Overview of GEICO Car Insurance
Chances are, you’re familiar with GEICO insurance, or at least you should be. GEICO spends over a billion dollars a year on advertising, more than any other insurance company. Their ubiquitous gecko and other clever advertising campaigns have helped GEICO become the second largest auto insurer in the country, with about a 10 percent market share.
How Does GEICO Car Insurance Rate?
Consumer Satisfaction Rating
These ratings are from the J.D. Power 2015 U.S. Auto Insurance Claims Satisfaction Study. The highest score for each category is five stars. The GEICO Insurance Company subsidiary rated here may not be the subsidiary that underwrites your insurance policy. Check with your insurance agent for more information.
Customer Complaint Ratio
The National Association of Insurance Commissioners (NAIC) collects complaint information from state insurance regulators. The national median complaint ratio is 1. A score of less than 1 means a company has a lower than average number of complaints, while a score higher than 1 means it has more than average. The GEICO Insurance Company subsidiary rated here may not be the subsidiary that underwrites your insurance policy. Check with your insurance agent for more information.
Last Updated: September 2016
Financial Strength Rating
A Best’s Financial Strength Rating opinion addresses the relative ability of an insurer to meet its ongoing insurance obligations. It is not a warranty of a company’s financial strength and ability to meet its obligations to policyholders. View our Important Notice: Best’s Credit Ratings for a disclaimer notice and complete details at http://www.ambest.com/ratings/notice.
Financial Strength is rated on a scale of D (poor) to A+ (superior). A rating notch of either a second “+” or a “-“ indicates the gradation of financial strength within the category. We can’t guarantee that the subsidiary of GEICO Insurance rated here is the subsidiary that will underwrite your insurance policy. Check with your insurance agent and review A.M. Best’s Financial Strength Rating Guide for more information.
Best’s Credit Ratings™ are under continuous review and subject to change and/or affirmation. For the latest Best’s Credit Ratings™ and Best’s Credit Reports which include Best’s Credit Ratings™), visit the A.M. Best website at http://www.ambest.com. See Guide to Best’s Credit Ratings™ for explanation of use and charges.
Best’s Credit Ratings™ reproduced herein appear under license from A.M. Best and do not constitute, either expressly or impliedly, an endorsement of MoneyGeek.com or its recommendations, formulas, criteria or comparisons to any other ratings, rating scales or rating organizations which are published or referenced herein. A.M. Best is not responsible for transcription errors made in presenting Best’s Credit Ratings™. Best’s Credit Ratings™ are proprietary and may not be reproduced or distributed without the express written permission of A.M. Best Company.
Source A.M. Best
Effective Date: July 2016
Pros and Cons of GEICO Car Insurance
- The online quoting tool not only explains each coverage in detail, but uses graphs and charts to show you what levels of coverage other people like you have chosen.
- GEICO’s sales and service department is available by phone 24 hours a day.
- GEICO has a special team made up of military retirees devoted to working with military policyholders.
- Because GEICO focuses primarily on internet and phone service, it may be hard to find a local agent to deal with in person.
- GEICO offers a multi-policy discount on your auto insurance when you bundle it with a property policy like homeowners or renters, but GEICO doesn’t underwrite these policies. Instead, they are issued by third-party companies.
- GEICO does not have a telematics-based discount program that encourages and rewards good driving habits, even though policyholders at companies with such programs can earn savings of up to 35 percent on their insurance premium.
GEICO Car Insurance Coverage
GEICO often offers a very competitive rate, despite the fact that they spend so much money on advertising (about $6 out of every $100 of premium collected). This is possible because their business model is to gain sales through advertising, more than through on-the-ground insurance agents. For the consumer, it means that it won’t be as easy to have a local agent to help you with your policy or claims, but they have a responsive customer service team available online or by phone.
Although GEICO is known for affordable rates, this doesn’t limit their offerings in the standard coverage options. Policyholders can choose from a wide range of liability, medical payment and comprehensive and collision coverages.
Starting at the state minimums, GEICO’s dropdown menu lets you pick from among the standard coverages like $25,000/$50,000 or $100,000/$300,000, but also from more customized combinations like $300,000/$300,000.
