- Car Insurance
Founded way back in 1936, GEICO is the second-largest auto insurance company in the United States behind State Farm. It has worked its way into the public consciousness thanks to an unforgettable series of commercials featuring the shenanigans of a Cockney gecko and is the preferred choice for millions of Americans.
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As a subsidiary of Berkshire Hathaway, with revenue of nearly $25,500 billion and over 15 million auto insurance policyholders, GEICO has few equals for size, reputation, and reach. The question is, how does GEICO’s car insurance products stack-up to its competitors? In this GEICO insurance review, we aim to find out.
Types of GEICO Auto Insurance
You can purchase all of the following insurance products from GEICO:
Get liability (property damage and bodily injury) coverage for cars, motorbikes, ATVs, and boats. The bulk of this GEICO insurance review relates to this type of vehicle cover and when it comes to standard vehicle insurance, you will struggle to find a cheaper and higher-rated provider.
Includes mechanical breakdown insurance, which covers repairs and replacements for all mechanical faults on cars that are less than 15 months old and have driven less than 15,000 miles.
Complete cover for motorized and towable recreational vehicles in most states. RV owners can get “total loss replacement” cover, whereby they will be provided with a new RV (fitted with comparable equipment and features) if their vehicle is a total loss within the first four years, with additional payout options if the vehicle experiences a total loss through to the 7th year.
Other features of this auto insurance policy include bodily injury and property damage relating to vehicles and vacation sites; emergency expense cover to pay for hotel stays as and when needed; unique windshield replacement programs, and medical payment coverage for accidents, with the latter offered regardless of who is at fault.
The exact coverage you’re offered, and its limits, will depend on your individual policy, which in turn will depend on everything from your state to your driving record and the type of RV you drive.
Recent estimations suggest there could be as many as 2 million rideshare drivers in the United States. Some of these are working part-time, earning a consistent wage as part of the growing gig economy. But many are working for just a few hours a week, doing what they can to scrape together some extra dollars, whether because they have debts to repay, college fees to cover or an expensive life to lead.
In all cases, drivers can apply for rideshare insurance from GEICO. This is a specific type of car insurance tailored towards drivers for companies like Uber and Lyft.
Due to the quirks of auto insurance, you may not be covered if you have an accident while using your car commercially or if there is any damage to the interior. With rideshare insurance, you should be covered, and GEICO offers reasonable insurance rates all-round.
Classic Car Insurance
Classic cars are not ideally suited for typical car insurance policies. They often lack the safety features and anti-theft features that can reduce the price of insurance premiums, and they may also be expensive to repair due to rare parts.
That’s where classic car insurance comes in. Your car or cars will be covered for a fixed value, which means you don’t need to worry about depreciation, and you can also get low deductibles for an affordable price.
Other Types of Insurance
In addition to car insurance, GEICO also offers all the following insurance products, and just like GEICO car insurance, these products are available at highly competitive rates:
- Property Insurance: Home insurance, renters insurance, condo insurance, and more. GEICO will cover your property and/or the contents, and if you purchase this product alongside car insurance, you can pick up a bundling discount.
- Business Insurance: Professional liability insurance, commercial property insurance, and more. If you have a business, it’s imperative that you get cover just in case you suffer any losses or legal issues.
- Umbrella Insurance: An umbrella policy will cover you in excess of the standard liability and may provide coverage for losses that are not covered elsewhere.
- Travel insurance: Get protection for when you travel with GEICO travel insurance. If your baggage is lost, your flight is canceled or there are any other issues resulting in a loss of money, you might be covered.
- Life Insurance: Get term-life insurance from one of the country’s biggest supplies. You can get a substantial death benefit for a low monthly premium, and GEICO offers a term of between 5 and 30 years.
- Pet Insurance: GEICO can insure your pets against harm. It’s health insurance, but for pets, so if anything happens to them and they need medical care, that care will be covered by GEICO once you pay the deductible.
