Geico Car Insurance Review [2023]

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Are you paying too much for car insurance? How did you choose your insurance company?Have you made an online quote comparison, or did you choose your current auto insurance coverage provider from who had the funniest commercial? 

Insurance companies spend millions of dollars on advertising campaigns, most of which are humorous and light-hearted. But how do those companies stack up when you have an accident in real life and need more than just a laugh from insurance agents for you and your family?

Car insurance may be so easy that a caveman can do it, but the last time we checked, they’ve been extinct for many years.

In this guide, we’re going to pull back the curtain and see what’s really behind it. We’re going to provide you with everything you need to know about Geico, including company history, ratings, coverage offerings, and more.

Geico Car Insurance Ratings

Now that we have pulled back the curtain, let’s see what multiple independent agencies have to say about Geico and whether it’s the right company and offers the right types of insurance for your situation.Comparing the pros and cons is an important factor in determining which auto insurance company is best for you.

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Geico Financial Ratings

Geico NAIC Complaint Index

Geico JD Power

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Geico Consumer Reports

The table below shows ratings for various services provided as part of the claims process. The ratings are for Berkshire Hathaway Group, so these ratings include all 30 of their affiliated companies.

Geico’s Position for the Future

With its clever advertising campaigns and low rates, Geico has positioned itself to overtake State Farm and become the number one car insurance provider in the United States.The graph below shows the company’s rise over the past six years.According to the graph, State Farm has remained nearly steady in its growth, while Geico has consistently inched upward. From 2015 to 2018, Geico’s total in written premiums increased by almost $7 billion when its largest competitor, State Farm, increased by only $5 billion. Progressive and Allstate, the other two companies in the top four increased by only $1.5 billion.

GIECO’s Car Insurance Rates

We partnered with Quadrant Data to bring you this information. Here are two things to keep in mind.

1. Many variables can affect what you pay. Your insurance cost will differ from what is listed below
2. Geico has discounts and coverage options that may help offset the cost

Here’s how Geico’s annual rates based on demographics compare to other top insurance carriers in the country. These averages are national, so where you live could affect your rates.

If you have a teenage son in your household, Geico’s rates are certainly welcome news. Their rates are over $6,000 less than Liberty Mutual. For those both single and married who are age 25-59, Geico’s rates are lower by $100-$600 than the average of all rates.

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Geico’s Rates Compared to the Top 10 Companies by Market Share

In the table below, you’ll see how Geico’s average annual premium for each state compares to that of other companies.

Geico’s Rates Compared to State Average

If you’re considering purchasing Geico car insurance, here’s how their rates stack up against the average rates in your state. If you take the average rate in the U.S. for the top insurers and compare it to Geico, you’ll see that Geico is nearly $600 cheaper per year than the other top ten auto insurance companies.Use the table below to find out how Geico does in your state.

Geico is lower than average in 43 of the states even without vehicle discount options or driver discounts applied. This essentially means wherever you live, you have an excellent chance of enjoying cheap rates.

Geico’s Rates by Commute

In every state but North Carolina and Hawaii, your commute makes a difference in the rates offered by Geico.  The table below shows average costs per state for 10 miles and 25 miles of commuting.

Other factors such as living in a rural or urban area could contribute to the cost of your insurance, but if you have a short commute, Geico is a great option.

Geico’s Coverage Level Rates

You might think that having the lowest minimum coverage in your state is the best way to ensure you and your family are protected. But that’s not necessarily the case, because sometimes the difference in low to high coverage is less than you think.Check out the table below to see the differences in coverage in your state

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Up next, we discuss how your credit score could affect what you pay for car insurance with Geico.

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Geico’s Credit History Rates

Besides not being able to secure a car loan or a mortgage, poor credit can also have an impact on how much you pay for car insurance. The table below reflects what you’ll pay for car insurance if you have good, fair, or poor credit. Of course, these are estimates, and your rates may be different based on your situation.

In some locales, like Washington D.C., rates jump over $4,000 for someone who has poor credit. Geico considers a score over 700 to be good or excellent. Anything below 649 is regarded as a poor credit score, and you will probably have to pay more for your car insurance.

Geico’s Driving Record Rates

If you get a speeding ticket, have an accident, or get a DUI, your rates with Geico will increase in most states.The table below shows rates with these three violations compared to the rate for a clean record.

If you don’t want to pay higher rates in most states, obey the posted speed limit signs and never drink and drive.

