GEICO Insurance Review 2024
GEICO has long been a go-to choice for affordable and reliable insurance, offering a range of options including auto, home, and life insurance. Known for competitive rates, user-friendly online tools, and excellent customer service, it’s a solid choice for most insurance needs. We give GEICO a rating of 4 out of 5 stars, making it a trusted option for millions across the U.S.
At a Glance
GEICO offers a wide range of insurance products, including auto, home, and life insurance, known for competitive rates and extensive discounts. Backed by Berkshire Hathaway, it’s financially stable and reliable. With a user-friendly mobile app, strong customer service, and convenient claims handling, GEICO remains a trusted choice for millions.
GEICO stands out for its affordability, extensive coverage options, and commitment to customer convenience. Known primarily for its auto insurance, GEICO is also a strong player in home and life insurance markets, offering competitive rates and discounts across its product lines. Customers are drawn to GEICO for its straightforward, no-nonsense approach to insurance, and the company’s easy-to-use online tools and highly rated mobile app make it simple to manage policies, file claims, and access support at any time.
One of GEICO’s major advantages is its wide array of discounts, which cater to safe drivers, students, federal employees, and even military personnel, allowing many policyholders to save even more. This focus on affordability without compromising coverage quality makes GEICO a trusted choice for millions.
GEICO also stands apart by providing financial stability through its affiliation with Berkshire Hathaway, ensuring reliability and consistency in coverage. While some insurers may focus on premium perks, GEICO appeals to the budget-conscious consumer looking for reliable, efficient service. For those who value a blend of competitive pricing, strong customer support, and digital ease, GEICO continues to be a top choice in the insurance market.
Benefits & Drawbacks
⇅- Competitive rates across auto, home, and life insurance.
- User-friendly online tools and highly rated mobile app for easy policy management.
- Wide range of discounts for safe drivers, students, military personnel, and federal employees.
- Financial stability backed by Berkshire Hathaway.
- Efficient claims process with 24/7 customer service. ✓
- Limited local agent presence; primarily operates online and via phone.
- Home and life insurance policies are underwritten by third-party companies, which may lead to varying service experiences.
- Some customers report longer wait times for claims processing.
- Fewer specialized coverage options compared to some competitors.
- Discounts and coverage options may vary by state. ✘
Is GEICO a good company? Our Take
GEICO is widely regarded as a reputable insurance company, offering a range of products including auto, home, and life insurance. Its competitive rates and user-friendly online tools make it a popular choice among consumers.
However, customer reviews are mixed, as is common in the insurance industry. While many customers praise GEICO for its affordability and efficient service, others have reported dissatisfaction with claims handling and customer support.
For instance, the Better Business Bureau (BBB) rates GEICO with an A+, but customer reviews average 1.1 out of 5 stars based on over 1,600 reviews.
Similarly, a MarketWatch review notes that GEICO has an A+ rating from the BBB but also highlights the low customer review scores.
These mixed reviews suggest that while GEICO excels in certain areas, individual experiences may vary.
Reviews By Product
Select one of the policy types below to find out more
GEICO Auto Insurance Review
Auto Insurance Cost
The average cost of GEICO car insurance for full coverage is approximately $1,572 annually. In comparison, the national average cost for full coverage car insurance is about $2,543 per year, exemplifying GEICOs competitive rates.
GEICO Price Quote
GEICO is generally considered affordable for drivers with a clean record and good credit, offering competitive rates compared to the national average. It is particularly cost-effective for those who qualify for various discounts, such as safe driving, good student, or military discounts.
However, GEICO can be more expensive for drivers with poor credit, recent at-fault accidents, or DUIs, as these factors significantly increase the premium.
Average Rates By Age
| Age | Average Monthly Rate | Average Annual Rate |
| 16 | $317 | $3,800 |
| 17 | $292 | $3,500 |
| 18 | $285 | $3,425 |
| 21 | $194 | $2,325 |
Average Rates By Driver Profile
| Driver Profile | Average Monthly Rate | Average Annual Rate | Average National Annual Rate |
| Good Credit & Driving History | $131 | $1,572 | $2,000 |
| Poor Credit | $214 | $2,568 | $3,222 |
| One Recent Accident | $259 | $3,112 | $3,936 |
Is GEICO Car Insurance Expensive Compared To Other Companies?
| Company | Average Monthly Rate | Average Annual Rate |
| GEICO | $131 | $1,572 |
| State Farm | $165 | $1,976 |
| USAA* | $119 | $1,432 |
| Progressive | $176 | $2,112 |
| Allstate | $222 | $2,665 |
*USAA is available only to military members, veterans, and their families.
GEICO Auto Insurance Claims
Here’s a step-by-step guide to filing an auto insurance claim with GEICO::
Ensure Safety And Gather Information:
- After an accident, ensure everyone’s safety and move to a safe location if possible.
