GEICO is the second-largest insurer in the US, according to market share research from the Insurance Information Institute (III). Widely known for its cheap rates and memorable commercials, it provides several types of products and services. However, it specializes in and ranks especially high for its auto insurance business. GEICO has its corporate headquarters in Chevy Chase, Maryland, and operates in all 50 states and Washington, D.C.
In this guide, we’ll cover all you need to know about GEICO. We’ll break down the many types of coverage it offers. This includes key information about specific coverages, discounts, rate factors, and more. We’ll also go over important company information, including its total number of agents, customer satisfaction ratings, and claims process.
- Competitive rates
- Outstanding customer satisfaction ratings
- Offers a wide variety of insurance
- Well-established and stable company
- Lots of auto discounts
- Few local agents
- Doesn’t offer gap coverage
- Few homeowners discounts
GEICO Auto Insurance
GEICO is the second-largest auto insurance provider in the country by market share, per a report by the III. The company also maintains a high level of customer satisfaction. J.D. Power gave it a score of 853 out of 1,000 for overall customer satisfaction. This number was good for seventh out of all other insurers in the US.
GEICO provides all the protection drivers need, plus a little extra. It has, of course, three primary insurance types that comprise full coverage policies, including liability, collision, and comprehensive. Here’s a list of the coverage types GEICO offers and a brief description of what they do for you:
- Liability insurance. Liability pays for any costs that you cause to other parties in an accident, including injuries and property damage.
- Collision insurance. Collision covers damages to your vehicle from a crash with another car or object.
- Comprehensive insurance. Comprehensive protects you from costs due to acts of “God,” such as natural disasters , fire damage, water damages, or crime. This also extends to rental cars.
- Personal injury protection (PIP). PIP covers your or your passengers’ injury costs regardless of fault in an accident.
- Medical payments (MedPay). MedPay will pay for your or your passengers’ medical bills from a collision. This coverage kicks in no matter who caused the accident.
- Uninsured and underinsured motorist coverage (UM and UIM). This covers any expenses from an accident if the driver has no or too little coverage.
- Rental reimbursement. This will pay for a rental car while your car is in the shop after an auto claim.
- Mechanical breakdown coverage. Covers car breakdowns, replacement parts, and other random mechanical issues.
- Classic and collector cars. Owners of older vehicles require special considerations. GEICO understands and has created a category of auto coverage just for the owners of classic and collector cars.
- Rideshare coverage. Protects you from accident expenses while you’re driving for a rideshare service, such as Uber or Lyft. Keep in mind that this only kicks in while you’re waiting for a new client. Otherwise, your rideshare app’s insurance coverage should protect you.
While GEICO offers many types of coverage, you won’t be able to get gap coverage through them. To get gap coverage, you’ll need to buy from an auto dealer.
Emergency Roadside Assistance Service
GEICO offers 24/7 emergency roadside assistance to help when your car breaks down on the side of the road. Here’s a breakdown of the roadside assistance services this coverage provides:
- Dead battery jump-starts
- Tire changes if you have a spare
- Locksmith services if you can’t access your car (up to $100)
- Winching if your vehicle gets stuck in a ditch, mud, or snow
- Fuel delivery
To get roadside assistance coverage, you must add it to your auto policy. The company’s website says that you can get it for as low as $14 a year per vehicle.
How to Request Roadside Assistance
You can request roadside service on GEICO’s website, on its mobile app, or by calling the roadside assistance phone number (800) 424-3426. The provider recommends, however, getting help online or on the app, as it’s usually much quicker than trying to get it over the phone.
Policy Term Length
Most policy periods last six months. Some drivers may be able to get a 12-month term, but only if their driving record is spotless. This insurer prefers the pricing flexibility from terms of this length. The company doesn’t offer short-term or temporary policies.
GEICO provides coverage to high-risk drivers. These people have a lot of tickets or accidents on their driving record. Some high-risk drivers only have one violation. However, it’s normally a big one like a DUI or reckless driving conviction. High-risk insurance costs far more than standard policies.
Based on our research, this is the third-best company for those with a bad driving record. It offers high-risk customers cheaper rates and the opportunity to get accident forgiveness.
