May 13, 2022
  • May 13, 2022

GEICO Auto Insurance Review for 2022

By on December 14, 2021 0

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GEICO has a name well known across the country for auto insurance. And that’s no surprise since it’s one of America’s most affordable auto insurance providers.

What sets the country’s second-largest auto insurer apart from others is GEICO’s customer service, along with its user-friendly mobile apps and web services. If you are thinking of using GEICO for your auto insurance, you will need to know what the company offers, what you can expect to pay, and customer satisfaction.

Types of auto insurance with GEICO

GEICO provides common auto insurance coverage such as:

The company also offers a variety of additional coverage options. A notable example is the Prime Time contract, which GEICO awards to motorists over 50 in some states, including Alabama, Alaska, Iowa, Maryland, Minnesota, New Mexico, Ohio. , Oregon, Tennessee, etc.

Drivers with PrimeTime can renew their policy as long as no driver under the age of 25 needs to be affiliated with the policy. You should also maintain a good driving history for the past three years and not use your vehicle for business purposes.

Coverage plans and additional services include:

  • Xpress auto repair®: Offers customers a network of repair shops that work with GEICO.
  • Mechanical breakdown insurance (MBI): Covers all new car repairs for vehicles up to 15 months or less than 15,000 miles. It supports repairs such as the engine or transmission but does not cover mechanical breakdowns.
  • Carpooling : Extends coverage to vehicles you drive for a ridesharing service like Uber and Lyft. It also covers those who drive for companies like GrubHub and Instacart. The only downside to this coverage is that it is not available in all states. If you’re in New York City, New Jersey, California, or North Carolina, you might not be able to access it.
  • Emergency road service: This coverage helps in the event of a road emergency. It covers flat tires, locksmith services, towing and other services.
  • Accident forgiveness: Ensures that your coverage will not increase after your first accident (after purchasing a GEICO policy). To obtain this service, however, your driving history over the past three years must be impeccable. Like carpooling, this coverage isn’t available everywhere, and if you live in California or Massachusetts, you may not be able to add it to your plan.

Other supplemental insurance options include:

  • Glass cover
  • Rent reimbursement
  • Commercial automobile

Besides auto insurance, GEICO also offers life, home and even jewelry coverage options.

What are the advantages of GEICO insurance?

If you are looking for an online service, the GEICO mobile app provides this service with ease. It’s user-friendly, just like the service option of their website.

GEICO discounts

GEICO offers stays similar to those offered by competitors. These include lower costs for those who qualify as a safe driver or good student or if the insured goes through a defensive driving program and remains accident free for five years.

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Other ways to reduce insurance costs:

  • Discounts for federal employees: GEICO, acronym for Government Employees Insurance Company, was originally a government and military insurance company. It is therefore quite natural that GEICO grants discounts to these personnel. This type of discount offers current or retired federal employees 8% off their coverage plans.
  • Military discount: Offers active or retired military and members of the National Guard 15% off.
  • Vehicle equipment: Customers whose vehicles are equipped with airbags, anti-lock brakes, an anti-theft system or daytime running lights receive a discount of up to 25% on coverage plans.

How much does GEICO auto insurance cost?

Several factors can influence the price of your GEICO insurance premium. Age and gender play an important role, as young drivers are more likely to have crashes, while statistics show that women are more aware of their driving habits.

Using Kelley Blue Book data obtained from Savvy, the average monthly cost of a GEICO policy is $ 190.25. Savvy collects data from current consumer policies, including information on rates, age, marital status, and other demographics.

The statistics provide a representative sample that serves as a general guide. Learn more about Savvy’s methodology.

Let’s take a closer look at the role of demographics in auto insurance.

