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Geico was established in 1936 in Texas by Leo and Lillian Goodwin. If you’ve ever wondered why the company name is usually in all capital letters, it’s because it was named the Government Employees Insurance Corporation, or Geico for short. The Goodwins established the company to provide auto insurance for federal employees and military members at reduced rates.

Geico motored along happily for a few decades, growing steadily over time. In 1956, a young Warren Buffet invested in the company while still a student at Columbia University. That would come to be important forty years later, when Buffett purchased all of Geico’s outstanding stock, and the insurance company became a subsidiary of Buffett’s Berkshire Hathaway.

Geico passed the million-policy mark in 1964. The company focused its resources on expanding its reach, and in 1993 made the decision to increase its advertising. This was the key to the Geico gecko, which debuted in 2000. (The gecko also has side gigs promoting conservation efforts.) In 2004, the “So simple a caveman could do it” campaign launched.

The company also uses the famous “Fifteen minutes could save you 15 percent or more” slogan. This idea of spending a little time to save a lot of money on auto insurance has been central to the company’s growth. Geico car insurance is available in all fifty states and the District of Columbia, and it offers a wide portfolio of insurance policies, no longer just auto insurance. In 2016, it became the second-largest insurer in the United States, ahead of Allstate and behind State Farm.

The Best Car Insurance Companies in 2020

Our Car Insurance Ranking

  1.     USAA
  2.     Geico
  3.     Allstate
  4.     State Farm
  5.     Farmers
  6.     Progressive
  7.     American Family
  8.     Nationwide
  9.     Travelers

Geico Rating and Review

Rating: 4.17/5

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We asked respondents to rate their car insurance company’s claim response, customer service, and value. Geico landed in second place out of 10 companies, with only USAA having a higher rating. People were generally pleased with the ease of filing a claim and with Geico's customer service. Given this insurer's reputation for saving its policyholders money, it’s no surprise that people gave it high marks for value as well. Let’s dig into the questions to see how people answered.

More than 80% of respondents said they were satisfied or completely satisfied with the ease of filing a claim with Geico. They were similarly satisfied with how their claims were resolved, with three-quarters reporting they were either satisfied or very satisfied with Geico’s resolution of their claims.

One person who took the survey said they found Geico to have “very good service, fast [and] friendly.” Another wrote that their vehicle was “in better condition than before the accident,” and they felt that Geico addressed all of their concerns. 

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When asked to rate customer service, respondents were mostly pleased, and when it came to status updates and feeling like they were in the loop while a claim was being processed, drivers said Geico was communicative. About 75% of respondents rated Geico a 4 or 5 out of 5 for updates on their claims.

But not everyone was thrilled with their experience. One respondent felt a “lack of attention when filing a claim.” Another said that they had to “call multiple times to get updates.” 

While those who took the survey were happy with Geico's customer service, the lack of updates from Geico during the claims process seemed to make a difference. When asked how satisfied drivers were with the value of their Geico insurance, more than 50% reported being completely satisfied.

More than 70 percent of respondents said they were likely or very likely to recommend Geico to others who are looking for auto insurance. About 15 percent of those who took the survey said they were unlikely or very unlikely to recommend it. As with almost any insurance company, most of these respondents said they wouldn't recommend Geico because the rates are too high and they seem to rise for reasons they can’t understand.

One person noted that after their rates rose with Geico, they were able to find “higher coverage at [my] previous rate with another company.” Another said, contrary to Geico’s advertising campaigns, “When I switched over, I didn’t save any money on my auto insurance.”

When asked if they’d renew their Geico auto insurance, 73 percent were likely or very likely. About 14 percent were unlikely or very unlikely, and several in the survey had already switched. Many were switching for better rates with another company. This response was typical: “If the price was lower somewhere else, I would go.” Several people in our survey agreed with the respondent who said, “I already switched insurance companies because the premiums at Geico were too high after I got in an accident.”

Given these survey responses, it seems that Geico has better customer service than you might expect from a company that advertises having lower rates than its competitors. Most people in our survey were happy with the claims process from start to finish. They were satisfied enough to renew their own insurance and recommend Geico to others.

But even though it’s one of the least expensive insurance companies on average (see more on that below), customers are willing to switch from Geico as well. The lack of status updates during the claims process left some customers feeling ignored or displeased with the repair work on their vehicle.