If you’re buying a car, you may come across vehicles with the words “salvage” branded on the title. They usually cost a lot less than a vehicle with a clean title, but you should not buy one without knowing all the facts. First, no insurer will cover a salvage title car. A salvage title vehicle was once declared a total loss after an accident because the cost of repairs exceeded it’s actual cash value.
You can’t insure a salvage car because they aren’t street-legal and, meaning you can’t drive one on public roads. However, once it’s repaired by a certified mechanic and passes inspections, you can update the title with new branding. After you register it with the state, the final step before hitting the road with is to find an insurance policy.
GEICO insures cars with rebuilt titles once the state certifies them as safe to drive. You should, however, expect to pay up to 20% more because it was once a total loss. To an insurer any, this means the vehicle carries additional safety risks. The fact that a restored vehicle’s value is 20% to 40% less than a similar car with a clear title should help counter cost increases.
You may also find it hard to get full coverage insurance for a rebuilt title. Many companies like GEICO only offer liability-only policies for rebuilds. This makes a lot of sense when you consider the car’s lower ACV. Most people fully insure newer cars or luxury vehicles that maintain value over time. Rebuilt title cars seldom fall into either category.
How to Get a Quote
You’ll need to start a quote if you want auto insurance from GEICO. You can do this in any of the following four ways:
- By visiting the website and filling out the quote form on the front page
- Calling (800) 207-7847
- Through the mobile app
- Contacting an agent
Insurance quotes require some personal information. This helps give you a personalized and accurate rate. You may have to provide the following before you can get a quote:
- First and last name
- Date of birth
- Marital status
- Address and ZIP code
- Social security number
- Contact info (e.g., phone number and/or email address)
- Driver’s license number of each driver you want to insure
- Make, model, VIN, and annual mileage of each car you want to cover
- Whether you own, finance, or lease your car
- How you drive your car (e.g., commuting, business, or leisure)
- Desired coverage and limits
- If there have been any tickets or accidents on your driving record, especially in the last five years
The above may appear like quite a bit of info to give out, but it’s necessary for two reasons. The first is so that you can be identified as a real person. And the second reason is that it’s necessary to completely understand your situation. This way you’ll be able to get the best, most fair rate.
Note: you may not get a final rate by filling out an online quote form. In most cases, you may have to talk to an agent or representative from the company before you’ll find out your final price.
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How much you pay for coverage depends on many factors. GEICO, like other companies, will consider several details about you to decide how much to charge you each month. Providers use these details to assess your risk level as a driver and customer. Below are the most common rate factors that insurers consider:
- Driving record
- Driving experience
- Where you garage your car
- Car make and model
- Yearly vehicle mileage
While rate factors can cause you to pay more for insurance, you can still lower your costs. GEICO offers plenty of discounts to help you lower your rates. Many of which are easy to qualify for. Some discounts can lower your rates a lot.
GEICO’s rates are already among the lowest in the nation. This is because the company sells direct-to-consumer. There are fewer costs associated with selling directly to each customer, so rates are lower as a result.
GEICO offers numerous auto discounts to its customers. These discounts are an easy and effective way to save a bunch of money each month. Because of how much you can save with the company, we ranked it as the second-best insurer for discounts. Below is a list of the auto discounts and how you can qualify:
Vehicle Equipment Discounts
Safety equipment in vehicles helps reduce the number of accidents and injuries. GEICO understands this and uses these discounts to encourage customers to own cars with modern safety features.
Cars with airbags receive a discount of up to 23% off Medical Payments (MedPay) or Personal Injury Protection (PIP) coverage.
Cars with factory-installed ABS can qualify for the anti-lock brakes discount and take 5% off certain coverages.
The anti-theft system discount protects your pocketbook and your car when your car has built-in anti-theft devices. This discount can save you up to 23% on your comprehensive coverage.
Daytime Running Lights
When your car comes with factory-installed DRL you may qualify for the daytime running lights discount and save 3% on certain coverages.
The new vehicle discount applies to vehicles three model years old or newer. Owners of new cars can take up to 15% off certain coverages.
