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Geico scores a 9.1 out of 10.0 and is rated “Affordable for Most Drivers” based on price, coverage, availability, reputation and reviews
Why Is Geico So Expensive
We at Guides rank Geico among the industry’s best insurance companies and cheapest auto insurance companies for its high financial ratings, comprehensive coverage and customer practices. In this article, we’ll discuss costs, coverage, and customer satisfaction with Geico auto, home, and life insurance.
Geico Insurance Reviews (2023)
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The Guides team is committed to providing reliable information to help you make the best decision about your car insurance. Because consumers rely on us to provide objective and accurate information, we’ve created a comprehensive rating system to formulate our ranking of the best car insurance companies. We collected data on dozens of auto insurance providers to rate the companies on a number of ranking factors. After 800 hours of research, the final result was an overall rating for each provider, with the top-scoring insurers at the top of the list.
We give the Geico a rating of 9.1 out of 10.0 and call it affordable for most drivers in 2023. The provider was ranked third overall in our in-depth industry review of the best auto insurance companies, just behind State Farm and USAA. However, Geico received the highest scores for reputation and affordability, which are part of the five critical areas we use to evaluate a company’s performance.
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The table below shows our performance ratings for Geico in five key areas: cost, reach, reputation, affordability and customer experience.
According to the National Association of Insurance Commissioners (NAIC), Geico had a 13.76% market share in 2022, generating nearly $38.1 billion in insurance premiums and making the auto insurance giant the nation’s third largest. The only providers larger than Geico are Progressive and State Farm.
Pros A++ financial strength rating from AM Best and A+ rating from BBB Low car insurance rates for most drivers High policy limits Insurance discount based on usage Highly rated mobile app
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Reviews of Geico insurance from policyholders are generally positive. Many customers praise the company’s knowledgeable insurance agents who make the claims process simple and smooth. Other reviews mention that the billing and policy change processes are easy.
And while Geico reviews are mostly positive, there are also negative ones. Common themes discuss long wait times for customer service and a lack of communication between the insurance adjuster, body shop and customer when dealing with claims.
In August 2022, we conducted a nationwide auto insurance satisfaction survey of 6,923 people. Of those who participated, 16% of respondents reported that they had a Geico auto insurance policy, making it the third most popular provider in our survey.
We also found that 40% of Geico policyholders filed claims, while nearly 60% did not. Overall, respondents who held a Geico insurance policy were satisfied with the company’s customer service during claims handling, giving the company a rating of 4.2 out of 5.0 stars.
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While not necessarily a review site, many drivers turn to threads on the news aggregator and discussion site Reddit for advice. We scoured Reddit for Geico reviews to see how internet users are talking about the insurer in a more casual setting.
Many positive reviews on Reddit mention the company’s low rates and easy claim process. Users who had a negative experience with Geico cited poor customer service and higher rates than they expected.
Our review team reached out to Geico for comment on these negative reviews, but did not hear back.
Geico’s mobile app for filing insurance claims and viewing policy details is highly rated. It has a rating of 4.6 stars out of 5.0 on Google Play (based on over 460,000 reviews) and 4.8 stars out of 5.0 on the App Store (based on over 3.6 million reviews).
Geico Vs Farmers
Geico has a strong reputation for customer service, with particularly high ratings in the Central, New England, North Central, Northwest and Southwest regions, according to the J.D. study. Power 2022 U.S. Auto Insurance Study℠.
Geico scored just below average in the J.D. study. Power 2023 U.S. Insurance Shopping Study℠ with a score of 857. The average score for large insurers was 861. The study surveyed customers to determine satisfaction at each stage of the purchase.
Our team reached out to Geico for comment on these scores, but did not hear back.
Geico has an A+ rating from the BBB with 1.1 stars out of 5.0 from customers. While this may seem like a low rating, only a little over 1,000 customers have left reviews for the company, which is a very small portion of its customer base. It’s actually pretty typical for national auto insurance companies to get low BBB customer ratings.
Geico Auto Insurance Seems To Be A Major Rip Off
Geico offers all types of standard auto insurance and some of the highest policy limits in the industry (up to the millions). Whether you want liability insurance for bodily injury and property damage, or you want to purchase a comprehensive insurance policy, you can find the coverage you need at Geico.
Geico policies can be purchased for personal automobiles as well as motorcycles, ATVs, RVs, boats and vintage cars. In addition to the coverage options listed above, Geico offers the following add-ons:
Compared to other auto insurance companies, Geico stands out with its mechanical breakdown coverage, which is not a common offering.
To file a claim, call Geico’s claims department or submit a claim online through the Geico website or mobile app. Geico pays claims by check after the accident investigation is complete, less your deductible for repairs. If your car has been repossessed and you still owe on your loan, Geico will pay your lender directly.
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You can contact Geico’s claims department at 800-841-3000. Geico customers can also submit claims through the mobile app at any time or submit claims online at geico.com/claims.
According to our research, a Geico lawsuit can be settled in as little as 48 hours. However, if you have a more complex case, it may take several months to pay out. Every situation is different, so we recommend speaking with your claims adjuster to find out what your schedule looks like.
According to our Geico rate estimates, 35-year-old drivers with good credit and a good driving history pay an average of $1,308 a year or $109 a month for comprehensive auto insurance. That’s about 24% lower than the national average of $1,730 a year, making it one of the cheapest car insurance providers for many drivers.
As with any car insurance company, the cost of car insurance you get from Geico will depend on a number of factors. If you have bad credit, you will likely pay more for your car insurance unless you live in California, Hawaii, Massachusetts, or Michigan. If you have a bad driving record or are a young driver, your insurance will be more expensive.
Get Ready To Pay More For Car Insurance
Your age has a significant impact on car insurance costs. The younger you are, the more you’ll usually pay for coverage. According to our research, Geico tends to charge significantly less on average for a full coverage insurance policy than the national average.
The table below shows average monthly and annual cost estimates for a Geico policy, broken down by age.
If you’re a young driver or don’t have a good driving record, you’ll usually pay more for an auto insurance policy from Geico. Here are some rate estimates based on these factors:
Geico is one of the most affordable national providers on the market. Here’s how the company compares to the top eight vendors:
Compare Allstate, Geico, Progressive, State Farm
The tables below show how Geico compares to regional and national providers in terms of average monthly and annual costs. The minimum liability and comprehensive coverage rates below are for 35-year-old drivers with good credit and a good driving record.
Although Geico’s rates are lower than average, there are times when some drivers may pay more for coverage than others. Geico auto insurance rates depend on several factors, some of which are within your control. Understanding the factors that affect car insurance rates can help you get the best deal.
Compared to other top providers, Geico usually has more discounts on auto insurance, including special savings for military and federal employees. Policy deductions for each discount vary.
Get a discount on your insurance premium when you bundle home, renters or other insurance products with your auto policy.
Why Did My Geico Car Insurance Rate Go Up?
Get up to 15% off if you’re an Active Duty, Retired, or National Guard member
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