Geico Car Insurance Review 2024

Geico Car Insurance Review

Geico Car Insurance Review Geico offers competitive car insurance rates for different types of drivers. Individuals with low credit scores usually face expensive premiums, but they can find affordable prices with Geico. This makes Geico a worthwhile option to consider when comparing insurance quotes. If you’re in the market for car insurance, chances are you’ve come across Geico. With their catchy commercials and popular gecko mascot, Geico has become a household name in the insurance industry. But does their coverage live up to the hype? In this review, we’ll take an in-depth look at Geico car insurance, including their coverage options, pricing, customer service, and more. So if you’re considering Geico as your insurance provider in 2024, read on to find out if they’re the right fit for you.

Outlines Of Guide

Geico Car Insurance Review 2024

Geico car insurance continues to be a popular choice for many drivers. With its wide range of coverage options and competitive rates, Geico offers customers the peace of mind they need on the road. Geico’s customer service is highly regarded, with many policyholders praising the company’s responsiveness and helpfulness. The claims process is also smooth and efficient, making it easier for customers to get back on the road after an accident. In addition to its excellent coverage and service, Geico also offers various discounts that can help drivers save even more on their premiums. Overall, Geico remains a top contender in the car insurance market in 2024, providing reliable coverage and exceptional customer support.

Geico Insurance Rating: 4.6 Stars

We award Geico a full 4.6 stars based on the company’s positive reviews, comprehensive coverage options, and well-established reputation. While some Geico insurance reviews mention a stressful claims process, such comments are in the minority. Geico may not be the least expensive provider for every driver, but it is a low-cost option overall, especially for young drivers and those with poor credit.

Cost 4.7
Coverage 4.3
Reliability 4.9
Claims Service 4.5
Overall Rating 4.6

Geico Car Insurance Pros And Cons

Geico car insurance is a popular choice for many drivers, but like any insurance company, it has its pros and cons. One of the biggest advantages of Geico is its affordability. The company offers competitive rates and various discounts to help customers save money on their premiums. Geico also has a user-friendly website and mobile app, making it easy to manage your policy and file claims. However, some customers have reported issues with customer service, particularly when it comes to resolving claims or getting assistance. Additionally, Geico may not offer as many coverage options or add-ons as other insurance companies. It’s important to carefully consider your specific needs and priorities before choosing Geico car insurance or any other provider.

Pros

  • Offers pretty good auto insurance prices for seniors, who typically can be expensive to insure.
  • Offers accident forgiveness, non-owner policies and SR-22 filings.
  • A low level of complaints about car insurance has been filed against Geico with state insurance departments.
  • Has decent rates for parents adding a 16-year-old to their policy.

Cons

  • Geico doesn’t offer gap insurance, new car replacement, a vanishing deductible or rideshare insurance.
  • Geico’s car insurance prices for drivers with a DUI are higher than average.
  • Only got a so-so score of a C- on their collision repair process by collision repair professionals.

Geico Car Insurance Rates vs. Competitors

When it comes to car insurance rates, Geico is often considered one of the more affordable options. However, rates can vary depending on several factors, such as location, driving history, and type of vehicle. It’s always a good idea to compare rates from multiple insurance companies to find the best deal for your specific needs. Some of Geico’s competitors include State Farm, Progressive, Allstate, and Nationwide. By comparing policies and rates from these providers, you can make an informed decision about which company to choose for your car insurance needs.

Geico Car Insurance Cost Comparison for Good Drivers

Geico offers car insurance at a relatively affordable price for good drivers when compared to its main competitors. The national average rate for good drivers with Geico is significantly lower than the overall national average of $2,026 per year, as determined by our analysis of various companies.

Company National average annual cost for good drivers
USAA $1,364
Nationwide $1,436
Travelers $1,521
Geico $1,597
Erie $1,642
Progressive $1,826
State Farm $2,025
Allstate $2,896
Farmers $3,093

Geico Car Insurance Cost Comparison for Drivers With a Speeding Ticket

Geico provides drivers with competitive rates even if they have a speeding ticket on their driving records. On average, Geico car insurance for drivers with a speeding ticket costs approximately $400 less per year compared to the national average of $2,533 per year.

