Geico Auto Insurance Review 2023: Features and Costs
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If you like having all your insurance information at the touch of your fingertips through an easy-to-use app or website, then Geico meets this requirement. But its doesn't offer gap coverage.
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Beyond the memorable commercials and charming gecko, Geico auto insurance promises to save people a substantial amount on their car insurance.
Geico is no stranger to the auto insurance world. Not only has the company been around since 1936, but it has also since become one of the most popular auto insurance providers. The promise of deep insurance discounts and savings for everyone seems to work. So it begs the question of whether Geico lives up to its promise. It sounds like a perfect time for a Geico auto insurance review if you ask me.
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What is Geico auto insurance?
Born out of the Great Depression, Geico was founded by a husband and wife team out of Fort Worth, Texas. GEICO is the shortened version of Government Employees Insurance Company.
What started as a desire to work directly with consumers for their auto insurance needs has blossomed into one of the largest auto insurance providers in the United States. Now, Geico is under the Berkshire Hathaway umbrella and doesn’t appear to be slowing down anytime soon.
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According to Geico’s website, the company has over 18 million auto policies in force, insuring more than 30 million vehicles.
But Geico has more to offer than a long history of providing affordable insurance directly to consumers and adorable lizards for mascots. The company has amassed multiple financial and customer service ratings. Here are a few of their top ratings:
- AA+ rating from Standard and Poor's
- Aa1 from Moody's
- A++ from A.M. Best
Financial ratings are important to note - these are the best indications that an insurer will still be around when you need them the most. But even every day, people give love to Geico in reviews.
So, let’s take a look at what these ratings, awards, and impressive history can do for our auto insurance savings.
How does Geico auto insurance work?
Geico is similar to other large auto insurance companies in obtaining car insurance quotes and paying your premiums. You’ll have to input your personal information to receive the most accurate quote possible.
Geico operates with a network of independent insurance agents nationwide who exclusively sell Geico insurance products. You can work with a local agent for your application and car insurance policy or complete almost everything online or through the app.
Geico offers several types of coverage and is available in all 50 states and the District of Columbia, including motorcycle insurance, ATV and RV insurance, all-terrain vehicles, and commercial policies. You can also find vintage and classic car coverage. (They also provide home insurance or renters insurance and provide policy discounts if you bundle homeowners insurance and auto.)
Car insurance coverage options include:
- Bodily injury liability
- Property damage liability
- Medical payments coverage
- Personal Injury Protection coverage
- Uninsured motorists
- Collision coverage
- Comprehensive coverage
I’m impressed with how you can customize your policy even further with Geico. You can choose options such as:
- Emergency roadside service You can call customer service or book through an app, but your call for assistance will be answered within 2 minutes. You can expect help for stressful situations such as jump-starting your car or being locked out.
- Car rental reimbursement You’ll be reimbursed if you need a rental car due to an accident or total vehicle loss. Bonus: if you book with Enterprise, then Geico will handle all the direct billing for you.
- Mechanical breakdown coverage This is optional coverage, which acts like an extended vehicle warranty. If you have had a new or leased car for less than 15 months, the MBI covers all car parts and systems. You only have to pay a small premium for repairs instead of the substantial out-of-pocket costs dealers love to charge.
Once you agree to the coverage options, you’ll enter into a policy with Geico, simply the contract between you and the insurance company.
Your premium — the amount you will pay for your policy — will be based on your specific inputs, credit history, and vehicle history. But how much is this going to cost? Let’s take a closer look.
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Obtaining a quote
You can work with a local agent or initiate a quote online. Be prepared to share your personal information, driving history, and vehicle information (your VIN and license number) to get the most accurate quote.
How much does Geico auto insurance cost?
The best way to determine how much Geico will cost you is to run your own side-by-side comparisons.
Auto insurance premiums vary greatly from one carrier to another. Plus, you have many other influencing factors, such as your age, vehicle, residence, vehicle operation history, marital status, and credit score.
Geico advertises itself as a low-cost alternative in auto insurance. You can choose a policy with the bare minimum coverage you need or spend additional money and get a few add-ons.
For instance, for bodily injury liability, which is required in all states except Florida, Geico might show you options for $100,000 in coverage or $300,000. The $100,000 is the lowest cost, whereas the $300,000 is the recommended coverage amount and will increase your quote.
For instance, I live in North Carolina, so Geico ensures I know I’m required to carry the following:
- Bodily injury liability coverage: Minimum legal requirement is $30,000 per person and $60,000 per accident
- Property damage liability coverage: Minimum legal requirement is $25,000
- Uninsured motorist bodily injury: Minimum legal requirement is $30,000 per person and $60,000 per accident
- Uninsured/Underinsured motorist property damage: Minimum legal requirement is $25,000
Geico customers can access the same information for each particular state, even if they don’t purchase a policy through Geico.
You have to pick what is best for your budget, and the amount of coverage you feel is adequate.
Available discounts for reduced premiums
Geico has several discounts available on their already-low rates. You are almost guaranteed to find one or two you qualify for from the sheer amount of available discounts.
Here is a complete list of discounts offered:
- Airbag
- Anti-lock brakes
- Anti-theft system
- Daytime running lights
- New car
- Driving record, history, and habits
- Five-year accident-free
- Seatbelt use
- Driver’s education
- Defensive driving course
- Driver’s education course
- Good student
- Driver affiliation
- Emergency deployment
- Federal employee
- Membership and employee discount (if you’re a member or employee of one of 500 specific organizations)
- Military
- Customer loyalty
- Multi-family
- Multi-vehicle (bundling)
Geico auto insurance features
Geico has other features besides a generous amount of discounts and witty commercials. Look for features with Geico such as:
24/7 customer service
Whether through the Geico mobile app, online or by phone, Geico is easily accessible every hour of every day. This is especially important when you’re involved in an accident, need emergency road service, or have a question about payment.
