Geico Insurance review 2024
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At a glance
Score breakdown
Auto
4.4
Cost & ratings
4.7
Coverage
4.0
Support
4.4
About Bankrate Score
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.
Who Geico may be good for: Geico is known for having policy options that work well for preferred and high-risk drivers. With nationwide availability and plentiful discounts, Geico may be a good choice for budget-conscious policyholders seeking standard policy coverage.
Who Geico may not be good for: Geico underwrites its auto policies, but it partners with other insurance companies for its home products, meaning Geico does not do the service or claim handling of these policies. Customers needing a one-stop service for all of their insurance needs may want to consider other options.
New
In August 2022, Geico closed all 38 Geico Field Representative (GFR) offices in California. Californians can still acquire coverage via the Geico mobile app or online.
Geico car insurance
Geico auto insurance received a Bankrate Score of 4.4 out of 5 points. To determine this Score, our insurance editorial team reviewed Geico’s average premiums, coverage options, discounts, customer satisfaction, financial strength and digital insurance features. The better a company performed in each of these categories, the higher its overall Bankrate Score.
Along with its high Bankrate Score, Geico was also named one of this year's best car insurance companies overall, as well as the Best Budget Auto Insurance Company in the 2024 Bankrate Awards and the Best Auto Insurance Company for Young Drivers. Thanks in part to its overall lower-than-average premiums and plentiful discount opportunities, Geico may be a good choice for drivers looking for a cheap premium. Average Geico car insurance rates are also significantly cheaper than the national average when adding a young driver to the policy. Plus, Geico offers a wealth of discounts specifically for younger or newer drivers, such as a good student and driver training discount.
Geico car insurance is available in all 50 states and Washington, D.C. Its coverage options are generally standard and it does not have as many optional add-ons as some other car insurance carriers. The only additional options listed on Geico's website are emergency roadside service, rental reimbursement and mechanical breakdown insurance.
Why Geico won
Geico offers below-average auto insurance rates as well as a solid mix of coverage options, discounts and digital tools. These factors, combined with customer satisfaction and financial strength scores, earned Geico Bankrate Awards for Best Auto Insurance Company Overall (tied) and Best Budget Auto Insurance Company (tied). Geico offers competitive rates for newer drivers and a plethora of discounts geared toward younger drivers.
Pros and cons of Geico car insurance
If you’re comparing auto insurance rates, considering Geico’s pros and cons might help you in your decision.
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Average rates are lower than the national average
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Average rates for drivers with an at-fault accident or moving violation on their record may be more affordable than competitors
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Robust digital tools for online policy management
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May have limited local agencies for those who want in-person support
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Fewer optional coverage add-ons than competitors
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Mobile app is highly-rated in the app store, but the company scored below the segment average for shopping in the J.D. Power U.S. Insurance Digital Experience Study
Geico car insurance cost
Based on Bankrate’s study of rate data from Quadrant Information Services, Geico is one of the cheapest car insurance companies. Its April 2024 average cost of car insurance is $1,741 per year for full coverage and $459 per year for minimum coverage. This is notably lower than the 2024 national average cost of car insurance at $2,314 per year for full coverage.
Geico car insurance rates by driving history
Car insurance companies may weigh driving records heavily when it comes to calculating car insurance rates. An at-fault accident or moving conviction, such as a speeding ticket or DUI, could make your car insurance more expensive compared to a driver with no accidents or tickets on their record. Below is a comparison of rates for drivers with different driving histories. A DUI conviction has been excluded as some insurance carriers may not accept drivers with a DUI.
Geico full coverage premium | National full coverage premium | |
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Clean driving history | $1,741 | $2,314 |
Speeding ticket conviction | $2,112 | $2,802 |
At-fault accident | $2,535 | $3,283 |
DUI conviction | $4,182 | $4,408 |
Geico car insurance quotes by age
The age of a driver and the years of driving experience they’ve accumulated may also play an important role in determining car insurance rates. Young drivers and those who are newly licensed typically pay more for car insurance than drivers with more years of experience behind the wheel. Average insurance rates by age show that auto insurance premiums do tend to decrease over time until your 60s, but you may be able to find the best car insurance rate at any age by compiling car insurance quotes.
