insurance for RVs, ATVs, boats, motorcycles, and other alternative vehicles.
Commercial Auto Insurance: Whether insuring a single business truck or an entire fleet of vehicles, you can buy commercial auto insurance through GEICO.
Collector and Classic Car Insurance: You can insure a collector car or a classic car through GEICO.
Non-Owners Car Insurance: If you do not own your own car but still need insurance because you frequently borrow or rent cars, you can buy a non-owners policy through GEICO. You also have the option to insure a car that’s not in your name with GEICO.
Glass Coverage: If you damage your windshield or car windows, GEICO will cover the damage as long as you have comprehensive coverage.
SR-22 Coverage: GEICO sells SR-22 coverage in most states. An SR-22 is a document that proves you have adequate car insurance coverage. SR-22 (or sometimes FR-44) forms are usually required if you’re considered a high-risk driver or have let your auto insurance policy lapse too many times.
Rebuilt Title Insurance: GEICO offers liability-only insurance on vehicles with a rebuilt title. If your car passes an annual inspection, GEICO will also offer full coverage on your car with a rebuilt title.
Temporary Coverage: While GEICO does not sell temporary auto insurance policies, GEICO does not charge cancelation fees or penalties in most states. This makes it easy to buy coverage temporarily and then cancel it when you no longer need it.
What Makes GEICO’s Auto Insurance Unique?
GEICO is one of America’s largest and best-known insurance companies, covering millions of policyholders across the United States. Although GEICO is large and well-known, the company has plenty of features that distinguish it from other major insurers in the country, including:
Discounts for Federal Employees: GEICO was originally founded as an insurance company for government employees. Today, federal government employees can continue to qualify for an 8% discount on car insurance premiums with GEICO.
Military Discounts: In addition to giving discounts to federal employees, GEICO offers discounts to active duty military personnel, retired members of the United States Military, and members of the National Guard and Reserves. Qualifying personnel can save up to 15% on auto insurance premiums.
America’s Second Largest Insurance Company: Some people like the experience of dealing with a large insurance company. GEICO has all of the amenities you would expect with a large insurance company, including a strong mobile app, 24/7 customer service, and a strong support network, among other perks.
Grace Period: GEICO offers a 30-day grace period for new cars on your policy. With this grace period, if you are an existing GEICO customer, you’ll have 30 days to add a new vehicle to your policy after your purchase it.
Cheap Rates: GEICO is the cheapest major insurance company in many states. Typically, State Farm, USAA, GEICO, and Progressive offer competitive rates in most states, although GEICO often ranks slightly cheaper than its larger competitors.
Car Buying Service: GEICO has a car buying service, something that few other insurers offer. GEICO’s car buying service allows you to search for the car you want and see the price others paid for it. GEICO partners with TrueCar to offer this program. The average customer saves $3,166 off the vehicle’s MSRP, according to GEICO.
DriveEasy: GEICO’s driver tracking program is called DriveEasy. You download the DriveEasy mobile app, and the app tracks your driving habits. You can save a significant amount by signing up for the program, receiving an individualized score based on your risk factors, driving habits, and mileage.
Mobile App: GEICO Mobile is one of the best mobile apps in the insurance industry. With GEICO Mobile, you can access your insurance ID cards, pay bills, access roadside assistance, and contact GEICO’s 24/7/365 customer service team.
Accident Forgiveness: You can add GEICO’s accident forgiveness to your policy. GEICO also offers free accident forgiveness to certain qualifying drivers. If you have been insured with GEICO for multiple years without incident, then you could already have accident forgiveness. With accident forgiveness, a single minor or major accident will not raise car insurance premiums.
Prime Time Program for Drivers Over 50: GEICO offers special perks to drivers over 50, including the company’s Prime Time contract program. If you qualify for this program, then you qualify for special discounts and avoid higher insurance premiums as you get older. Drivers over 50 with no violations or accidents in the past three years qualify for this program.
How Much Are GEICO’s Insurance Rates?
The average GEICO policyholder pays similar rates to the average American driver. On average, GEICO charges rates of around $1,412 across the United States. The average American driver, in comparison, pays around $1,450 per year for full coverage car insurance.
GEICO’s rates vary widely across the country. Drivers in urban areas tend to pay higher rates than drivers in rural areas. Some states have different insurance laws than others. Drivers in Florida pay nearly triple the car insurance premiums as drivers in Idaho. Demographic factors, credit scores, and driving histories can also raise or lower car insurance premiums significantly.
Overall, however, GEICO remains one of the best-value car insurance companies in the United States for drivers of all ages, driving histories, and locations. GEICO doesn’t charge particularly cheap rates to any specific group: they charge low rates to drivers with all different backgrounds across the United States. To
GEICO’s Auto Insurance Discounts
GEICO offers similar auto insurance discounts to other providers in the country. Drivers can obtain significant discounts for safe driving habits, bundling policies, and taking a defensive driving course. GEICO also offers unique auto insurance discounts we don’t see with other providers, including discounts for government employees and military personnel. Some of GEICO’s biggest discounts include:
Safety Equipment Discounts: Like most insurers, GEICO offers discounts for safety equipment like airbags, anti-lock brakes, daytime running lights, and anti-theft systems.
