GEICO Car Insurance Review

Convenient auto insurance options you can purchase online

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GEICO

While GEICO is known for its advertisements featuring cavemen and geckos, it’s more than just witty ads; it’s a top-notch auto insurer. It offers a wide range of car insurance coverage options, is well-known for customer service, and has a convenient mobile app for users. 

By focusing on selling directly to customers online rather than through agents, GEICO is able to keep its rates low while offering many of the same products of other large insurers. With its convenience and pricing, it’s a popular option for cost-conscious consumers.

  • Pros & Cons
  • Key Takeaways
  • Company Overview
Pros & Cons
Pros
  • Multiple policy discounts available

  • Top-rated mobile app

  • Strong third-party ratings

Cons
  • Accident forgiveness not available in all states

  • Finding a local agent may be difficult

  • Geico doesn't offer gap insurance

Key Takeaways
  • GEICO was founded in 1936, and currently insures over 28 million vehicles
  • GEICO insures vehicles in all 50 states, but its rideshare insurance product has some location restrictions
  • Auto insurance policies can be bundled with homeowners insurance or renters insurance
  • According to GEICO, new car insurance policyholders report average annual savings over $500
Company Overview
  • Year Founded 1936
  • Official Website www.geico.com
  • Insurance Offered Auto, homeowners, renters, RV, boat, motorcycle and more
  • Customer Service 24/7 phone: 1-800-207-7847

Pros Explained

  • Multiple policy discounts available: GEICO has several discounts which can reduce your insurance premiums, including good-driver discounts, multi-policy discounts, military discounts, student driver discounts, and senior driver discounts. 
  • Top-rated mobile app: GEICO's mobile app earned the highest overall ranking in the Dynatrace Q1 2019 Mobile Insurance Scorecard among the 12 largest U.S. auto insurers. With the app, you can report an auto claim, pay your bill with a single tap, access digital insurance cards, and access GEICO’s virtual assistant, Gabby, for help. 
  • Strong third-party ratings: AM Best, the credit rating agency for the insurance industry, issued GEICO an A++ rating, the highest possible rating. And in J.D. Power’s U.S. Auto Claims Satisfaction Study, GEICO was ranked fourth out of 23 national insurers, with customer service that was “among the best” in the industry. 

Cons Explained

  • Accident Forgiveness not available in all states: With accident forgiveness, you’re protected from premium rate increases as a result of your first at-fault accident. While Accident Forgiveness can be earned or purchased with GEICO in most states, it’s not available everywhere. If you live in California, Connecticut or Massachusetts, you’re ineligible for Accident Forgiveness. 
  • Finding a local agent may be difficult: While GEICO does have some insurance agents, it has far fewer than many of its competitors because it mainly focuses on allowing customers to purchase online. If you need more personalized guidance and want to connect with an agent, it may be difficult to find one nearby. 
  • GEICO doesn’t offer gap insurance: Gap insurance covers the difference between your car’s actual value and what you owe on it if it’s totaled in an accident or stolen. Unfortunately, GEICO doesn’t offer gap insurance, so you’d have to purchase gap coverage when you finance your vehicle from the lender. 
GEICO COVID-19 Assistance

GEICO is offering a 15% policy credit to new and existing auto, motorcycle, and RV policyholders on 6-month and 12-month policies through Oct. 7, 2020. The credit will be automatically applied at your next renewal. 

GEICO Car Insurance Coverage

GEICO's auto insurance includes the following coverage: 

Liability Coverages

Liability coverage includes: 

  • Bodily injury liability: This coverage pays for damages for bodily injuries or death resulting from accidents where you are at-fault. 
  • Property damage liability: This coverage pays for damages to property resulting from accidents where you are at-fault. 

Medical Coverages

Medical coverage includes: 

  • Medical payments coverage: Medical payments coverage pays for medical expenses resulting from a car accident. 
  • Personal Injury Protection (PIP): PIP covers your medical treatments, lost wages, or other accident-related expenses, regardless of who was at fault in the accident

Uninsured Motorist Coverages

Uninsured and underinsured motorist coverage protects you in case you’re in an accident where the other driver is at-fault and either is uninsured or has insufficient coverage to pay your claim. 

Vehicle Coverages

There are two parts to vehicle coverage: 

  • Collision: Collision coverage pays for damage to your vehicle when it hits, or is hit, by another vehicle or object, such as a deer. 
  • Comprehensive: Comprehensive coverage pays for damage to your car resulting from theft, vandalism, storms, or other covered losses. 

You can lower your monthly premiums by raising your collision and comprehensive deductibles. 