Below are comparisons that show young drivers both on and off their parents' policy, as well as how they compare to other age groups. All rates are for drivers with a clean driving record.
Average cost of car insurance for drivers on their parents’ policy
Geico full coverage premium | National full coverage premium | |
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Age 16 | $3,810 | $4,874 |
Age 17 | $3,501 | $4,541 |
Age 18 | $3,210 | $4,258 |
Age 19 | $2,819 | $3,732 |
Age 20 | $2,622 | $3,535 |
Average cost of car insurance for drivers on their own policy
Geico car insurance discounts
Geico policyholders have access to numerous potential discounts that may help them save on car insurance. Some discounts include:
Geico home insurance
Geico does not write its own home insurance policies, but it works with non-affiliated insurance companies to provide homeowners insurance quotes to interested customers nationwide. The policies are secured through GEICO Insurance Agency, LLC, and may require additional research to see if they offer the best homeowners insurance for your needs. Although coverage options and discounts may vary based on the partner company, Geico does advertise a bundling discount for auto insurance customers who add a property insurance policy through the carrier.
Geico life insurance
Similar to its home insurance policies, Geico life insurance is offered through partner companies.
Geico's partnered life insurance offerings are available in three policy types: term life, whole life and universal life insurance. Term life insurance provides coverage for a specific amount of time, such as 10 or 30 years, and is typically used to replace lost income and cover future expenses if the policyholder passes away during the policy term. Customers shopping for the best life insurance company may be able to obtain a term life insurance policy through Geico's partner companies with no medical exam, but they will likely still have to fill out a health and lifestyle questionnaire.
Whole life insurance and universal life insurance are both types of permanent life insurance. These policies do not have a policy end date as long as policy terms are fulfilled. In addition to helping with income, permanent life insurance policies could also be an integral part of estate planning.
Compare life insurance providers quickly and easily
See which provider is right for you.
Whole life insurance combines life insurance with an investment component.
- Coverage for life
- Tax-deferred savings benefit if premiums are paid
- 3 variations of permanent insurance: whole life, universal life and variable life include investment component
Term life insurance is precisely what the name implies: an insurance policy that is good for a specific term of time.
- Fixed premium over term
- No savings benefits
- Outliving policy or policy cancellation results in no money back
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Compare Geico with other insurers
If you’re still wondering if Geico could be a good fit for your insurance needs, you may want to consider requesting quotes from the companies below:
Featured
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OVERVIEW
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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.
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Allstate, another major insurance company, dominates 5 percent of the total market share compared to Geico’s nearly 7 percent. Allstate also trailed Geico in terms of Bankrate Scores, earning a 3.9 auto Score to Geico’s 4.4. Like Geico, Allstate offers a couple of discounts and special programs that may appeal to younger drivers like the teenSMART driver education program and good student discount. When it comes to homeowners looking to bundle, Allstate may edge out Geico. Allstate was awarded the 2024 Bankrate Award for Best Home Insurance Company Overall (tied with USAA) and Best Company For Bundling Home and Auto.
Read More
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Low-mileage drivers and those who want to build safe driving habits may appreciate Nationwide’s two telematics programs: SmartMiles and SmartRide. Nationwide could also be an option for those who want to bundle home and auto insurance with the same carrier, as the company writes its own homeowners insurance policies. Consumers should note that Nationwide did score below the industry average in J.D. Power's auto claims satisfaction study.
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STANDOUT FEATURES
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DriveEasy telematics program
Robust digital tools
Long list of potential discounts
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Diverse selection of coverage
Strong mobile and online tools
Multiple reward options for safe driving
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Great bundling discounts
Offers two telematics programs
Robust mobile app for claims and management
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AVG FULL COV. AUTO RATE
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$1,741 | $2,971 | $1,853 |
AVG MIN COV. AUTO RATE
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$459 | $677 | $752 |
J.D. POWER AUTO SCORE
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874/1000 | 889/1000 | 868/1000 |
AM BEST RATING
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A++(Superior) | A+(Superior) | A+(Superior) |
Is Geico a good insurance company?
Bankrate’s insurance editorial staff includes licensed agents and we aim to share our intimate industry knowledge to help our readers choose the best insurance company that suits their needs. Insurance is complex and we know that finding the right carrier isn’t always easy. That’s why we spend hundreds of hours each year conducting in-depth insurance company reviews.
