Geico, owned by Berkshire Hathaway Group, is the second-largest insurance company in the United States. Geico offers a variety of insurance products including auto, home, and business insurance. Geico is one of the cheapest car insurance companies in the nation, with an average full coverage premium of $1,405 per year, according to data pulled from Quadrant Information Services. This premium is significantly lower than the $1,674 national average for full coverage car insurance premiums.
Geico’s headquarters is in Chevy Chase, Maryland. However, you can purchase the company’s insurance products anywhere in the 50 states and D.C. If you are shopping for insurance, understanding what sets Geico apart from other insurance companies might help you decide if the company is the right fit for you.
Geico car insurance
Geico offers car insurance that covers more than cars. Geico can insure any vehicle, whether it is a car, truck or collectible, including ATVs.
Types of coverage
- Private passenger auto insurance
- Insurance for motorcycles
- ATV insurance
- Insurance for rideshare drivers and drivers who are on-demand.
- Collector auto insurance
- Mexico offers car insurance
- Insurance for commercial vehicles
Geico offers a wide variety of auto insurance products that can be combined to make it easier for you to insure all of your vehicles. This could also make managing your insurance simpler.
Geico car insurance: What is the cost?
Geico’s average premiums is quite a bit less than the average cost of U.S. car insurance. The average annual cost for minimum coverage in the United States is $565. The average annual cost for full coverage is $1,674.
Here are the average Geico customer payments:
Geico drivers save an average $132 on minimum coverage and $269 on full coverage.
Geico’s low average rates might be due to the company’s long list of discounts. Geico offers discounts for a variety of situations which may help to keep premiums down.
Geico offers a wide range of discounts, which may vary from one state to the next.
- New vehicle discount
- Good student discount
- Discount on defensive driving
- Good driver discount
- Seat belt use discount
- Multi-vehicle discount
- Multi-policy Discount
- Vehicle equipment discounts
- Driver education discounts
- Discount for military service members
- Emergency deployment discount
- Federal employee discount
- Members and employees get discounts
Geico renters and home insurance
Geico insurance for homeowners and renters covers you for a variety of situations, including property damage and injuries that your guests sustain. Each policy is different, so it is important to review your paperwork and discuss your coverage with an agent. However, most Geico policies include these:
Different types of home insurance coverage
- Fire, hail, wind and water can cause property damage
- Personal property, such as furniture, clothes, appliances, and dishes
- Jewelry (upto the limit specified)
- Personal liability
- Medical bills
- Hotel costs are another expense that can be added to your daily living expenses
Individual insurance policies can be different. These coverage options are included in most home insurance policies from Geico, but some coverages may not be available. A licensed insurance professional can help you understand the coverage you have by reviewing your policy.
Different types of renters insurance coverage
Geico’s renters insurance can be customized just like home insurance. Your policy may have different coverages than those listed below. However, under a standard Geico renters insurance policy, you have coverage for the following:
- Water, fire and wind damage
- Smoke damage
- Vandalism and theft
- Visitor injuries
- Property damage caused by negligence
- If someone is hurt on your property, you will need to pay for legal and medical bills
- If your apartment/condo is uninhabitable, expenses such as hotel fees
- Furniture, electronics, appliances, or clothing damaged
You can also purchase additional endorsements or add-ons to your coverage. You can add insurance to cover high-value items like jewelry, sports goods, and electronics.
Geico offers property insurance discounts that may help lower your property insurance premium. Property insurance discounts are similar to auto insurance discounts. Talking with an agent may be the best way for you to find ways to save.
Geico offers property discounts such as:
- Discounts on home security systems
- Discounts on sprinkler and smoke alarms
- Multi-policy Discounts
Geico life insurance
Geico is not the most well-known for its life insurance policies, but it provides three types of life insurance coverage.
Term life insurance is one of the most common types of life insurance and is known for being more affordable than permanent policies. Term policies offer coverage for a specified time period, typically between 10 and 30 year. Term policies are a great option for those who need coverage while on a tight budget. For those who have not passed a traditional health screening, Geico offers a No Med Exam policy.
Your whole life
Whole life insurance policies offer permanent coverage, meaning you are covered for the duration of your lifetime. They are generally more expensive than traditional term policies because they offer permanent coverage. Whole life policies often come with living benefits, like cash value, which you can use while living to help supplement your income.
Universal life, another type of permanent insurance, has some more features than whole-life. Universal life insurance is a more flexible option for those who want permanent coverage but want the ability to update their policy. You may be able update your premium and your death benefit with a universal policy.
You might be able get a quote online if you’re interested in purchasing life insurance from Geico. You can also check out the life insurance frequently asked questions page for more information on life insurance and who can benefit from having it.
Geico reviews, ratings, customer satisfaction, and complaints
J.D. Power & Associates
J.D. J.D. This is how Geico did in the United States in 2021.
This J.D. This particular J.D.
AM Best, an independent agency that assesses a company’s financial strength, is called AM Best. A company with a strong financial score indicates that it can handle situations where there are many claims in a short time. Geico’s AM Best financial strength score is A++ (Superior), the highest level possible.
National Association of Insurance Commissioners
Geico’s complaint index rating with the National Association of Insurance Commissioners (NAIC) is 1.70. Geico’s score of 1.70 indicates that there are more complaints than average to the National Association of Insurance Commissioners (NAIC).
Geico is a great choice because of these reasons
Geico is a great choice regardless of what type of insurance you need. Geico’s rates are typically lower than those charged by other companies, and it offers discounts and bundles that can help you save money.
Geico is consistently ranked highly by companies such as J.D. Power and AM Best. Geico’s financial strength and customer satisfaction ratings have consistently demonstrated that it is an insurance company that can provide services to a wide range of customers.
Geico offers additional policies
Geico has many insurance options that customers who wish to consolidate their insurance policies with one company may find helpful.
These are additional policies that Geico offers:
- Insurance for businesses
- Protection of your identity
- Insurance for jewelry
- Insurance for overseas residents
- Pet insurance
- Travel insurance
- Umbrella insurance
- Insurance for personal and boat watercraft
Questions frequently asked
Why should Geico be my choice?
Geico may be a good option if you have a tight budget. The company’s rates are generally lower than similar companies. Geico offers a long list discount options that may explain this. Geico has outstanding mobile tools including an app for smartphones and an online customer portal. It is always a good idea to get quotes from multiple companies when you are shopping for car insurance.
What are the steps to obtain a quote from Geico
It depends on the type of quote that you require. To get an auto insurance quote, please provide your address, date, birth, driver’s licence number, and vehicle identification number (VIN), for each car you wish to insure. You will need the personal information of any other drivers in your household. You will need to know your name, date of birth, and information about your home, such as the year it was built and how old its roof is. Also, any recent updates or changes to major systems.
How can I file an Auto Claims with Geico?
Geico’s claims process is available online, by phone or via their mobile app. Geico will require you to describe the incident, the exact location, and the time. It is helpful to have both your policy information as well as any policy information of other parties involved when you report a claim to Geico.