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Geico vs. State Farm

Written by

Shannon Martin

Edited by

Amelia Buckley

Edited by

Amelia Buckley

Updated Apr 19, 2024

Geico and State Farm are two of the biggest names in the insurance industry. Find out which is the better fit for you.

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State Farm is the largest insurer of private passenger autos in the U.S., with 18.31 percent of the U.S. market share and almost $58 billion in direct premiums written. Founded in 1922, the company offers far more than just car insurance policies. Both companies have a lot to offer, including superior AM Best financial strength ratings and above-average customer satisfaction scores from J.D. Power.

Geico and State Farm are two of the top insurers in the U.S., but each company offers unique benefits and potential downsides to its customers. Geico, founded in 1936, is the third-largest auto insurance carrier in the country, with more than $38 billion in direct premiums written and 12.31 percent of the market share. The company is known for its gecko mascot, as well as for low prices and its long list of potential discounts.

Our verdict

When looking at Geico vs. State Farm, both companies offer a range of insurance products for customers, but Geico has the edge when it comes to offering low average rates, and its extensive discount list has the potential to cut costs even more. On the other hand, State Farm provides a range of insurance options and a robust online presence, along with the benefits of experienced agents with brick-and-mortar locations.

Geico vs. State Farm comparison

Geico and State Farm are both leaders in the auto insurance industry, offering coverage nationwide. Both companies have different strengths: Geico offers coverage to drivers with a wide range of driving histories, while State Farm consistently pulls above-average customer satisfaction scores from J.D. Power.

Featured Geico Rating: 4.4 stars out of 5 4.4 Cost & ratings Rating: 4.7 stars out of 5 4.7 Coverage Rating: 4 stars out of 5 4.0 Support Rating: 4.4 stars out of 5 4.4 Read Review	State Farm Rating: 4.3 stars out of 5 4.3 Cost & ratings Rating: 4.3 stars out of 5 4.3 Coverage Rating: 4 stars out of 5 4.0 Support Rating: 4.4 stars out of 5 4.4 Read Review
OVERVIEW
Policyholders who value cheaper car insurance and digital capabilities over bundling multiple insurance policies with the same company might consider Geico as their company of choice. Read More	Policyholders who value a personalized experience through a local agent, bundling insurance policies with the same company and highly rated customer service might consider State Farm as their company of choice. Read More
STANDOUT FEATURES
DriveEasy telematics program Robust digital tools Long list of potential discounts	Two safe driving programs Offers banking and investment products Local agents available
AVG FULL COV. AUTO RATE
$1,741	$2,364
AVG MIN COV. AUTO RATE
$459	$702
JD POWER AUTO SCORE
874/1000	882/1000
AM BEST RATING
A++(Superior)	A++(Superior)

Geico pros and cons

Pros

Average rates are below the national average
Offers SR-22 filings and non-owner car insurance
Extensive list of discounts
Extends coverage to drivers who may fall into the high-risk category

Cons

Little opportunity to customize policies
Doesn't underwrite its life or homeowner policies
Limited agent network
Ranked below average for claims satisfaction by J.D. Power

State Farm pros and cons

Pros

Above-average score for claims and customer satisfaction with J.D. Power
High financial strength rating with AM Best
Extensive network of agents
Offers telematics discount for young drivers

Cons

Customer service not available around the clock
No gap insurance available
Fewer discounts than Geico
No live chat feature

Is Geico cheaper than State Farm?

While Geico's average rates are below the national average for both minimum and full coverage, State Farm's average rates are actually slightly higher than the national average, according to Bankrate’s analysis of premium data from Quadrant Information Services. While State Farm will write policies for some high-risk drivers, Geico tends to offer the same type of coverage at a cheaper rate. Below you can see how each carrier's average rates stack up across a variety of common driver profiles.

Car insurance company	Amica avg. full coverage premium	Progressive avg. full coverage premium
Young driver (age 25)	$2,063	$2,783
Senior driver (age 70)	$1,852	$2,248
Good driver, good credit	$1,741	$2,364
Good driver, poor credit	$2,447	$8,828
Speeding ticket with good credit	$2,112	$2,709
At-fault accident with good credit	$2,535	$2,995
DUI conviction with good credit	$4,182	$3,729

Bankrate's take

State Farm’s underwriting guidelines do not allow new customers to have a DUI in their driving history. While existing policyholders who meet certain criteria may continue their coverage with State Farm if they receive a DUI after the policy starts, these cases are few and far between, which is why we did not include DUI rates in the chart above.

Geico vs State Farm: discounts

When rates are similar between insurance companies, discount offerings may be the deciding factor. Comparing Geico vs. State Farm, Geico has more potential discounts than State Farm, but there are a few State Farm has that Geico does not offer.

Discounts available from both carriers

Geico and State Farm offer several discounts and some of them are very similar. Both offer bundling, good driver, defensive driver, and telematics discounts, but the stipulation and savings percentage can differ. Other discounts typical to most carriers are vehicle safety features, anti-theft devices and bundling discounts.

Geico discounts

New vehicle: Drivers who insure a new car three model years or newer with Geico may save up to 15 percent on car insurance premiums.
Emergency deployment: If a military insured has to deploy in an emergency to an imminent danger zone, they may be able to save up to 25 percent on car insurance by providing approved orders to Geico.
Federal employee: Drivers who are current or retired federal employees may be able to save up to 12 percent on car insurance with Geico.

