Geico vs Safeco

1
staticnak1983/Getty Images
Bankrate Logo

Why you can trust Bankrate

While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for . This content is powered by HomeInsurance.com (NPN: 8781838). For more information, please see our

Based in Chevy Chase, Maryland, Geico has been offering auto insurance since 1936 when the company was first established for government employees by husband and wife team Leo and Lillian Goodwin. Now offering coverage to the general public, Geico—a part of Berkshire Hathaway Inc.—is the second largest auto insurer in the nation with almost 14% of the market share. Geico has several underwriting companies for each product it offers, specializing in cheap car insurance rates for the average driver.

Safeco was founded in 1923 and was known as “The General” until 1953, when the subsidiary Selective Auto and Fire Insurance Company, or Safeco, was created. The company may not be in the top 10 for market share, but it considers computer automation tools its key to years of success. Now a part of Liberty Mutual Insurance, Safeco is offered through independent agents with a dynamic range of products, including auto, home, life, investments and surety bonds.

Geico vs Safeco: car insurance rates comparison

Comparing Safeco vs Geico, the companies offer similar products and services, including a range of coverages and discounts consumers can use to customize their insurance portfolio. Both companies score above average in the most recent J.D. Power customer satisfaction study, and even though Safeco does not have an AM Best rating, it scores just below Geico in Bankrate’s scoring system. (Bankrate Scores are on a scale of 0.0 to 5.0 and the higher a company’s Bankrate Scores, the more highly that company was ranked by industry-trusted sources like AM Best, Standard and Poor’s and J.D. Power.) Rates are provided using Quadrant Information Services in 2021, but are unavailable for Safeco at this time.

Car insurance company Bankrate Score AM Best J.D. Power Average annual premium for minimum coverage Average annual premium for full coverage
Geico 4.6 A++ 871/1,000 $433 $1,405
Safeco 4.5 NR 870/1,000 N/A N/A

Rates by credit score

Most states, except California, Hawaii, Massachusetts, Michigan and Washington, use a credit score to determine car insurance rates. Because there is a correlation between credit scores and the likelihood for claims, insurance companies usually offer better pricing for good or excellent credit. Vehicle owners may be able to lower their car insurance rate by paying all their bills on time, improving their credit score and shopping for quotes from different companies to compare pricing.

Car insurance company Poor Average Good Excellent
Geico $1,978 $1,505 $1,405 $1,312
National average $3,873 $1,865 $1,674 $1,487

Rates by age

With age comes experience behind the wheel, which usually results in lower car insurance premiums. When insuring a teen driver, taking advantage of available discounts and programs can not only save you money, it can also help make the inexperienced driver a safer driver. No matter what age you are, avoiding accidents and tickets can keep rates low and make you eligible for more safe driving discounts.

Car insurance company Age 16* Age 18 Age 25 Age 30 Age 40 Age 60
Geico $1,897 $3,672 $1,674 $1,465 $1,405 $1,326
National average $2,531 $5,243 $2,108 $1,850 $1,674 $1,544

*16 year old cost when added to parents’ policy, 18-year-old renter

Rates by driving record

Your driving record is one of the deciding factors that can have a big impact on your car insurance rates. With competitive pricing, comparing Safeco vs Geico rates will likely be similar and lower than the national average comparison premiums. Taking part in usage-based programs is a great way to stay mindful behind the wheel to maintain a clean driving record and may also net you additional savings on your auto insurance.

Car insurance company Clean driving record Speeding ticket Accident DUI conviction
Geico $1,405 $1,734 $1,971 $3,064
National average $1,674 $2,062 $2,311 $3,139

Geico vs Safeco: discounts

When comparing Geico vs Safeco, Geico has more options available for potential discounts, depending on the state you live in. Both companies offer some similar potential discounts, like those for autopay, going paperless and being a safe driver. But there are a few discount offerings unique to each company:

Geico

  • Emergency deployment — Potentially get up to 25% in savings if you are sent on emergency deployment to an imminent danger zone.
  • Eagle discount — Active and retired federal employees may be able to save up to 12% on their auto insurance.
  • Air bag discount — While not a unique discount, Geico offers up to 23% in potential savings on medical payments and personal injury protection coverage on vehicles with air bags.

