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Geico earns a rating of 9.1 out of 10.0 and is recognized as “Affordable for Most Drivers” based on its cost, coverage, availability, reputation and reviews
We at the MarketWatch Guides Team rate Geico among the industry’s best car insurance and cheapest car insurance companies for its strong financial ratings, comprehensive coverage and customer-first practices. In this article, we’ll discuss the costs, coverage and customer satisfaction across Geico’s auto, home and life insurance.
Any time you shop for car insurance coverage from the best homeowners insurance companies, we recommend comparing prices to get the best deal.
Key Takeaways:
The MarketWatch Guides Team is committed to providing reliable information to help you make the best decision possible about insuring your vehicle. Because consumers rely on us to provide objective and accurate information, we created a comprehensive rating system to formulate our rankings of the best car insurance companies. We collected data on dozens of auto insurance providers to grade the companies on a wide range of ranking factors. After 800 hours of research, the end result was an overall rating for each provider, with the insurers that scored the most points topping the list.
Learn more about our methodology.
We give Geico a rating of 9.1 out of 10.0 and name it Affordable for Most Drivers in 2023. The provider ranked third overall in our in-depth industry review for the best car insurance companies, sitting right behind State Farm and USAA. However, Geico has received the highest scores for reputation and availability, which are part of the five critical areas we use to score a company’s performance.
The table below shows our ratings for Geico’s performance across five key domains: cost, coverage, reputation, availability and customer experience.
*Ratings are determined by our editorial review team. Learn more about our scoring methodology below.
Founded: 1936
Better Business Bureau (BBB) rating: A+
AM Best financial strength rating: A++
According to the National Association of Insurance Commissioners (NAIC), Geico held 13.76% of the market share in 2022, writing nearly $38.1 billion in insurance premiums and making the auto insurance giant the third-largest in the country. The only providers larger than Geico are Progressive and State Farm.
Below are some characteristics that make Geico stand out from competitors:
Here’s a detailed list of Geico’s pros and cons:
Geico insurance reviews from policyholders are positive on the whole. Many customers praise the company’s knowledgeable insurance agents who make the claims process easy and smooth. Other reviews mention that the billing and policy change processes are straightforward.
And while Geico’s reviews are overwhelmingly positive, there are negative reviews. Common themes discuss long hold times when contacting customer service and a lack of communication between the insurance adjuster, body shop and customer when dealing with damages.
In August 2022, we conducted a nationwide car insurance satisfaction survey that polled 6,923 people. Of those who participated, 16% of respondents reported they had a Geico car insurance policy, making it the third-most popular provider in our survey.
We also found that 40% of Geico policyholders had filed a claim, while nearly 60% had not. Overall, the respondents who had a Geico insurance policy were happy with the company’s customer service during the claims process, giving the company a 4.2-star rating out of 5.0.
Additionally, participants gave the company a 4.1-star rating for claims satisfaction.
Though it’s not necessarily a review site, many drivers seek advice from threads on the news aggregator and discussion site Reddit. We looked for Geico reviews on Reddit to see how internet users talked about the insurer in a more casual setting.
Many of the positive reviews on Reddit mention the company’s low rates and easy claims process. Users who had negative experiences with Geico cited poor customer service and higher rates than they expected.
Our review team reached out to Geico for a comment on these negative reviews but did not receive a response.
Geico has generally high ratings from both industry organizations and customer reviews sites.
Geico’s mobile app for filing insurance claims and viewing policy details is highly rated. It holds a 4.6-star rating out of 5.0 on Google Play (based on more than 460,000 reviews) and a 4.8-star rating out of 5.0 on the App Store (based on more than 3.6 million reviews).
Geico has a good reputation for customer service, with particularly strong ratings in the Central, New England, North Central, Northwest and Southwest regions, according to the J.D. Power 2022 U.S. Auto Insurance Study℠.
Geico scored slightly below average in the J.D. Power 2023 U.S. Insurance Shopping Study℠ with a score of 857. The average for large insurers was 861. The study polled customers to determine satisfaction with each stage of the shopping experience.
Our team reached out to Geico for a comment on these scores but did not receive a response.
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 fraction of its customer base. National car insurance companies receiving low customer review scores on the BBB is actually pretty typical.