Additional Coverages

You can also add optional coverages to your GEICO policy: 

  • Emergency Road Service: You can get roadside assistance for as little as $14 per year per vehicle. Unlike other insurance companies, where you have to pay for services provided, towing coverage is included with your GEICO roadside assistance. Roadside assistance can also help you with jump starts for a dead car battery, a flat tire, or lockout services (up to $100). 
  • Rental Reimbursement: Rental reimbursement will help pay a portion of your rental car costs if you need to rent a vehicle while your car is being repaired as a result of a covered claim. 
  • Mechanical Breakdown Insurance (MBI): Instead of buying your car manufacturer’s extended warranty, you can purchase GEICO's MBI for new or leased cars that are less than 15 months old with less than 15,000 miles. After a $250 deductible on a covered loss, MBI covers repairs on all mechanical parts of the car (except for maintenance and regular wear and tear). Progressive offers a similar program called WarrantyDirect, but it's provided through a third-party and older vehicles are eligible. However, it tends to be more expensive. 

Rideshare Insurance

Whether you drive for Uber, Lyft, or deliver groceries for a service like Instacart, rideshare insurance is essential to protect yourself. Unlike other companies, which require you to purchase a separate rideshare policy on top of your personal auto insurance policy, GEICO’s rideshare insurance replaces your personal car insurance. You can have just one auto insurance policy, helping you save money.

Whether you’re on the app or off, you’re still covered, and you can work for multiple rideshare companies and keep one policy for all of them. 

Factors That Affect Your Costs

  • Age: On average, older drivers have fewer accidents than younger ones. Teens and drivers under the age of 25 will have higher premiums. 
  • Gender: Women statistically are in fewer accidents than men, so have lower premiums. 
  • Car use: The fewer miles you drive, the less likely you are to be in an accident. If you drive only occasionally or have a shorter-than-average commute, you’ll pay a lower premium. 
  • Location: Drivers who live in urban areas, which have higher rates of vandalism and accidents, will pay a higher premium than drivers in rural or suburban areas. 
  • Your vehicle: The cost of your vehicle, its engine size, and its safety record affect your premiums.

Like most insurers, GEICO does require you to select “male” or “female” when you request a quote for auto insurance. Unfortunately, its underwriting process has not been updated to reflect broader awareness of non-binary, genderqueer, agender, and bigender issues.

GEICO Car Insurance Discounts

GEICO has a number of discounts that can lower your car insurance bills. 

Vehicle Equipment

  • Airbag Discount: Save up to 25% for driver-side airbags and 40% for full-front seat airbags. The discount applies to the medical payment or personal injury protection portion of your policy premium. 
  • Anti-Lock Brakes Discount: If your car has a factory-installed anti-lock brake system, you’ll receive a 5% discount from your collision premium. 
  • Anti-Theft System: If your vehicle has a built-in anti-theft system, you’ll get up to 25% off your comprehensive portion of your premium. 
  • Daytime Running Lights: Vehicles with daytime running lights could qualify for a 1% discount on certain coverages. 
  • New Vehicle Discount: Cars that are three model years old or newer could qualify for a 15% discount on certain coverages. 

Driving History and Habits

  • Good Driver Discount: If you haven’t been in an accident for five years or more, you could save up to 26% on most coverages. 
  • Seat Belt Use Discount: If you and your passengers always wear your seatbelts, you could qualify for a 15% discount off your medical payments or personal injury protection premiums. 

Driver’s Education

  • Defensive Driving Discount: If you participated in a defensive driving course, you may qualify for a discount on your premiums. 
  • Driver’s Education Discount: If a young driver in your household took a driver’s education course, they may qualify for a discount on most coverages. 
  • Good Student Discount: Full-time students between the ages of 16 and 24 with a “B” average or better can qualify for a 15% discount on most coverages. 

Driver Affiliations

  • Emergency Deployment Discount: If you’re in the military and are part of an emergency deployment to an imminent danger zone, you could qualify for a 25% discount on your auto insurance. 
  • Federal Employee Discount: Active and retired federal employees can qualify for the eagle discount and get 8% off their total car insurance premium. 
  • Membership and Employee Discounts: If you belong to a membership organization or are employed by a participating company, you may qualify for an additional discount. 
  • Military Discount: Military service members, veterans, and members of the National Guard and Reserves may be eligible for a 15% discount on their total car insurance premiums. 

Customer Loyalty

  • Multi-Vehicle Discount: If you have more than one car insured with Geico, you could get up to 25% off your car insurance coverage. 
  • Multi-Policy Discount: When you bundle your auto insurance with Geico’s other insurance products, such as homeowners or mobile home insurance, you could get a multi-policy discount. 

GEICO Car Insurance Availability

GEICO provides car insurance to residents of all 50 states and the District of Columbia. Coverage limits, discounts, and payment options can vary by state.

Unfortunately, GEICO’s rideshare insurance isn’t available in all states. It isn’t available in Alaska, Ga., Ky., Miss., Nev., N.J., N.Y., N.C., Texas, or Utah. 

GEICO Customer Service

Unlike other car insurance companies, which rely on insurance agents to sell to customers, GEICO sells directly to customers online. You can get a quote and purchase insurance policies online without ever having to speak to a representative. However, customer support is available via phone, email, or through the mobile app. GEICO’s virtual assistant Gabby can also answer questions about insurance and help you find information about your policy. 