Bankrate’s Geico insurance review revealed that the company does not underwrite many insurance products other than car insurance. However, its partnerships with non-affiliated companies allow customers to purchase most types of insurance, including affordable home insurance, umbrella and life insurance. If you are considering purchasing a Geico policy other than auto insurance, additional research on that particular company may be required to see if it’s the right fit.
Geico customer satisfaction
Bankrate analyzes a variety of metrics to evaluate an insurance company’s customer satisfaction, including third-party scores issued by J.D. Power. Every year, J.D. Power studies customer satisfaction, claims satisfaction and digital experience for various insurance companies across the country and issues them scores in each subject, with 1,000 being the highest score possible.
Since Geico partners with non-affiliated insurance companies for its home and life insurance products, you would want to search for rankings under the individual carrier name. For example, if you purchase a Liberty Mutual homeowners insurance policy through Geico, you would want to research claims and customer satisfaction rankings for Liberty Mutual.
However, Geico's full-service mobile app and online customer portals may be a big perk for tech-savvy shoppers. While the app is highly-rated on the App Store and Google Play, the company fell under the segment average in the service category of the J.D. Power 2023 U.S. Insurance Digital Experience Study. Consumers may be more satisfied with Geico's online sales flow as the company scored above average in the shopping category.
Study or Rating Agency | Geico | Industry average |
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2023 J.D. Power Digital Experience Study - Service | 731/1,000 | 702/1,000 |
2023 J.D. Power Digital Experience Study - Shopping | 502/1,000 | 521/1,000 |
AM Best rating | A++ | N/A |
Geico's scores in the 2023 J.D. Power U.S. Auto Insurance Study vary depending on the region. Of the 11 regions, Geico scored above the industry average in five of them: California, Florida, New York, North Central and New England, where it had the highest ranking. It also ranked first for usage-based insurance. In the 2023 J.D. Power U.S. Auto Claims Satisfaction Study, Geico landed just above the industry average for claims satisfaction.
Geico customer complaints
Our editorial team also considers the National Association of Insurance Commissioners (NAIC) complaint index. The NAIC keeps track of how many complaints are lodged against an insurance company and translates this data into a complaint index score. To understand this data, know the baseline (or average) amount of customer complaints is 1.0. A complaint index score higher than 1.0 means the company receives more complaints on average for its size, and vice versa.
Geico auto complaints
Geico has fewer complaints on average for its private passenger auto insurance for a company of its size. This index may indicate that Geico's auto insurance policyholders are generally happy with the company's service.
Other Geico tools and benefits
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 including 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, damage and loss.
- Pet insurance: Caring for a pet can be a major expense, but pet insurance may 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.
Frequently asked questions about Geico
Auto
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 40-year-old male and female homeowners with a clean claims and incidents history, good credit and the following 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 2021 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.
Age: Rates were calculated by evaluating our base profile with the ages 16-60 (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.
The rates for drivers ages 16-20 added to their parents' policy reflect the good student and driver's training discounts applied. The rates for drivers aged 16-20 on their own policy do not include the good student and driver's training discounts. Additionally, 25-year-old rates are based on the driver as a renter and 30+ on the driver as a homeowner.
Incidents: Rates were calculated by evaluating our base profile with the following incidents applied: clean record (base), single speeding ticket and single at-fault accident.
Homeowners
- Coverage A, Dwelling: $150,000, $300,000, $350,000, $450,000, $750,000
- Coverage B, Other Structures: $15,000, $30,000, $35,000, $45,000, $75,000
- Coverage C, Personal Property: $75,000, $150,000, $175,000, $225,000, $375,000
- Coverage D, Loss of Use: $30,000, $60,000, $70,000, $90,000, $150,000
- Coverage E, Liability: $500,000
- Coverage F, Medical Payments: $1,000
The homeowners also have a $1,000 deductible, a $500 hail deductible and a 2 percent hurricane deductible (or the next closest deductible amounts that are available) where separate deductibles apply.
These are sample rates and should be used for comparative purposes only. Your quotes will differ.
Bankrate Scores
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Cost & ratings 50%
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Coverage & savings 30%
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Support 20%