Geico offers every type of standard auto insurance and some of the highest policy limits in the industry (up to the millions). Whether you want bodily injury and property damage liability coverage or you want to purchase a full-coverage policy, you can find the coverage you need with Geico.
Standard types of insurance include:
Compared to other auto insurance companies, Geico stands out for its mechanical breakdown coverage, which isn’t a common offering.
You can reach Geico’s claims department at 800-841-3000. Geico customers can also file claims through the mobile app at any time or file claims online at geico.com/claims.
According to our research, a Geico claim can be settled in as little as 48 hours. However, if you have a more complex case, it can take up to several months for your payout to happen. Each situation is different, so we recommend speaking with your claims adjuster to find out what your timetable looks like.
According to our Geico rate estimates, 35-year-old drivers with good credit and a clean driving history pay $1,308 per year or $109 per month on average for full-coverage car insurance. This is about 24% lower than the national average of $1,730 per year, making it one of the cheapest car insurance providers for many drivers.
As with any car insurance company, the car insurance quote you receive from Geico will depend on a variety of factors. If you have poor credit, you’ll likely pay more for 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.
Your age significantly impacts your car insurance costs. The younger you are, the more you will typically 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 you don’t have a good driving record, you’ll typically pay more for an auto insurance policy from Geico. Here are some rate estimates based on these factors:
Geico is among the more affordable national providers on the market. Here’s how the company compares to eight leading providers:
Below, you can see how Geico’s average minimum-liability coverage rates stack up against other top providers:
While Geico’s rates are lower than the average, there are instances when some drivers may pay more for coverage than others. Car insurance rates from Geico are influenced by several factors, some of which are in your control. Understanding what factors influence car insurance rates can help ensure you receive the best deal possible.
Compared to other top providers, Geico typically has more auto insurance discounts, including special savings for military service members and federal employees. Policy deductions for each discount vary.
Geico does not specify a refund processing time on its website. It may take up to 30 days to receive a refund if you paid by check, which is usually the slowest method. If you used a debit or credit card to pay for your policy, you may receive a refund within one or two weeks.
Several insurers, including Geico, offer usage-based insurance discounts. These programs monitor your driving habits and offer premium reductions to good drivers. Geico’s usage-based insurance app is called DriveEasy and is available in the following states and areas:
Alabama
Arizona
Arkansas
Colorado
Connecticut
District of Columbia
Florida
Georgia
Idaho
Illinois
Indiana
Iowa
Louisiana
Kentucky
Maryland
Michigan
Minnesota
Missouri
North Carolina
Nebraska
Nevada
New Jersey
New Mexico
Ohio
Oklahoma
Oregon
Pennsylvania
South Carolina
Tennessee
Texas
Utah
Virginia
Washington
West Virginia
Wisconsin
DriveEasy monitors your driving through a mobile app and tracks the following behaviors:
During our research, we found that Geico gives an initial discount for signing up for its DriveEasy program. If you’re found to be a safe driver, you can receive a discount of up to 25% off your initial policy.
However, remember that with telematics programs like DriveEasy, you can end up raising your rates if you don’t drive safely.
In order to turn off the Geico DriveEasy app, you’ll need to go to the settings menu in your app store, find the subscriptions tab, and turn off the DriveEasy subscription. To unenroll from the program entirely, call an agent at 800-841-3000.
If you already have good driving habits — and you don’t mind having some of your data tracked — the Geico DriveEasy program can be worth it. The program gives rate discounts for those who practice safe driving.
Similar to car insurance, Geico’s home insurance costs are affordable for most homeowners. Our research shows that Geico tends to trend lower than the national average of $1,249 per year, the latest amount reported by homeowners to the NAIC in 2018.
We reached out to Geico for several home insurance quotes to provide you with an understanding of how much you can expect to pay. Note that your home insurance costs may vary depending on your situation. These estimates are for single-family homes.
Each of the home insurance quotes listed above includes:
We’ll explain each coverage in detail below.
Geico policyholders can take advantage of several home insurance discounts, including:
Note that your home insurance discounts may vary depending on which Geico partner underwrites your homeowners insurance policy.
The final price you pay for home insurance with Geico depends on several key factors like your location, property details and coverage needs. Here are several factors that impact home insurance costs.