- Collect relevant details, including:
- Names, contact information, and insurance details of all parties involved.
- Vehicle information (make, model, license plate numbers).
- Names and badge numbers of responding police officers.
- Witness contact information.
- Photos of the accident scene and vehicle damages.
Report The Claim:
- Online: Visit GEICO’s “Report a Claim” page to initiate the process.
- Mobile App: Use the GEICO Mobile app for a user-friendly experience.
- Phone: Call GEICO’s claims hotline at (800) 841-3000.
Provide Incident Details:
- Be prepared to share:
- Date, time, and location of the incident.
- A description of what happened.
- Information about the other driver(s) and any witnesses.
Schedule A Vehicle Inspection:
- GEICO will arrange for an adjuster to assess your vehicle’s damage.
- If your car is drivable, you may be directed to a GEICO Auto Repair Xpress® facility for inspection and repairs.
- If your car isn’t driveable, GEICO can send an adjuster to its location.
Repair Process:
- Choose a repair shop. Opting for a GEICO-approved facility can streamline the process and may come with a lifetime guarantee on repairs.
- If you have rental reimbursement coverage, GEICO can assist in arranging a rental vehicle during repairs.
Claim Resolution:
- Once repairs are completed, review the work to ensure satisfaction.
- GEICO will handle payments directly with the repair facility, minus any applicable deductible.
Throughout the process, you can track your claim’s status online or via the GEICO Mobile app. For any questions or assistance, contact GEICO’s claims department at (800) 841-3000.
GEICO Coverage
GEICO offers a comprehensive range of auto insurance coverages to meet various needs:
Liability Coverages
- Bodily Injury Liability: Covers medical expenses and lost wages for others injured in an accident where you’re at fault.
- Property Damage Liability: Pays for damages to another person’s property resulting from an accident you caused.
Vehicle Coverages
- Collision Coverage: Pays for damage to your vehicle resulting from a collision, regardless of fault.
- Comprehensive Coverage: Covers non-collision-related damages to your vehicle, such as theft, vandalism, fire, or natural disasters.
Medical Coverages
- Medical Payments (MedPay): Covers medical expenses for you and your passengers, regardless of fault.
- Personal Injury Protection (PIP): Extends MedPay by covering additional expenses like lost wages and rehabilitation costs.
Uninsured/Underinsured Motorist Coverages
- Uninsured Motorist Bodily Injury: Protects you if you’re injured by a driver without insurance.
- Underinsured Motorist Bodily Injury: Covers injuries when the at-fault driver’s insurance is insufficient.
- Uninsured Motorist Property Damage: Pays for damage to your vehicle caused by an uninsured driver.
Additional Coverages
- Emergency Road Service: Provides assistance for towing, flat tires, and other roadside issues.
- Rental Reimbursement: Covers the cost of a rental car while your vehicle is being repaired due to a covered claim.
- Mechanical Breakdown Insurance: Offers protection against unexpected mechanical failures, similar to an extended warranty.
These options allow you to tailor your policy to fit your specific needs and circumstances.
Pros And Cons Of GEICO Car Insurance
Pros
- Competitive Rates: GEICO offers affordable premiums, often below the national average, making it a cost-effective choice for many drivers.
- Extensive Discounts: A variety of discounts are available, including those for safe drivers, students, military personnel, and federal employees, allowing policyholders to save even more.
- User-Friendly Digital Tools: GEICO’s highly rated mobile app and online platform enable easy policy management, claims filing, and access to digital ID cards.
- Financial Stability: Backed by Berkshire Hathaway, GEICO has a strong financial foundation, ensuring reliability in claim payouts.
- 24/7 Customer Service: Round-the-clock support is available for policy inquiries and claims assistance, providing convenience and peace of mind.
Cons
- Limited Local Agents: GEICO primarily operates online and via phone, which may not appeal to customers who prefer in-person interactions with local agents.
- Mixed Customer Service Reviews: While many customers report positive experiences, some have expressed dissatisfaction with claims handling and customer support responsiveness.
- Fewer Coverage Options: Compared to some competitors, GEICO offers fewer specialized coverage options and add-ons, which may limit customization for certain drivers.
- Third-Party Underwriting for Some Policies: Home and life insurance policies are underwritten by third-party companies, potentially leading to varying service experiences.
- Potential Rate Increases: Some customers have reported unexpected premium increases upon policy renewal, which can affect budgeting and satisfaction.