Geico Pros and Cons

Pros

    • Easy to file a claim

    • Good value for the money

    • Study rates are lower than average

Cons

    • Claim updates can be spotty

    • Sometimes hard to contact an agent

    • Pricey representative premium with a DUI

How We Created This Geico Car Insurance Review

At U.S. News, we’re all about helping people make life’s important decisions. Our college rankings, launched in 1983, set the standard in educational rankings. Our ranking in other fields, like healthcare, government, and the automotive sphere, help people and thought leaders make choices that make lives better. Now we’re continuing to empower you with the information you need to make the right choices for your life with our Best Car Insurance Rankings. 

We surveyed 2,732 consumers who filed a car insurance claim in the last five years, asking questions about their car insurance company. Of the survey respondents, 285 filed a claim with Geico. These questions covered satisfaction with the ease of filing a claim, customer service, claim status communication, claim resolution, and overall value. We also asked whether they’d recommend the company and if they planned to renew their policy. We used their responses to build our Best Car Insurance Companies ranking and this head-to-head comparison.

Our Study Rates

To get comparative insurance rates for this study, U.S. News also worked with Quadrant Information Services to analyze a report of insurance rates in all 50 states from the 10 largest national car insurance companies, though not every company operates in every state. Quadrant obtained publicly available rate data that car insurers file with state regulators. Our study rates are based on profiles for both male and female drivers aged 25, 35, and 60. Vehicles used include the 2015 Honda Civic, 2015 Toyota RAV4, and 2015 Ford-F-150, with annual mileage ranging from 6,000 and 12,000. Three car insurance coverage levels were used, as were credit tiers of good, fair, and poor. Clean driving records and records with one accident, one speeding violation, and one DUI were also used in the calculations of certain driver archetypes. 

To get the study rates shown here, we computed the mean rate for male and female drivers ages 25, 35, and 60 who drive 12,000 miles per year, have medium coverage, good credit and a clean driving record. The rates shown here are for comparative purposes only and should not be considered “average” rates available by individual insurers. Because car insurance rates are based on individual factors, your car insurance rates will differ from the rates shown here.

Geico Car Insurance Costs

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When it comes to the average insurance rates in our study, only USAA is cheaper overall than Geico. However, what you pay for car insurance varies. The average insurance rates we’ll be talking about here are for comparative purposes only. Your rates will differ.

The Cheapest Car Insurance Companies in 2020

Average Annual Rates:

Geico Car Insurance Rates by Age

Age

National Average Rate

Single 25-year-old female

$1,365.47

Single 25-year-old male

$1,269.18

Married 35-year-old female

$1,119.03

Married 35-year-old male

$1,133.91

Married 60-year-old female

$1,052.97

Married 60-year-old male

$1,067.01

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Age matters a great deal to insurance companies when they’re setting rates. Geico is no different, though it is a little less expensive for young driver profiles than some other major insurers. We found that, on average, 25-year-old driver profiles will pay study rates around $1,250 to $1,350 per year with Geico. That’s about $300 less than the national average for young driver profiles. The range in representative rates drops by about $150 for the 35-year-old driver profiles, and drops another $70 for the 60-year-old profiles.

To determine Geico's average rates based on gender and age, we created driver profiles for males and females in each of the following ages: 25 years, 35 years, and 60 years. The profiles also have a clean driving record, insurance coverage for 12,000 miles per year, a medium level of insurance coverage, and a good credit score. We used three vehicles for our driver profiles: the 2015 Honda Civic, 2015 Toyota RAV4, and 2015 Ford F-150.

Geico Car Insurance Rates by Annual Mileage

Annual Mileage

National Average Rate

6,000 miles

$1,106.54

12,000 miles

$1,167.93

Whether a driver profile puts about 6,000 or 12,000 miles on the odometer each year, the representative rates remain fairly similar with Geico. Those who drive 6,000 miles a year had an average study rate of about $1,100, while a driver profile with 12,000 miles a year paid $1,168 on average, a difference of only about $70. In either case, these driver profiles would save about $200 compared to the national average.

We created two driver profiles to compare how annual mileage can change Geico car insurance rates: one with low mileage (6,000 miles per year) and one with high mileage (12,000 miles per year). The profiles covered males and females in the 25-, 35-, and 60-year-old age groups with a medium level of insurance coverage, a good credit score, and a clean driving record. The vehicles used in our study are the 2015 Honda Civic, 2015 Toyota RAV4, and 2015 Ford F-150.

