Geico Insurance Review (The Complete Guide)
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UPDATED: Mar 19, 2020
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|Key Info||Company Specifics|
|President and CEO||Todd Combs|
|Executive Chairman||Tony Nicely|
|Vice Chairman||Bill Roberts|
|Number of Employees||40,000+|
|Total Sales/Assets||$32 billion|
|HQ Address||5260 Western Avenue, Chevy Chase, Md. 20815|
|Phone Number||(800) 841-3000|
|Best for:||-Motorcycle, ATV, RV, and Boat insurance
-Homeowners, Renters, Condo, Co-op, and Mobile Home insurance
-Personal Umbrella Protection
-General Liability insurance
-Commercial Auto insurance
-Collector Car insurance
So you need car insurance and you’re considering purchasing a policy from Geico, but you still have some questions. Does it have the right policy for you? How much does insurance cost? What does Geico stand for, anyway?
Getting the answers to your questions is an important part of choosing the right insurance provider for you.
Reading this article will answer all your questions, from whether Geico has reasonable rates to whether they’re financially stable enough to pay out claims. This may seem a bit overwhelming, but don’t worry, because we are going to tell you everything you need to know about insuring your vehicle with Geico.
If you’re looking to get rates from Geico as well as several other companies, you can enter your ZIP code in our FREE online tool above.
Geico’s Rating Agency
Reading a few reviews isn’t enough to give you a complete picture of a company. How can you tell if a review is accurate, or even posted by a legitimate customer? But on the other hand, nobody has hours of time available to dig through a company’s history online, either.
To help you understand what it means to choose an insurance policy through Geico, we’ve collected ratings from major review sites.
The table below shows ratings for financial strength and customer satisfaction — we’ll explain each rating below.
|A.M. Best||A++ (Superior)|
|Better Business Bureau||A+ (Connecticut)|
|Standard & Poor's||AA+|
|NAIC Complaint||0.0 (beats average by 1.5)|
|J.D. Power||836 out of 1,000 (New England)|
Several companies offer ratings for insurance companies, but A.M. Best is probably the oldest and most widely recognized organization that is doing so today. When ranking a company’s financial strength, A.M. Best assigns ratings ranging from an A++ to a D. Geico has earned A.M. Best’s highest-ranking possible — an A++, also known as Superior.
For more information about A.M. Best, check out the video below:
So, what does that mean for Geico? Essentially, it means A.M. Best believes the company has a superior ability to meet their financial obligations.
Better Business Bureau
The Better Business Bureau is a private, nonprofit organization that wants to make it easier for customers to judge companies they do business with based on consumer complaints.
Since these ratings are based mostly on complaint data, Geico’s rating of A+ is amazing. It does not, however, mean that there are no complaints about the company.
Since the BBB ratings are done by state, we selected Connecticut at random to provide you with a BBB ranking for the company. You can go to the BBB website and search within your own state to find the most accurate information for your needs.
Just like people, companies have credit ratings to help you determine their trustworthiness when it comes to financial products and investments.
Moody’s is known as one of the Big Three credit-rating agencies, providing ratings and debt-tracking analysis across the globe. Moody’s rankings range from AAA to C, with AAA being the highest and C being the lowest.
The most recent data available for Geico shows they have been given an AA1 Insurance Financial Strength (IFS) rating, or a stable outlook. Ratings falling in Moody’s AA range are considered to be very low-risk.
Like Moody’s and A.M. Best, Standard & Poor’s is also part of the Big Three credit-rating agencies. Just like A.M. Best and Moody’s, a company’s S&P rating indicates their financial stability and whether they can pay claims on time.
S&P Ratings range from an AAA at its highest, to a D as its lowest. Geico has earned a rating of AA+, representing a strong, steady ability to pay claims.
NAIC Complaint Index
Though the financial stability of a company is important, a company’s customer service is just as important, if not more so, to their customer base. This includes complaints regarding the company.
An average NAIC complaint index for an insurance company is 1.5, but Geico has a complaint index of 0.0, which is significantly better than many of its competitors.
While they are linked, complaints and customer satisfaction are two distinctly different things. While NAIC has a complaint index, J.D. Power gives ratings based upon comprehensive consumer studies.
J.D. Power’s 2019 U.S. Auto Insurance Study ranks car insurance companies by region, as well as measuring customer satisfaction in five areas: interaction, policy offerings, price, billing process, policy information, and claims.
With a J.D. Power rating of 836, Geico comes in pretty highly rated in customer satisfaction, though they didn’t make the top of the list.
However, much like BBB ratings, JD Power rates based on region. So that our rankings are consistent, we chose the New England J.D. Power rates for this article. You may need to research J.D. Power ratings for your region to get the most accurate information for your area.
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While most people don’t associate Geico with Depression-era Texas, that is exactly where the company got its start. Geico was founded in 1936 by Leo and Lillian Goodwin, getting the name for the company from their customers – Government Employees Insurance Company.
Geico has had excellent investors since 1948, when Lorimer Davidson joined the company and began pursuing investors in earnest. The company expanded across the country and, eventually, Warren Buffet purchased all the outstanding Geico stock to bring the company under his Berkshire Hathaway umbrella in 1996.
