GEICO Insurance Review 2024

Overall, GEICO is best for customers looking for inexpensive insurance who don’t mind managing their policy online.

GEICO Is Best for You If You:

• Are looking for low rates
• Want to shop and manage your policy online
• Have bad credit, as GEICO’s rates are 23 percent below the national average for drivers with bad credit
• Are a current or former federal government employee

Consider Looking Elsewhere If You:

• Want to work with a local agent who can help you manage your policy
• Plan to bundle auto and homeowners insurance, as GEICO doesn’t underwrite its home policies
• Have a bad driving record, DUI, or at-fault accident on your record

I decided to get a quote from GEICO because my policy with State Farm was up for renewal and I wanted to compare rates.

GEICO Pricing by Customer Profile

On average, GEICO charges $1,572 annually ($131 monthly) for full coverage and $413 annually ($34 monthly) for minimum coverage. GEICO’s rates are cheaper than average — its full coverage rates are 18 percent below national average, and its minimum coverage rates are 24 percent below national average.

A major issue U.S. drivers face is skyrocketing auto insurance rates. According to J.D. Power, nearly 1 in 3 drivers saw a rate increase between 2022 and 2023, and industry rates rose by an average of over 15 percent.¹ At renewal, my policy with State Farm increased by about 15 percent, which aligns with these findings. That’s why I decided to get quotes from several providers, including GEICO. I actually had GEICO for my auto insurance long ago as a college student, when affordability was paramount.

I spoke with several current customers and asked how they felt about GEICO’s pricing. One person, who’s been a customer for six years, told me GEICO has raised the rate for his and his wife’s auto policy over the past couple years. However, the increases have been only around $20 monthly at each renewal, and overall, he is satisfied with GEICO’s pricing. Another customer, who’s been with GEICO for three years, also reported their prices have increased. Like me, they are on the lookout for cheaper alternatives.

How GEICO Compares With Other Companies

So how does GEICO stack up to the competition? Among the providers our team analyzed, GEICO was the cheapest widely available provider. Overall, it was the third cheapest behind Erie and USAA — whose availability is limited regionally and by military affiliation, respectively.

So, while GEICO’s prices may be rising along industry trends, they are still a company worth checking out if you’re looking for affordable coverage.

Because comparing auto insurance quotes can feel overwhelming, we’ve compiled some helpful pages outlining the differences between GEICO and its competitors:

• GEICO vs. AAA
• GEICO vs, Progressive

It took me less than five minutes to get an online quote with GEICO. After entering standard personal and vehicle information and agreeing to participate in GEICO’s safe driving program, DriveEasy, I received my initial quote.

Something I noticed is that GEICO did not ask about driving history, like accidents and violations. That means the initial quote you receive from GEICO may be lower than what the policy will actually cost.

Here’s what to expect when getting your online quote:

GEICO automatically added the following discounts to my quote:

• Anti-Theft Device, which is built into my car
• Restraint, for vehicle features like airbags and seatbelts
• Financial Responsibility, for a history of on-time payments
• Good Driver, for a five-year accident-free history

The most significant discount was the Good Driver Discount, which GEICO says can save customers up to 22 percent on their policy. Interestingly, my quote did not specify how much this discount saved me on the policy, nor does GEICO mention it on its discounts page.² I think it’s likely this discount is a result of having a history of on-time payments, though it’s possible it’s tied to credit score. In general, the higher your credit score, the lower your premium will be; however, GEICO’s rates for drivers with bad credit are competitive.

Here’s a full list of GEICO’s discounts:

• Accident Free Discount, if you have no at-fault accidents in the past five years
• Defensive Driver Discount, for drivers over age 50 who take an approved course
• Driver’s Education Discount, for young drivers who take an approved course
• DriveEasy Discount, for tracking your driving behaviors with GEICO’s app
• Emergency Deployment Discount, for military members deployed in an imminent danger zone
• Federal Employee Discount (Eagle Discount), for active or retired employees
• Good Student Discount, for full-time students with a minimum 3.0 GPA
• Membership and Employee Discounts, for belonging to an affiliate group
• Military Discount, for active-duty, retired, and members of the National Guard or Reserves
• Multi-Policy Discount
• Multi-Vehicle Discount
• New-Vehicle Discount, for driving a car three model years old or newer
• Seat Belt Use Discount
• Vehicle Equipment Discount, for airbags, anti-lock brakes, anti-theft systems, and daytime running lights

GEICO offers all standard auto coverages, such as liability, medical payments, uninsured/underinsured motorist, collision, and comprehensive. If you can afford it, I always recommend increasing your liability limits above the state minimum, as it will protect your assets in case of a serious accident. Here’s how much increasing liability limits added to my quote*:

* Sample quote for a 30-year-old driver in Pennsylvania (me), where the bodily injury liability limits are $15,000 per person/$30,000 per accident and the property damage liability limit is $5,000 per accident.

If possible, I also recommend carrying uninsured/underinsured motorist (UIM) coverage, which protects you if you get into an accident with a driver who has no insurance or not enough insurance to cover the damages. This usually includes hit-and-runs and if you’re hit as a pedestrian (which unfortunately happens often where I live). Here’s how much it cost to add UIM to my quote:

In addition to the standard coverages, GEICO also offers the following:

Though some time has passed since I was a GEICO customer, I recall being satisfied with the service I received. However, you don’t have to take my word for it. Here’s what the data says about customer satisfaction with GEICO.