Driving History & Habits Discounts
Good drivers are safe drivers. Safe drivers file fewer claims. This saves GEICO, and its customers, money.
Five-Year Accident-Free Good Driver
The accident-free and good driver discount share one discount with a very long name. And it makes a lot of sense. Good drivers don’t get into as many accidents and file fewer claims. If you can go five years without filing a claim or getting into an accident, you’ll be rewarded with a discount of up to 22% off most coverages.
Seat Belt Use
Obeying local seat belt laws pays off big when you and your passengers wear seat belts. Buckle up and get a discount on your MedPay or PIP coverage.
DriveEasy is a new telematics program that encourages safe driving by tracking and logging motorists through a phone app. Safe drivers may see huge savings in the form of a discount. And who could argue with that? It sounds pretty good, right? For many, it will be. But some drivers could see rate increases if the app detects unsafe driving. Luckily, DriveEasy is an optional program. So, you can decide on your own if you want to try it.
This program isn’t available in every state. So, check the website for availability and requirements.
Driver’s Education Discounts
Skilled drivers get into fewer car crashes. By taking the time to learn safe driving practices, everybody wins!
Many insurance companies offer a discount upon completion of a defensive driving or driver education course. GEICO is one of them. However, this discount varies by name, qualifications, and state. Please visit the defensive driving page or contact your agent for more details.
The defensive driving discount isn’t offered in the states of HI, MA, MI, NC, and VT.
After a young driver in your family takes and finishes a driver’s education course, you can get a discount on most coverages.
Full-time college and high school students 25 and younger with good grades, a “B” average or better, can get the good student discount and save up to 15% on certain coverages. Proof of academic achievement must be provided.
Driver Affiliation Discounts
Your memberships in groups and organizations, and even your employment, can result in huge savings in the form of affiliation discounts.
This discount takes up to 25% off auto insurance for service members during emergency deployments to danger zones.
Federal Employee (Eagle Discount)
Active or retired federal employees that qualify for the Eagle Discount may see a discount of up to 12% on their total auto insurance bill.
Membership and Employee
If you fit into one of 500 different groups or organizations, you could get a discount. Be sure to visit the insurer’s website or ask a company representative to see if you qualify.
This military discount applies to all active duty or retired military personnel and members of the National Guard or Reserves. According to the website, military members can save up to 15% on certain coverages. Because of this discount, we ranked the company as the second-best for military members.
Customer Loyalty Discounts
GEICO encourages policyholders to keep all their policies under one roof. So, if you have more than one car or one car and a renters or homeowners policy, sweet savings await customers when they bundle insurance policies.
The multi-vehicle discount applies when you insure two or more cars on the same policy. This one can save you up to 25% on most auto coverages.
When you bundle policies, you’ll be rewarded with significantly lower rates. When you combine your auto coverage together with a homeowners, renters, condo, or mobile home policy through the GEICO Insurance Agency, you will receive a hefty discount.
Filing an Auto Claim
You can file an auto claim in a couple of easy ways. One method is to report a claim on GEICO’s online claims center or mobile app. Here, you’ll need to select the type of claim you need to file and continue through the claim form. Another way to file is by calling the company’s phone number at (800) 841-3000.
When you file a claim, you’ll need to provide some info about the accident. This includes:
- Date and time of the accident
- An account of the incident
- Responding police contact info
- Where the accident happened
- Photos of the damage and scene
- Info about the other parties involved
Key Takeaway for Auto Insurance
As an auto insurance provider, GEICO seems like a good choice. The insurer offers many types of coverage to help you avoid unnecessary out-of-pocket costs, including roadside assistance and mechanical breakdown coverage. There are also plenty of discounts for you to lower your rates. What you’re getting with GEICO is a complete package that can help you protect your car and finances effectively.
GEICO Homeowners Insurance
GEICO offers homeowners coverage as one of its main products. This covers several types of disasters that can wreak havoc on your home and wallet. Below is a breakdown of homeowners insurance:
Homeowners typically includes four major coverage types. GEICO offers all of the standard homeowners coverages and even more. Here’s a detailed review of what you can get and how each coverage works:
- Property damage. Covers the physical structure of your home and other buildings on your property.
