Because of that witty English gecko in all their commercials, Geico has become one of the best-known — and most popular — car insurance companies, the second largest in America. However, Geico offers many more reasons to choose their insurance over any other.
Geico is the second largest auto insurance provider, based on direct premiums written, with 13.6% of all auto insurance in force in the U.S ., trailing only State Farm. The company has more than 17 million customers nationwide, 28 million insured vehicles, with over $34 billion in direct premiums written.
Along with being one of the lowest cost providers, Geico also provides 24-hour service, seven days a week, 365 days a year. Although the company’s primary product is auto insurance, they’re also affiliated with seven other companies and provide a large range of other types of insurance and coverage to meet the needs of their customers.
In this review, we’re going to focus on Geico car insurance, and also spend some time on their home insurance offerings.
Geico is one of the cheapest providers in most states, providing the lowest premiums in about 10 states.
Basic features of Geico car insurance are as follows:
One of the features of the Geico application process we really appreciated is the ability to get quotes online. By entering basic information, we were able to get quotes for various driver profiles without needing to enter sensitive information such as a Social Security number or phone number.
The online experience that Geico provides allows you to get the information you need without having to receive any unwanted phone calls or emails. It’s pressure-free quote finding.
The lowest premium does not always provide the best coverage. There are several features that make Geico stand out from the competition:
Geico offers standard auto insurance coverage provisions.
Important exclusion: Geico does not offer Gap Insurance, and they recommend you obtain that coverage from your leasing or financing company if it’s needed.
Optional coverage provisions include the following:
Geico offers one of the most extensive lists of discounts in the auto insurance industry.
Below is a list of the discounts they offer, and the average premium savings you can expect:
To provide reasonable estimates of Geico car insurance premiums, the table below presents semi-annual premiums for four drivers under six scenarios each. We’ve obtained these through direct quotes from the Geico website.
Three quotes are based on liability amounts. Liability limits are expressed in a three-number sequence that looks like XX/XX/XX. The first number in the sequence is the amount of coverage for an injury to one person in an accident that’s determined to be your fault. The second number is the coverage limit for all injured parties in a single accident, while the third is coverage for property damage to other people’s property.
The limits we’ve used in our table are as follows:
1. 30/60/25 (the minimum coverage allowed in Texas)
In addition, the table also presents each liability coverage amount with uninsured and underinsured motorists, as well as collision and comprehensive coverage added to the basic liability policy.
We got quotes for four individual driver profiles, including a 23-year-old male, a 23-year-old female, a 53-year-old male, and a 53-year-old female. All four live in suburban Houston, Texas (Zip Code 77001), and drive a 2018 Toyota Camry 12,000 miles per year. None of the drivers has a moving violation or at-fault accident claim in the previous three years.
For simplicity’s sake, each driver is single, rents their home and has a college degree.
Here are the results:Coverage / Driver Profile Male, 23 Female, 23 Male, 53 Female, 53 Rate for State Minimum –30/60/25 – Liability Only $399 $456 $278 $292 With Un/Under-insured Motorist and Collision Comprehensive $1,051 $1,113 $714 $748 50/100/50 – Liability Only $435 $498 $302 $317 With Un/Under-insured Motorist and Collision Comprehensive $1,114 $1,215 $770 $816 100/300/100 – Liability Only $499 $561 $345 $363 With Un/Under-insured Motorist and Collision Comprehensive $1,112 $1275 $854 $915
Each situation is different; therefore we can’t give you the “right” answer. But Geico may be the right choice for you if any of the following apply:
The table below compares Geico with three of the most popular auto insurance providers in the country: Progressive, State Farm, and Allstate. We’ve used side-by-side comparisons of three popular coverage levels, as well as the claims satisfaction and financial strength rating for each company.Category / Company Geico Progressive State Farm Allstate Average Annual Premium: State Minimum $464 $516 $500 $756 Average Annual Premium: 50/100/50 with Collision Comprehensive $1,006 $1,106 $1,190 $1,754 Average Annual Premium: 100/300/100 with Collision Comprehensive $1,222 $1,346 $1,380 $2,140 J.D. Power Claims Satisfaction Rating 871/1,000 856/1,000 881/1,000 876/1,000 A.M. Best Financial Strength Rating A++ (Superior) A+ (Superior) A++ (Superior) A+ (Superior) SOURCE: Average Cost of Car Insurance in 2021 from The Zebra
The company that you feel will work best for you will depend on your own driver profile, your state of residence, and the specific needs and preferences you have for your policy.
Lower premiums don’t always give you the most coverage. When shopping for car insurance, you’ll want to make sure you carry enough coverage in the event of an accident to prevent any out-of-pocket expenses. Below are some tips on what to look for when shopping around for a premium.
Geico’s home insurance isn’t a single product line, but several, and they work with 31 affiliates. Coverage is not only for owners of detached homes, but also condominiums and mobile homes. In addition, Geico also provides renters insurance. Any of these policies will qualify for the bundling discount with a car insurance policy.
Geico home insurance policies provide the following basic homeowner coverage types:
Ads by Money. We may be compensated if you click this ad. Ad
You can save up to 25% when bundling Home and Auto Insurance.
Make sure that both investments are protected at all times while you save money. Click below to get a free quote.
Get a Free Quote
Geico’s home insurance discounts are similar to those available for car insurance, and include:
Other structures – Covers damage to unattached structures- such as a fence or shed
Bundling home and auto will allow for a single deductible between the two policies. One deductible will apply each year, whether it’s a claim against your car or home. When you bundle home and auto policies, you can set up a single deductible between the two.
Geico does not score well when it comes to home insurance ratings, though it is one of the lower-cost providers.
Just as with Geico car insurance, you’ll complete the application process for home insurance online. If you prefer, you can call a toll-free number to get more specific information.
Listed below are the other products and services that Geico provides.
If any of the above coverages interest you check with a Geico representative to add them to a new auto insurance policy, or to one you already have a policy in place.
Geico is the second largest auto insurance company in the country, providing car insurance to nearly one out of every seven drivers in America. Although it’s important to shop around and compare quotes from multiple companies, Geico should definitely be on your list. You may even find they’re the lowest cost provider in your state.
Sometimes, but not always. In some states, Progressive will be cheaper, the rates between the two will usually be very close. That said, Geico is the lowest cost provider in more states than Progressive is.
As we showed under “Geico vs. Other Insurance Companies” above, Geico averages $464 per year for state minimum coverage, $1,006 for 50/100/50 coverage with collision and comprehensive, and $1,222 for 100/300/100 coverage with collision and comprehensive. That said, those are just nationwide averages. They may be higher or lower, depending on your driver profile and the state you live in.
Geico is one of the lowest cost providers in large part because they operate online. That means fewer buildings and salaries to cover. They also provide a wide range of discounts that further reduce their premiums.