Geico Car Insurance Rates by Coverage Type

Coverage Type

National Average Rate

Low

$1,087.80

Medium

$1,167.93

High

$1,254.53

Driver profiles with low coverage had a study rate of about $1,088, while high levels of coverage cost an average of about $1,255 annually. Given how expensive costs associated with an accident are, spending an extra $170 per year on insurance could be a great deal if it saves you from spending thousands of dollars out of pocket if you cause an accident. Geico’s representative rates for driver profiles with either level of coverage are at least 15% lower than the national average study rates. 

We created identical profiles in our study to represent drivers, then found out how rates changed with the three levels of coverage. The profiles were assigned a clean driving record, a good credit score, and 12,000 miles of annual driving. We used both males and females with the ages of 25, 35, and 60. The 2015 Honda Civic, 2015 Toyota RAV4, and 2015 Ford F-150 are the vehicles used in our analysis. 

Geico Car Insurance Rates by Credit History

Credit Score

National Average Rate

Good

$1,174.83

Fair

$1,380.33

Poor

$1,854.73

Geico does heavily ding driver profiles with poor credit. In our study, driver profiles with good credit pay $1,175 on average, while those with fair credit paid an average study rate of $1,380. Driver profiles with poor credit histories, according to our study, pay $1,855 on average –that’s almost $700 more than those with good credit. It’s still one of the lowest representative rates available for profiles with poor credit. In our study, Geico’s rate was about 20% lower than the national average.

Our study verified that credit score affects car insurance rates using male and female driver profiles with ages of 25 years, 35 years, and 60 years. We created a profile for each level of credit score (good, fair, and poor) and assigned the profiles a clean driving record, a good credit score, a medium level of insurance coverage, and 12,000 miles of annual driving. The 2015 Honda Civic, 2015 Toyota RAV4, and 2015 Ford F-150 are the vehicles used in our analysis. 

Geico Car Insurance Rates by Driving Record

Driving Record

National Average Rate

Clean record

$1,167.93

With 1 speeding violation

$1,510.16

With 1 accident

$1,802.17

With 1 DUI

$2,957.84

Drivers with a traffic violation or accident are more expensive to insure, even with Geico. Average study rates for driver profiles with a clean record start at $1,168. A speeding ticket will raise the study rate through Geico to $1,510, and an accident will cause the study rate to go up to $1,802. Geico penalizes driver profiles with a driving under the influence (DUI) conviction even more stiffly. One DUI raises the average representative rate to $2,958, more than double what the profile with a clean record pays.

Driver profiles with one ticket or an accident still save about 10% over the national average rates in our study. But profiles with one DUI pay about 20% more than the national average for those profiles. 

To find out just how much of an effect a person's driving record has on insurance rates, we made driving profiles with a clean record, with one speeding violation, with one accident, and with one instance of driving under the influence (DUI). These driving record representative profiles were based on 25-, 35-, and 60-year-old males and females with 12,000 miles of mileage per year, a medium level of insurance coverage, and a good credit score. Vehicles used in the analysis are the 2015 Honda Civic, 2015 Toyota RAV4, and 2015 Ford F-150.

Who Should Get Geico Car Insurance?

Geico is one of the cheapest car insurance companies in our study across the board. For nearly every driver profile we analyzed, Geico's study rates were among the lowest. The one exception is the driver profile with a DUI conviction. For this profile, Geico has the third-highest representative rate. 

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Geico vs. Other Insurance Companies

Geico Auto Insurance vs. Progressive Auto Insurance

In our survey, Progressive car insurance ranks lower than Geico when it came to customer satisfaction and claims resolution. Geico is ranked No. 2, while Progressive is ranked No. 6. When it comes to cost, Progressive falls exactly in the middle of our study, placing fifth out of nine. 

Progressive’s average overall annual premium in our analysis was more expensive than Geico’s by about $200. The differences in study rates were most apparent for the 25-year-old driver profiles, where Geico’s averages were about $300 to $400 cheaper, though the gecko was less expensive in almost every profile we examined. However, Progressive had a much lower representative rate for the driver profile with a DUI than Geico. Progressive charged this profile only $1,681 while Geico's study rate was more than $1,300 higher.

