Geico Insurance Review - Best Company thta Offers a Wide Range of Discounts in 2023

Geico Insurance
Geico Insurance

GEICO (Government Employees Insurance Company) is an American insurance company that provides auto insurance coverage for millions of drivers across the United States. The company was founded in 1936 and originally targeted government employees and military personnel. However, it has since expanded to provide coverage to all drivers.

GEICO is known for its low rates and catchy advertising campaigns, which often feature a gecko or other humorous characters.

The company offers a variety of insurance products in addition to auto insurance, including homeowners, renters, motorcycle, and business insurance.

One of the key features of GEICO's auto insurance policies is the ability to customize coverage options. Customers can choose from a range of deductibles, coverage limits, and add-ons to tailor their policy to their individual needs.

GEICO also offers discounts for safe driving, multiple policies, and other factors that can help lower premiums.

In addition to its insurance products, GEICO also provides a range of services to its customers, including 24/7 customer service, online policy management, and mobile app access. The company is known for its fast and efficient claims processing, with many claims settled within 48 hours.

Overall, GEICO is a well-established insurance company with a reputation for providing affordable and customizable coverage options for drivers across the United States.

History of Geico Insurance

GEICO (Government Employees Insurance Company) was founded in 1936 by Leo and Lillian Goodwin. The company was originally established to provide insurance for government employees and military personnel.

At the time, these groups were considered to be low-risk and therefore eligible for lower rates.

The Goodwins started the company with a small investment of $25,000 and operated out of a single room in Washington, D.C. They initially targeted federal employees, offering them auto insurance coverage at a rate of $2.50 per year.

In the years that followed, GEICO expanded its customer base beyond government employees to include the general public.

The company continued to grow throughout the 1940s and 1950s, and by 1958 it had over 100,000 policyholders.

In the 1960s, GEICO introduced a new advertising campaign featuring a gecko, which quickly became one of the company's most recognizable icons.

In the decades that followed, GEICO continued to expand its product offerings and customer base, becoming one of the largest auto insurance providers in the United States.

In 1996, GEICO became a wholly-owned subsidiary of Berkshire Hathaway, a multinational conglomerate led by billionaire investor Warren Buffett.

Today, GEICO is one of the largest insurers in the United States, providing coverage to over 28 million policyholders across the country. The company continues to offer affordable and customizable insurance products, with a focus on customer service and fast claims processing.

Geico Insurance Details

Available in all 50 states

Some major auto insurance companies don’t underwrite policies in all states, but that’s not the case with GEICO, which is available no matter where you live in the United States.

Easy-to-use digital tools

GEICO’s website and mobile app are simple and easy to access. You can use them to manage your policy, file claims and pay your bills. So it’s really handy to keep up to date with your policy or file a claim at the scene of an accident.

Lots of discounts

GEICO offers its customers a whole bunch of potential discounts. For example, you might pay a lower premium if you have a clean driving history, are a federal employee, or have recently taken a defensive driving course.

Only sells through GEICO agents

If you plan to work with an independent broker, they will not be able to show you quotes for GEICO. This is because GEICO only sells policies through its own agents.

However, if you want to compare your options, Policygenius can show you quotes from big companies without having to enter your information again and again.

GEICO does not warrant all of its other products

Hoping to bundle GEICO home and auto policies together? You can, but GEICO partners with third-party companies for some of its other insurance products.

This means that while your auto insurance claims are handled by GEICO, your homeowner claim may be handled by another company, such as AIG.

Geico Car Insurance Rates

According to our pricing estimates, Geico’s minimum coverage costs around $468 per year or $39 per month. That’s about 26% cheaper than the national average for minimum liability coverage.

Because prices are influenced by factors such as your age, gender, accident history and the type of car you drive, the best way to estimate your monthly payment is to get a free quote.

Our rate estimation data suggests that Geico has some of the best rates for drivers with poor credit as well as young drivers.

We also surveyed 1,000 auto insurance customers in 2022.

Of the 117 respondents with a Geico policy, 36% believe they experienced a rate increase without an obvious cause.

That’s actually below the industry average of 41% across all companies.

Geico’s Insurance Discount

GEICO’s rates are more affordable, on average, than most other carriers. According to our analysis of Quadrant Information Services data, the average cost of a GEICO policy is $1,184 per year, 28% less than the national average of $1,638.

GEICO offers a wide range of discounts, more than some of its competitors.

These include typical discounts for vehicle features like anti-lock brakes and anti-theft systems, and unique discounts like for service members on emergency deployments and students who are in school.

Discounts available include:

  • Discount on anti-theft devices. If you installed a car alarm or something similar, you’ll save up to 25%.
  • Driving lesson. If you take and pass a certified driver’s course, you could reduce your premium.
  • Discount on emergency deployment. In the event that you are deployed unexpectedly, you could get a discount on your rate.
  • Discounts for federal employees. If you work for the government, you may qualify for lower rates.
  • Good student discount. Full-time students aged 16 to 24 with a “B” average or better can reduce their premium a little.
  • Military discount. Active duty and retired military personnel and National Guard or Reserve members can get up to 15% off their premium.
  • Multi-vehicle discount. Sign more than one car with GEICO for a possible 25% discount.
  • Multi-font discount. Get condo, landlord, renter or RV insurance through GEICO and get a discount on your car insurance.
  • Discounts on new vehicles. If you drive a car three or more model years old, you could qualify for a 15% discount.

Geico Coverage Options

GEICO customers will be able to get the standard coverage every driver needs, including:

  • Liability insurance. Liability insurance covers the cost if you damage someone’s property or injure someone with your car. Liability insurance is required in most states.
  • Protection against bodily injury. Pays for your medical expenses or lost wages if you or your passengers are injured in an accident.
  • Coverage for uninsured/underinsured motorists. Covers the cost if you are involved in an accident caused by a driver without insurance or whose insurance does not 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.
  • Full coverage. Covers the costs of damage to your car that is not caused by a collision, including damage caused by animals, extreme weather conditions, floods, fires, falling objects, theft and vandalism.

In addition, customers have the option of adding the following coverages to their policies:

  • Emergency road service. With this service added to your coverage, you’ll have access to assistance when you need emergency assistance, such as with a quick start or a flat tire.
  • Reimbursement of rent. If you need a rental while your car is repaired or replaced, this will reimburse you for a certain amount of your car rental costs. If you are renting from Enterprise, GEICO will be billed directly.
  • Medical payments. This is optional coverage in most states and covers the costs of medical bills associated with a covered incident for you or your passengers.

Geico Rate Comparison

Cheapest Car Insurance For 16-Year-Olds:

Car Insurance CompanyAnnual Rate EstimateMonthly Rate Estimate
Erie Insurance$3,410$284
State Farm$4,146$345

Cheapest Car Insurance For 21-Year-Olds:

Car Insurance CompanyAnnual Rate EstimateMonthly Rate Estimate
Erie Insurance$2,103$175

Unless you’re in the military or have a family member with USAA, Geico provides some of the cheapest auto insurance policies.

The average annual premium with Geico for experienced drivers with a clean driving record is around $1,308, according to our cost study.

This is about 24% cheaper than the national average.