To start, GEICO received the highest possible rating from AM Best for financial strength, which means it can reliably pay out claims.

When it comes to claims satisfaction, GEICO receives mixed to negative reviews. J.D. Power gave it a score of 871 out of 1,000, slightly below the average of 878. CRASH Network, an independently published newsletter that surveys collision repair shops, assigned GEICO a grade of C-. This means some shops may find GEICO difficult to work with. I can’t speak to this personally because I never had to file a claim with GEICO.

On J.D. Power’s Insurance 2023 Insurance Shopping Study — which assesses companies on agent interaction, quote process, coverage offerings, and price — GEICO scored four points behind the national average. Though J.D. Power does not specify how companies score on individual factors, I imagine GEICO scored below average due to its limited number of agents. At the time I had GEICO, my insurance needs were basic, so the agent availability didn’t bother me. But, if you have questions about your policy or more complex insurance needs, I can see it being an issue.

Like I mentioned, I never had to file a claim with GEICO. However, a customer I spoke to did have to file a claim, and he reported a positive experience. After another driver hit his wife’s car while she was on her way home from work. She called GEICO and they provided friendly and helpful service. GEICO directed her to an auto body shop, provided details about her deductible, and followed up with the other driver’s insurance company to resolve the issue.

With a robust set of digital tools, GEICO is a good choice for customers who want to manage their policy from a computer or phone. Here’s how we used GEICO’s app in our team’s testing:

• Basic insurance management: We managed our auto insurance policies through the GEICO app. This included updating our policy, accessing ID cards, getting quotes, reporting and tracking claims, and accessing the GEICO virtual assistant, which answered our questions 24/7.
• On the road: While we were out and about, we found gas stations nearby and even reserved parking spots in garages (and paid in advance). If we had a problem with our car, we could’ve requested roadside assistance and ordered Lyfts to our locations through the app directly.
• Caring for our car: By partnering with CARFAX, GEICO lets us know about events like vehicle recalls, upcoming scheduled maintenance, and registration renewals. With the app’s Easy Photo Estimate tool, we could receive repair estimates by uploading photos of vehicle damage directly from our phone. From there, an adjuster can access the photos, allowing us to receive payment as quickly as possible.
• GEICO Express: GEICO Express is a tool for accessing certain information quickly, either by phone or computer. By providing some basic personal information, we could use this tool to update our policy, access ID cards, and make payments — all without having to log in to our account.

When I was a GEICO customer, I mainly managed my policy on the company’s website. In particular, I appreciated how easy it was to get copies of important documents. For example, my car was once towed (hazards of living in a city!), and from my phone, I was able to fax proof of insurance to the towing office in order to release my car.

GEICO’s safe driving discount app, DriveEasy, receives mixed ratings from both iPhone and Android users. Android users describe the app as buggy. Some users had concerns about privacy, as the app accesses your microphone, call logs, location (even when not driving), and other personal data. I did not use DriveEasy when I was a GEICO customer, but these reviews do give me pause.

GEICO is available in all 50 states and Washington, D.C. However, since GEICO’s operations are mostly online, some states have very few or no agencies. Our team used GEICO’s “Find an Agent” locator tool to identify states where agents are sparse:

Given the amount of customers it serves, GEICO has relatively few agents — only 315 total in the U.S., an average of six per state. GEICO can get away with having so few agents because it relies heavily on online sales. However, if a local agent is important to you, GEICO may not be a good option, particularly in states like Wisconsin and Utah. Outside of Madison and Salt Lake City in these states, there are no local agents.

On the other hand, if you live in Florida, Ohio, Virginia, Tennessee, or New York, expect a better agent-to-customer ratio. In general, GEICO may be better for those on the East Coast than any other U.S. region in terms of its local agent population.

GEICO’s pricing was attractive to me, and I liked how easy it was to shop online. I also had positive experiences with GEICO when I was a customer previously.

In the end, I decided to stick with State Farm. The pricing was similar, and I value the service I get from my agent.

However, if you’re looking for an affordable policy you can purchase quickly and easily, GEICO is an excellent option.

Husband and wife Leo and Lilliam Goodwin founded the Government Employee Insurance Company (later renamed GEICO) in 1936 as an insurance provider for government officials and military personnel. Warren Buffett has been an investor in the company since 1951, and in 1995, his investment firm, Berkshire Hathaway, acquired GEICO. Since then, the company has greatly expanded in size, having written more than 17 million policies as of 2019. Today, we know GEICO best for its memorable advertisements and catchy slogans.

Our goal is to offer consumers precise and impartial information. Our methodology includes the following steps for evaluating companies:

1. Value and coverage: We analyze companies’ pricing, discounts, state-wide availability, and coverage options.
2. Customer experience: We interview customers and aim to provide readers with firsthand insights into a company’s customer service.
3. Claims handling: Our evaluation involves an analysis of claims processes, incorporating both third-party data and customer feedback.
4. Industry ratings and reviews: We aggregate data from independent agencies to assess factors like financial strength, complaint records, and customer satisfaction.
5. Digital tools and technology: Our assessment gauges the user-friendliness of websites, mobile apps, and online account management features, offering insights into the digital experience.