State Farm discounts

Accident-free: Though both companies offer generous potential discounts, State Farm also offers an accident-free discount, which may reward you if you go three or more years without a claim for an accident.
Student away at school: Drivers under the age of 25 who go away to college at least 100 miles away from their home and do not take a car with them may be eligible for this discount with State Farm.
Two telematics programs: While Geico offers a telematics program, State Farm has two: Steer Clear and Drive Safe and Save. Steer Clear is for drivers under 25 and prompts safe driving with videos and quizzes. Drive Safe and Save is for more experienced drivers who may save money based on signup and driving behavior.

Geico and State Farm telematics programs

Telematics programs, also called usage-based insurance, are a common method for insurance companies to assess your driving behavior. If you demonstrate safe driving, you may qualify for discounts. Geico and State Farm’s telematic plans are app-based, so you only need to download the carrier's app to your smartphone. The app tracks various aspects of your driving, such as speed and braking. Opting into these programs could be beneficial, as some insurers provide notable discounts for safe driving habits — though some drivers may view these systems as invasive.

State Farm offers two telematics programs, but we chose to focus on Drive Safe and Save, as it's targeted to a more general audience than the young drive-focused Steer Clear program.

	Geico DriveEasy	State Farm Drive Safe & Save
Device	Mobile app for Apple or Android	Mobile app for Apple or Android, Connected Car feature with newer Ford or Lincoln vehicles, Bluetooth beacon
Can it raise your rate?	Yes	No
Availability	33 states and Washington, D.C.	46 states
Discount	Varies	Up to 30 percent
What it monitors	Hard braking, fast accelerations, time of day, weather, distracted driving, distance traveled, speeding and cornering	Acceleration, braking, cornering, speed and phone use

Geico vs State Farm: customer experience comparison

The 2023 J.D. Power Auto Claims Satisfaction Study rankings show that State Farm ranks much higher for claims customer service than Geico. On the other hand, Geico, State Farm and Progressive shared a three-way tie for first place in customer satisfaction in the usage-based section of J.D. Power’s 2023 Auto Insurance Study, indicating similar service in relation to usage-based programs, like telematics.

	Geico	State Farm
Apple store	4.8 of 5	4.8 of 5
Google play	4.6 of 5	4.7 of 5
J.D. Power claims satisfaction	871 / 1,000	891 / 1,000

Customer complaints

The National Association of Insurance Commissioners (NAIC) produces a complaint index report to track the prevalence of complaints lodged against insurance companies. The index employs a baseline of 1.0. Scores below 1.0 indicate that a provider had fewer complaints than expected for its size and vice versa.

Geico auto insurance customer complaints

Geico's low NAIC complaint index indicates a generally positive and consistent level of service for its private passenger coverage product.

State Farm auto insurance customer complaints

State Farm received fewer complaints than expected for its large company size. While State Farm’s rating is slightly higher than Geico's, it is well below the baseline average of 1.0. This indicates that State Farm policyholders may be satisfied with the service they receive.

Frequently asked questions

Depending on your specific circumstances, either company could be a good fit. Based on average car insurance rates, Geico tends to have cheaper average car insurance rates, but State Farm may have more customizable policies and the advantage of in-person agents across the country.
A strong financial strength rating from organizations like AM Best or Standard and Poor’s shows a company’s past ability to pay claims. Though there is no guarantee of a company’s future ability to pay claims, Geico and State Farm both have superior financial strength. These ratings can offer customers peace of mind in the event they have to file a claim.
The best car insurance company offers the level of coverage you need, the ability to customize your coverage when the need arises and has affordable rates. For different reasons, Geico and State Farm are considered some of the best car insurance companies in the country in multiple Bankrate studies. Their affordable average rates, discount and coverage availability and the fact they are offered in all states put them both on our list of Best Car Insurance Companies.
Yes, both Geico and State Farm offer homeowners insurance. However, Geico does not underwrite its homeowners or life insurance policies. It works with partner insurers that are responsible for the underwriting of the policies instead. If you have a homeowners insurance policy with Geico, you may work with another company to manage your policy and file claims.

Methodology

Bankrate utilizes Quadrant Information Services to analyze April 2024 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Rates are weighted based on the population density in each geographic region. Quoted rates are based on a single, 40-year-old male and female driver with a clean driving record, good credit and the following full coverage limits:

$100,000 bodily injury liability per person
$300,000 bodily injury liability per accident
$50,000 property damage liability per accident
$100,000 uninsured motorist bodily injury per person
$300,000 uninsured motorist bodily injury per accident
$500 collision deductible
$500 comprehensive deductible

To determine minimum coverage limits, Bankrate used minimum coverage that meets each state’s requirements. Our base profile drivers own a 2022 Toyota Camry, commute five days a week and drive 12,000 miles annually.

These are sample rates and should only be used for comparative purposes.

Credit-based insurance scores: Rates were calculated based on the following insurance credit tiers assigned to our drivers: “poor, average, good (base) and excellent.” Insurance credit tiers factor in your official credit scores but are not dependent on that variable alone. Four states prohibit or limit the use of credit as a rating factor in determining auto insurance rates: California, Hawaii, Massachusetts and Michigan.

Incidents: Rates were calculated by evaluating our base profile with the following incidents applied: clean record (base), at-fault accident, single speeding ticket and single DUI conviction.

Age: Rates were calculated by evaluating our base profile with the ages 25-70 (base: 40 years) applied. Depending on age, drivers may be a renter or homeowner. Age is not a contributing rating factor in Hawaii and Massachusetts due to state regulations.

Bankrate Scores

Our 2024 Bankrate Score considers variables our insurance editorial team determined impacts policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories.

Overall Score

Cost & ratings 50%
Coverage & savings 30%
Support 20%

Each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. Our scoring model provides a comprehensive view, indicating when companies excel across several key areas and highlight where they fall short.