GEICO auto insurance review 2020
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Geico, or Government Employees Insurance Co., was founded in 1936. Headquartered in Chevy Chase, Maryland, Geico is the second largest private-passenger auto insurer in the country. A large percentage of drivers — including military members, students, and seniors — may find that the wide variety of auto insurance offerings makes Geico the ideal choice for a provider.
- Average full coverage premium: $1,260
- Region offered: Geico currently offers auto insurance in all 50 states.
- Market share: 13.78%
- AM Best rating/financial strength profile: A++
- J.D. Power auto claims satisfaction rating: 3/5
- Specialty coverages: Rideshare, collector, Mexico
GEICO customer satisfaction and complaints
According to J.D. Power Auto Claims Satisfaction Study, Geico received a rating of 3/5, which is a score that is considered about average among other providers. When it comes to large insurers offering a satisfying purchasing experience, Geico is ranked number one. Nationwide and State Farm rank second and third respectively.
The study uses information regarding auto insurance shopping, including the quoting process and purchase behavior. Ratings serve as a reflection over overall insurance purchasing satisfaction, which is important for drivers looking for a great auto insurance provider.
How factors affect GEICO’s auto insurance rates
Geico’s full coverage comes in at $1,260, a good bit less than the national average of $1,555, while the minimum coverage is $416. The table below provides an example of how various factors can affect average insurance premiums. The rates listed in this table reflect full coverage, for the sake of comparison.
|Average rates||Accident||Speeding ticket||Poor credit|
How driving record affects GEICO car insurance rates
With Geico, as with all insurance companies, your driving record affects your car insurance rates. Actuaries use statistical data to assess a driver’s risk. Depending on the driver’s level of risk, Geico can charge a certain premium. For example, a high risk driver will likely be charged a higher premium because the odds of them having an accident will be high.
Accidents affect car insurance rates because this information is used to determine the likelihood of you getting into an accident again. Drivers with a pattern of accidents can expect to pay a higher premium than someone with no accidents on their driving record. When reviewing driving records, Geico will consider at-fault and not at-fault accidents as recent as 5 years.
Geico does offer Accident Forgiveness, which allows drivers to avoid an increase in car insurance rates following their first at-fault accident. Geico offers this to drivers who maintain a good driving record, but it can also be purchased if certain qualifications are met.
A speeding ticket is another factor that can affect your car insurance rate. Speed can often contribute to accidents, so getting a speeding ticket makes drivers appear reckless. And a reckless driver is a risk for insurance companies. Geico will consider speeding tickets when determining rates, but the website does not confirm how far back into a person’s driving record they will look.
Rather than look at your financial credit score, Geico looks at your credit-based insurance score, which provides information that can be used to predict the likelihood of you filing a claim. This number is calculated using a combination of information, including your payment history, credit utilization, collections and length of credit history. Someone with poor credit, won’t be denied, but they can expect a higher rate than someone with fair, good, or excellent credit. In all states except California, Massachusetts and Hawaii, credit will affect insurance rates.
GEICO auto insurance discounts
In addition to competitive rates, Geico offers auto insurance customers a variety of discounts.
- Military and Federal Discounts: Discounts of up to 25% are available to active and retired federal employees as well as active or retired military members or members of the National Guard.
- Multi-Policy Discounts: Customers with multiple Geico policies can save on each policy.
- Multi-Vehicle Discounts: If you insure more than one car, you can receive a discount of up to 25%
- Seniors and Over 50 Discounts: Seniors age 50 and up are eligible to receive a discount on their insurance rate.
- Student Discounts: Full-time students between 16 and 24 years old with at least a “B” average can save up to 15% on certain coverages
- Vehicle equipment: Save up to 40% for various vehicle equipment.
Unique discounts offered by GEICO
Customers who are part of certain professional and alumni groups and organizations are also eligible to receive a discount. Exact savings may vary by group or organization.
GEICO auto insurance premium length
Geico auto insurance offers semi-annual premiums, meaning policies expire every 6 months. Customers have the options to pay the full premium in one lump sum or pay in 2,3,4,5, or 6 installments. When opting to pay in installments, customers will be charged a certain amount every month depending on the number of installments. Customers should note that there will be installment charges added to each payment.
GEICO vs. other insurance companies
Geico ranked number four in the J.D. Power Auto Claims Satisfaction Study, which compared large-size auto insurance providers.
|Company||J.D. Power Score (Overall)||J.D. Power Score (claims satisfaction)||AM Best||Average rate full coverage|
|American Family||857||3/5||A (Excellent)||$1,218|
|Met Life||867||3/5||A+ (Superior)||$1,923|
GEICO mobile app and digital experience
Geico’s mobile app makes it easy to manage your auto insurance right from your phone.
- Digital insurance cards: Quickly and easily access your insurance cards using the app instead of keeping a paper cop in your vehicle.
- Roadside assistance: Request roadside assistance in as little as two minutes. Service is available 24/7.
- Photo estimate: Following a collision, customers can submit photos of their damaged vehicle for a quick estimate and get results in about 20 minutes.
- Virtual assistant: Customers with questions about things like billing or coverage can ask the virtual assistant. Service is available 24/7.
- Vehicle care: Customers wanting to manage their vehicle care can view CARFAX, keep track of maintenance, check open recalls, and more.
Alternative insurance products offered by GEICO
In addition to auto insurance, Geico also offers insurance for home, renters and life insurance. Discounts are available for bundling these policies with your auto insurance as well.
Home security systems
Smoke detector alarms or fire extinguishers
Home security systems
Sprinklers or smoke alarms
In the spotlight
- Geico has been ranked number one by J.D. Power for its purchasing experience.
- Geico offers a variety of discounts that can help policyholders save significantly on their insurance rates.
- With the mobile app, policyholders can manage their account, file a claim, and more right from their phone.
- In the community, Geico supports multiple causes, including environmental safety and pollution and compassionate healthcare.
Coverage Utilizes Quadrant Information Services to analyze quoted rates from thousands of zip codes across all 50 states, using GEICO’s premiums written. Quoted rates are based around the profiles of a 30 year male and female with clean driving records, good credit and the following full coverage details:
- $100k bodily injury liability per person
- $300k bodily injury liability coverage per crash
- $100k property damage liability coverage per crash
- $500 collision coverage deductible
- $500 comprehensive coverage deductible
Minimum coverages were applied to match state requirements. Both drivers used a new, financed 2018 Toyota Camry, commuting 5 days a week and driving 12,000 miles per year.
An accident was defined as an at-fault accident with $3k in property damage. A speeding incident was defined as speeding 16-20 MPH over the limit.
These rates were publicly sourced from insurer filings and should be used for comparative purposes only – your own quotes may be different.