- A++ (Superior) rating for financial strength from AM Best, the highest ranking that the company offers.
- Wide range of discounts available for auto insurance to help lower rates.
- Geico holds the top spot on J.D. Power’s 2021 U.S. Insurance Digital Experience Study.
Geico Insurance, owned by Berkshire Hathaway, Inc., is one of the largest and most popular insurance companies in the U.S. It comes in second place in the lists of companies that write the most homeowners and auto policies nationwide, based on the latest available report from the Insurance Information Institute.
Originally called the Government Employees Insurance Company when it was founded in 1936 in Texas, Geico now offers coverage for auto, homeowners, life, liability, and more, although it is probably most known for its car insurance — along with the ubiquitous ads featuring the cartoon gecko. It insures more than 28 million vehicles, and is headquartered in Chevy Chase, Maryland.
Geico insurance reviews tend to be generally positive for auto insurance, and financial strength ratings from AM Best are exceptional. In the 2021 Auto Claims Satisfaction Study, Geico scores just above average for the industry, with 881 out of 1,000 points.
Geico Insurance Overview
|J.D. Power Customer Satisfaction Score J.D. Power scores are based on surveys for customer satisfaction and product quality.||AM Best Financial Strength AM Best rates insurance providers creditworthiness. Ratings are based on the provider’s ability to follow through with a payout when a consumer files a claim.|
|Pin Auto insurance||881/1,000||A++ (Superior)|
|Pin Home insurance||N/A||A++ (Superior)|
|Pin Life insurance||N/A||A++ (Superior)|
Geico Auto Insurance
Geico is best known for auto insurance, offering coverage for vehicles of all kinds, including motorcycles, ATVs, RVs, classic cars, commercial vehicles, as well as policies for those traveling to Mexico. In addition to the basic liability coverage that is required in most states, it has insurance options for collision and comprehensive, medical payments, emergency roadside assistance, uninsured motorist, rental, and mechanical breakdown.
Geico auto insurance customers will find an extensive list of discounts that may help lower rates. Some of these are quite substantial: for example, you may save up to 22% for staying accident-free for five years. Other discounts include those for having safety and anti-theft devices, good student discounts, and discounts to those who are members of one of 500+ groups that the company works with.
Geico car insurance makes it easy for policyholders to report a claim online and manage their account digitally. You can use Amazon’s Alexa and Google Assistant to manage your account hands-free, and a mobile app allows you to access your ID cards, call for roadside service, and get estimates on repairs quickly. The app is available for both iPhones and Android devices.
Strengths: Geico offers a broad range of auto insurance discounts; above-average ranking for customer service. Overall, the Geico insurance app is highly rated with both iOS and Android users, receiving a score of 4.8 out of five on both platforms.
Restrictions: Limited optional coverages to allow you to customize your policy: for example, it does not offer gap coverage. Although the app is highly rated overall, users also report intermittent issues with claim-filing.
Discounts: Geico highlights 16 discounts on its website — which is on the higher end for many insurers. Among the more unique discount offerings include a federal employee discount and two discounts for those in the military.
Geico Home Insurance
Geico offers home insurance policies through more than 25 underwriters; its offerings include renters, condo/co-op, mobile home, and landlord insurance, The standard Geico homeowners insurance policy covers property damage from a range of named perils, including fire, wind, and theft. It also covers your personal property, with limited jewelry coverage and personal liability as well. Finally, your policy will cover the cost of living expenses incurred if you are unable to inhabit your dwelling during the course of repairs from a loss.
Considering the high number of auto insurance discounts that it offers, Geico home insurance discounts are much more limited. However, you may earn a discount for bundling your car and homeowner insurance, as well as discounts for having a home security system, smoke detectors, or fire extinguishers.
As is true with Geico’s auto insurance, policyholders have easy access to managing their account digitally, either on the website or via the mobile app. In fact, due to strong overall reviews, it occupies the top spot in J.D. Power’s ranking of insurers in the 2021 Digital Experience Study.
Strengths: Competitive pricing; digital experience
Restrictions: Offers little customization of your policy, with few endorsements for additional coverage such as landscape, water backup, identity theft, or other common add-ons
Discounts: Limited discounts for homeowners
Geico Life Insurance
Geico partners with a few non-affiliated providers to offer policyholders access to life insurance. The company’s site allows you to obtain quotes for term, whole and universal life insurance. Availability of these policy types may vary by state, as these are not directly provided by Geico.
Frequently Asked Questions
There are several ways to get a quote from Geico. You can go to their homepage, choose the type of insurance you are looking for, answer a few questions, and have an online quote in a matter of minutes. You can also get a quote via the company’s mobile app, which is available at both the App Store and Google Play. If you prefer to talk to someone who can answer your questions, you can find an agent by submitting your address on the website’s find-an-agent page.
Since everyone’s insurance costs are unique to their own situation, it’s impossible to say that one company will always be the cheapest for everyone. Having said that, Geico offers abundant discounts to auto insurance policyholders to help lower rates. Getting and comparing quotes from at least three companies will help you determine which providers offer the best rates for the type of coverage you need.