GEICO’s mobile app is an industry leader, winning multiple awards. Available for download on the AppStore or Google Play, you can access your insurance cards, contact roadside assistance, get photo estimates for repairs, and review your car’s maintenance history. 

GEICO does have a strong reputation in the insurance industry. AM Best, a credit rating agency focused on the insurance industry, gave Geico an “A++” (Superior) Financial Strength rating, its highest rating. AM Best’s Financial strength Ratings measure an insurer’s stability and its ability to meet its contract obligations. A company with high ratings can be relied on to pay out its benefits when you file a claim. 

In J.D. Power’s 2019 U.S. Auto Claims Satisfaction Study GEICO was ranked fourth out of 23 national car insurers. It was ranked among the best in terms of customer satisfaction with auto claims, making customers feel at ease, and providing customers with digital updates. 

Complaint Index

The National Association of Insurance Commissioners (NAIC) has a database of all complaints received about insurance companies. The NAIC publishes companies’ complaint ratios, meaning the number of complaints a company received the previous year relative to its market share. 

Scores of 1.0 are considered average. Anything above 1.0 means the company received more complaints than average, while scores below 1.0 mean the company received fewer complaints than average. 

For 2019, GEICO’s NAIC complaint ratio was 0.81, meaning it had received fewer complaints than the average for a company of its size. 

Other Insurance Provided by GEICO

GEICO is most well known for their car insurance offering, but they also provide coverage for a wider range of policies like:

  • Homeowners insurance
  • Renters insurance
  • Flood insurance
  • Motorcycle insurance
  • Pet insurance
  • Jewelry insurance
  • Business insurance

How to Make a Car Insurance Claim with GEICO

You can make a claim via the mobile app, at www.geico.com/claims, or by calling 800-841-3000.

To report a claim, you will be asked to provide: 

  • The state where the incident occurred
  • The date and time it happened
  • A description of what happened
  • If applicable, include the police report number, contact information for other involved parties, and property owner information if you have it

After you complete the report, you’ll receive a confirmation email. A GEICO claim examiner will call you to explain next steps and to schedule a time for a GEICO auto damage adjuster to inspect your vehicle’s damage. If it’s safe to drive, they’ll schedule a time for you to bring it into a repair shop. If not, GEICO will send the adjuster to the vehicle’s location. 

You can choose your own repair shop, or you can opt for one of GEICO's Auto Repair Xpress’ facilities for your car’s repairs. 

As soon as the investigation is complete, GEICO will send a check to you for the repairs for your car, minus your deductible. 

GEICO Car Insurance Cancellation Policy

You can cancel your GEICO car insurance at any time without paying a cancellation fee. To cancel, follow these steps: 

  1. Call 800-841-1587 to speak with an agent
  2. When prompted by the automated system, say “cancel insurance policy” and then say “auto”
  3. Be ready to provide the agent with your auto insurance policy number

Get a GEICO Car Insurance Quote

You can get a quote for Geico car insurance online, through the app, or over the phone at 800-207-7847, but online is typically the most popular approach. 

To get a quote, you should be ready to provide the following information: 

  • Your car’s year, make, and model
  • Your car’s VIN number
  • Your car’s financing information
  • Your car’s mileage and estimated use
  • Your Social Security number
  • Your birth date
  • Your gender 
  • Your marital status
  • Your education level
  • Your driver’s license number
  • Your contact information

GEICO will use this information to give you quotes with different coverage options which you can customize based on your needs. Once you’re satisfied with your quote, GEICO will review your driving record to finalize your quote and premiums.

Compare Other Car Insurance Reviews

Since GEICO focuses on selling directly to customers online, it lacks the personalized attention that some insurers offer with insurance agents. It’s important to do your research and compare multiple car insurance companies to ensure you get the right coverage at the best price for your needs. For some other companies to consider, check out our picks for the best car insurance companies of 2020.

Verdict

For a primarily online-only insurance experience, GEICO is a solid and affordable choice for a wide range of people. You can get a quote online, through the app, or over the phone, and you can purchase your policy online without ever talking to an agent. The company offers a wide range of discounts and other insurance products, including renters insurance and pet insurance. And, it’s one of the few companies that offer rideshare insurance that can replace your personal auto insurance, making it a good choice for those with a rideshare side-hustle. GEICO's high customer service rankings, impressive mobile app, and wide coverage options make for a compelling car insurance option. 

Methodology

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of car insurance providers. We reviewed each insurance provider's coverage options, discounts available, customer service, and satisfaction to ensure that our content helps users make the right insurance decision for their needs.

Article Sources

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  1. Businesswire. "GEICO Leads Dynatrace Mobile App Ranking for 4 Years Straightamong Leading U.S. Auto Insurers." Accessed August 5, 2020.

  2. J.D. Power. "Auto Insurance Claims Satisfaction Reaches Record High as Carriers Refine Time-Consuming Processes." Accessed August 5, 2020.

  3. Insurance Information Institute. "What Determines the Price of an Auto Insurance Policy?" Accessed August 5, 2020.

  4. National Association of Insurance Commissioners. "Complaint Index." Accessed August 5, 2020.