Headquartered in Chevy Chase, Maryland, Geico is one of the largest insurance carriers in the U.S. owned by 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're shopping for insurance, understanding what sets Geico apart from other insurance companies can help you decide if the company is best for your needs.
The main attraction of 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 suitable for those who want to insure their own car, although coverage options can be limited.
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| Geico Insurance review 2023 |
Geico Insurance review also revealed that the company does not underwrite many insurance products other than car insurance. However, its partnerships with non-affiliated companies mean that customers can still buy most types of insurance to meet their needs, such as home, umbrella and life. However, additional research may be needed on these carriers to see if they are the right fit.
Geico car insurance 2023
Geico Car Insurance received a score of 4.7 out of 5 points. To determine this score, our insurance editorial team reviewed Geico's average premiums, policy and discount options, customer satisfaction, financial strength and digital insurance features. The better a company performs in each of these categories, the higher its overall score.
Geico was also named one of the best car insurance companies for high-risk drivers in the 2023 Awards. In most cases, after being found guilty of an accident or speeding ticket, drivers will see their car insurance premiums increase. However, Geico's average premium was lower than the national average for these two scenarios. Geico car insurance was also significantly cheaper than the national average when adding a young driver to the policy.
Geico car insurance coverage options are usually standard and don't have a long list of optional add-ons like other car insurance carriers. The only three additional options are emergency roadside service, rental reimbursement and mechanical breakdown insurance.
Geico car insurance cost 2023
Geico is one of the cheapest car insurance companies, based on a study of rate data by Quadrant Information Services. The average cost of its car insurance in 2023 is $1,297 per year for full coverage and $365 per year for minimum coverage. This is significantly lower than the 2023 national average cost of car insurance of $1,771 per year for full coverage.
Geico car insurance discounts 2023
Geico policyholders have access to numerous discounts to help them save on car insurance. Some unique discounts include:
Membership and employee discounts
If you are a member or employee of a participating company or organization, Geico could add this discount to your car insurance.
Emergency deployment
This military discount could provide up to 25% off car insurance for service members who are part of an emergency deployment.
Military
Both active duty and retired military policyholders, as well as members of the National Guard or Reserves, could earn up to a 15% on Geico auto insurance.
Drive Safe and Save
This usage-based insurance telematics program may offer drivers substantial premium discounts up to 50% by tracking your safe driving habits.
Geico car services 2023
Geico has partnered with TrueCar to create its Geico car buying process. With this program, Geico policyholders can research the market value of their desired car and get assistance from TrueCar certified dealers. After purchasing their vehicle, Geico members can use Geico Mobile's Vehicle Care app, created in partnership with CARFAX, to track their service history, recall information and set maintenance reminders.
Geico home insurance 2023
While Geico does not offer home insurance, it works with unaffiliated insurance companies to offer these policies to interested customers. Policies are underwritten by GEICO Insurance Agency, LLC and additional research may be required to ensure it is the best homeowner insurance company for your needs.
Geico life insurance 2023
Similar to its home insurance, Geico life insurance is also offered through partner companies.
Geico life insurance is available in three types of policies: term life, whole life, and universal life insurance. Term life insurance provides coverage only for a specific period of time, and can be used to cover income and expenses. A no-medical exam policy may be available for term life, which does not require a medical exam, but may still require you to fill 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 expiry date until the policy terms are met. Apart from helping with income, this can also be an integral part of estate planning. Keep in mind that universal life insurance premiums can fluctuate.
Other Geico perks worth considering
Auto insurance may be Geico's most popular product, but customers can also access the following:
- Geico Travel Insurance: Offered by Berkshire Hathaway Travel Protection, this insurance can help cover your travel expenses or any trip cancellations, lost or stolen travel documents or unplanned medical expenses.
- Geico Jewelry Insurance: Geico has partnered with Jewelers Mutual Insurance Group to help customers insure valuable and sentimental jewelry against theft and mysterious disappearance.
- Geico Pet Insurance: Pet care can be a big expense, but pet insurance can help reduce some costs. Geico works with partner insurance carriers to provide coverage for most accidents, non-premature illnesses, dental care and more.