- Personal property. Pays for damages to your personal property, no matter where they are.
- Jewelry coverage. Raises coverage limits for your jewelry to help you replace it.
- Personal liability. Protects you from damages or injuries that you or household members (including pets) cause to other people or property.
- Medical bills. Pays for medical bills if guests or other non-household members get hurt on your property.
- Additional expenses. This covers any living expenses you have while your house is uninhabitable because of a covered disaster.
GEICO doesn’t offer much in the way of homeowners discounts. But there are still ways you can save money on your home insurance:
You can save lots of money by taking advantage of the multi-policy discount. All you need to do is buy both auto and homeowners policies from GEICO and you could be in line for a major discount. This is a form of customer loyalty discount.
The exact amount of savings will vary. Be sure to check with your agent to see how much you’ll save by bundling.
Setting a High Deductible
Another way to save on your home insurance is by setting a high deductible. By doing so, you’ll end up paying less each month. This is because you’re taking on more financial risk than if you had a low deductible.
Note: only do this if you can afford to pay a high deductible. Homeowners deductibles are often worth a percentage of your home’s value and can be very expensive. Be sure you’re completely comfortable paying the amount if a disaster were to strike.
Home insurance endorsements or riders are a way to add extra coverage to your policy. Many endorsements are available, including:
- Scheduled personal property. This raises coverage limits for specific items, such as jewelry, furs, or expensive art.
- Identity theft protection. Covers the costs that identity theft and cybercrime cause. It’ll also monitor your identity and shield it from cyber-criminals.
- Sewer and sump-pump backup. Protects against sewer and sump-pump backups that can flood and damage your property.
Homeowners Rate Factors
Insurers consider many factors when they’re pricing your homeowners insurance. These include facts about you and your home. Below are common homeowners rate factors:
- Value of your home
- Type of policy
- Where you live
- Credit score
- Replacement cost vs. actual cash value (ACV)
Filing a Homeowners Claim
Key Takeaway for Homeowners Insurance
GEICO’s home insurance is fairly standard. It includes several types of coverages to fully protect your house from disaster. You can also add extra coverage through endorsements. But there aren’t many discounts to help you save money on your homeowners policy. With GEICO, you can protect your home, but it may cost you extra because you won’t be able to lower your rates much outside of bundling and setting a high deductible.
GEICO Renters Insurance
Renters insurance is an affordable way for tenants to avoid large losses if a disaster, such as a fire or crime, were to hit. Here’s a detailed summary of renters coverage options:
Renters insurance’s coverage types are very similar to homeowners, aside from covering the physical structure of the home. It includes all of the basic coverage options. Here’s exactly what’s offered:
- Personal property coverage. Renters policies include personal property coverage. This covers any belongings in your rental unit.
- Personal liability protection. Renters liability protection covers damages or injuries you or other household members cause to someone else’s property.
- Additional expenses coverage. This covers any additional living expenses while your rental unit isn’t in a livable condition.
GEICO offers a few different renters discounts. Here are the best ways to save money if you buy renters with the company:
- Get the multi-policy discount. Bundling your auto and renters insurance policies can save you a lot of money. Savings can vary, though. It’s best to check with your agent to see how much you can save.
- Setting a high deductible. A high deductible will result in lower rates. Only raise your deductible if you’re able to pay a larger amount when you file a claim.
- Living in a building with fire or smoke alarms. Fire and smoke alarms can get you a discount on your renters policy. Fire extinguishers also count toward this discount.
- Living in a building with a home security system. Security systems in your apartment building or rental home can get you a discount. This includes measures like security staff or burglar alarms.
Extra Coverage Options
Add extra coverage to your policy by using endorsements. Below are additional coverages you can add to your policy:
- Identity protection. This coverage protects your identity. It covers costs associated with protecting and restoring your identity.
- Scheduled personal property. This allows you to raise coverage limits for valuable items, such as jewelry or antiques, inside or outside of your rental unit.
- Sump-pump or sewer backup. Covers water damage that sump-pump or sewer backups cause to your personal property.