In 1999, the company introduced the world to the Geico Gecko, an advertising mascot who helped the company soar into nationwide fame. Even people who didn’t need car insurance knew the name Geico after his adorable debut, which you can see in the video below:
Shortly thereafter, Geico proved to be an advertising powerhouse. Their ads are some of the most talked-about in the industry, including the Geico cavemen, the little piggy, the hump day camel, and the woodchuck.
As of today, Geico has 30 lines of business available and more than 17 million policies in force.
|1936||Geico is established by Leo and Lillian Goodwin.|
|1959||Opens its new headquarters in Chevy Chase, Md.|
|1964||Passes the 1 million policies-in-force (PIF) mark.|
|1996||Warren Buffett makes it a subsidiary of Berkshire Hathaway, Inc.|
|2002||Passes the 5 million PIF mark.|
|2013||Surpasses 12 million policies-in-force and insures more than 20 million vehicles.|
|2017||In its best growth year ever, Geico passes 15 million and 16 million PIF.|
Geico Market Share
Most people don’t really understand the concept behind a market share, so what is it, exactly? And, more importantly, why does it matter?
A market share is defined as “representing the percentage of an industry, or a market’s total sales, that is earned by a particular company over a specified time period.” A company’s market share is calculated by taking its sales during a specific time period and dividing it by the total sales in the industry during the same period of time.
Typically, the bigger the market share, the bigger and more influential the company is in the country. When you’re talking about the size of an insurance company, you’re essentially talking about its market share.
Take a look at this chart to see how Geico’s market share compares with the other top 10 companies in the country, based on 2018 data:
|Rank||Company||Direct Premium Written||Loss Ratio||Market Share|
Geico’s Position for the Future
Geico continues to climb in the insurance market, positioning them to do well in the future.
In the market share chart above, you can see that State Farm is ranked number one in market share, but their direct premiums written increased by less than $200 million from 2017 to 2018.
Geico is ranked number two in market share, but their direct premiums went from a little more than $29 billion in 2017 to $33 billion in 2018, showing that the company is experiencing a significant amount of growth.
When it comes to their business insight, Geico is clearly at the top of the game. Below are a few of the things that are helping them climb to the top of the insurance ladder.
Geico’s Online Presence
When it comes to having an online presence, Geico is doing very well. Not only do they have their website set up so you can access your policy or get a quote, but they also give you the ability to reach out to an agent in your area for additional assistance.
Geico has online vendor services, online claims services, customer service, online bill pay, and many other online services that give you 24/7 access to your insurance policy.
When it comes to commercials, there is no denying that Geico is king. Whether you’re talking about the Geico Gecko or the little piggy, Geico has some of the best commercials of any company in any industry, not just insurance.
Every Geico commercial ends with some variation of their slogan: “15 minutes could save you 15 percent or more on your car insurance.”
Geico is unique among the insurance industry in its approach to commercials. While other companies try to highlight the benefits of choosing their company or focus on the nuts and bolts of an insurance policy, Geico has decided their main goal is to be memorable.
They always include their name and slogan, but they aren’t concerned with sharing the details of their coverage with the audience, as is evidenced by their Hump Day Camel ad below:
Geico’s advertisements are solely meant to be memorable so that when you think about insurance companies their name is the first to come to mind.
In a world where people can share things they find amusing through email and social media, this seems to be a winning strategy. They have even brought back some of their most beloved characters for a repeat in 2019 and 2020, like the woodchucks:
You can check out their website for links to many of their most famous commercials.
Geico in the Community
Geico does a significant amount of work in communities across the United States. The company works with several charities and nonprofits to help improve the lives of the people around them. Below is a video showing some of their work with Habitat for Humanity:
The company works with Habitat for Humanity, Paws for a Cause, and Game On! to provide resources to help house people, care for animals, and provide athletic and educational opportunities to underserved youth in the community.
Geico also supports Children’s National Hospital in Washington D.C., which provides medical care for children regardless of their ability to pay. In the last 40 years, Geico has provided $63 million to Children’s National Hospital. You can see some of the work they have done with Children’s National Hospital in the video below:
To help prevent pollution and environmental hazards, Geico requires auto body repair shops to pass an environmental and safety training program. In 2015, this initiative earned Geico an award from SP/2.
Part of taking an in-depth look at Geico as a company includes learning about the company’s employees. To do that, we reviewed the information at several employee sites.
In looking at Glassdoor.com, we discovered:
- The average employee review for Geico is 3.2 out of 5.
- Geico was named one of Indeed’s Best Places to Work: Compensation and Benefits in 2019.
- Geico was named one of the Top 50 Large Companies for Perks and Benefits for 2019.
In looking at Payscale.com, we learned that:
- Geico employees rated the company an average of 3.4 out of 5 in overall satisfaction.
- Geico employees have an average annual salary of $59,000, though the range of salaries is anywhere from $28,000 to $200,000 per year, depending on your position with the company.
- When it comes to gender, 57.6 percent of Geico employees are men and 42.2 percent are women.
When reviewing Greatplacetowork.com, we learned that:
- 33 percent of Geico employees have been there for less than two years, while 27 percent of employees have been there for 11 years or more.
- 68 percent of Geico employees say the company is a great place to work.
Overall, Geico employees seem to be well compensated and happy with their jobs.
Cheap Car Insurance Rates
While all the information above is important, price is also equally important. Finding the best rates for your policy is vital, so pay close attention to the information below to help you determine the best rates for you.