Average monthly cost
age range Genre Civil status Value
25 to 34 female married $ 177.97
25 to 34 female Single $ 185.94
25 to 34 Male married $ 182.02
25 to 34 Male Single $ 185.12
35 to 49 female married $ 215.29
35 to 49 female Single $ 191.23
35 to 49 Male married $ 204.69
35 to 49 Male Single $ 177.63
50 to 69 female married $ 230.57
50 to 69 female Single $ 191.44
50 to 69 Male married $ 232.89
50 to 69 Male Single $ 182.95
70 or more female married $ 203.18
70 or more female Single $ 207.30
70 or more Male married $ 187.22
70 or more Male Single $ 193.21

Source: Savvy

Single men between 35 and 49 and married women between 25 and 34 can expect to pay $ 177 on average for an insurance policy per month. Right behind them are men aged 25 to 34, who pay an average of $ 182.02 each month.

In contrast, younger single drivers will pay the most for insurance. Smart data shows that women can expect to pay $ 258.29 on average if they’re between the ages of 18 and 24, while men in the same age group will need to set aside $ 257.19.

Annualized average per operator
age range Genre Civil status Value
25 to 34 female married $ 2,103.49
25 to 34 female Single $ 2,188.59
25 to 34 Male married $ 2,145.44
25 to 34 Male Single $ 2,175.50
35 to 49 female married $ 2,561.57
35 to 49 female Single $ 2,271.24
35 to 49 Male married $ 2,438.18
35 to 49 Male Single $ 2,089.69
50 to 69 female married $ 2,754.08
50 to 69 female Single $ 2,266.03
50 to 69 Male married $ 2,774.67
50 to 69 Male Single $ 2,177.12

Source: Savvy

How location plays a role

The location of the driver also plays a role and can influence the discounts you are likely to receive. We will take a look.

According to The Zebra, drivers in 10 states can expect to pay less than $ 75 in monthly premiums.

State Average monthly insurance premium
Wisconsin $ 45
Arizona $ 55
New Hampshire $ 59
Ohio $ 62
Iowa $ 67
Utah $ 68
Maine $ 69
North Carolina $ 71
Colorado $ 72

Source: The Zebra

Other factors that affect auto insurance rates at GEICO?

A variety of factors have an impact on your GEICO auto insurance quote. Along with age, gender, marital status, and location, your driving history and credit score can also do this.

DUI

According to The Zebra, GEICO is expensive when it comes to DUI penalties. An individual insured with GEICO can expect to pay an average of $ 1,276 for an annual policy. With a DUI, that number increases from $ 1,371 to $ 2,647.

GEICO is considered expensive when it comes to DUI penalties.

Car accidents

GEICO remains one of the cheapest options after an accident because the company offers an “accident forgiveness” option.

Zebra data shows that after an accident, drivers with GEICO can expect annual premiums to drop from an average of $ 1,276 to $ 1,997 in the first year, $ 2,719 in the second year and $ 3,441 in the third.

Credit score

Some states have prohibited auto insurance companies from taking an individual’s credit rating into account when providing quotes. These states are California, Massachusetts, Hawaii and Michigan.

According to The Zebra, drivers of all insurers in all other states can expect their rates to be 115% higher if they have a bad credit rating compared to someone with a great credit history. .

Are customers satisfied with GEICO?

Overall, GEICO’s customer satisfaction was rated above average. It was also among the top-rated companies in Investopedia’s Best Car Insurance and Best Car Insurance for Seniors studies.

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According to the JD Power 2021 US Auto Insurance Study, GEICO ranks 12th out of 25 domestic insurers for customer satisfaction.

GEICO Context

When it comes to financial reporting, GEICO has received a top rating from AM Best, proving that its ability to pay claims is among the best in the industry.

Founded in 1936, GEICO is the second largest insurance company in the United States. Originally established to insure government and military personnel, the company now offers auto insurance to all drivers in 50 states.

The company receives high marks for its customer service and range of services. But what sets it apart is its mobile app and online services, which received the highest rating in the Dynatrace Q1 2019 Mobile Insurance dashboard.

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