Geico Insurance review 2022

Headquartered in Chevy Chase, Maryland, Geico is one of the largest insurance carriers in the U.S. Owned by the Berkshire Hathaway group, Geico primarily sells auto insurance, but works with other insurance carriers to offer home, life and other types of insurance products. If you are shopping for insurance, understanding what sets Geico apart from other insurance companies might help you decide if the company is best for your needs.

A key draw to Geico’s car insurance policy is its affordability, even for drivers with a mark on their driving record. The company’s self-service model is also perfect for those who want to handle their own car insurance, although coverage options may be limited.

Geico car insurance

Geico car services

Geico has partnered with TrueCar to create its Geico Car Buying Process. With this program, Geico policyholders can research their desired car’s market value and receive assistance from TrueCar’s Certified Dealers. After purchasing their vehicle, Geico members can use Geico Mobile’s Vehicle Care app, created through a partnership with CARFAX, to track their service history, recall information and set maintenance reminders.

Geico home insurance 

While Geico does not offer home insurance, it works with non-affiliated insurance companies to provide this policy to interested customers. The policies are secured through GEICO Insurance Agency, LLC, and may require additional research to ensure it is the best homeowners insurance company for your needs.

Geico life insurance

Similar to its home insurance, Geico life insurance is also offered through partner companies.

Geico life insurance is available in three policy types: term life, whole life and universal life insurance. Term life insurance only provides coverage for a specific amount of time, and may be used to replace income and cover expenses. A no-medical exam policy for term life may be available, which does not require a medical exam, but may still require filling out a detailed questionnaire about your health, finances and hobbies.

On the other hand, whole life insurance and universal life insurance do not have a policy end date as long as policy terms are fulfilled. In addition to helping with income, this could also be an integral part of estate planning. Keep in mind that universal life insurance premiums may fluctuate.

Other Geico perks worth considering

Auto insurance may be Geico’s most popular product, but customers can also access the following:

• Travel insurance: Offered through Berkshire Hathaway Travel Protection, this insurance could help insure your travel costs or any trip cancellations, lost or stolen travel documents or unplanned medical costs.
• Jewelry insurance: Geico has partnered with Jewelers Mutual Insurance Group to help customers insure valuable and sentimental jewelry against theft and mysterious disappearance.
• Pet insurance: Caring for a pet can be a major expense, but pet insurance could help decrease some of the costs. Geico works with partner insurance carriers to provide coverage for most accidents, non-pre existing illnesses, dental care and more.

Geico corporate sustainability

Through the Geico Philanthropic Foundation, the company supports three main initiatives: education, community engagement and equity, justice, diversity and inclusion. The Foundation has donated between $6-8 million to over 7,000 charities within the last twenty years. It encourages policyholders and the wider public to submit their 501(c)(3) non-profit organizations for donation consideration, provided that the non-profit meets Geico’s criteria. Nominations can be made from the start of the year to November 30.

Not sure if Geico is right for you? Consider these alternatives

If you want to compare Geico against other insurance companies before making your decision, these three companies may be a good place to start:

• Esurance: Similar to Geico, Esurance offers a robust digital app experience ideal for those who want to manage their own policies.
• Nationwide: Low-mileage drivers and those who want to build safe driving habits and save money may appreciate taking advantage of Nationwide’s telematics programs: SmartMiles and SmartRide.
• Progressive: Progressive offers a long list of  car insurance discounts like Geico, but also offers a long list of home insurance discounts for those who want to save on both policy types.

Methodology

Bankrate utilizes Quadrant Information Services to analyze 2022 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on 40-year-old male and female homeowners with a clean claim history, good credit and the following coverage limits:

Auto

• $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 sample drivers own a 2020 Toyota Camry, commute five days a week and drive 12,000 miles annually.

Age: Rates were calculated by evaluating our base profile with the ages 18-60 (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. For 16-year-old rates, rates were calculated with three drivers listed, two parents plus their 16-year-old. 

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

Bankrate Scores

Bankrate Scores primarily reflect a weighted rank of industry-standard ratings for financial strength and customer experience in addition to analysis of quoted annual premiums from Quadrant Information Services, spanning all 50 states and Washington, D.C. We know it is important for drivers and homeowners to be confident their financial protection covers the likeliest risks, is priced competitively and is provided by a financially-sound company with a history of positive customer support.

To determine how well the best car and home insurance companies satisfy these priorities, third-party agency ratings from J.D. Power, AM Best, S&P, NAIC, and Moody’s had the most impact on the companies’ Bankrate Scores. As price is a common consideration for drivers and homeowners, we analyzed quoted premiums based on 40-year-old male and female drivers with a 2019 Toyota Camry, as well as 40-year-old male and female homeowners with $250,000 in dwelling coverage. This profile, assessed across more than 35,000 ZIP codes in the U.S., provided a basis on which drivers and homeowners may compare each provider.

While coverage options, insurer availability, affordability and customer experience are often the top priorities, Bankrate also analyzed each insurer’s online and mobile resources for policy management and claims handling. Insurance is rapidly evolving to keep pace with our digital world, so these aspects also carried weight in determining Bankrate Scores.