Geico Auto Insurance Review

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Geico

OVERALL

4.4

THE GOOD

Available in all 50 states

Easy-to-use website and mobile app

Plenty of discounts

Comprehensive customer service

Wide array of other coverages, including rideshare insurance and collector’s insurance

THE BAD

Average claims satisfaction

Middling customer ratings

Can’t compare rates with GEICO agents

GEICO doesn’t underwrite all other products

THE BOTTOM LINE

The second largest auto insurer in the country (after State Farm), and one of the largest auto insurance advertisers out there, GEICO covers over 17 million policyholders and 28 million vehicles. The Maryland-based company got that popular thanks to its accessible agents and affordable prices, which makes it a good choice for drivers in need of standard coverage.

Cost

9.3

Confidence

9.7

Customer Ratings

7.5

Policy Options

8.3

Customer Experience

9.0

GEICO COMPANY SPOTLIGHT

3 out of 5

J.D. Power Rating

A trusted customer satisfaction and product quality research agency

A+

BBB Rating

A nonprofit organization focusing on marketplace trust and product quality

A++

A.M. Best Rating

100-year-old U.S. credit rating agency focused on the insurance industry

The Bottom Line

It’s not just the gecko and caveman commercials. Besides funny advertising, the auto insurer GEICO offers a standard selection of coverage options for drivers and makes it easy for customers to get quotes and pay bills online with an easy-to-use website and robust mobile app. You may not get top-tier claims satisfaction, but you will get standard coverage for a decent price.

The Details

The Good

Available in all 50 states. If something is “ubiquitous,” that means it can be found everywhere. GEICO is ubiquitous! That's a good thing, because some major auto insurance companies are not found in every state.

Easy-to-use website and mobile app. Of course the website for one of the most famous brands, car insurance or otherwise, is simple to navigate and use. Pay your bills online, receive a free quote after answering some questions, and find basic information easily, without having to pick up the phone. The mobile app is similarly handy, with access to bill-paying, claim-filing, and quote-getting.

Plenty of discounts. GEICO grants a whole bunch of potential discounts for customers. For example, you could pay a lower premium if you have a clean driving history, belong to a particular organization, or if you’ve taken a defensive driving course.

Wide array of other coverages, including rideshare insurance and collector’s insurance. Do you drive for Lyft or Uber? GEICO has the auto insurance policy for you and your side hustle. You don’t need to double up either, since one policy will cover your personal use and your ridesharing gig.

The Bad

Average claims satisfaction. According to the 2019 J.D. Power U.S. Auto Claims Satisfaction Study, GEICO rated about average when it comes to claims. You may have a better claims experience with other insurers known for top-tier customer service, like Amica or Erie. But you’ve got to ask yourself: Do those carriers have a gecko for a mascot?

Middling customer ratings. Customer response is pretty mixed. For instance, readers of Consumer Reports say GEICO’s policies and premiums are merely “good.” There are also over 3,000 complaints about the car insurance company on its Better Business Bureau website. This is typical for larger insurers, so your experience with GEICO will vary.

Can’t compare rates with GEICO agents. Shoppers hoping to easily compare rates to other carriers with GEICO agents are out of luck. They will only show you a GEICO quote. If you want to compare all your other options you should speak to an independent broker who can help you compare quotes from multiple carriers without having to input your information again and again.

GEICO doesn’t underwrite all of its other products. Hoping to bundle GEICO auto and home policies together? You can, but it may not be that easy to make a claim since GEICO partners with third-party companies for some of its other insurance products.

The Breakdown

Cost

9.3

How much you pay for car insurance is determined by a number of factors specific to you, like your address, age, credit score, driving history, and vehicle. Since each driver has a unique background and history, it’s difficult to predict what any given driver will pay for car insurance.

That said, we can still look at a sample GEICO auto insurance policy to get a sense of what someone might pay for a policy.

Our sample driver is a single, 30-year-old man in Minneapolis, Minnesota who drives a 2014 Toyota Camry. GEICO quoted him $475.30 for a 6-month policy, or $950.60 for a 1-year policy, which is a little more than the average cost of car insurance in his state in 2015, which was $875.49.

Let’s take a look at the details of his policy:

Rates current as of March 2020. The above numbers are based on a sample profile. Rates will vary for each applicant based on location, driving history, vehicle, number of people included on the policy, and other factors.

If you are looking for the cheapest option a GEICO agent is not necessarily going to help you find one. GEICO doesn’t sell policies through independent agents, so the only way to buy GEICO car insurance is directly from GEICO. If you want to compare quotes and find the best rates, you’ll have to contact an independent broker or conduct a quote comparison on your own.

Discounts

GEICO offers a wide range of discounts, more than some of its competitors. Those include discounts for vehicle features like anti-lock brakes, an anti-theft system, and air bags. There are also discounts based on driving history. If you’re accident-free for five years or if you’ve taken a defensive driving course then you’ll see a lower rate on your monthly bill.