They offer a nice selection of property damage liability coverage as well, from the state minimum on up to $100,000.
This coverage is more customizable that what is offered by some other companies, in amounts of $1,000, $2,000, $3,000, $4,000, $5,000, $7,500 and $10,000. It also covers funeral expenses, which some other insurers do not include in their med pay coverage.
Because this coverage must be equal to or less than the bodily injury liability coverage, GEICO offers the same range of coverages for UM as they do for BI.
In keeping with GEICO’s tendency to allow customers to customize their coverage, several different collision deductible levels are offered, from $50 all the way up to $2,500, or it can be declined altogether.
Similar to collision coverage, policyholders who purchase comprehensive coverage can choose from a range of deductibles from $50 to $2,500. They can also choose to have no deductible.
Since GEICO strives to write affordable auto insurance for the general public, it doesn’t have a lot of extra coverage options. But the company does a good job of educating prospective policyholders about the extra coverage that is available to supplement their insurance policy.
In a departure from GEICO’s other coverage, this one is not customizable. Many other insurance companies let you choose how much emergency road service will pay (for example $50 or $200 per incident). But if you include emergency road service on your GEICO policy, it pays a flat $100 per incident.
GEICO’s rental reimbursement coverage differs from the standard coverage provided by other companies. It is fairly typical for this to begin at $30 per day or a total of $900, but GEICO’s coverage fluctuates from state to state.
If you carry GEICO insurance for two years, they will review your record to see if you qualify for accident forgiveness to be added to your policy at no charge, but if you don’t want to wait, you can purchase upgraded accident forgiveness before that time.
Available Discounts on GEICO Car Insurance
GEICO’s discounts are similar to those found on most car insurance policies. The company does have a huge number of group and affiliation savings available, but lacks any sort of telematics or monitored good driving habits savings that many of the other large auto insurers have adopted.
|Type of Discount||Description|
|Air bag discount||Depending on how comprehensive your air bag system is, you can save 25 to 40 percent on the medical payments or personal injury portion of your premium.|
|Anti-lock discount||Anti-lock brakes can save you five percent on the collision portion of your insurance premium.|
|Anti-theft system discount||Because a stolen car falls under your comprehensive coverage, items like alarms and disabling equipment can contribute to a savings of up to 25 percent.|
|Daytime running lights discount||If these are part of your standard equipment, it could save you some money on your premium.|
|Five-year accident free good driver discount||A clean driving record can translate into as much as 26 percent savings.|
|Seat belt use discount||This is another savings related to the med pay coverage, good for up to 15 percent.|
|Defensive driving discount||Depending upon your state of residence, completing a defensive driving course could earn you a discount.|
|Driver’s education discount||If you have a young driver who has completed driver’s ed, check to see if this makes you eligible for a discount where you live.|
|Good student discount||For the most part, the good student discount applies to high school and college students who maintain a “B” average or higher.|
|Emergency deployment discount||This is a special discount available to certain deployed members of the military.|
|Military discount||Even if you haven’t been deployed, if you are in the Guard or Reserves, or are active duty or retired military, you may be eligible for this discount.|
|Membership and employee discount||Also known as affiliation discount, this savings may apply if you are a member of a certain group or organization, like an alumni association or a professional society. There are more than 500 eligible affiliations on GEICO’s list.|
|Federal employee discount||Similar to the affiliation discounts described above, this one applies to people who work for the federal government.|
|Multi-car discount||Insuring two or more cars on your policy will earn you a discount.|
|Multi-policy discount||When you bundle your car insurance with a home, condo, renter or mobile home policy from GEICO, you could get a discount on your auto premium.|
How to Make a Car Insurance Claim with GEICO
The website is set up to make reporting a claim quick and easy. You can log in with your online GEICO account login or with your name and policy number, and the process only takes about five minutes. On the claims website, you can upload photos and documents, view reports, schedule repairs and more. Claims reports can also be handled on the mobile app, email or phone.
How to Contact GEICO Car Insurance
Customer Service Phone Number (800) 861-8380
Claim Phone Number (800) 861-8380