Geico insurance review 2021: Car, home and life

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You’re probably familiar with Geico’s cute gecko mascot, but there’s more to the company than cartoons. As the second largest insurance company in the U.S., Geico controls 13.8% of the market and insures nearly 28 million vehicles. You may be most familiar with Geico auto insurance policies, but the company also has policies for homeowners, renters, life insurance and much more.

Headquartered in Chevy Chase, Maryland, Geico insurance is owned by Berkshire Hathaway. It writes policies in all 50 states and the District of Columbia, and FORTUNE magazine calls it the most admired property-casualty insurance company in the country.

If you’re considering Geico, get to know what types of insurance it has, the discounts that can keep your premiums low and how Geico is different from other insurance companies to help you decide if it may be the right company for you.

Geico car insurance

Geico car insurance offers coverage for just about any mode of transportation you require.

Types of coverage

  • Motorcycle insurance
  • ATV insurance
  • RV insurance
  • Rideshare and on-demand delivery drivers insurance
  • Collector auto insurance
  • Boats and personal watercraft insurance
  • Mexico insurance
  • Commercial vehicle insurance
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One of the company’s biggest claims is that the prices for Geico auto insurance are among the lowest available. It does this partly with a wide range of discounts that you may be able to take advantage of when you purchase your policy.

Cost of Geico Insurance

Compared to the average cost of car insurance drivers pay in every state, Geico fares well. Currently, the average cost of minimum coverage in the United States is $563 a year. For full coverage, the average cost is $1,738.

Below are the average amounts Geico customers pay:

Geico average annual premium for minimum coverage Geico average annual premium for full coverage
$363 $1,325

Drivers who choose Geico save an average of $200 for minimum coverage and an average of $413 for full coverage.

The above numbers don’t even reflect what you could save in total if you use Geico for your other insurance needs. Geico gives customers who choose them for other insurance products big savings.

Discounts

  • 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 and public service discounts
  • 50 and older discount

Geico home and renters insurance

Geico insurance for homeowners and renters covers you in case anything happens to your home or apartment, from a wind storm that damages your roof to medical coverage if someone falls on your front steps. You’ll want to talk to your agent and read your policy so you know exactly what you’re covered for, but most Geico policies include the following:

Types of home insurance coverage

  • Property damage from fire, wind, hail and water (under some policies)
  • Personal property such as furniture, clothing, appliances and dishes
  • Jewelry up to $2,000 of value
  • Personal liability
  • Medical bills
  • Additional expenses like hotel costs

Types of renters insurance coverage

Geico renters insurance covers both renters and condo owners. Under a Geico renters insurance policy, you can protect yourself from 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. With renters insurance, for example, you can add insurance for high value items such as jewelry, sporting goods, electronics or jewelry. There is also supplemental business merchandise coverage and coverage for disasters such as flooding or earthquakes.

Looking to save money on auto insurance?
Looking to save money on auto insurance?

Looking to save money on auto insurance?

Compare rates & save

Discounts

You can potentially save a significant amount of money by taking advantage of Geico insurance discounts. One easy way to do this is by bundling your auto and homeowner or renters policies, which saves on premium costs and allows you to work with just one company, saving time and effort.

Geico also offers other discounts that may apply to you:

  • Home security system discounts
  • Sprinkler and smoke alarm discounts
  • Multi-policy discounts
  • Military and federal employee discounts
  • Student discounts
  • Membership group discounts

Geico life insurance

Geico isn’t the most well-known for its life insurance policies, but the company does provide the three primary types of life insurance. These include term life, whole life and universal life. Here is a quick breakdown of what each kind of insurance covers:

Term life

Term life insurance is the most common and affordable kind of life insurance. It provides coverage for a specific amount of time—usually between 10 and 30 years—and is ideal for people who want to apply extra income towards other investments or retirement. If you’re in good health, you might be eligible for a No-Med Exam policy through Geico.

Whole life

Whole life insurance policies offer permanent coverage, meaning you’re covered from the day you purchase insurance, for the duration of your lifetime. As you get older, a whole life insurance policy can help with income replacement and provide supplemental income. Geico’s whole life insurance also has cash value, which means you build up a savings account overtime.