Then there are affiliation-related discounts, based on where you work or any organizations you belong to, as well as discounts for bundling your auto policy with another type of coverage from GEICO.

Here are a few more GEICO discounts:

• Anti-theft device discount. If you have a car alarm or something similar installed you’ll save up to 25 percent.

• Daytime running lights discount. If your car has daytime running lights installed you can save up to one percent on your premium.

• Good student discount. Full-time students between the ages of 16 and 24 with a “B” average or better can shave a bit off their premium.

• Military discount. Active duty and retired military personnel and members of the National Guard or Reserves can get a discount of up to 15 percent on their premium.

• Multi-vehicle discount. Sign more than one car up with GEICO for a possible 25 percent discount.

• Multi-policy discount. Get condo, homeowners, renters, or RV insurance through GEICO and get a discount on your car insurance.

• New vehicle discount. If you drive a car that’s three model years old or newer you could earn a 15 percent discount.

Remember that a lot of these discounts can change and vary by driving record, eligibility, location, and a variety of other information.

Confidence

9.7

GEICO, which stands for Government Employees Insurance Company, began as an insurance provider for federal employees, but expanded to the general population in the ‘70s. Now, GEICO is a major auto insurance company, with more than 17 million auto policies in force, according to the company, and loads of brand recognition thanks to its ubiquitous (there’s that word again!) commercials.

Customers know the name and the ads. Do they know if GEICO, as a company, will last long into the future so it can pay off their claims? Don’t worry, because multiple financial organizations are confident that GEICO will be around for a while.

• Year founded: 1936

• A.M. Best: A++

• Better Business Bureau: A+

• Moody’s: Aa1

• Standard & Poor’s: AA+

A.M. Best , a credit rating agency that focuses specifically on the insurance industry, gives GEICO an A++, which means the insurer has a “superior” ability to meet their ongoing insurance obligations to customers. That’s the best rating they can give a company.

The Better Business Bureau , the organization that ranks companies based on the truth of their advertising and on complaints from customers, grades GEICO an A+. Those giggle-worthy commercials are doing their job.

Bond credit rating agency Moody’s says GEICO is an Aa1-rated company, meaning it’s financially strong and stocked full of cash reserves. Standard & Poor’s , or S&P, gives GEICO a similar rating, AA+, which means GEICO is a very low credit risk. Basically, there’s little chance GEICO will go broke soon.

Customer Ratings

7.5

Industry experts are satisfied with GEICO and its ability to pay out customers’ claims and stick around well into the future. That’s great. But what do GEICO customers think?

For the most part they’re satisfied. But like with any large insurance carrier there are some vocally disappointed customers.

Here are the ratings from several major consumer opinion trackers:

• Better Business Bureau: A+

• Consumers Advocate: 4.7 / 5

• Consumer Affairs: 3.5 / 5

• Consumer Reports: 78 / 100

• J.D. Power: 3 / 5

• NAIC complaint index: 1.38

The Better Business Bureau ranks companies based on advertising and customer complaints. Its A+ rating is at odds with the 1-star rating and 3,072 customer complaints from the last three years (as of March 2020). That’s a lot of complaints, but keep in mind, 17 million customers have policies with GEICO. Nearly a third of those complaints are closed (or resolved), too.

Consumers Advocate , which cares about company reputation, policy features, and stability, gives GEICO a nearly perfect score.

Consumer Reports readers rate GEICO in the yellow, or about average, with a score of 78. They say its premiums, policy review, and help and advice are “good,” while claims and service are “very good.”

J.D. Power rates insurance companies based on policy offerings, price, and the clarity of billing and policy information. On its 2019 U.S. Auto Claims Satisfaction Study, GEICO earned a score of 879 on a 1000-point scale. That translates to a 3 out of 5 in its Power Circle rating, which means GEICO is at the industry average for claims satisfaction.

The National Association of Insurance Commissioners , which tracks complaints submitted to state insurance departments, gives GEICO a score of 1.38. A score of 1 represents the baseline average, with a zero meaning there weren’t enough customer complaints to count. Based on that, GEICO has just a few more complaints than the average. This score takes GEICO’s other insurance offerings, including auto, condo, home, and renters, into account.

Policy Options

8.3

GEICO offers the standard coverage options that most drivers need, plus some additional types of coverage that could be appealing, like mechanical breakdown insurance and coverage for rideshare drivers. It also offers a few non-standard options, but not many.

Standard coverage options

GEICO Customers will get the standard coverage that every driver should need, including:

• Liability coverage. Liability coverage protects you from financial burden if you damage someone’s property or injure someone with your car. Liability insurance is required in most states.

• Personal injury protection. Pays for your medical expenses or lost wages if you or your passengers are injured in an accident.

