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GEICO Auto Insurance: 14 Million Policies Nationwide

AutoinsuranceEZ.com Rating: ★★★★★ 

Most people hear the word “GEICO” and think of the adorable little British gecko that stars in their national advertising campaign. But the acronym has nothing to do with anthropomorphic reptiles; it actually stands for Government Employees Insurance Company. When GEICO was originally founded, their main focus was dedicated to military personnel and other government employees. Today, however, the company is so successful that they are currently underwriting over 14 million different auto insurance policies in all 50 states and Washington, D.C.

Geico Insurance Review

It should come as no surprise that a large, successful company like GEICO has a strong reputation for positive ratings. Their financial strength merits the rare A++ rating from AM Best. Likewise, their customer approval ratings are exceptionally high, as you can see in the chart below. Lastly, they have earned an accredited A+ rating from the BBB.

Ratings Agency Rating
AM Best Financial Strength Rating (2016) A++ (Excellent)
JD Power & Associates Rating 3 out of 5 (About Average)
Complaint Ratio per Vehicle (NJ, 2012) 19 / 809,842
Complaint Ratio per Vehicle (CA, 2011) 2 / 356,860
Better Business Bureau (2016) A+

GEICO Insurance Discounts

One of the reasons that GEICO’s customer approval rates are so high might have to do with the discounts they offer. Looking at the list below, it appears as if there’s a little something for everyone, especially those affiliated with the military or other federal employment:

Discount Type Discount Amount
Air Bag Installation Up to 40% on Medical Payments or PIP
Anti-Lock Brake System Up to 5% on Collision coverage
Ant-Theft System Up to 25% on Comprehensive coverage
Daytime Running Lights 1%
Accident-Free for 5 Years Up to 26%
Seat Belt Usage Up to 15% on Medical Payments or PIP
Defensive Driving Courses Varies by State
Good Students Up to 15%
Emergency Deployment Up to 25%
Military Affiliation Up to 15%
Federal Employee or Retired Up to 8%
Multi-Car Up to 25%

(*GEICO.com 2016)

GEICO Auto Insurance Options

GEICO offers its customers the standard automotive insurance coverages that most would expect from such a well-established company:

  • Liability (Bodily Injury and Property Damage)
  • Medical Payments/No-Fault/PIP
  • Uninsured Motorist Coverage
  • Comprehensive
  • Collision
  • Emergency Road Service
  • Rental Reimbursement
  • Mechanical Breakdown Coverage
  • Underinsured Motorist Coverage (in states with a legal requirement)

While drivers are free to pick and choose which optional coverages to add to their policy, it does not appear as though GEICO offers any additional, less traditional forms of coverage (such as pet insurance, for example). This could potentially dissuade customers with vehicles that have very specific insurance needs.

Comparing GEICO Insurance Quotes

Comparing quotes between companies isn’t the only useful step towards getting the best deal. In certain situations, it also helps to compare different driver profiles within a single company, as we’ve done for you in the chart below.

GEICO Auto Insurance Quote Comparison Legend: GEICO Married Couple, Homeowners Senior Couple Single Renter 25-Year-Old Driver 10 20 30 40 50 60 70 80 $83 $56 $48 $58

 
Now remember that these are only estimates and cannot be guaranteed, but they are insightful. The senior couple in the chart above is clearly benefiting from the fact that one or both drivers on their policy are retired. And, like many other insurance companies, GEICO charges higher rates for younger drivers. The difference in price, however, does not seem to be as broad as you may see from other insurers.

Pros and Cons of GEICO Insurance

Pro Con
Great savings available for military and government employees Some customers are dissatisfied with their slow claims processing experience
Large Selection of Discounts and Benefits Fairly standard coverage options

It seems clear that GEICO would not be as successful as it is today if it hadn’t been doing something right all these years. That being said, GEICO is one of many major providers which has built success on insuring “preferred-risk” drivers – drivers who consistently pay their premiums on time and who rarely, if ever, file claims. Anyone who falls outside of this preferred-risk group may have trouble finding affordable coverage from GEICO, or they may be rejected outright. And it seems as though some customers who do end up filing claims have had a dissatisfying experience with the company.

But if you really want to know whether GEICO is the best option, you’ll need to compare them to other providers near you. Our handy quote generator can get you fast, free quotes in a matter of minutes. And that knowledge can add up to some powerful savings.

 

Company Headquarters
5260 Western Avenue,
Chevy Chase, M 20815
www.geico.com
1-800-861-8380
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