Coverage Offered By Geico

Geico offers the same coverage as all of the other companies do, but in most cases, at a lower rate. Let’s take a look at standard insurance terms and go into detail about what they mean. Some companies advertise about coverage if a unicorn wrecks your car, but what is that actual coverage called?Horn coverage? We know, it can be confusing, so that’s why we’ve compiled a list of common coverages with a brief explanation. Different coverage types fall into four basic categories:

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When you are at fault:

Liability coverage covers the physical damages you inflict upon another vehicle and the bodily injuries sustained by all individuals in the other vehicle

When you are not at fault:

Uninsured and Underinsured Motorist Coverage: covers your expenses if the at-fault driver has little or no liability coveragehttps://youtu.be/hSYfMJGOLu8

Vehicle Protection:

• Collision Coverage: covers vehicle repairs or replacement after an accident
• Comprehensive Coverage: includes what most would consider “out of our control” such as storm damage, hitting an animal, and more
• Emergency Road Service: covers standard roadside services like tire changes, jump starts, and lockout services
• Rental Reimbursement Coverage: includes a rental car while yours is getting repaired for a covered loss
• Mechanical Breakdown Coverage: covers parts and systems failure of your vehicle that is not caused by normal wear and tear or improper maintenance

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Personal Protection:

• Medical Payments Coverage: covers medical expenses of those in your vehicle
• Personal Injury Protection: covers costs incurred from injuries to yourself or others in the vehicle, lost wages and funeral expenses no matter who is at fault
• Umbrella Policy: extends your liability coverage to a much higher limit which blankets over multiple policies such as home and auto as well as others

Another tool Geico has created is a coverage calculator that guides you through several questions to help you choose the coverage levels which are right for your situation.Even though our focus is on car insurance, Geico offers many other types of policies:

• Recreational Vehicle Insurance to include motorcycle, ATV, RV, and boat insurance.
• Property Insurance to include homeowners, renters, condo/co-op, mobile home, landlord, and flood insurance.
• Business Insurance to include general liability, professional liability, worker’s compensation, and commercial auto insurance.
• Additional Insurance to include life, travel, overseas, identity protection, pet, and jewelry insurance.

Geico’s Bundling

Geico offers bundling discounts for taking out more than one policy with the company or with one of their partner companies. Multi-policy discounts are available if you have more than one vehicle, including a motorcycle, in force with Geico.

Geico’s Programs

We’ll compare rates later in this guide. Next, we’re going to tell you about additional programs Geico offers that may help offset costs after filing a claim.

Accident Forgiveness

Geico’s accident forgiveness is an option you may already have on your policy and not know it. If you have been accident-free for five years, that means you have that protection. It is suitable for everyone on the plan to use as well.

You can also add it to your coverage for a fee.Whether you decide to pay the fee upfront or have five years worth of clean driving when you have your first accident, it will be forgiven, and your rates won’t increase.

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Car Buying Service

Would you like a $1,000 rebate after purchasing a new car?Geico offers a car buying service through TrueCar. The service acts a bit like Kelly Blue Book only with incentives.If you are in the market to purchase a new or pre-owned vehicle, you can search the database to see what others are paying for the vehicle and choose a TrueCar certified dealer to get your guaranteed (post-sale) savings certificate. All you have to do is report the purchase on Geico’s car buying site.

Auto Repair Express

Had an accident? Geico makes it super convenient in three easy steps with its Auto Repair Express program.A Geico claim adjuster will be with you each step of the way, and, if you have rental reimbursement coverage, there will be no fees for using a rental car while your vehicle is getting repaired.

Where is Geico available?

Geico is available in all 50 states and some European countries such as Germany and the United Kingdom, among others.

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Ridesharing Coverage

Geico offers insurance coverage for individuals who provide on-demand delivery and ride-sharing services such as Uber, Lyft, and GrubHub. However, Geico does not market ridesharing coverage as an add-on form of protection as other insurance companies do. The rideshare insurance policy takes the place of your personal auto policy.

Geico’s Commercial Coverage

Geico offers commercial coverage to small business owners up to commercial fleets. If you are planning to use your vehicle for business reasons, Geico has many options from which to choose.

Geico’s Discounts

Geico has over 30 types of discounts available, but not all are presented on its website.  The discounts that are present are broken into five categories:

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Geico’s Vehicle Equipment

Geico’s Driving History & Habits

Geico is the only top insurance provider to offer a discount for wearing your safety belt. It’s the law in every state except New Hampshire, so be sure to take advantage of this discount, and buckle up.

Geico’s Driver’s Education

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Geico’s Driver Affiliations

Geico is the only top insurance provider to offer a discount for emergency deployment. The insurance carrier even provides a pre-deployment checklist to help soldiers take care of critical business before being deployed.The company also honors military families with features such as this one.

https://youtu.be/6_u8BpekIxk

Additionally, only one other top competitor offers a discount for federal employees. If you are a federal employee, make sure you ask about the discount for government personnel.

Geico’s Customer Loyalty

Here are several other potential discounts not listed on Geico.com. Contact the company to determine if any of the following apply to you.