• Uninsured/underinsured motorist coverage. Covers the cost if you’re in an accident caused by a driver without insurance, or whose insurance doesn’t cover the full extent of the damage.

• Collision coverage. Covers the costs of damage to your car after an accident, regardless of who was at fault.

• Comprehensive coverage. Covers the costs of damage to your car that isn’t caused by a collision, including damage from animals, extreme weather, floods, fire, falling objects, theft, and vandalism.

Additional perks and features

In addition to standard coverage, GEICO offers the following options:

• Emergency road service. Covers towing and labor if you’re stranded due to a flat tire or a dead battery, or if you’re locked out of your vehicle.

• Rental reimbursement. If your vehicle is in the shop for repairs, rental reimbursement will cover up to a certain amount per day for a replacement rental car.

• Mechanical breakdown insurance. Covers repairs for mechanical issues on cars less than 15 months old with fewer than 15,000 miles.

Other types of insurance offered

Auto insurance is GEICO’s main product. But like other major insurance carriers, drivers can get a discount by bundling together auto coverage with a home policy. Just don’t expect GEICO to underwrite all of those non-auto policies themselves.

That’s because GEICO offers some of its other insurance products through partner companies. So, when it’s time to file a claim, you’ll have to deal with multiple companies rather than just GEICO. That could be a lengthy process — and could possibly lead to you filing a bitter complaint with the BBB.

So long as you understand that, here are some of the other insurance products GEICO offers:

• ATV insurance. Coverage for your all-terrain vehicle.

• Boat insurance. Coverage for your seafaring vessel.

• Collector car insurance. Coverage for a collector or classic car.

• Condo insurance. Coverage for anything your association’s policy doesn’t cover.

• Co-op insurance. Coverage for your co-op unit.

• Home insurance. Insurance for your cozy abode.

• Mexico car insurance. Coverage if you’re planning on driving south of the border.

• Motorcycle insurance. Coverage for your motorcycle, whether it’s a vintage Honda or a brand-new Harley.

• Personal watercraft insurance. Coverage for your Jet Ski or other water toys.

• Snowmobile insurance. Coverage for your winter ride.

• Renters insurance. Coverage for your rented house or apartment (and all your stuff).

• RV insurance. Coverage for your vacation home on wheels.

Customer Experience

9.0

GEICO has an easy-to-use, simple-to-navigate website and a comprehensive mobile app. There’s a 24/7 phone line and a virtual chat bot on the website for basic questions. You can even contact GEICO via Twitter, or through the mobile app.

In our experience, it took a little while to speak to a customer representative on the phone because of multiple automated menus. Once we spoke to a living human being, though, they were helpful with basic policy questions.

State availability

Unlike many of its competitors, GEICO writes auto policies in all 50 states and the District of Columbia.

Application process

GEICO makes it possible to apply for auto insurance online or over the phone. The GEICO website is straightforward and easy-to-use, you just plug in your basic information and get a quote. It automatically applied discounts when we tried it out, but the default coverage limits on the quote it gave us were low, and it didn’t include collision or comprehensive coverage. When we added those coverages, the quote was significantly higher than the first number we’d gotten.

You can quote up to nine vehicles on the site. If you want to quote for more than that you’ll have to call.

As mentioned above, GEICO does not work with independent brokers, so their agents will only give you GEICO quotes. And, depending on where you’re located, any particular agent you speak to on the phone may not be able to help you, so you may have to wait a while longer for a transfer.

Payment methods

Customers can pay their bills multiple ways, including:

• GEICO mobile app

• Over the phone or by mail

• Work account or credit card

• Electronic funds transfer (EFT) from checking or savings accounts

• Any major credit or debit cards

• Autopay feature from a checking or savings account or credit card

Digital tools

GEICO’s site hosts a simple-to-use online quote generator. Customers can also download the GEICO mobile app, which lets users pay bills, file claims, get quotes, view ID cards, request roadside assistance, and locate gas or parking. There’s even Lyft integration so you can find a ride when you need one, photo submissions for easy estimates, and a general help section.

GEICO customers that have devices with Amazon Alexa or Google Assistant integration can also ask about claims, roadside assistance, and other basic questions.

An online chat bot is also available on the website if you want to avoid the phone.

Claims process

GEICO makes it easy for drivers to file claims online, by phone, or through the GEICO mobile app, which also offers a “photo estimate” tool that will guide you through the process of taking photos of any damage. GEICO’s Auto Repair Xpress program makes it convenient to get repairs through a GEICO-approved auto body shop, but it may be harder if you choose to strike out on your own.

Contact info

• Website: www.geico.com

• Phone: (800) 207-7847

• Headquarters: One GEICO Plaza, Washington, D.C. 20076

Like several other major car insurance carriers, GEICO doesn’t sell policies through independent agents, meaning the only way to buy GEICO car insurance is directly from GEICO. Work with one of our independent brokers at Policygenius to compare quotes from top carriers and get the best rates.

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