New Vehicle Discount: GEICO offers discounts on vehicles that are three model years old or newer.
Accident-Free Discount: If you have five years of safe driving history without an accident, then you could qualify for GEICO’s accident-free discount.
Defensive Driving Course Discount: GEICO offers a discount to drivers who have completed a defensive driving course. If you have completed a qualifying course, then you could receive a 5% to 15% discount on car insurance.
Government Employee and Military Personnel Discount: Government employees and certain military personnel can receive a discount with GEICO. Government employees and military personnel can get 8% to 15% lower car insurance premiums than civilians.
Good Grade Discount: If someone on your policy is a full-time student between 16 and 24 years old, you could get a good grade discount by maintaining a grade average of B+ or better.
Multi-Vehicle Discount: Insuring multiple vehicles with GEICO can lead to a discount across all vehicles.
Multi-Policy Discount: You can buy all types of insurance products through GEICO and its affiliates. If you bundle multiple car, home, and life insurance policies together with GEICO, then you could save money across all policies.
Alumni or Professional Association Discount: GEICO partners with thousands of alumni groups and professional associations across the United States to provide exclusive discounts. If you are a verified member of an alumni association or professional group, then you could save money with GEICO.
Pros and Cons of GEICO
GEICO is one of the best-known insurers in the country. Like any insurer, there are pros and cons for buying a policy through GEICO, including:
- Cheapest insurer in many states, across multiple demographics and locations
- Cheap policies for drivers with a bad credit score
- Average to fair car insurance reviews
- Extensive range of coverage options, insurance products, and other services
- Wide selection of discounts to drop the cost of insurance even further
- Highest possible financial strength rating
- Costly rates for drivers with a DUI
- Below-average claims satisfaction in certain regions
- Could be costly for high-risk drivers or drivers with a bad driving history
Frequently Asked Questions About GEICO Auto Insurance
GEICO Reviews: What Do Customers Have to Say?
GEICO has average reviews from most customers, including mixed reviews from J.D. Power and other review aggregator organizations. GEICO also has higher-than-average complaint ratings compared to other insurers of its size. However, GEICO has a strong financial strength rating, which indicates it should have no trouble meeting financial obligations in the future.
J.D. Power ranks car insurance companies across the United States based on claims satisfaction, customer service, and pricing. According to the 2020 rankings, GEICO is the best overall car insurance company in the North Central and Northwest regions, scoring higher than all of its competitors. In most other regions, GEICO ranks within the top five or ten auto insurance companies overall, according to J.D. Power.
GEICO also has a strong rating from A.M. Best, which assesses the financial strength of insurance companies. A.M. Best has awarded GEICO a financial strength rating of A++ (Superior), which is the highest possible grade. That financial strength rating indicates GEICO should have no trouble covering its liabilities in the future. GEICO is one of the largest and strongest insurers in the country.
GEICO also has an AA+ rating from Standard & Poor’s (S&P). GEICO has also earned S&P’s Security Circle designation, which means the company underwent S&P’s most rigorous receive and achieved top ratings for financial strength.
GEICO has an A+ rating through the Better Business Bureau, although the organization is not BBB-accredited.
The National Association of Insurance Commissioners (NAIC) ranks car insurance companies based on the average number of complaints compared to the total number of policyholders. GEICO’s NAIC sits around 1.2 to 2.04, depending on how you measure the score. The nationwide average is 1.0, which means GEICO’s complaint index is as much as double the nationwide average. However, GEICO’s NAIC complaint index has improved in recent years.
How to Get a Quote from GEICO
- Visit GEICO.com
Go to GEICO’s website and enter your 5-Digit ZIP code.
- Tell GEICO about yourself
Enter information about yourself (date of birth, name, gender, marital status, address, phone number, and email address).
- Tell GEICO about your vehicle
Enter information about your vehicle (year, make, model, VIN, total mileage, and how you use it).
- Tell GEICO about your driving history
Enter information about your driving history. When did you get your license? Have you been in any accidents or received any traffic violations? Tell GEICO here.
- Check discount eligibility
See if you qualify for any special discounts, such as military or affinity discounts.
- Review your information
Review the information you entered, and if everything looks good, click “NEXT” to get your quote.
- Review your quote
Review your auto insurance quote and coverage options. If you are satisfied, click “Next.” If you’d like to edit your coverage, you can also do that here.
- Finalize your purchase
Choose your policy start state, enter payment details, and complete the purchase.
Final Word on GEICO
GEICO is the second-largest insurance company in the United States, insuring millions of drivers nationwide.
Today, GEICO is known for offering affordable car insurance to drivers in all states. GEICO offers some of the best rates on car insurance to drivers with all different backgrounds, driving histories, and demographic information.
To learn more about GEICO or to request a quote today, visit GEICO.com.
|GEICO Contact Information|
|Customer Service Phone Number||800-207-7847|
|Claims Phone Number||800-841-3000|
|States Served||All 50 States|