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GEICO 2019 Auto Insurance Review: Rates, Claims Satisfaction, and Coverage

BravoDollar Editor rating:

Summary:

Affordable rates coupled with a strong online experience make GEICO a solid choice for the value-driven consumer.

Pros

  • Offers one of the lowest premiums
  • Easy to use online interface

Cons:

  • Limited access to local insurance agents
  • Average claims satisfaction* putting it on par with other competitors like Allstate and Nationwide

As the second largest US insurance provider after State Farm, GEICO has the financial stability* and the marketing chops (remember GEICO gecko’s 15 minute tagline?) to be a strong contender in your search for auto insurance.

*rated superior by A.M.Best

The Value Equation ($)

Insurance premiums fluctuate depending on many factors including age, driving history, and type of vehicle among others. Here is a snapshot of how much annual insurance premiums cost:

GEICO consistently offers a lower premium in comparison to large competitors like State Farm and Progressive with the exception of premiums for at-fault drivers.

 GeicoState FarmProgressive
20 year old, no accident $1,659$2,713$3,562
30 year old, no accident$1,115$1,330$1,255
30 year old married couple$1,119$1,323$1,390
Driver with no accident$1,125$1,368$1,734
Driver with 1 at-fault accident$2,227$1,665$3,032

Discounts

The range of discounts offered by GEICO are pretty standard across the major providers. The range of discounts include the broad categories of:

  • Vehicle Equipment Discounts – potential savings range from 1% (having daytime running lights to 40% (full front seat air bag)
  • Driving History/Education/Affiliation Discounts – discounts include good driver discounts, membership and education discounts.
  • Customer Loyalty Discounts – naturally GEICO incentivizes drivers who have multi vehicle or multiple policies with them

GEICO will calculate and automatically apply these discounts for you when you submit your personal information during the quote process, . You will also be able to see which discounts were applied to your policy on their website or app, but the actual discounted amounts are not specified.

There is a feel good factor to knowing that these discounts could apply to your premiums, but they should not be a deciding factor when choosing between insurance providers. The major determinants of an insurance premium including your driving history, the amount of coverage you select, and your driving history will dictate how much your quote will be.

More about Geico:

Claims Satisfaction

Auto insurance may be a legal requirement, but a major reason we all have auto insurance is because we want to have the peace of mind in the event that an accident occurs. How does GEICO stack up in this department?

How easy is it to file a claim with GEICO?

Here are the 3 ways you can file a GEICO claim:

  • Via the mobile app – On this app, you can provide details, photos and also manage existing claims.
  • On their website: www.geico.com – similar experience to the app with a more robust interface
  • Calling their Claims Department: +1-800-861-8380

What is the average consumers’ experience and satisfaction with GEICO?

J.D. Powers conducts an annual survey of approximately 10,000 consumers who have recently filed a claim in the last 6 months. Based on this survey, they rank the insurance providers on a 1000 point scale. GEICO falls right at the national average with a score of 857/1000 with the industry average at a 861. In comparison, the highest scorer for the 2018 survey was Erie Insurance with a score of 891. Erie Insurance operates in 12 states – Illinois, Indiana, Kentucky, Maryland, New York, North Carolina, Ohio, Pennsylvania, Tennessee, Virginia, West Virginia, Wisconsin—and the District of Columbia.

Given that GEICO primarily services its customers via phone and the web, this may be a point of consideration for you if you like the convenience of going to a local office to get assistance throughout the claims process.

Coverage Options

As a nationwide provider, GEICO’s size enables it to provide a wide range of coverage options. The chart below shows the typical offerings across the top 3 largest insurance providers in the US and some features unique to each:

FeaturesState FarmGEICOProgressive
Liability
Physical Damage
Uninsured Motorist
Roadside Assistance
Rideshare
Rental Reimbursement
Gap InsuranceOnly for State Farm Bank financed vehiclesX
Pet InjuryXX

Website/App Experience

GEICO’s website and mobile app provides a quick interface to access the most commonly needed features namely your insurance ID card, your policy details, pay your bills, file and access your claims as well as change your coverage. The app also features Kate, their virtual assistant who can help answer any questions you may have outside of their easy-to-navigate FAQ section.

The Bottom Line:

  • GEICO’s average insurance premiums are consistently the lowest among the top 3 largest nationwide auto insurance providers, but there appears to be a trade off with claims satisfaction where GEICO ranks slightly lower than the industry average.
  • The website and app provide easy access to often used features such as monthly billing, coverage options, and claims
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