Geico Availability and Rates by State
Geico is available nationwide. In researching the average Geico rate in every state, we discovered that the state with the highest premium is Michigan, at just over $6,400, but Geico’s amount is still 38 percent less than the state’s overall average premium.
On the other side, we saw the lowest rates in Massachusetts, where the average premium is a little over $1,500.
The table below will show you how your state stacks up, and if Geico is higher or lower than your state’s average:
|State||Annual Premium||Higher/Lower Than State Average||Percentage|
|District of Columbia||$3,692.81||-$746.43||-16.81%|
Comparing the Top 10 Companies by Market Share
In reviewing the top 10 companies by market share, two things immediately become evident. First, only three companies (Geico, State Farm, and Allstate) are available in every state.
Second, while Geico and State Farm tend to be pretty close to one another in price, Allstate is significantly more expensive in almost every state.
|State||Average by State||Allstate||American Family||Farmers||Geico||Liberty Mutual||Nationwide||Progressive||State Farm||Travelers||USAA|
|Alaska||$3,421.51||$3,145.31||$4,153.07||Data not available||$2,879.96||$5,295.55||Data not available||$3,062.85||$2,228.12||Data not available||$2,454.21|
|Alabama||$3,566.96||$3,311.52||Data not available||$4,185.80||$2,866.60||$4,005.48||$2,662.66||$4,450.52||$4,798.15||$3,697.80||$2,124.09|
|Arkansas||$4,124.98||$5,150.03||Data not available||$4,257.87||$3,484.63||Data not available||$3,861.79||$5,312.09||$2,789.03||$5,973.33||$2,171.06|
|Arizona||$3,770.97||$4,904.10||Data not available||$5,000.08||$2,264.71||Data not available||$3,496.08||$3,577.50||$4,756.25||$3,084.74||$3,084.29|
|California||$3,688.93||$4,532.96||Data not available||$4,998.78||$2,885.65||$3,034.42||$4,653.19||$2,849.67||$4,202.28||$3,349.54||$2,693.87|
|Colorado||$3,876.39||$5,537.17||$3,733.02||$5,290.24||$3,091.69||$2,797.74||$3,739.47||$4,231.92||$3,270.77||Data not available||$3,338.87|
|Connecticut||$4,618.92||$5,831.60||Data not available||Data not available||$3,073.66||$7,282.87||$3,672.34||$4,920.35||$2,976.24||$6,004.29||$3,190.00|
|District of Columbia||$4,439.24||$6,468.92||Data not available||Data not available||$3,692.81||Data not available||$4,848.98||$4,970.26||$4,074.05||Data not available||$2,580.44|
|Delaware||$5,986.32||$6,316.06||Data not available||Data not available||$3,727.29||$18,360.02||$4,330.21||$4,181.83||$4,466.85||$4,182.36||$2,325.98|
|Florida||$4,680.46||$7,440.46||Data not available||Data not available||$3,783.63||$5,368.15||$4,339.60||$5,583.30||$3,397.67||Data not available||$2,850.41|
|Georgia||$4,966.83||$4,210.70||Data not available||Data not available||$2,977.20||$10,053.44||$6,484.90||$4,499.22||$3,384.88||Data not available||$3,157.46|
|Hawaii||$2,555.64||$2,173.49||Data not available||$4,763.82||$3,358.86||$3,189.55||$2,551.83||$2,177.93||$1,040.28||Data not available||$1,189.35|
|Idaho||$2,979.09||$4,088.76||$3,728.79||$3,168.28||$2,770.68||$2,301.51||$3,032.19||Data not available||$1,867.96||$3,226.29||$1,877.61|
|Indiana||$3,414.97||$3,978.81||$3,679.68||$3,437.55||$2,261.07||$5,781.35||Data not available||$3,898.00||$2,408.94||$3,393.75||$1,630.86|
|Kentucky||$5,195.40||$7,143.92||Data not available||Data not available||$4,633.59||$5,930.97||$5,503.23||$5,547.63||$3,354.32||$6,551.68||$2,897.89|
|Louisiana||$5,711.34||$5,998.79||Data not available||Data not available||$6,154.60||Data not available||Data not available||$7,471.10||$4,579.12||Data not available||$4,353.12|
|Maine||$2,953.28||$3,675.59||Data not available||$2,770.15||$2,823.05||$4,331.39||Data not available||$3,643.59||$2,198.68||$2,252.97||$1,930.79|
|Maryland||$4,582.70||$5,233.17||Data not available||Data not available||$3,832.63||$9,297.55||$2,915.69||$4,094.86||$3,960.87||Data not available||$2,744.14|
|Massachusetts||$2,678.85||$2,708.53||Data not available||Data not available||$1,510.17||$4,339.35||Data not available||$3,835.11||$1,361.86||$3,537.94||$1,458.99|
|Michigan||$10,498.64||$22,902.59||Data not available||$8,503.60||$6,430.11||$20,000.04||$6,327.38||$5,364.55||$12,565.52||$8,773.97||$3,620.00|
|Minnesota||$4,403.25||$4,532.01||$3,521.29||$3,137.45||$3,498.54||$13,563.61||$2,926.49||Data not available||$2,066.99||Data not available||$2,861.60|
|Missouri||$3,328.93||$4,096.15||$3,286.90||$4,312.19||$2,885.33||$4,518.67||$2,265.35||$3,419.14||$2,692.91||Data not available||$2,525.78|
