Geico Insurance Review 2022 | Bankrate
Geico Insurance review 2022
Updated
Jun. 1, 2022
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At a glance
4.7
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4.7
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Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bottom Line
Policyholders who value cheaper car insurance and digital capabilities over bundling multiple insurance policies with the same company might consider Geico as their company of choice.
Pros
- Lower premiums for high-risk drivers
- Robust online and mobile app accessibility
- Multi-policy discounts available
Cons
- Home and life underwritten by third parties
- Limited add-on coverage options
- Avg. annual auto insurance premium for full coverage: $1,297
- Avg. annual auto insurance premium for min coverage: $365
Headquartered in Chevy Chase, Maryland, Geico is one of the largest insurance carriers in the U.S. Owned by the 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 are shopping for insurance, understanding what sets Geico apart from other insurance companies might help you decide if the company is best for your needs.
A key draw to 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 perfect for those who want to handle their own car insurance, although coverage options may be limited.
Bankrate’s 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 purchase most types of insurance to meet their needs, like home, umbrella and life. However, additional research may be required on these carriers to see if they’re the right fit.
Bankrate Awards
- Best auto insurance company for high-risk drivers
Geico car insurance
Geico car insurance received a Bankrate 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 performed in each of these categories, the higher its overall Bankrate Score.
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Quick facts
Save $610
on average this year by shopping for new car insurance
Rates vary by state
up to 246%
The average American pays
$145/month
for auto insurance
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Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
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Geico was also named one of the best car insurance companies for high-risk drivers in the 2022 Bankrate Awards. In most cases after an at-fault accident or speeding ticket conviction, drivers will see their car insurance premiums increase. However, Geico’s average premiums were less than the national averages 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 generally standard and do not have a long list of optional add-ons like other car insurance carriers may offer. The only three additional options are emergency roadside service, rental reimbursement and mechanical breakdown insurance.
Geico car insurance cost
Based on Bankrate’s study of rate data from Quadrant Information Services, Geico is one of the cheapest car insurance companies. Its 2022 average cost of car insurance is $1,297 per year for full coverage and $365 per year for minimum coverage. This is notably lower than the 2022 national average cost of car insurance at $1,771 per year for full coverage.
Geico average annual full coverage premium
National average annual full coverage premium
Clean driving history
$1,297
$1,771
Speeding ticket conviction
$1,586
$2,138
At-fault accident
$1,900
$2,521
Adding a 16-year-old driver*
$2,822
$3,852
Geico car insurance discounts
Geico policyholders have access to numerous discounts to help save on car insurance. Some unique discounts include:
Looking to save money on auto insurance?
If you are a member or employee of a participating company or organization, Geico could add this discount to your car insurance.
This military discount could provide up to 25% off car insurance for service members who are part of an emergency deployment.
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.
This usage-based insurance telematics program may offer drivers substantial premium discounts up to 50% by tracking your safe driving habits.
Geico car services
Geico has partnered with TrueCar to create its Geico Car Buying Process. With this program, Geico policyholders can research their desired car’s market value and receive assistance from TrueCar’s Certified Dealers. After purchasing their vehicle, Geico members can use Geico Mobile’s Vehicle Care app, created through a partnership with CARFAX, to track their service history, recall information and set maintenance reminders.
Geico home insurance
While Geico does not offer home insurance, it works with non-affiliated insurance companies to provide this policy to interested customers. The policies are secured through GEICO Insurance Agency, LLC, and may require additional research to ensure it is the best homeowners insurance company for your needs.
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This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions.
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Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
Quick Facts
$382/year
average savings through Bankrate
2 out of 3 homes
are underinsured
1 out of every 20
insured homes makes a claim each year
100% of homes
need insurance before getting a mortgage
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insurers in
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Geico life insurance
Similar to its home insurance, Geico life insurance is also offered through partner companies.
Geico life insurance is available in three policy types: term life, whole life and universal life insurance. Term life insurance only provides coverage for a specific amount of time, and may be used to replace income and cover expenses. A no-medical exam policy for term life may be available, which does not require a medical exam, but may still require filling 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 end date as long as policy terms are fulfilled. In addition to helping with income, this could also be an integral part of estate planning. Keep in mind that universal life insurance premiums may fluctuate.