Renters Rate Factors
GEICO calculates your renters insurance rates based on many different factors. These factors indicate how risky you are as a customer. Here are common renters rate factors:
- Where you live
- How high or low your deductible is
- How much coverage you buy
- Claim history
- Credit rating (only in states that allow it)
Filing a Renters Claim
Like with home and auto, filing a renters claim is a simple process. To do so, you can visit the claims center online or with the mobile app. It’s also an option to file over the phone by calling the claims number at (800) 841-3000.
Key Takeaway for Renters Insurance
GEICO offers a complete renters insurance product with many discounts to boot. You can get all of the basic coverage options you need to protect your personal belongings and finances. There are also a few different ways to save money with discounts. Overall, GEICO is a good option for a renters policy based on what its product includes.
Per the National Association of Insurance Commissioners (NAIC), GEICO owned 6.47% of the property/casualty industry and wrote over 51 billion premiums in 2021. These impressive numbers made them second place in the country, just behind State Farm.
Here are some more company facts:
- Primary specialization: auto insurance
- Revenue: $37.7 billion
- Number of employees: 43,000
- Number of offices: 18
- Parent company: Berkshire Hathaway
- CEO: Todd Combs
- Headquarters: 5260 Western Avenue, Chevy Chase, MD 20815
The Government Employees Insurance Company, now just known as GEICO, was founded in 1936 by married couple Leo Goodwin Sr. and Lillian Goodwin. As one could tell by looking at the company’s original name, the two started it as an auto insurance provider for federal government employees (including the military) and their family members. It wasn’t until 1974 that it began to offer coverage to the public.
In 1996, GEICO became a wholly-owned subsidiary of Berkshire Hathaway. Over time, the company has expanded into many areas of insurance. Today, auto, home, renters, life, and even rideshare coverage are among its available services.
Most people know this provider for its entertaining TV commercials and ad campaigns. Of course, the Gecko is the most iconic and has become the company’s spokesperson. Since his debut in 2000, he’s been telling us all about how much you can save by switching.
GEICO enjoys outstanding customer satisfaction ratings from many sources. This includes scores from well-known organizations such as A.M. Best, S&P Global, the Better Business Bureau, and more.
Here are up-to-date customer satisfaction ratings:
- A.M. Best Rating: A++ (Superior)
- Better Business Bureau: A+
- S&P Global: AA+
- NAIC Complaint Index: 1.92
Each year, J.D. Power releases a study on the best auto, home, and renters insurance providers. It rates each company on a scale of 1,000 points. J.D. Power breaks the auto section of the study up into four of the largest states and seven regions. On the other hand, the service bases both the homeowners and renters studies on satisfaction ratings for the entire country.
GEICO was constantly in the top ten in each state and region in J.D. Power’s 2022 auto insurance study. The company had an average customer satisfaction score of 835 from J.D. Power and didn’t appear on it’s list of top companies for home and renters coverage.
You can file a claim on the website, app, or over the phone. To avoid sometimes lengthy hold times, GEICO recommends filing online or on the mobile app.
Below are some useful links if you need to report a claim:
Claims hotline: (800) 841-3000
GEICO’s Mobile App gives you a wide array of tools to manage your policy. Below are some of its main features:
- Digital ID Cards. This allows you to access your ID cards on your phone. In most states, this counts as valid proof of coverage.
- Roadside Assistance. With this, you can call for help on the side of the road. GEICO claims this is the fastest way to get roadside assistance.
- Easy Photo Estimate. This lets you submit a picture of your car’s damage to get a quick estimate.
- Apple Messages for Business. This feature integrates with Apple Messages and allows you to chat with your agent and get answers to various questions.
- Virtual Assistant. Have questions about your policy? This feature provides 24/7 access to answers to frequently asked policy, billing, and other questions.
- Vehicle Care. This gives you a helpful way to track certain things about your car, such as its service history and routine maintenance checks.
DriveEasy Mobile App
GEICO’s DriveEasy program gives drivers a great opportunity to save on their car insurance through safe driving. All you have to do is download the app and let it start tracking your driving habits, such as how hard you brake, acceleration, and driving speeds. If you’re a safe driver, you could get a discount.