|Mississippi||$3,664.57||$4,942.11||Data not available||Data not available||$4,087.21||$4,455.94||$2,756.53||$4,308.85||$2,980.48||$3,729.32||$2,056.13|
|Montana||$3,220.84||$4,672.10||Data not available||$3,907.55||$3,602.35||$1,326.11||$3,478.26||$4,330.76||$2,417.74||Data not available||$2,031.89|
|North Carolina||$3,393.11||$7,190.43||Data not available||Data not available||$2,936.69||$2,182.71||$2,848.03||$2,382.61||$3,078.65||$3,132.66||Data not available|
|North Dakota||$4,165.84||$4,669.31||$3,812.40||$3,092.49||$2,668.24||$12,852.83||$2,560.35||$3,623.06||$2,560.53||Data not available||$2,006.80|
|Nebraska||$3,283.68||$3,198.83||$2,215.13||$3,997.29||$3,837.49||$6,241.52||$2,603.94||$3,758.01||$2,438.71||Data not available||$2,330.78|
|New Hampshire||$3,151.77||$2,725.01||Data not available||Data not available||$1,615.02||$8,444.41||$2,491.10||$2,694.45||$2,185.46||Data not available||$1,906.96|
|New Jersey||$5,515.21||$5,713.58||Data not available||$7,617.00||$2,754.94||$6,766.62||Data not available||$3,972.72||$7,527.16||$4,254.49||Data not available|
|New Mexico||$3,463.64||$4,200.65||Data not available||$4,315.53||$4,458.30||Data not available||$3,514.38||$3,119.18||$2,340.66||Data not available||$2,296.77|
|New York||$4,289.88||$4,740.97||Data not available||Data not available||$2,428.24||$6,540.73||$4,012.93||$3,771.15||$4,484.58||$4,578.79||$3,761.69|
|Oklahoma||$4,142.33||$3,718.62||Data not available||$4,142.40||$3,437.34||$6,874.62||Data not available||$4,832.35||$2,816.80||Data not available||$3,174.15|
|Pennsylvania||$4,034.50||$3,984.12||Data not available||Data not available||$2,605.22||$6,055.20||$2,800.37||$4,451.00||$2,744.23||$7,842.47||$1,793.37|
|Rhode Island||$5,003.36||$4,959.45||Data not available||Data not available||$5,602.63||$6,184.12||$4,409.63||$5,231.09||$2,406.51||$6,909.45||$4,323.98|
|South Carolina||$3,781.14||$3,903.43||Data not available||$4,691.85||$3,178.01||Data not available||$3,625.49||$4,573.08||$3,071.34||Data not available||$3,424.77|
|South Dakota||$3,982.27||$4,723.72||$4,047.47||$3,768.80||$2,940.29||$7,515.99||$2,737.66||$3,752.81||$2,306.23||Data not available||Data not available|
|Tennessee||$3,660.89||$4,828.85||Data not available||$3,430.07||$3,283.42||$6,206.69||$3,424.96||$3,656.91||$2,639.30||$2,738.52||$2,739.28|
|Texas||$4,043.28||$5,485.44||$4,848.72||Data not available||$3,263.28||Data not available||$3,867.55||$4,664.69||$2,879.94||Data not available||$2,487.89|
|Utah||$3,611.89||$3,566.42||$3,698.77||$3,907.99||$2,965.57||$4,327.76||$2,986.57||$3,830.10||$4,645.83||Data not available||$2,491.10|
|Virginia||$2,357.87||$3,386.80||Data not available||Data not available||$2,061.53||Data not available||$2,073.00||$2,498.58||$2,268.95||Data not available||$1,858.38|
|Vermont||$3,234.13||$3,190.38||Data not available||Data not available||$2,195.71||$3,621.08||$2,128.21||$5,217.14||$4,382.84||Data not available||$1,903.55|
|Washington||$3,059.32||$3,540.52||$3,713.02||$2,962.00||$2,568.65||$3,994.73||$2,129.84||$3,209.52||$2,499.78||Data not available||$2,262.16|
|West Virginia||$2,595.36||$3,820.68||Data not available||Data not available||$2,120.80||$2,924.39||Data not available||Data not available||$2,126.32||Data not available||$1,984.62|
|Wisconsin||$3,606.06||$4,854.41||$1,513.27||$3,777.49||$3,926.20||$6,758.85||$5,224.99||$3,128.91||$2,387.53||Data not available||$2,975.74|
|Wyoming||$3,200.08||$4,373.93||Data not available||$3,069.35||$3,496.56||$1,989.36||$3,187.20||$4,401.17||$2,303.55||Data not available||$2,779.53|
When you compare the average pricing for all 10 companies, it becomes clear that USAA has the lowest prices but is not available to all drivers or in all states, making it difficult for most drivers to use their prices as a factor when choosing their insurance.
When it comes to overall pricing, State Farm seems to be a little bit cheaper than Geico. However, this is just based on averages, so you’ll want to get a quote from both companies based on your personal situation to verify which will be the most affordable for you.
Average Geico Male vs Female Car Insurance Rates
Many insurance companies determine rates by gender, but will your gender make a difference in your premiums at Geico?
While the rates are slightly different between people of different ages and genders, for the most part the difference is less than $100 per year. That is, of course, until you get to the 17-year-old drivers on the chart below.