Tech-savvy touches
Sure, there are humans you can speak with through Geico’s customer service line, but you have other options.
The website is easy to navigate, and you can conduct all your business transactions through it - requesting a quote, making a payment, printing your ID cards, or initiating an insurance claim.
The app is equally intuitive and convenient and offers the same capabilities as the website. Geico even has a virtual voice assistant for Android and iOS users.
Geico vs. competitors
Let’s look at how Geico compares to other big-name auto insurance providers.
Geico vs. State Farm
Like Geico, State Farm has the financial backing you’d expect from a well-known insurance company. Similar customer satisfaction ratings (although Geico edges out State Farm slightly).
The two companies differ in the expansive network of agents and the price. First, if you are looking for this, State Farm leans heavily on local agents to help you through the quote and claim process.
Geico positions itself as a low-cost insurance provider that can help you with your most basic auto insurance needs. State Farm doesn’t make the same claim and strives to provide the most tailored policy for your individual needs.
Geico vs. Nationwide
Like the other big names, Nationwide offers several options for coverage, including the gap coverage option. You might not find as many discounts with Nationwide, although you can save with their Family Plan option (if you have more than one vehicle and person to insure) and if you’re part of their Good Driver program.
A.M. Best Rating | Multiple Discounts | Gap Coverage | |
Geico | A++ | Yes | No |
State Farm | A++ | Yes | No |
Nationwide | A+ | Yes | Yes |
Who is Geico auto insurance best for?
Those looking for affordable rates
With a slogan as prominent as “15 minutes can save you 15% or more on car insurance,” you’d expect to see competitive rates on your premium.
In multiple quotes, Geico consistently reports back as one of the least expensive options for those with decent or good credit.
Those looking for financially strong backing
With strong financial ratings and assets, Geico is a stable choice for insurance products. A strong financial rating with AM Best and Standard & Poor’s provides peace of mind Geico will continue to be around when we need it the most.
Who shouldn’t use Geico auto insurance?
Those who are looking for the best customer experience
Customer service ratings are mixed with Geico. The company scored barely above average in the J.D. Power 2022 U.S. Auto Claims Satisfaction Study.
Those who need gap coverage
If you’re a new car owner looking for gap coverage, you’ll have to look elsewhere. At this time, Geico does not offer the gap coverage option.
Gap coverage is particularly popular among new car owners. This coverage helps cover the financial “gap” if your car is totaled but you owe more than it’s worth. And since new cars depreciate immediately, this may be a deal-breaker for some.
Pros and cons
Pros
- Full breadth of products. Geico offers all the typical coverage options, but you can add more specific needs such as roadside assistance, car rental reimbursement, or an umbrella insurance policy.
- Accident forgiveness. With Geico, you can either earn or purchase accident forgiveness. If you have your first at-fault accident and you also have this coverage, then your premium won’t increase as a result.
- Discounts galore. From being a member of the military, to good grades, or safe driving classes and using your seatbelt, you can find numerous ways to reduce your premium.
- Easy to file a claim. Geico has several options to submit a claim, either on the phone, through the web, or via the app.
Cons
- Lack of gap coverage option. If you’re interested in obtaining gap coverage for your vehicle, you won’t be able to purchase it through Geico.
- Limited agent network. Geico car insurance favors the use of the website and apps. Some may see this as more impersonal, but it is one way to keep costs down.
FAQs
How much will I pay for my policy with Geico?
The best way to answer this question is through a personal quote online or via the Geico app. Every quote is truly dependent on your exact vehicle history and personal information.
How can I lower my premiums?
Lowering your premiums is possible, both through Geico and other auto insurance companies. First, look for your eligible discounts. You may even qualify for several discounts. Secondly, look at other factors outside the quote, such as your credit score. Improving your credit score (paying your bills on time, lowering your debt-to-income ratio) can all play a major role in lowering your auto insurance quote.
Can I purchase Geico insurance in any state?
Yes, Geico is available in all 50 states and Washington D.C.
The bottom line
Geico has been a part of the American auto insurance landscape for over 75 years. What started as a company for government and military families to save on auto insurance costs has grown into one of the largest providers in the U.S. With Geico, you have access to competitive rates on your premium, plus a vast amount of discounts.
If you like having all your insurance information at the touch of your fingertips through an easy-to-use app or website, then Geico meets this requirement. You also have several choices for your policy to make it as adaptable to your needs as possible. Of course, if you need gap coverage, you won’t get it through Geico. But you’re likely to have all your other needs addressed.
For more information, visit Geico.com.
Contact
General | Claims | Billing |
800-841-2964 | 800-841-3000 | |
5260 Western Avenue Chevy Chase, MD 20815 | 1 Geico Plaza, Bethesda, MD 20810-0001 | |
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Writer
Sara Coleman is a former corporate gal turned creative entrepreneur. She began writing professionally several years ago and now contributes to multiple websites, blogs, and magazines. She’s also an avid reader and can’t resist a great historical fiction novel. Sara holds a BA in journalism from the University of Georgia and can be found supporting her Bulldogs every chance she has. She resides in Charlotte, North Carolina, with her wonderfully supportive husband and three children. When she’s not ushering her kids to sports and dance lessons, she can be found creating content for her own website, TheProperPen.com.
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