Company National average annual cost for drivers with a speeding ticket
USAA $1,661
Nationwide $1,878
Erie $1,899
Travelers $2,062
Geico $2,150
State Farm $2,270
Progressive $2,350
Allstate $3,312
Farmers $3,951

Geico Car Insurance Cost Comparison for Drivers Who Caused an Accident With Injury

Drivers who have caused an accident resulting in injury to another person can typically find favorable rates for Geico auto insurance. These rates are lower than the national average of $3,009 per year. If you are at fault in an accident, it is advisable to compare car insurance quotes, as there is a significant difference in rates offered by different companies.

Company National average annual cost for drivers causing an accident with injury
USAA $1,958
Erie $2,224
Travelers $2,293
Nationwide $2,337
State Farm $2,428
Geico $2,748
Progressive $2,770
Farmers $4,412
Allstate $4,545

Geico Car Insurance Cost Comparison for Drivers With a DUI

Geico charges higher than the average rates for auto insurance when it comes to drivers with a DUI. The national average cost of car insurance for individuals with a DUI is $3,363 per year, and Geico’s average price exceeds that by $360.

Company National average annual cost for drivers with a DUI conviction
Progressive $2,307
USAA $2,604
Travelers 2,610
Erie $2,665
State Farm $2,716
Nationwide $3,083
Geico $3,723
Farmers $4,272
Allstate $4,315

Geico Car Insurance Cost Comparison for Drivers With Poor Credit

In comparison to the competitors we examined, Geico offers affordable car insurance rates for drivers with poor credit. Insurance companies believe that a person’s credit score is indicative of their likelihood to file an insurance claim in the future. This connection leads to increased insurance premiums. However, it is important to note that California, Hawaii, Massachusetts, and Michigan have prohibited insurance companies from considering credit history when determining auto rates. In other states, having poor credit can result in higher rates than being involved in a car accident.

Company National average annual cost for drivers with poor credit
Nationwide $2,051
USAA $2,450
Geico $2,482
Travelers $2,699
Progressive $3,221
Erie $3,701
Allstate $4,531
Farmers $4,889
State Farm $7,961

Geico Car Insurance Cost Comparison for Adding a Teen Driver

Geico offers auto insurance at an average cost of $1,982 a year for adding a teen driver, which is approximately $400 less than the overall average cost. It can be quite expensive to include a teenager in your car insurance policy, with parents often paying over $2,000 annually to add a 16-year-old driver. Our analysis reveals that the typical additional expense across the country for adding a teenage driver amounts to $2,359 per year.

Company Increase per year for adding a 16-year-old driver
Nationwide $893
Erie $1,606
Farmers $1,900
Geico $1,982
Progressive $2,062
USAA $2,466
State Farm $2,622
Allstate $2,643
Travelers $2,728

Geico Car Insurance Cost Comparison for Young Drivers Ages 18 to 25

Geico offers car insurance at a reasonably affordable rate for drivers aged 18 to 25. Their prices are more than $700 lower than the national average of $3,113 per year. These costs specifically apply to young drivers who have their own auto insurance policies. Generally, it is advisable to include a young driver on a parent’s policy for as long as feasible in order to obtain much more favorable insurance rates.

Company National average annual cost for young drivers
Travelers $1,634
Erie $1,941
USAA $2,403
Geico $2,408
Nationwide $2,472
Progressive $2,635
Farmers $3,071
State Farm $3,263
Allstate $4,865

Geico Car Insurance Cost Comparison for Senior Drivers ages 65 to 80

Geico offers senior drivers the opportunity to save on their car insurance premiums with its competitive rates for individuals between the ages of 65 and 80. According to our extensive analysis of major insurance companies, the average annual cost for seniors is $2,150. Geico stands out by providing coverage that is approximately $350 less than this national average.