GEICO Insurance Coverage and Features
GEICO is one of the few truly nationwide insurance companies, as it offers products in all 50 states. It offers great rates for all coverage options, include liability and PIP, and it also provides a few unique, standout features:
Car Buying Service
Use the GEICO Car Buying Service to see what other drivers are paying for vehicles similar to the one you want to purchase. This service helps when buying a new car, allowing you to save money on the vehicle of your choice.
GEICO has fully embraced the digital age and has a full-featured mobile app that policyholders can use to manage their auto insurance policy. It’s a simple way to keep everything in check and you can even use the GEICO app to make a claim and to get a quote in the future.
A Prime Time Contract is offered to senior drivers over the age of 50, providing they don’t have any drivers under the age of 25 in their household, have had no accidents in the last three years, and don’t use any of their vehicles for business purposes.
This contract will guarantee renewal year after year, which protects drivers from issues that would otherwise prevent them from getting a renewal, including traffic violations and other high-risk red flags.
Auto Repair Xpress
GEICO offers a number of benefits when you choose to have your car repaired at a GEICO approved Auto Repair Xpress facility. This will guarantee your repairs for the life of the vehicle and gives you a little extra peace of mind.
GEICO Insurance Cost
GEICO is consistently the cheapest of all major car insurance providers in the United States. We have previously compared it to Progressive, Allstate, Nationwide, State Farm, and more, finding that GEICO has by far the lowest rates for average policyholders and those with a good driving record.
It also has some of the cheapest rates for senior drivers and young drivers.
However, it won’t always be the cheapest provider. As noted in our guide to the cheapest car insurance by state, local insurers lead the way in a handful of states and there are also provided by USAA that will nearly always have cheaper solutions for specific applicants (military members, in this case).
Most users will get the cheapest quotes at GEICO.com and through GEICO agents; everyone else will be offered consistently low rates. As a result, you should always get car insurance quotes from GEICO when looking for the best rates.
GEICO Insurance Discounts
One of the reasons GEICO has some of the lowest premiums of any providers is because it offers a plethora of discounts. These are driver-specific benefits that can reduce rates, with reductions that can range from just a few dollars all the way to a combined discount of 90%! The discounts offered by GEICO include:
- Vehicle Equipment: Safety equipment like airbags, seat belts, anti-lock brakes, and anti-theft systems could save up to 25%. In fact, if your vehicle has both front and side airbags, your insurance quote could be as much as 40% less.
- Good Driver: A good driving history with no at-fault accident claims for 5 years can save you 26% with GEICO. Using a seat belt can also save you 15% on medical payments and personal injury protection elements.
- Driver’s Education: Completing driver education like a defensive driving course can shave a few bucks off your premiums, although the exact rate of savings differs.
- Good Student: Students can save as much as 15% if they maintain a B average.
- Organization: Military members (up to 25%) government employees (up to 8%) and members of other organization clubs can save.
- Bundling: Both multi-vehicle and multi-policy discounts are offered, with the former going as high as 25% and the latter varying.
GEICO Insurance Customer Support
GEICO reviews are mostly positive, but there are a lot of negative reviews out there as well. As is the case with all big companies, bad reviews are abundant and there is no shortage of consumers who hate this company with every ounce of their being. But when you deal with over 15 million policies, you’re going to make a few mistakes and anger a few people. It’s normal.
The good thing is that the positive experiences are much more common than the negative ones. On many car insurance review sites, GEICO is rated as one of the top 5 insurers and user reviews are also very positive on consumer review sites. Furthermore, J.D. Power rates GEICO as “better than most” for customer satisfaction.
GEICO Insurance Review
GEICO is one of the best car insurance companies in the country, with the financial strength to back your policies, the variety to keep all the family satisfied, and some of the lowest prices in every state. Whether you need car or motorcycle insurance; comprehensive coverage or uninsured motorist cover, make sure you include GEICO in your comparison shopping.