• Distant Student: having a college student who lives on campus 100+ miles away that does not use their vehicle
• Early Signing: signing your next six-month policy prior to seven days before your current policy expires
• Farm Vehicle: offered on vehicles used for farming purposes
• Full Payment: provided if you pay your premiums in full
• Further Education: offered to individuals with a four-year degree or higher
• Low Mileage: offered to individuals who travel few annual miles
• Utility Vehicle: offered for vehicles designed to accomplish specific tasks (as opposed to passenger vehicles)

Here are two discounts Geico does not offer that its top competitors do:

• Discounts for using automatic draft payment processes such as AutoPay, e-Bill, or EZ Pay
• Discounts for using a driving device installed in your vehicle or a mobile application that tracks your driving habits such as hard braking or quick acceleration.

Canceling Your Geico Policy

For whatever reason, there may come a time when it is necessary to cancel your Geico insurance coverage. Perhaps, you’ve gotten married and are combining policies or moving abroad to an area where Geico protection isn’t an option. Whatever the reason, here are some frequently asked questions and answers about canceling your Geico policy.

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Is there a cancellation fee?

Some companies charge a prorated amount or a cancellation fee for your insurance if you cancel in the middle of your insurance policy term. Geico Does Not charge a cancellation fee to cancel your car insurance policy, no matter when you choose to cancel.

Will I receive a refund or owe money if I cancel?

Many insurance providers require that you prepay your insurance policy, usually monthly, quarterly, or every six months. This means if you cancel before the due date of the next term, you may be entitled to a refund.

With Geico, the agent that cancels your policy for you will let you know how much of a refund, if any,  you may receive after you cancel your policy.One thing to consider is that you might owe money if you made changes to the policy that raised the costs such as adding a vehicle and never made additional payments.

How can I cancel my policy?

Some companies require that you cancel in writing or go to your local agent’s office to cancel your policy. Other companies will let you cancel online if you have online access to your insurance policy.With Geico, you will need to call the 24-hour customer service center to cancel your policy. You can make other changes in your policy on the Geico website.

Ways NOT to cancel your Geico auto insurance policy:

• Don’t send an email. Your policy won’t be canceled
• Don’t have someone else call to cancel your policy
• Don’t try going to a local agent because Geico doesn’t have local agents

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When can I cancel my policy?

With Geico, you can cancel your policy at any time and have it effective immediately or at a future date.You should choose your cancellation effective date carefully to avoid having a lapse in insurance coverage, especially if you are selling your vehicle. Having a lapse in coverage can result in fines or penalties in individual states.

What time will my cancellation be effective?

All of Geico’s auto insurance policies begin and end at midnight on the effective date. This means if you cancel effective tomorrow’s date, you will have no insurance tomorrow because it will end at midnight tonight.

Always make sure your policy cancellation day is effective the day after the last day you want to have insurance coverage on your car.

How to Make a Claim with Geico

Uh, oh. You’ve been in an accident and need to file a claim. How does that work?Well, Geico makes it easy with these simple steps:

• Online through the Geico website
• Via the Geico mobile app
• Calling the 24/7 claims phone number at  1-800-841-3000
• Find an agent locally to get help with your claim.

From our research, it was apparent that Geico customers filing a claim online or through the mobile app had an easier time because finding a telephone number for the 24/7 claims hotline took some time and digging.That covers how to file a claim, but how is Geico doing in terms of paying out claims? Loss ratios can give us some insight into the answer to that question.

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Geico’s Premiums Written and Loss Ratio

The table below shows the premiums written by Geico compared to its loss ratio over a three-year period.

The total premiums written by Geico indicate extraordinary growth as compared to that of its competitors.  The insurance giant experienced a near $7 billion increase in premiums written during a three-year period when other top competitors increased by less than $5 billion over the same three-year period. (It could be those clever advertising slogans.)A loss ratio shows how much a company spends on claims to how much money it takes in on premiums. For example, a loss ratio of 45 percent indicates that companies are spending $45 on claims out of every $100 earned in premiums.Loss ratio over 100 percent means a company is losing money. If the loss ratio is too low, the company isn’t paying claims. The remaining goes to overhead and shareholders.Geico has maintained a loss ratio in the (safe) 70 percent range during the same three years of intense growth. When we compare this significant growth in total premiums written to the loss ratio, we can see that Geico is honoring its commitments to its customers by paying claims in a timely fashion.

How to Get a Geico Quote Online

Now that the curtain is completely pulled back, let’s take a look at how easy it is to get a quote online from Geico.We have included instructions on how to get a quote from Geico. Be sure to check out Geico’s coverage calculator before getting a quote. This will help you decide what types of coverage and coverage levels are best for you and your family.Step OneGo to Geico.com, and right on the home screen, Geico invites you to enter your zip code to get started with your quote.Step TwoEnter your basic personal information.