Universal life

Universal life is another form of permanent life insurance. It can help you save money for your family members after you pass away, and can even help you pay for your own funeral expenses. Universal life insurance has an investment component as well. Not only does it help you grow your financial investment over time, but it also allows you to choose how much you pay for your premium.

If considering purchasing a life insurance policy from Geico, you can get a quote online in just a few minutes. 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

For car insurance, Geico scores extremely well with companies like J.D. Power, which is an independent customer satisfaction review company. J.D. Power scores companies on how well they perform in different regions of the United States. Here’s how well Geico performed throughout the country in 2020:

Part of U.S. Score Ranking
California 828/ 1,000 5th place
Central 855/ 1,000 2nd place
Florida 846/ 1,000 2nd place
Mid-Atlantic 841/ 1,000 4th place
New England 841/ 1,000 3rd place
New York 837/ 1,000 2nd place
North Central 851/ 1,000 1st place
Northwest 834/ 1,000 1st place
Southeast 857/ 1,000 4th place
Southwest 834/ 1,000 1st place
Texas 846/ 1,000 3rd place

Keep in mind that the differences between rankings is often as little as one point. For example, even though it placed 4th place in the Southeast, it was only one point away from Alfa insurance, the third place finisher.

AM Best

AM Best is an independent agency that measures a company’s financial strength. You want your insurance company to have a strong financial score it suggests it could easily handle a situation where there are a mass amount of claims (for example, Tropical Storm Harvey in Houston). It also suggests the company won’t nickel and dime with you over a standard claim.

Geico has the best possible AM Best Score that it is possible to achieve— A++.

National Association of Insurance Commissioners

Geico’s complaint index rating with the National Association of Insurance Commissioners is 1.63, with any number over 1.0 indicating above average complaints.

In the end, however, your own experiences with Geico’s customer service will depend on a number of factors, and it is to your benefit to find a local Geico agent who is committed to working with you to meet your needs in a timely manner.

Reasons why Geico is a great option

Geico is a great option no matter what type of insurance you need (be it car, life or home insurance). 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, it also receives top marks from companies like J.D. Power and AM Best. These are the two things you look at when considering an insurance company. If a company scores well with both J.D. Power and A.M. Best, you know you’ve found a solid insurance provider.

Additional policies offered by Geico

Customers wanting to keep everything under one roof will be happy to know that Geico offers multi-policy discounts along with different types of insurance. Whether you want to insure your pet, home, or collectible automobile, it all starts with asking for your Geico insurance quote today.

Check out these additional policies offered by Geico:

  • Business insurance
  • Identity protection
  • Jewelry insurance
  • Overseas insurance
  • Pet insurance
  • Travel insurance
  • Umbrella insurance

Frequently asked questions

Why should I choose Geico?

A bevy of positive reviews and high customer satisfaction ratings among insurance companies are a couple of reasons to choose Geico insurance company as your go-to. However, the online accessibility and multitude of discounts also helps. We consider it one of the best car insurance companies right now.

What do I need to get a quote from Geico?

Getting a quote with Geico Insurance Company only takes a few minutes. Start by providing your ZIP code and answering a few questions for an accurate online Geico quote. You won’t have to wait a long time or work with an agent who will try to upsell policies, because you can get Geico quotes entirely online.

How do I file a claim with Geico?

The Geico claims process can be completed online, over the phone, or through their mobile app. When reporting a Geico claim, you’ll need to give them a brief description of what happened, the state where the accident occurred, and the date and time. It’s also helpful to have your policy information and the policy information for any other involved parties. Filing a life insurance claim is typically more complex than auto or home claims, so we recommend calling an agent to report the claim and start the process.

Methodology

Bankrate utilizes Quadrant Information Services to analyze 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 sample drivers own a 2018 Honda Accord, commute five days a week and drive 12,000 miles annually.

These are sample rates and should be used for comparative purposes only. Your quotes may be different.

Rates are determined based on 2020 Quadrant Information Services data.