Company National average annual cost for senior drivers
Nationwide $1,402
USAA $1,455
Travelers $1,668
Geico $1,793
Erie $1,831
Progressive $1,937
State Farm $2,009
Allstate $2,996
Farmers $3,199

Auto Insurance Complaints Against Geico

According to state insurance departments nationwide, Geico has a relatively low number of auto insurance complaints. While Geico’s complaint rate is slightly higher than that of some competitors, it still falls below the average for the industry. The primary concerns raised in Geico’s auto insurance complaints involve delays in claims processing, unsatisfactory settlement offers, and claim denials.

Geico’s Grade from Collision Repair Professionals: C-

Geico received a C- grade in a survey conducted by CRASH Network, which sought the opinions of collision repair professionals. The insights provided by these professionals are highly valuable as they possess an intimate understanding of insurance companies’ utilization of subpar repair parts, whether insurers promote appropriate repair procedures, and the efficiency and satisfaction levels of car insurance companies’ claims processes for their customers.

Does Geico Offer Accident Forgiveness?

Certainly, Geico provides accident forgiveness insurance. Geico’s optional Accident Forgiveness coverage guarantees that your rates will not rise following your initial at-fault accident. This forgiveness program is linked to the policy of your vehicle, ensuring that it extends to any eligible driver on your policy. Additionally, Geico offers complimentary accident forgiveness after maintaining a clean driving record for a minimum of five years.

Does Geico Offer New Car Replacement?

Geico does not offer new car replacement coverage. However, there are other insurance companies that do provide this coverage. In the event of a total loss within two model years, these insurers will replace the vehicle with the same make and model.

Does Geico Offer Gap Insurance?

Geico does not provide loan/lease or gap insurance. Gap insurance is beneficial in situations where your vehicle is deemed a total loss, but you still owe more on the car loan or lease than the actual worth of the car.

Does Geico Offer a Diminishing Deductible?

Unfortunately, Geico does not provide the option of a diminishing deductible. However, certain insurance companies do offer this feature to drivers who maintain a clean driving record for a specific duration by avoiding at-fault accidents and traffic violations.

Does Geico Offer SR-22s?

Certainly, Geico offers SR-22 insurance which is mandatory in several states for drivers perceived as high-risk by the state authorities. For example, individuals with DUI convictions or those who have driven with suspended licenses may be obligated to obtain SR-22s. The SR-22 issued by Geico serves as proof of your car insurance coverage.

Does Geico Offer Usage-Based Insurance?

Geico offers a usage-based insurance program called DriveEasy, which involves the use of an app to monitor your driving behavior. Geico analyzes the gathered driving data and modifies the insurance premium accordingly. While DriveEasy has the potential to result in reduced insurance rates, Geico cautions that drivers with riskier habits may end up paying more based on their DriveEasy data.

Does Geico Offer Pay-Per-Mile Insurance?

Geico does not offer a pay-per-mile car insurance option. However, there are other insurance companies that do provide pay-per-mile coverage. This type of coverage includes a base insurance premium as well as a per-mile rate. Such policies are designed for drivers who do not frequently use their vehicles.

Does Geico Offer Rideshare Insurance?

Geico does not provide an option for rideshare insurance. Rideshare drivers typically require rideshare insurance in order to bridge the coverage gaps between their personal auto insurance policies and the insurance offered by the rideshare company.

About Geico Car Insurance

Geico offers car insurance for various types of vehicles, including cars, motorcycles, classic cars, recreational vehicles (RVs), all-terrain vehicles (ATVs), and boats. Geico-insured vehicles have the option to add emergency road service, rental car reimbursement, and mechanical breakdown insurance as additional coverage. If travelers are driving to Mexico, they will need to obtain a separate car insurance policy specifically for their time in Mexico. Geico provides different options for Mexican auto policies, including daily policies, 6-month policies, and annual policies.