It’s clear that youth and inexperience will cost you a pretty penny on your car insurance, no matter your gender. However, once those teens get to the 25-year-old demographic, their rates fall to match everyone else.
|Married 35-Year Old Female||$2,302.89|
|Married 35-Year Old Male||$2,312.38|
|Married 60-Year Old Female||$2,247.06|
|Married 60-Year Old Male||$2,283.45|
|Single 17-Year Old Female||$5,653.55|
|Single 17-Year Old Male||$6,278.96|
|Single 25-Year Old Female||$2,378.89|
|Single 25-Year Old Male||$2,262.87|
Some states have made it illegal to rate by gender, including California, Hawaii, Massachusetts, Montana, Pennsylvania, and North Carolina, so those states won’t see any variance between gender at all. They will, however, continue to see rating differences based on age.
For more information about how your age and gender impact your rates, check out the video below:
Keep in mind that each company is different, so you will need to compare several different policies to know which has the best rates for your demographic.
Average Geico Rates by Make and Model
Judging by the chart below, there is basically no difference in rates between make and model of vehicles. The year of the vehicle seems to make some difference, but trucks, sedans, and SUVs all seem to earn the same rating.
The chart below doesn’t include any classic cars or sports cars, so you can’t exactly tell whether the RAV-4 would carry the same rate as a Mustang or a Corvette, but for your average vehicle it seems that Geico doesn’t discriminate between makes, models, or brands.
|Vehicle Make and Model||Geico Rates|
|2015 Ford F-150: Lariat SuperCab with 2WD 6.5 foot bed and 2.7L V6||$3,092.11|
|2015 Honda Civic Sedan: LX with 2.0L 4cyl and CVT||$3,092.58|
|2015 Toyota RAV4: XLE||$3,090.89|
|2018 Ford F-150: Lariat SuperCab with 2WD 6.5 foot bed and 2.7L V6||$3,338.40|
|2018 Honda Civic Sedan: LX with 2.0L 4cyl and CVT||$3,338.87|
|2018 Toyota RAV4: XLE||$3,337.18|
Average Geico Commute Rates
Some insurance companies change their rates based on how much time you spend on the road. The farther your commute, the higher your rates will be.
Geico rates only show about $100 increase for a longer commute, so it’s an excellent choice for drivers who work farther from home.
|Commute And Annual Mileage||Geico|
|10-mile commute/6,000 annual miles||$3,162.64|
|25-mile commute/12,000 annual miles||$3,267.37|
Average Geico Coverage Level Rates
Insurance prices are impacted by a lot of things, including how much insurance you buy. Liability-only policies will cost less than full coverage, so many people choose to go without comprehensive and collision coverage to save money.
However, with Geico, the difference between low and medium coverage is only about $200, and the difference between low and high levels of coverage is only about $400 per year, so it might be worth the few extra dollars per month to have the higher level of coverage.
Average Geico Credit History Rates
One of the big things that can impact your insurance rates is your credit history. Statistics show that people with lower credit scores tend to file more claims, which means a low credit score can sometimes raise your rates significantly.
For more information about how your credit score impacts your insurance rates, check out the video below:
If your credit rating is low, that can impact your rates, but it doesn’t mean you don’t have any options. You can still comparison shop between companies, potentially saving yourself hundreds of dollars a year. Geico happens to have one of the lowest rates for people with low credit scores, coming in behind USAA and Nationwide.
Average Geico Driving Record Rates
When it comes to your insurance premiums, your driving record has a tremendous impact on the amount you pay each year. This means that someone with a poor driving record can dramatically reduce their insurance rates over time by changing their behavior on the road.
While a speeding ticket may only cost you a few dollars initially, it will be reported to your insurance company and, if your insurance company is Geico, it’ll cost you an extra $500 per year if you started with a clean driving record.
|Driving Record||GEICO Average Annual Auto Insurance Rates|
|With 1 Accident||$3,192.77|
|With 1 DUI||$4,875.87|
|With 1 Speeding Violation||$2,645.43|
Shopping for insurance isn’t just about rates. It’s also about the type of coverage you need for your car. Geico offers a variety of coverages, allowing drivers with all types of vehicles to meet their needs.
Types of Coverages Offered
Below is a list of just a few of the types of auto coverage offered by Geico:
- Liability – This covers bodily injury or property damage caused in an at-fault accident. Every state, even no-fault states, requires a minimum level of liability insurance.
- Collision – This covers property damage for your car following an accident, typically when you were at fault in an accident. In a situation where someone else was at fault, this would typically be covered by their liability coverage or your uninsured/underinsured motorist coverage, but collision can still sometimes be useful in a not-at-fault accident.
- Comprehensive – This covers damage to your vehicle that was not caused by a collision with another car, such as vandalism, hail, or hitting an animal.
- Uninsured and underinsured motorist coverage – This covers expenses if you’re involved in an accident with someone who’s uninsured or carrying less liability insurance than they need to pay for the damage they caused.
- Medical payments – This covers medical expenses for you and passengers in your vehicle.
- Motorcycle insurance – Because motorcycles are not included in your auto policy, this covers all the above, including additional accessories coverage, for motorcyclists.
- RV insurance – This includes all the basic coverages listed above, including personal effects replacement cost and vacation liability, for drivers in an RV.
- Rideshare insurance – If you use your vehicle to drive for Uber, Lyft, or another rideshare service, you’ll need rideshare insurance.