GEICO Car Insurance Discounts
| Discount Name | Discount Description |
| Safe Driver | Offered to drivers who maintain a clean driving record without accidents or violations. |
| Good Student | Available to students who maintain a high GPA, rewarding academic achievement. |
| Multi-Policy | Provides savings when you bundle multiple insurance policies, like home and auto, with GEICO. |
| Military | Special discount for active duty and retired military personnel, as well as members of the National Guard and Reserves. |
| Multi-Vehicle | Discount for insuring more than one vehicle on the same policy with GEICO. |
| Anti-Theft Device | Reduces premium for vehicles equipped with anti-theft systems. |
| Defensive Driving | Offered to drivers who complete an approved defensive driving course. |
GEICO Home Insurance Reviews
GEICO Homeowners Insurance Quotes
| Dwelling Coverage Limit | Average Monthly Rate | Average Annual Rate |
| $150,000 | $58 | $696 |
| $250,000 | $95 | $1,140 |
| $350,000 | $132 | $1,584 |
| $450,000 | $169 | $2,028 |
Is GEICO Home Insurance Expensive Compared To Other Companies?
| Company | Average Monthly Rate | Average Annual Rate |
| GEICO | $79 | $948 |
| State Farm | $92 | $1,104 |
| USAA* | $67 | $804 |
| Progressive | $85 | $1,020 |
| Allstate | $110 | $1,320 |
*USAA is available only to military members, veterans, and their families.
GEICO Home Insurance Discounts
GEICO offers several discounts to help policyholders save on home insurance premiums:
- Multi-Policy Discount: Bundling your home and auto insurance policies with GEICO can lead to significant savings.
- Home Security Systems: Installing security systems, such as burglar alarms or surveillance cameras, may qualify you for discounts due to the reduced risk of theft.
- Smoke Detectors and Fire Extinguishers: Equipping your home with smoke detectors and fire extinguishers can lower your premium by mitigating fire-related risks.
- Military Discount: Active or retired military personnel may be eligible for up to 15% off their total insurance premiums.
Additional discounts may be available depending on the specific insurance carrier GEICO partners with for your policy.
GEICO Home Insurance Coverage
GEICO’s home insurance policies, underwritten by third-party companies, typically include the following coverages:
- Dwelling Coverage: Protects the structure of your home against perils like fire, wind, and hail.
- Other Structures Coverage: Covers detached structures on your property, such as garages, sheds, or fences.
- Personal Property Coverage: Insures your personal belongings, including furniture, electronics, and clothing, against covered events.
- Loss of Use Coverage: Pays for additional living expenses if your home becomes uninhabitable due to a covered loss.
- Personal Liability Coverage: Provides protection if you’re legally responsible for injuries or property damage to others.
- Medical Payments Coverage: Covers medical expenses for guests injured on your property, regardless of fault.
Additional coverages, such as identity theft protection or increased dwelling coverage, may be available depending on the underwriting partner.
Pros And Cons Of GEICO Home Insurance
Pros
- Competitive Rates: GEICO offers affordable premiums, often below the national average.
- Multi-Policy Discounts: Bundling home and auto insurance can lead to significant savings.
- User-Friendly Digital Tools: The GEICO mobile app and online platform facilitate easy policy management and claims filing.
- Financial Stability: Backed by Berkshire Hathaway, GEICO ensures reliable coverage.
Cons
- Third-Party Underwriting: Home insurance policies are underwritten by non-affiliated companies, leading to varying service experiences.
- Limited Coverage Options: Some specialized coverages may not be available through all underwriting partners.
- Mixed Customer Service Reviews: Customer experiences can vary depending on the third-party insurer.
- Potential Rate Increases: Some customers have reported unexpected premium increases upon policy renewal.
GEICO Life Insurance Review
GEICO Life Insurance Quotes
Here is a table showing GEICO’s average monthly and annual rates for a 10-year level term life insurance policy:
| Age | Coverage Amount | Male Average Monthly Rate | Male Average Annual Rate | Female Average Monthly Rate | Female Average Annual Rate |
| 25 | $250,000 | $15 | $180 | $13 | $156 |
| $500,000 | $25 | $300 | $22 | $264 | |
| $1,000,000 | $45 | $540 | $38 | $456 | |
| 35 | $250,000 | $17 | $204 | $15 | $180 |
| $500,000 | $29 | $348 | $25 | $300 | |
| $1,000,000 | $52 | $624 | $44 | $528 | |
| 45 | $250,000 | $30 | $360 | $25 | $300 |
| $500,000 | $55 | $660 | $45 | $540 | |
| $1,000,000 | $98 | $1,176 | $80 | $960 | |
| 55 | $250,000 | $65 | $780 | $55 | $660 |
| $500,000 | $120 | $1,440 | $100 | $1,200 | |
| $1,000,000 | $215 | $2,580 | $180 | $2,160 | |
| 65 | $250,000 | $140 | $1,680 | $120 | $1,440 |
| $500,000 | $260 | $3,120 | $220 | $2,640 | |
| $1,000,000 | $490 | $5,880 | $410 | $4,920 | |
| 75 | $250,000 | $360 | $4,320 | $300 | $3,600 |
| $500,000 | $680 | $8,160 | $570 | $6,840 | |
| $1,000,000 | $1,300 | $15,600 | $1,100 | $13,200 |
GEICO Life Insurance Discounts
GEICO offers several discounts to help policyholders save on life insurance premiums:
- Multi-Policy Discount: Bundling life insurance with other GEICO policies, such as auto or home insurance, can lead to premium reductions.