Read more in our Geico vs. Progressive Head to Head »

Geico Auto Insurance vs. State Farm Auto Insurance

State Farm is ranked fourth by survey respondents for customer service and handling of claims. That’s not bad, but it’s still behind Geico. State Farm takes the third spot when it comes to cost, sitting just behind Geico in our study.

State Farm's study rates were a couple hundred dollars higher than Geico's for the majority of our profiles. For the profile with poor credit, State Farm's representative rate was almost $1,000 higher than Geico's average. State Farm is the better bargain for the profiles with incidents on their driving records, however. Profiles with one ticket saved 10% with State Farm, and profiles with an accident saved nearly 20% off our study rates. Profiles with one DUI saved nearly 50% with State Farm according to our study. 

Read more in our Geico vs. State Farm Head to Head »

Geico Auto Insurance vs. Allstate Auto Insurance

Survey respondents ranked Allstate third, just behind Geico, for its handling of claims and its customer service. At the same time, Allstate is the most expensive insurer in our analysis, with an average annual study rate of $1,880. Geico is the second cheapest, with a national average of $1,168.

In every demographic and type of coverage, we found Allstate to be several hundred to several thousand dollars more expensive than Geico. Allstate was more expensive even in demographics where study rates tend to be low, such as for married 35-year-old driver profiles, where Allstate's representative rates were about $700 higher than Geico's. 

Where study rates tend to be higher across the board, Geico was still less expensive. Geico’s average representative rate for driver profiles with poor credit, for example, was about $1,200 lower. Even for driver profiles with a DUI, where Geico raises study rates steeply, Allstate’s average was higher by about $300.

Read more in our Geico vs. Allstate Head to Head »

Types of Coverage From Geico Car Insurance

Geico offers a full slate of car insurance coverage, from the basics required by most states to optional services like mechanical breakdown insurance. Comprehensive, collision, uninsured/underinsured motorist, medical payments, and personal injury protection are all available. Nearly every state requires a combination of several of these types of insurance.

The Geico Mobile app allows you to pay your bill and, if your state accepts it, use a digital insurance card. Twenty-four-hour roadside assistance, which is accessed via the app in addition to the website and phone, can be added to any plan, as can the use of a rental car while your vehicle is in the shop.

Geico Car Insurance Complaints

The complaints about Geico that we saw in the survey were common to those of many insurance companies. People felt that their insurance was expensive and that rates would rise without warning or explanation.

Geico had quite a few complaints about the lack of updates during the claims process, and a few people noted that it could be difficult to contact an agent, particularly on weekends. People also felt that they were left without a choice for which shop performed repairs. One person in our survey put it succinctly: “Expensive, lack of attention when filing a claim.”

Geico Car Insurance Discounts

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Geico offers typical car insurance discounts, such as for insuring more than one vehicle or bundling auto and home insurance. They also have discounts for vehicle equipment, like air bags or an anti-theft system. Like other insurers, they give discounts for good driving, seat belt use, and being a good student, and they partner with large employers and some organizations to offer lower rates. After five years of accident-free driving, Geico drops most rates by as much as 26 percent.

Geico rewards drivers who take extra steps to stay sharp on the streets. They give discounts to motorcyclists who complete a safety course, and drivers over 50 who take a defensive driving course can earn a discount with the company’s Prime Time contract.

Other Types of Policies From Geico

Geico offers coverage for a wide range of vehicles, including ATVs, motorcycles, boats, and RVs. They also have policies for ride-share drivers who take passengers via services like Lyft or Uber. And they have insurance for drivers headed to Mexico, where a local policy is required.

In addition to the more usual types of insurance for home and auto, Geico has policies for pets, jewelry, and overseas travel.

Geico Financial Fitness

In 2016, Geico jumped ahead of insurance giant Allstate to gain 12 percent of the market share and become the second-largest insurer in the country. State Farm, the No. 1 insurer with more than 18 percent of the market, is a tough leader to catch.

Also in 2016, Geico’s underwriting profits were at $462 million, $2 million higher than the previous year. Its parent company, Berkshire Hathaway, had underwriting profits of about $2 billion that year.

Geico is owned by Berkshire Hathaway.

Contact Geico

www.geico.com

800-207-7847