- Classic car insurance – If you own a classic car or a collector’s vehicle, you’ll need this special policy to protect it.
Geico has several non-auto policies as well, so if you need renters insurance or boat insurance (or any other type of coverage) there is the possibility of a multi-line discount.
Factors That Affect Your Rate
We described several factors in determining your rate in the sections above, but there are many other things that can and do impact your rate with Geico. Below is a chart showing a variety of discounts available through Geico.
|Discount Name||Potential Savings|
|Air bag||25% (driver side), 40% (full-front seat)|
|Daytime running lights||1%|
|New vehicle discount||15%|
|Good driver||26% (five years accident-free)|
|Seat belt use||15% (medical or PIP portion)|
|Driver's educational course||Varies|
|Federal employee (Eagle)||8%|
|Membership & employee||Varies|
Getting the Best Rate with the Geico
Geico offers some of the lowest rates in the industry. When you combine that with the discounts listed above, it’s easy to see how you can get the best rate with Geico.
That doesn’t mean, however, that you can’t or won’t find a cheaper insurance policy elsewhere. For example, Geico doesn’t offer discounts based on marital status or driving a green vehicle.
If you’re a married person driving a Prius, it might be worth your time to get quotes from some other companies as well. They may not have rates as low as Geico, but there are discounts available elsewhere that might be to your advantage.
Geico has several programs designed to help their customers make the best possible use of their coverage, including:
Geico mobile app – The Geico mobile app can be used to manage all aspects of your auto insurance, from paying your bill to filing a claim. The app even syncs with Amazon’s Alexa, allowing you to handle your insurance by voice command. Geico has gone out of their way to make getting and maintaining an insurance policy a quick and simple process.
Along with that, Geico has a similar arrangement with Google Assistant. If you’re driving and need to find a gas station, review your premium, or check the status of a claim, all you have to do is say, “Hey Google, talk to Geico.”
Prime Time Contract – Designed specifically for Geico customers over the age of 50, this contract guarantees your insurance renewal if you meet certain requirements. This program protects drivers from situations where their policy might not be renewed, such as drivers with multiple traffic violations, though it doesn’t guarantee that your rates will always be the same.
To use the Prime Time Contract, you must:
- Be over the age of 50
- Have no drivers under 25-years-old on your policy
- Have no traffic violations or accidents in the last three years
- Have no business vehicles on your policy
This contract is even available to new customers, which is almost unheard of in the insurance world.
Auto Repair Xpress – This is the name of a specific network of repair shops that work with Geico. If you choose to fix your vehicle at one of these locations, Geico will guarantee the repairs for as long as you own that vehicle.
Car Buying Service – Geico offers a Car Buying Service to connect you with local dealerships to get a discount on the purchase of a vehicle. It also lets you see what other people have paid for a certain type of vehicle, giving you an idea of what to expect your final price to be upon purchase.
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Canceling Your Policy
Sometimes you end up in a position where you have to cancel your policy. If you sold your car, you moved out of state, or you found a better deal somewhere else, follow the steps listed below to cancel your policy through Geico.
Geico does not charge a cancellation fee, allowing you to cancel at any time without suffering a financial repercussion.
While some states have laws about what can and can’t be done when you’re canceling a policy, Geico has a company-wide policy of canceling without a fee. In fact, if you’re canceling and have already paid for the upcoming month, you’ll be refunded for any days you’re not covered.
Is there a refund?
If you’ve paid for time in which you’ll no longer be insured by the company, you’ll be refunded that money. You won’t be refunded for any time in which you were covered by the company, which means you can’t backdate your cancellation unless you can provide proof that you had other active coverage at that time.
How to Cancel (Step-by-Step Guide)
Canceling your policy with Geico is a simple process. Simply follow the steps below:
#1 – Call Geico
Your first step is to call the company at (800) 841-1587. You’ll speak with a licensed insurance agent who can help walk you through the process.
When the automated menu comes on the line, say “cancel insurance policy” and then “auto” to be directed to the correct department.
They will probably want to ask you a few questions, including why you’re canceling your policy, so be prepared for that. Make sure you have all your identifying information along with your policy number.
#2 – Surrender Your License Plates
Every state requires that you have insurance for your vehicle, so if you’re canceling your policy, you’ll need to surrender your license plates to the state as proof you no longer need to insure your vehicle. If you sold your vehicle, make sure you don’t cancel your policy until you transfer the title.
Canceling by Mail
Canceling your policy by phone is instantaneous, but you can also cancel your policy by mail. To cancel by mail, make sure to send the cancellation letter at least 30 days before your cancellation date.
The 30-day period allows Geico to request additional information and gives you time to receive a confirmation before your cancellation date.
Where you send your letter depends on where you live. To find the correct mailing address, use the Geico website and select Auto Insurance from the drop-down menu and select your state. The correspondence address listed there is where you’ll send your cancellation letter. Provide proof you have obtained other coverage or surrendered your license plates to make the process as simple as possible.
When can I cancel?
You can cancel your policy when:
- Your policy has ended
- You have obtained other coverage
- You have sold your vehicle
- You’re putting your vehicle in long term storage
Realistically, you’re able to cancel whenever you like, but Geico will be required to report to the state that you’ve canceled your coverage.