- Membership and Employee Discounts: Affiliations with certain organizations or employers may qualify you for additional savings.
- Healthy Lifestyle Discounts: Maintaining a healthy lifestyle, including being a non-smoker and having favorable medical history, can result in lower premiums.
GEICO Life Insurance Coverage
GEICO partners with third-party insurers to offer a variety of life insurance products:
- Term Life Insurance: Provides coverage for a specified period (e.g., 10, 20, or 30 years) with level premiums. It’s an affordable option for income replacement during critical years.
- Whole Life Insurance: Offers lifetime coverage with fixed premiums and builds cash value over time, which can be borrowed against or used for future expenses.
- Universal Life Insurance: Provides flexible premiums and death benefits, along with a cash value component that can grow based on market performance.
Pros And Cons Of GEICO Life Insurance
Pros
- Competitive Rates: GEICO offers affordable premiums across its life insurance products.
- Multi-Policy Discounts: Bundling life insurance with other GEICO policies can lead to significant savings.
- User-Friendly Digital Tools: The GEICO mobile app and online platform facilitate easy policy management and claims filing.
- Financial Stability: Backed by Berkshire Hathaway, GEICO ensures reliable coverage.
Cons
- Third-Party Underwriting: Life insurance policies are underwritten by non-affiliated companies, leading to varying service experiences.
- Limited Coverage Options: Some specialized coverages may not be available through all underwriting partners.
- Mixed Customer Service Reviews: Customer experiences can vary depending on the third-party insurer.
- Potential Rate Increases: Some customers have reported unexpected premium increases upon policy renewal.
Compare GEICO With Other Insurance Companies
Competitive pricing, broad coverage options
Extensive network, reliable service
Innovative solutions, customizable policies
Positive Online Reviews Of GEICO
Reddit: Pharmacienne123
I’ve only ever had Geico. Most of my interactions have been smooth (I’ve had a couple of fender benders over the past couple of decades), except in one case where they wanted to declare my car (worth probably around $5000 at the time) a total loss because I had run over something that had punctured my radiator.
BBB: No positive reviews
Negative Online Reviews Of GEICO
BBB: Brenda G
1 star
10/24/2024
Terrible. They just raised my rates by 50% upon renewal with ZERO claims.
Reddit:
r/Insurance
8 mo. ago
iamnumbuh13
Geico Customer Service Is Unreachable ??
Every time I call, I’m either on hold for 3+hours or the automated system answers, tells me that GEICO is no longer issuing quotes over the phone, then disconnects the call.
Our Methodology
With 15 years of experience as a licensed insurance agent and as a satisfied former GEICO client, I bring a well-rounded perspective to evaluating insurance providers. This experience provides insight not only into the nuances of policy options and coverage quality but also into the customer experience, which I’ve personally navigated.
To enhance my review, I’ve also relied on comprehensive analyses from multiple reputable insurance review sites, ensuring that my assessment is informed by industry-standard evaluations as well as user feedback.
Each rating for GEICO reflects key considerations, such as the variety and flexibility of its coverage options, the responsiveness and effectiveness of customer service (particularly in claims handling), and the competitiveness of its rates and discounts.
Additionally, I factored in GEICO’s digital tools, which offer customers an intuitive experience with its mobile app and website, as well as the company’s financial stability, backed by Berkshire Hathaway, which underscores its reliability. Combining professional expertise, personal experience, and thorough research, this methodology offers a balanced, transparent evaluation of GEICO’s insurance products.
Quotes Analyzed
Years Of Industry Experience
Brands Reviewed
Research Hours
FAQs
Is GEICO good at settling claims?
GEICO is known for having an efficient claims process, supported by 24/7 customer service and a user-friendly mobile app. While many customers report prompt resolutions, some have noted occasional delays in processing claims.
Is GEICO insurance legit?
Yes, GEICO is a legitimate and trusted insurance provider, serving millions of policyholders nationwide. It has been in business since 1936 and is backed by the financial stability of its parent company, Berkshire Hathaway.
Is GEICO expensive?
GEICO is often praised for its competitive rates, which are frequently lower than the national average. However, the cost of coverage depends on factors such as your location, driving record, and the type of policy you choose.
Does GEICO have a good reputation?
GEICO has a strong reputation for affordability, financial stability, and its easy-to-use digital tools. While many customers are satisfied with the service, some have shared concerns about claims handling and customer support experiences.
Sources
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