• Name
• Birthday
• Address

Step ThreeEnter your vehicle information.

• Select your vehicle or enter a new one
  • Is this vehicle owned, financed, or leased?
  • How is the vehicle primarily used?
  • What’s the annual mileage for this vehicle?
  • Do you want to add another vehicle?

Step FourEnter your detailed personal information.

• Gender
• Marital Status
• Own or Rent your Home
• Years with Current Insurance Company
• Driving History
• Level of Education
• Employment Status
• Occupation
• Military Affiliations
• Government Affiliations

Step FiveAdd any other drivers.Step SixAt this point, Geico will ask you to enter any driving incidents as pictured below. A callout specific to your state will be just below as well as a button to enter incidents.Step SevenEnter any affiliations and memberships so Geico can check to see if you qualify for any of their excellent discounts.Step EightLastly, enter your email address and telephone number. Geico will invite you to receive paperless bills and policy documents. Then click Get Quote.At this point, Geico will populate the minimum coverage requirements based on the state you reside in. You can also view all coverage types and levels or customize your policy based on your specific needs or that of your family.

Geico Mobile App

Device Availability

The Geico Mobile app is available on almost every mobile device that has hit the mainstream market. That includes iPhone, iPad, Android smartphones, and tablets, and even the lesser used device, Kindle Fire.

App Features

The experience across each device is going to be fairly similar since they are based on the same software. This also holds true for the features available, with new ones being added across all the devices (generally) at or around the same time.The features available on the app include:

• Get a new quote
• View claims status
• Update claims information
• Pay your premium bill
• Display mobile ID cards
• Check your insurance coverage limits
• View the discounts you qualify for
• Call for roadside assistance (if your policy includes it)
• Change personal information, including cars and drivers

Unlike other insurance company smartphone apps, the Geico Mobile app can practically serve as a replacement for their website. During our research, we discovered that all functions were the same as using their site.

Geico’s DriveEasy

In July 2019, Geico made moves to better defend its audience against distracted driving with the release of its DriveEasy app. This app does not replace the existing Geico app but rather works in tandem with it.The DriveEasy app, once installed on your phone, is able to track:

• Distracted driving, or the use of your phone while you’re on the road
• Distance driving, or the length of time you spend on the road on a daily basis
• Hard braking
• Dangerous driving times, or periods of time when traffic is high and your car happens to be a part of it

How? You’ll need to provide Geico’s DriveEasy with access to your phone’s data in your settings. Once you do, the app will run automatically in the background. Once one of your car trips end, it will upload your driving data to Geico’s cloud for later assessment. That assessment will output a driving score which reflects the amount of time you spent lifting, tapping, or talking on your phone while on the road.If the app happens to misclassify your role in a vehicle – considering you a passenger, for example, when you’re actually driving – then you’ll be able to adjust its understanding of your position in the “View All Trips” tab.While DriveEasy is still in its testing stage (as of August 2019), Geico seems prepared to utilize the data it collects to better assign drivers a car insurance premium. The app is also designed to limit drivers’ risky behaviors while on the road.

 Google Play / iTunes / Amazon Reviews

The Geico Mobile app has very high star ratings on Google Play, the iTunes Store, and Amazon.At the time of this writing, there are over 18,000 reviews in the iTunes Store with a 4-star average. Google play shows a 4.5 star average with nearly 60,000 reviews.It should be noted that Google Play has a much easier reviewing process, so there are generally many more reviews for popular apps like this one. The reviews are also easier to manipulate than on iTunes, so they often result in a better star rating.Some users have reported the following difficulties when utilizing the app:

Pros

• Easy to use
• Allows changes to policies
• Offers quotes for new policies
• Digital ID Cards right on your phone

Cons

• Reports of the app not working on specific devices

The entire app was developed to take the place of the Geico website, and nearly every feature you could use is included. With more customers than ever going completely mobile, Geico has made it possible for an individual to manage their entire insurance portfolio through a smartphone or tablet.

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Pros and Cons

Now that we have covered everything you need to know about Geico let’s check out the biggest takeaways in terms of pros and cons.

Pros	Cons
Consistently low rates	Higher than usual rates for having bad credit or driving violations
Award-winning mobile services	Just recently (2019) made available a safe driving app for usage-based insurance
Ease of getting a quote online	Higher than usual rates for residents of Hawaii, Nebraska, New Mexico, and Rhode Island

The Bottom Line

Now that you have all the facts about Geico, we hope you can decide for yourself on whether or not Geico is right for you.One thing to consider is that everyone’s needs are different, and rates can vary significantly based on individual factors.

As thorough as this guide is, we still strongly suggest that you shop around with your personal details and specific vehicle details before you choose an auto insurance provider.

Get quotes today to find out how much you could save on car insurance. Get started by simply entering your zip code in our free comparison tool.