Geico Auto Insurance Discounts

  1. Accident-free good driver discount. If you’ve had an accident-free driving record for five years, you may earn a good driver discount of as much as 22%.
  2. Airbag discount. Save as much as 23% on your car insurance if your car or truck has airbags.
  3. Anti-lock brakes discount. Receive a 5% discount for having anti-lock brakes on your car.
  4. Anti-theft system discount. Got a car with a built-in anti-theft system? You’ll save as much as 23% on your car insurance with Geico.
  5. Automatic payments (E-banking). If you can’t pay in full but enroll in automatic payments and paperless billing you can receive a discount.
  6. Daytime running headlights discount. If your car or truck has daytime running lights as part of its standard equipment, you could get a discount of 3%.
  7. Defensive driving discount. When you complete a defensive driving course, you might qualify for an auto insurance discount from Geico.
  8. Driver’s education course discount. If a young driver completes a driver’s ed class, you may get a discount on your car insurance.
  9. Good student discount. Full-time students who maintain a “B” average or better can save as much as 15%.
  10. Homeownership. For customers who own their primary residence.
  11. Membership and employee groups discount. You could get an additional discount from Geico for being a member of any of more than 500 groups and organizations.
  12. Military discount. Retired military, active military members and members of the National Guard can save as much as 15%.
  13. Multi-policy discount. When you have your car insured by Geico and you also have homeowners, renters, condo or mobile home coverage with Geico, you may qualify for a discount.
  14. Multi-vehicle discount. When you insure two or more cars with Geico, you could be eligible for up to 25% off.
  15. New vehicle discount. If a car or truck is three years old or newer, you could save as much as 15% on Geico car insurance.
  16. Paid in full. If you pay the full premium amount upfront you receive a discount.
  17. Student away discount. Parents can get a discount for a student who is away at school more than 100 miles away from home without a vehicle and who doesn’t come home and drive the car more than one weekend per month.

Homeowners Insurance from Geico

Geico does not directly provide home insurance, but it offers homeowners, condo, mobile home, and renters insurance through the Geico Insurance Agency. Additionally, they offer other types of coverage such as flood insurance, jewelry insurance, and identity protection insurance.

More Insurance from Geico

Geico offers a range of insurance policies to safeguard you against financial loss, besides home and auto insurance. Professionals in the health care or wellness industry can benefit from Geico’s medical malpractice insurance, which provides defense in the event of a medical malpractice lawsuit. If you have a passion for traveling and enjoy exploring different destinations, Geico also sells travel insurance. This type of coverage helps offset expenses resulting from issues such as missed connections, flight delays, and lost luggage. Additionally, Geico provides business insurance and pet insurance among its other policy offerings.

Geico Mobile Apps

Geico’s mobile app provides a way to manage your insurance policies. Features include:

  1. Bill pay
  2. Alerts and reminders for your policy
  3. Digital ID cards
  4. Ability to upload damage photos
  5. Access claim estimates
  6. Request roadside assistance
  7. Connect with an insurance agent
  8. Discover other insurance products that fit your needs

A Brief History of Geico

Originally, Geico was founded as an auto insurance company catering to U.S. government employees and military personnel. The name Geico actually stands for Government Employees Insurance Co. During the time of the Great Depression, Leo and Lillian Goodwin recognized an opportunity to establish an auto insurance company by specifically targeting certain groups. In 1936, they successfully established the Government Employees Insurance Co. (Geico). Initially, the Goodwins focused their marketing efforts on U.S. government employees and military personnel.

Presently, Geico has expanded its customer base beyond the government sector, which has allowed it to become the second-largest private passenger auto insurance company in the nation. As a subsidiary of Berkshire Hathaway, Geico currently holds over 18 million auto insurance policies and provides coverage for more than 30 million vehicles throughout the country.

What States Does Geico Car Insurance Operate In?

Geico car insurance is a nationwide provider available in all 50 states and Washington, D.C. This means that no matter where you live in the United States, you can take advantage of Geico’s coverage options for your car. With a wide range of policy choices, including liability, collision, and comprehensive coverage, Geico can help protect you and your vehicle on the road. Additionally, their comprehensive online tools make it easy to manage your policy and file claims from anywhere at any time.

