Shopping for an auto insurance provider can feel stressful and overwhelming because of the multitude of companies available to choose from. This article will focus on one of the leading companies in car insurance, Geico.
We will answer the following questions:
What are people saying about Geico Car Insurance?
How much does Geico Car Insurance cost?
Does Geico Car Insurance offer any discounts?
What causes your Geico Car Insurance rate to increase?
What are the different coverage types that Geico Car Insurance offers?
How do I file a claim with Geico Car Insurance?
How do you get Geico Car Insurance?
Geico Car Insurance: A Complete Review
Geico, or initially named “Government Employees Insurance Corporation,” is an insurance company originally established by Texas’ Leo and Lillian Goodwin to provide affordable auto insurance for military members and federal employees. The company has since been acquired by Warren Buffet’s Berkshire Hathaway and now stretches over all 50 states. This gecko-advertised insurance company focuses its advertising on saving its customers time and money. This ideology is exemplified by their popular slogan, “save 15 percent or more on car insurance”. Geico offers a wide portfolio of insurance policies from life insurance, to renters insurance, to motorcycle insurance, and everything in between.
Geico was ranked 2nd behind USAA in the U.S. News’ Best Insurance Companies 2020 list with a 4.17 rating out of 5. U.S. News reflects a positive rating for Geico insurance as 70% of participants in their study reported that they were either satisfied or completely satisfied with how Geico resolved their claims. One participant even praised Geico for their, “very good service, fast, friendly.” Nerdwallet.com rates Geico 5 out of 5 stars due to their pricing, discounts, ease of filing a claim, website transparency, financial strength, and complaint data from the National Association of Insurance Commissioners.
On the other hand, Geico has a few unhappy customers. For example, in the U.S. News’ survey of 100 people, about 15% reported that they are unlikely or very unlikely to recommend Geico insurance. These participants claim high premiums and slow customer service.
Overall, 73% of participants claimed that they plan on renewing with Geico, while 14% claimed they would look elsewhere for insurance. Also, J.D. Power rated their customer service #20 out of #24 and granted them a 2.5 out of 5 ratings.
A summary of the pros and cons of Geico car insurance, according to the U.S. News, are:
Pros
Easy to file a claim
Good value for the money
Study rates are lower than average
High customer satisfaction
Strong financial rating from A.M. Best
Cons
Claim updates can be spotty
Sometimes hard to contact an agent
Pricey representative premium with a DUI
How much does Geico Car Insurance cost?
Geico prides itself on providing cheap car insurance rates for the most coverage. In other words, Geico claims to be the best, “bang for your buck” when it comes to the world of cheap auto insurance policies. Insurance rates depend on a few factors such as age, gender, marital status, credit history, the type of coverage you are requesting, your vehicle’s annual mileage, and your driving record.
Geico’s policy average rate is $1,168, which is very affordable when compared to other auto-insurers such as Allstate’s $1,880 average annual insurance rates, Nationwide’s $1,864 average annual insurance rate, or State Farm’s $1,234 average rate. Use the Geico Coverage Calculator to get a free insurance quote. Below are some average car insurance rates to help you get an idea without calculating an exact insurance quote.
Geico Average Car Insurance Rates by U.S. News:
Does Geico Car Insurance offer any discounts?
GEICO Insurance Discounts
This discount is eligible for professional and alumni organizations affiliated with GEICO.
Military and Federal Discounts:
Applies to federal employees, Active Duty, Guard, Reserve or Retired Military members.
If you bundle your home insurance and auto insurance through the GEICO Insurance Agency, you could save up to 25%.
If you insure more than one car with GEICO, you can save up to 25% on your policy.
GEICO offers renewal programs and other discounts for seniors.
Students switching their car insurance policy to GEICO can save $200.
Ways to Get a Lower Auto Insurance Premium
Add multiple cars or drivers to your auto policy
Combine auto and home policies
Pay for your policy in full
Complete a defensive driving course
Be a good student (student drivers)
Keep a clean driving record
Update your policy information regularly
Review your limits and deductibles
Inform GEICO of safety and anti-theft devices on your car
Airbags, seatbelts, anti-lock brakes and anti-theft systems
What causes your Geico Car Insurance rate to increase?
When GEICO sets your insurance premium, they take into account vehicle drivers as a whole group in order to spread the risk amongst all drivers. Some broad factors that might be influencing your insurance premium include the increase in the cost of medical care, cellular devices causing more accidents, lower gas prices cause more driving (which results in more accidents) and newer cars make repairing new technology more costly.
As a policyholder, your car insurance rate can also go up due to individual factors:
Change in Coverage
Driving Record
Accident claims
Speeding tickets
Your driving record also affects your eligibility for GEICO discounts
Life Events
Moving locations will cause either an increase or decrease in your premium
Marriages, new drivers, and birthdays can affect your rates
New Car
High repair costs
Enhanced safety features
What are the different coverage types that Geico Car Insurance offers?
GEICO’s website debunks the myth that an insurance company can grant “full coverage.” Instead of trying to find the mythical “full coverage,” find the right insurance coverage that fits your lifestyle.
When shopping for insurance, you should think about:
How much you are willing to spend
If your state has coverage requirements
if your lienholder requires insurance coverage and what assets you need to protect.
GEICO offers a wide variety of insurance products such as:
Liability Coverages
Bodily Injury liability:
If you are at fault, this covers the pay for bodily injury damages or death.
Property Damage liability:
If you are at fault, this covers the pay for damage to someone else's property.
Umbrella Policy: This covers more serious accidents to which you are found at fault.
Medical Coverages
Medical Payments coverage:
Covers medical expenses from a car accident.
Personal Injury Protection coverage: May cover your medical treatment, lost wages, and more (does not matter who caused the accident).
Uninsured Motorist Coverages
Uninsured Motorist coverage:
Compensates you for injuries or damage caused by a driver without insurance.
Underinsured Motorist coverage: Protects you from at-fault drivers with insufficient insurance coverage to pay your claim.
Vehicle Coverages
Collision coverage: may pay for damage to your car when it hits, or is hit by, another vehicle or other object
Comprehensive coverage: may pay for damage to your car from theft, vandalism, flood, fire or other covered losses
Additional Auto Insurance Coverages
Auto coverage for rideshare drivers such as Uber and Lyft employees.
If you have questions, call a licensed GEICO insurance agent at (800) 861-8380.
How do I file a claim with Geico Car Insurance?
Watch this video for the step-by-step process of what you should do after an accident:
Accidents happen, but it is imperative that you report your claim as soon as possible. To report a claim, you can:
Download the GEICO mobile app
Bonus- you receive a personal digital id card when signing up!
Go on geico.com/claims
Call (800) 841-3000
Track your claim with GEICO’s claim tracker
Once you have filed your claim, you will be prompted to schedule a damage inspection at a repair shop. If you cannot drive, a GEICO adjuster will meet you at the scene for roadside assistance. This damage inspection will take about 30 minutes.
How do you get Geico Car Insurance?
You can find your nearest GEICO office and be assigned your own GEICO Insurance Agent here. Once you have accessed your personal agent’s page, you can contact them by phone or email. They will also have their office address posted and their available hours. Due to Covid-19, office hours may vary, so be sure to call ahead.
How to Refinance your Auto Loan and Save Thousands of Dollars
Are you exploring ways to save on car insurance? You can also save big on refinancing your car loan. WithClutch.com is a fully digital platform that lets new car owners like you lower their car payments from the comfort of their own home. No need to set a foot in a bank or credit union. You can lower your rate or get cash in as little as 20 seconds.
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