Geico, owned by Berkshire Hathaway Group, is the second-largest insurance company in the United States. Geico sells numerous insurance products, including home, business, pet and life insurance, although it is most widely known for its auto 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 is well below the national average annual full coverage car insurance premium of $1,674.
Geico is headquartered in Chevy Chase, Maryland, but you can buy the company’s insurance products in all 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.
- Full coverage car insurance with Geico costs an average of $1,405 per year.
- Geico provides auto, home, condo, renters, pet, life, business and travel insurance, among other products.
- J.D. Power ranks Geico’s customer service as average and the National Association of Insurance Commissioners (NAIC) receives a higher-than-average number of complaints about Geico.
Geico car insurance
Geico car insurance offers coverage for more than just cars. Whether you have a car, truck, collectible car or an ATV, Geico has a policy to insure it.
Types of coverage
- Private passenger auto insurance
- Motorcycle insurance
- ATV insurance
- RV insurance
- Rideshare and on-demand delivery drivers insurance
- Collector auto insurance
- Car insurance for driving in Mexico
- Commercial vehicle insurance
Geico’s wide range of auto insurance product types might make it easy for you to insure all your vehicles in one place, which could make handling your insurance much easier.
Cost of Geico car insurance
Geico’s average premiums are quite a bit lower than the national average cost of car insurance in the U.S. Currently, the average cost of minimum coverage in the U.S. is $565 per year. For full coverage, the average annual cost is $1,674.
Below are the average amounts Geico customers pay:
|Geico average annual premium for minimum coverage||Geico average annual premium for full coverage|
Drivers who choose Geico save an average of $132 for minimum coverage and an average of $269 for full coverage.
Geico’s low average rates might be due to the company’s long list of discounts. The company offers savings for a range of situations, which could help keep premiums low.
Although discounts may vary by state, Geico’s extensive list of discounts includes:
- New vehicle discount
- Good student discount
- Defensive driving discount
- Good driver discount
- Seat belt use discount
- Multi-vehicle discount
- Multi-policy discount
- Vehicle equipment discounts
- Driver education discounts
- Military service member discount
- Emergency deployment discount
- Federal employee discount
- Membership and employee discounts
Geico home and renters insurance
Geico insurance for homeowners and renters covers you for a variety of situations, including property damage and injuries that your guests sustain. Every policy is unique, so reading your paperwork and reviewing your coverage with your agent can help you understand exactly what is covered, but most Geico policies include the following:
Types of home insurance coverage
- Property damage from fire, wind, hail and water
- Personal property such as furniture, clothing, appliances and dishes
- Jewelry (up to the specified limit)
- Personal liability
- Medical bills
- Additional living expenses like hotel costs
Insurance policies are individual. While most standard home insurance policies from Geico include these coverage options, some coverages could be excluded under your policy. Reviewing your policy with a licensed insurance professional might help you better understand what coverage you have.
Types of renters insurance coverage
Just like home insurance, Geico’s renters insurance is customizable, so your policy might have different coverages than the ones listed below. However, under a standard Geico renters insurance policy, you have coverage for the following:
- Fire, wind and water damage
- Smoke damage
- Vandalism or theft
- Visitor injuries
- Accidental damages to someone else’s property
- Medical and legal bills if someone is injured on your property
- Expenses such as hotel costs if your apartment/condo becomes uninhabitable
- Damaged furniture, electronics, appliances or clothing
There are also additional add-ons or endorsements you can purchase to customize your coverage. You could add insurance for high-value items such as jewelry, sporting goods or electronics.
You might be able to lower your property insurance premium by taking advantage of Geico’s property insurance discounts. Like auto insurance discounts, property insurance discounts can vary by state, so talking with an agent might be the best way to identify ways to save.
Some of Geico’s property discounts include:
- Home security system discounts
- Sprinkler and smoke alarm discounts
- 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 provide coverage for a specific amount of time, usually between 10 and 30 years. Term policies can be a good option if you need coverage on a budget or if you only need coverage for a certain amount of time, such as while you pay off a mortgage. Geico offers a No-Med Exam policy for those who may not pass a traditional life insurance health screening.
Whole life insurance policies offer permanent coverage, meaning you are covered for the duration of your lifetime. Because of this, they tend to be more expensive than term policies. Whole life policies often come with living benefits, like cash value, which you can use while living to help supplement your income.
Universal life is another form of permanent life insurance but has a few 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. With a universal life policy, you may be able to update your premium amount and your death benefit.
If you are considering purchasing a life insurance policy from Geico, you might be able to get a quote online. 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 ratings, reviews, customer satisfaction and complaints
J.D. Power & Associates
J.D. Power scores companies for customer satisfaction in different regions of the United States. Here’s how Geico performed throughout the country in 2021:
|New England||841/1,000||3rd place|
|New York||827/1,000||4th place|
|North Central||837/1,000||8th place|
This particular J.D. Power study ranked auto insurance companies based on billing processes, policy information, claims, overall customer interactions, policy offerings and price.
AM Best is an independent agency that measures a company’s financial strength. A strong financial score suggests that a company could more easily handle a situation where there are a large number of claims within a short period. 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. A score of 1.00 represents a baseline number of complaints, so Geico’s 1.70 score indicates that the NAIC receives a greater-than-average number of complaints regarding Geico.
Reasons why Geico is a great option
Geico could be a great option regardless of the type of insurance you need. The rates it charges are often much lower than what other companies charge, and you can save a lot of money through discounts and bundling.
Year after year, Geico also receives high rankings from companies like J.D. Power and AM Best. The company’s customer satisfaction ratings and financial strength have repeatedly shown that Geico is an insurance company that can serve a broad base of customers.
Additional policies offered by Geico
Customers wanting to consolidate their insurance products with one company might be happy to know that Geico offers several different types of insurance aside from auto, home, renters and life.
Check out these additional policies offered by Geico:
- Business insurance
- Identity protection
- Jewelry insurance
- Overseas insurance
- Pet insurance
- Travel insurance
- Umbrella insurance
- Boat and personal watercraft insurance
Frequently asked questions
Why should I choose Geico?
Geico might be a good choice if you are on a strict budget, as the company’s rates tend to be lower than many similar companies. This might be due, at least partly, to the long list of discounts that Geico has. Geico also has exceptional mobile tools, including a mobile app and online customer portal. However, getting quotes from several companies that might fit your needs is always a good practice when shopping for car insurance.
What do I need to get a quote from Geico?
That depends on what type of quote you need. For an auto insurance quote, you will need your address, date of birth, driver’s license number and the vehicle identification number (VIN) of each car you want to insure. If you have other drivers in your household, you will also need their personal information. To get a home insurance quote, you will need your name and date of birth and some information about your house, like the year it was built, how old your roof is, and if you have updated any major systems.
How do I file an auto claim with Geico?
The Geico claims process can be completed online, over the phone or through their mobile app. When reporting a claim to Geico, you will need to briefly describe what happened, the location where the accident occurred, and the date and time. It is also helpful to have your policy information and the policy information for any other involved parties.
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 16- to 70-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.