Methodology

In order to determine the most suitable car insurance, we assessed every company based on their rates for auto insurance, the range of coverage options provided, any complaints lodged against the company, and their procedure for collision repairs.

Auto insurance rates (50% of score)

Using data provided by Quadrant Information Services, we analyzed the average rates offered by each company for different types of drivers. These categories include good drivers, drivers with accident history, drivers with speeding tickets, drivers with a DUI, drivers with poor credit, drivers without insurance coverage, adding a teen driver, senior drivers, and young drivers. It is important to note that unless specified otherwise, the rates mentioned are based on a 40-year-old female driver who owns a Toyota RAV4 and has coverage for:

  1. $100,000 for injuries to one person, $300,000 for injuries per accident and $100,000 of property damage (known as 100/300/100).
  2. Uninsured motorist coverage of 100/300.
  3. Collision and comprehensive insurance with a $500 deductible.

Car insurance coverage options (25% of score)

Every auto insurance company has the ability to offer basic forms of liability insurance, collision and comprehensive coverage, as well as other standard options. However, it is equally important to have access to additional types of coverage that can offer enhanced protection or potential savings. In this particular category, we awarded points to companies that provide accident forgiveness, new car replacement, deductibles that decrease over time, usage-based or pay-per-mile insurance, and SR-22s.

Complaints (20% of score)

The data we utilized for complaints came from the National Association of Insurance Commissioners. It is the responsibility of each state’s department of insurance to record and oversee complaints against companies operating within their respective states. The majority of complaints regarding auto insurance revolve around claims, specifically related to settlements that are deemed unsatisfactory, as well as delays and denials. The average complaint ratio for the industry is 1.00, which means that companies with a ratio below this value have a lower incidence of complaints.

Collision repair (5% of score)

We included ratings of insurance companies based on feedback from professionals in the collision repair industry. The data we relied on was provided by CRASH Network, a weekly newsletter that focuses on the collision repair and auto insurance market sectors. CRASH Network’s Insurer Report Card utilizes grades given by over 1,000 collision repair professionals to assess the quality of collision claims service provided by auto insurers.

Faq’s: Geico Car Insurance Review 2024

Is Geico an A rated insurance company?

Yes, Geico has an A+ rating from the BBB and an A++ financial strength rating from AM Best. This shows that Geico responds to complaints from customers and has strong financial backing.

Is Geico a good insurer?

Yes, Geico is a good insurance company for most. If you’re looking for an affordable car insurance policy, and you’re comfortable managing your own accounts online when an agent isn’t nearby, Geico might be right for you.

Is Geico insurance good at paying claims?

Yes, Geico is known for being a reliable company that pays out claims in a timely manner. The company has an A++ financial strength rating from AM Best, demonstrating its financial backing and ability to reliably pay out claims to customers.

What is Geico’s claims department number?

If you want to file a claim with Geico, you can contact the claims department at 800-841-3000 or submit a claim online.

What time does Geico process payments?

Geico doesn’t have a set time when it processes automatic payments. If you made a payment with an online bank account, charges will typically show within five business days.

How long has Geico been in business?

Geico has been in business for 85 years. The company was founded by Leo Goodwin Sr. and his wife Lillian Goodwin in 1936 to provide insurance to government employees.

How can I file a claim with Geico?

You can file a claim online, through the Geico app or over the phone.

Does Geico cover rental cars?

Yes, Geico covers rental cars if yours is in a wreck, as long as you’ve added rental reimbursement coverage to your policy (it’s optional). The coverage may have daily and/or per-claim limits.

Summary 

Geico car insurance offers a comprehensive range of coverage options at competitive prices, making it a popular choice for many drivers. With its user-friendly website and mobile app, managing your policy and filing claims is quick and convenient. Geico’s excellent customer service and strong financial stability also provide peace of mind for policyholders. Whether you’re a new driver or have been on the road for years, Geico car insurance is worth considering for reliable coverage and quality service. If you’re interested in learning more about Geico car insurance or getting a quote, visit their website to get started today.

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