Other Geico perks worth considering
Auto insurance may be Geico’s most popular product, but customers can also access the following:
-
Travel insurance:
Offered through Berkshire Hathaway Travel Protection, this insurance could help insure your travel costs or any trip cancellations, lost or stolen travel documents or unplanned medical costs.
-
Jewelry insurance:
Geico has partnered with Jewelers Mutual Insurance Group to help customers insure valuable and sentimental jewelry against theft and mysterious disappearance.
-
Pet insurance:
Caring for a pet can be a major expense, but pet insurance could help decrease some of the costs. Geico works with partner insurance carriers to provide coverage for most accidents, non-pre existing illnesses, dental care and more.
Geico corporate sustainability
Through the Geico Philanthropic Foundation, the company supports three main initiatives: education, community engagement and equity, justice, diversity and inclusion. The Foundation has donated between $6-8 million to over 7,000 charities within the last twenty years. It encourages policyholders and the wider public to submit their 501(c)(3) non-profit organizations for donation consideration, provided that the non-profit meets Geico’s criteria. Nominations can be made from the start of the year to November 30.
Not sure if Geico is right for you? Consider these alternatives
If you want to compare Geico against other insurance companies before making your decision, these three companies may be a good place to start:
- Esurance:
-
Nationwide
:
Low-mileage drivers and those who want to build safe driving habits and save money may appreciate taking advantage of Nationwide’s telematics programs: SmartMiles and SmartRide.
-
Progressive
:
Progressive offers a long list of car insurance discounts like Geico, but also offers a long list of home insurance discounts for those who want to save on both policy types.
Looking to save money on auto insurance?
Methodology
Bankrate utilizes Quadrant Information Services to analyze 2022 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on 40-year-old male and female homeowners with a clean claim history, good credit and the following coverage limits:
Auto
- $100,000 bodily injury liability per person
- $300,000 bodily injury liability per accident
- $50,000 property damage liability per accident
- $100,000 uninsured motorist bodily injury per person
- $300,000 uninsured motorist bodily injury per accident
- $500 collision deductible
- $500 comprehensive deductible
To determine minimum coverage limits, Bankrate used minimum coverage that meets each state’s requirements. Our sample drivers own a 2020 Toyota Camry, commute five days a week and drive 12,000 miles annually.
Age: Rates were calculated by evaluating our base profile with the ages 18-60 (base: 40 years) applied. Depending on age, drivers may be a renter or homeowner. Age is not a contributing rating factor in Hawaii and Massachusetts. For 16-year-old rates, rates were calculated with three drivers listed, two parents plus their 16-year-old.
Incidents: Rates were calculated by evaluating our base profile with the following incidents applied: clean record (base), single speeding ticket conviction and a single DUI conviction.
Bankrate Scores
Bankrate Scores primarily reflect a weighted rank of industry-standard ratings for financial strength and customer experience in addition to analysis of quoted annual premiums from Quadrant Information Services, spanning all 50 states and Washington, D.C. We know it is important for drivers and homeowners to be confident their financial protection covers the likeliest risks, is priced competitively and is provided by a financially-sound company with a history of positive customer support.
To determine how well the best car and home insurance companies satisfy these priorities, third-party agency ratings from J.D. Power, AM Best, S&P, NAIC, and Moody’s had the most impact on the companies’ Bankrate Scores. As price is a common consideration for drivers and homeowners, we analyzed quoted premiums based on 40-year-old male and female drivers with a 2019 Toyota Camry, as well as 40-year-old male and female homeowners with $250,000 in dwelling coverage. This profile, assessed across more than 35,000 ZIP codes in the U.S., provided a basis on which drivers and homeowners may compare each provider.
While coverage options, insurer availability, affordability and customer experience are often the top priorities, Bankrate also analyzed each insurer’s online and mobile resources for policy management and claims handling. Insurance is rapidly evolving to keep pace with our digital world, so these aspects also carried weight in determining Bankrate Scores.