Home insurance policies cover the cost of losses to your home and belongings following a severe weather event, theft or vandalism. Geico offers several standard types of home insurance coverage, including:
Your home insurance endorsement options will vary based on which of Geico’s partners underwrites your home insurance policy.
Life insurance is a contract where a policyholder pays regular premiums in exchange for a lump-sum death benefit that’s paid out to their beneficiaries. It’s paid when the policyholder either passes away or a specific amount of time has passed. Purchasing a life insurance policy can provide financial security by replacing lost income or covering unexpected expenses.
Geico offers term life, whole life and universal life insurance.
These policies include:
After conducting in-depth industry research, we rate Geico a 9.1 out of 10.0 and name it Affordable for Most Drivers for 2023 based on the same categories used to assess all car insurance providers.
Along with providing our rating on the company, this article included a guide to Geico insurance reviews, cost and coverage. We also recommend other car insurance companies worth considering as you’re shopping around for coverage and looking to save money.
While Geico is a good option for most drivers, it may not be the best choice for everyone. It’s important to compare car insurance quotes from insurers before making a final decision.
USAA regularly scores well in J.D. Power customer satisfaction surveys and generally offers low rates for drivers, according to our research. USAA tends to be about 39% cheaper than the national average for good drivers based on our rate estimates. However, USAA is only available to military members, veterans and their families, so it is not a viable option for everyone.
Read more: USAA review
Compare providers: USAA vs. Geico
Progressive offers discounts that can be useful for drivers with DUIs or speeding violations on record, including the usage-based insurance program Snapshot®. This program puts more weight on current driving habits than your driving history. Snapshot has high ratings on both Google Play and the App Store. Progressive’s rates are about 7% cheaper than the national average, according to our estimates.
Read more: Progressive review
Compare providers: Geico vs. Progressive
Below are frequently asked questions about Geico insurance reviews.
Yes, Geico has a stellar reputation in the car insurance industry. It has an A+ rating from the BBB, showing good business practices. It also has an A++ financial strength rating from AM Best, which means it’s more likely to pay out claims.
Overall, we found that Geico car insurance rates are far below the industry average. However, you may find yourself paying more for coverage if you have a recent accident, DUI or speeding ticket on your record.
Yes, Geico can be hundreds of dollars less than Progressive, according to our research. Geico costs an average of $1,308 per year for full coverage, while Progressive averages $1,611 per year.
Geico is a reliable insurance company known for affordable rates and decent customer service. The company received only a little over the average number of complaints for its size in 2022, according to the NAIC, and it scored 857 out of 1,000 points in the J.D. Power 2023 U.S. Insurance Shopping Study.
According to our insurance study, Geico excels at paying out claims to customers. Over 42% of the respondents with a Geico insurance policy reported having their claims paid out in two weeks or less, while another 30% said it took between two and four weeks.
Yes, a Geico full-coverage insurance policy can be worth it for drivers who don’t want to pay out-of-pocket repair or replacement costs for their vehicle. Full-coverage insurance includes liability, collision and comprehensive coverage.
Yes, a Geico full-coverage insurance policy can be worth it for drivers who don’t want to pay out-of-pocket repair or replacement costs for their vehicle. Full-coverage insurance includes liability, collision and comprehensive coverage.
Some customers on the BBB report long wait times when contacting Geico. Others mention not being informed about the status of their vehicle during a claim. However, most customers have a positive experience overall.
Our team rates Geico 9.1 out of 10.0 overall. Geico has an AM Best rating of A++, which shows the company has a superior ability to meet its claims obligations. It also has an A+ rating from the BBB.
As of 2023, Geico has been in business for 87 years. Leo Goodwin Sr. and his wife Lillian Goodwin founded Geico in 1936 to provide insurance directly to government employees. The name stands for the Government Employees Insurance Company.
Geico doesn’t have a set time of day that it processes automatic payments. This depends on your bank and what time your first payment came out. If you make a payment with a bank account online, you can expect to see the charge on your account within five business days.
Because consumers rely on us to provide objective and accurate information, we created a comprehensive rating system to formulate our rankings of the best car insurance companies. We collected data on dozens of auto insurance providers to grade the companies on a wide range of ranking factors. The end result was an overall rating for each provider, with the insurers that scored the most points topping the list.
Here are the factors our ratings take into account:
Our credentials:
*Data accurate at time of publication
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