How to Make a Claim
There are two ways to file a claim with Geico:
- Call the Geico customer service department at 1 (800) 861-8380 to file a claim by phone.
- Use Geico’s online system to file a claim.
Filing a claim online might be the best option, as it allows you to upload police reports, photos from the accident, and other documentation.
Once you’ve filed your claim, it’ll be given a claim number, and an insurance adjuster will be assigned to help you. Whether you report your claim by phone or online, you’ll hear from your adjuster and they will help you figure out what steps to take next. Check out the video from Geico below for more information:
Ease of Making a Claim
Geico works to make filing a claim as easy as possible. Once you’ve filed your claim, the adjuster will:
- Review your insurance policy to determine what’s covered under your policy
- Contact every person involved in the accident, including passengers and witnesses, to determine what happened
- If necessary, the adjuster will conduct a more detailed interview with each person involved to address any inconsistencies
- Gather and review and additional information, including any pictures or documentation you may have uploaded with your claim
Given just how large Geico is, it isn’t surprising that they have written a lot of premiums.
|Year||Company||Direct Premium Written||Market Share|
The table above details the premiums written by Geico. The table below compares Geico’s 2018 premiums written with several other major insurance companies.
|Company||Direct Premium Written||Market Share|
When we talk about Geico’s loss ratio, we’re talking about their ratio of loss to gain, specifically how much Geico is paying out in claims, versus the money they’re earning from premiums.
|Year||Geico Loss Ratio||Geico Market Share|
A loss ratio of more than 100 means the company is paying out more in claims than what they’re receiving in premiums, so Geico’s typical loss ratio of 70 is very good. It means that they’re bringing in more money than they’re paying out, but not so much more that their customers are being overcharged.
How to Get a Quote Online
As the internet becomes more and more prevalent in people’s day-to-day lives, insurance companies are working to develop a presence on the web. Drivers looking to get a quote from Geico online can follow our step-by-step guide:
#1 – Go to Geico’s website
The image below is the front page of Geico’s website. The very first thing available to you is the ability to get a quote.
When you visit the site, you’ll see the gecko gesturing to the box where you enter your ZIP code for a quote. This is the starting point for your quote, so enter your ZIP code and push the Start Quote button to begin.
#2 – Enter Your Personal Information
Immediately upon starting your quote, you’ll be asked several questions to help Geico determine what your premium will be if you sign up for a policy. To start, they’ll ask for your name and address, all on separate screens to make their system easy to navigate:
Once they have your identifying information (don’t worry, they don’t sell your private information) they’ll start asking you questions about your car, your commute, your annual mileage, and other information they need to make sure they give you an accurate quote.
The questions about your vehicle will be spread across several screens to make it easy to understand and help make sure you don’t miss any questions.
#3 – Your Insurance History
Once Geico knows about all your vehicles, they will want to know about your insurance history. Have you had continuous insurance for the last 12 months?
#4 – Your Employment Information
Geico will also ask about your job. Do you have a job? Where do you work? Are you a member of any professional organizations?
While this can seem a bit invasive, the company isn’t prying because they want to make sure you can pay your bill (though we are sure they’re happy to see that, too). It’s because they offer so many discounts based on your employment situation. Federal employee? That’s a discount. Teacher? That’s a discount. Active military? That’s a discount, too.
#5 – Your Driving History
One of the factors in your insurance premium is your driving history. Because of this, Geico will need to know about any accidents, tickets, or other driving infractions in the last five years.
As you can see in the image above, different states have different laws about what can and can’t be used in determining your premium. If you live in a state where there’s a limitation on what should and should not be included in determining your quote, the Geico system will notify you.
#6 – Group Affiliation Discounts
Remember earlier when we mentioned employer discounts? Those aren’t the only discounts available through Geico. There are also group affiliation discounts, and they offer discounts for a significant number of groups, so even if you don’t think any of them will apply to you, you might find your alma mater or another group on the list that surprises you.
You’ll notice that at the bottom of the screen there are some frequently asked questions listed there. You’ll occasionally find questions listed at the bottom of the screen as you go through the process of getting a quote. These are placed there to help you through the process so that you can answer all the questions accurately.
#7 – Geico Drive Easy App
Many insurance companies, including Geico, offer a discount to people who sign up for an app that tracks you while you drive. It reports back to Geico to let them know if you’re traveling the speed limit, texting while driving, etc.
While it does offer the ability to save up to 10 percent on the cost of your car insurance, some people find this invasive and still others may find that their driving doesn’t meet the standards set by Geico and end up not receiving a discount at all, so think carefully before you sign up for this option.
#8 – Enter Your Contact Information
Once you’ve given them all your information, you’ll need to give them your email address and phone number so that they can contact you regarding your quote.
#9 – Compare Your Options
After all that, Geico will provide you with a quote for three different levels of coverage, with a note to let you know which plan is the closest match to your current coverage.
If one of the quotes provided to you meets your needs, you can click the next button underneath your quote options to set up your brand new policy.
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Design of Website and App
Given how vital the internet is in today’s world, it isn’t surprising to find that most insurance companies have a website and mobile app, and Geico is no exception.
The Geico website is designed with simplicity in mind, keeping the information on each screen minimal to avoid confusion or difficulty finding the information you need.
In the top right corner of the screen, members of Geico can click the login button to access their current policy. In the center of the screen, you can enter your ZIP code to get a quote or click one of the icons to the right to learn about a specific type of policy offered by Geico.