Safeco

  • Claims-free cash back — You may be eligible to receive 2.5% of your policy premium back for every 6-month renewal you go claims-free (up to 5% per year).
  • Diminishing deductible — You may be able to save up to $500 on your collision deductible for every renewal you do not file a claim.

Geico vs Safeco: online and mobile experience comparison

When comparing Safeco vs Geico’s mobile app, both companies allow you to pay your bill, view policy documents and ID cards and get roadside assistance when needed. Some ranking companies have rated Geico as the #1 mobile app for insurance, offering additional innovative features like Vehicle Care and Virtual Assistance.

Both Geico and Safeco have better-than-average scores in Apple Store and Google Play, and the app is free to download and use. You must create an account and be a current insured with the company in order to access the app features.

Geico

  • Apple store — 4.8/5. The Geico mobile app allows you to get maintenance reminders and learn about recall alerts for your vehicle. In addition to the Geico Virtual Assistant, Geico Explore uses augmented reality to find your car, a gas station near you and more. While the app has mostly positive reviews, some say it is difficult to navigate.
  • Google Play — 4.8/5. Reviewers state the app is easy to navigate, with the same options as the Apple store version. However, some reviewers note a high usage of battery life and not being able to progress through the claims process.

Safeco

  • Apple store — 4.8/5. Can log in using FaceID or TouchID for even easier access. You can contact your Safeco agent if assistance is needed and be notified when policy documents are ready to be reviewed and signed. Get a repair estimate quickly by uploading photos of the damage to your car, or use the guided photo capture experience if needed. The app also lets you view estimates, track repairs and check on payment status.
  • Google Play — 4.5/5. The Google Play version of the Safeco app is mostly the same, though you cannot save your ID cards to the Apple Wallet using the Google Play app. Some reviewers have had issues accessing the app with the latest update or trouble viewing their claim status in the app.

Frequently asked questions

Who is the largest insurance company?

State Farm is the number 1 insurance company for home and auto insurance in the U.S. based on market share. Geico is the second largest for auto insurance while Allstate is the second largest for homeowners, according to the Insurance Information Institute.

Which company is best for auto insurance?

There are many factors that go into insurance pricing, and the best car insurance company may not be the same for everyone. Consider getting multiple quotes from different companies for the same coverage to compare rates to find the best company for your insurance needs and budget.

Methodology

Bankrate utilizes Quadrant Information Services to analyze 2021 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on a 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 coverages that meet each state’s requirements. Our base profile drivers own a 2019 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: 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. The following states do not allow credit to be a factor in determining auto insurance rates: California, Hawaii, Massachusetts, Michigan, Washington.

Age: Rates were calculated by evaluating our base profile with the ages 18-60 (base: 40 years) applied. 16-year-old rates were factored as the added cost to their parents’ policy; 18-year-old rates were calculated as drivers who rent their primary residence.

Incident: Rates were calculated by evaluating our base profile with the following incidents applied: clean record (base), at-fault accident, single speeding ticket, single DUI conviction (BAC of >= .08) and lapse in coverage.

Bankrate Scores

Bankrate Scores primarily reflect a weighted rank of industry standard ratings for financial strength (AM Best, S&P, Moody’s) and customer experience (J.D. Power, NAIC), in addition to average quoted rates from Quadrant Information Services. The J.D. Power studies utilized include the 2020 Auto Insurance Study and the 2020 Auto Claims Study. Our Bankrate editorial team’s extensive research and analysis provided a secondary assessment of each insurer’s online and mobile resources and policy management options, which also contributed to overall ratings.

Written by
Mandy Sleight
Insurance Contributor
Mandy Sleight has been a licensed insurance agent since 2005. She has three years of experience writing for insurance websites such as Bankrate.com, MoneyGeek and The Simple Dollar. Mandy writes about auto, homeowners, renters, life insurance, disability and supplemental insurance products.
Edited by
Insurance Editor