The top left corner of the screen gives you access to drop-down menus that allow you to find contact information, frequently asked questions, file a claim, and much more.
How easy can you find answers?
The answers to your questions about Geico and their policies are generally pretty easy to find on their website. However, if you’re trying to find an answer and you just don’t see it online you can always call their customer service department at (800) 207-7847.
Is the design a plus or minus?
The design of the website seems to be largely positive, though there are some things that cause people to complain.
While the layout is designed to be simple and easy to understand, the side effect of that is that you have to click through a significant number of screens to get everything you need. Getting a quote, for example, takes you through well over 20 screens before you’re finally given your price.
This is good because it makes it easy to get a quote, with no confusion over what information you need to enter on each screen. This is not so good because clicking through dozens of screens can be frustrating for people who typically navigate the web with ease.
The Geico mobile app is available for free, both through the Apple Store and the Google Play Store.
How easily can you manage your account using just the app?
The mobile app is just as good as the website, possibly even better because it gives you access to your policy anywhere, not just in front of your computer.
You can get a quote, purchase a policy, view your ID cards, file a claim, and so much more directly through the mobile app.
Is the design a plus or minus?
The design of the mobile app is highly regarded by most of Geico’s customers, earning four- and five-star reviews on the Google Play store. The only real complaint is that the app allows you to login with your fingerprint, but if you try to use that feature it still sends forces you to enter a login and password, making the fingerprint function redundant and unnecessary.
Pros and Cons
Now that we’ve reviewed all the things you need to know about choosing a policy through Geico, let’s review some of the pros and cons:
|Typically very affordable||Fingerprint function of mobile app isn't great|
|Website and mobile app are easy to use||Does not offer several discounts offered by other companies|
|Policies available in all 50 states||Website requires you to click through multiple screens|
|Strong financial standing and high financial rankings||33% of employees are relatively new, working there for less than 2 years|
Customers who want to save money on car insurance will most likely find some excellent deals through Geico, as they offer some of the lowest rates among the nation’s top auto insurance providers.
In terms of its financial health, industry experts agree that Geico has consistently and continuously proved itself to be stable and reliable. Availability is also a selling point for Geico, as they’re one of the few companies with policies available in all 50 states.
While Geico offers numerous discounts, there are some standard discounts that aren’t available through the company, such as a discount based on your marital status.
Finally, although Geico never comes in at the bottom of the J.D. Power and Associates ranking, they often don’t come in at the top, either.
The Bottom Line
If Geico’s market share, strong financial ratings, and hilarious commercials say anything, it’s that the company understands their customer’s wants and needs. With low rates, a variety of coverage types, and easy to use web and mobile app features, Geico is offering services to drivers that are both affordable and accessible.
In spite of a few small shortcomings, Geico shows itself to be a consistent and reliable company. It would not be surprising to see them overtake State Farm as the company with the highest market share in a few years.
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Geico Car Insurance FAQs
If, after all the information above, you still have questions about Geico, check out our frequently asked questions below:
Can I get copies of my Geico ID card online?
Yes, you can view, print, or request that an ID card be mailed to you through Geico’s website. You can also pull up your ID and other plan information through the mobile app, so you may not need to order a new ID card if you have access to the mobile app.
Can I pay my bill online?
Yes, you can pay your bill through the Geico website or the mobile app.
Does Geico’s coverage include windshield repair?
Yes, it does. Typically glass damage is covered under your comprehensive coverage, but plans can be different and state laws vary, so contact Geico directly if you have questions about a possible glass claim.
Check out the video below for more information about how Geico handles glass damage:
How much coverage should I buy?
This depends on your state’s minimum requirements and your budget. When you go through the Geico quote process they will help you determine which plan is right for you.
Keep in mind that your coverage level should be about more than just your budget. If, for example, you have a significant amount of assets that could be lost in a court case, having more liability coverage could be a necessity.
On the other hand, if you have an older vehicle you might be tempted to avoid comprehensive and collision coverage, but if you can’t afford to replace your vehicle you might need to consider whether those coverages could be right for you.
Does Geico cover damage caused by flooding?
Yes, Geico covers flood damage under your comprehensive policy. You’ll need to review the details of your policy to find out exactly how flood damage is covered.
How do I get a good student discount through Geico?
Good student discounts are available to students with a B average or higher. There are also additional discounts for fraternity, sorority, and honor society memberships as well.
Will Geico cover my rental car?
All rental car companies can and do offer insurance coverage for the time you’re renting your car, but is it possible to avoid the charge for the extra coverage if you have your own auto insurance policy?
You can choose to have rental car coverage included in your Geico auto policy, but it isn’t automatically included with your coverage. You can also check with your credit card company to see if they include insurance for a rental car if you pay for the rental with that card.
Does Geico offer accident forgiveness?
In all but three states (California, Connecticut, and Massachusetts) Geico provides accident forgiveness coverage for an additional fee.
If you don’t want to pay the additional fee, you can still get accident forgiveness as part of your policy, you simply have to be insured through Geico for a few years without an accident. The number of years you’re required to be with Geico is not specified on their website, however, so you may want to speak with an agent about this particular benefit.
Choosing an insurance company is an important yet difficult decision to make. Now that you’ve read our comprehensive review of Geico, you can make an informed decision about whether Geico is the right provider for you.
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