GEICO Auto Insurance Review 2023 – Business Insider

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GEICO Auto Insurance has some of the industry’s most affordable rates across all ages, genders, and driving histories, and all quotes can quickly be done online, making it highly accessible. Whether at home, on vacation, etc., you only need an internet connection on your phone or other mobile devices to quote, buy, or manage your car insurance coverage. It also offers many discounts to lower your premiums even further. GEICO may be the best option for drivers on a tight budget based on price to keep you on the road.

However, GEICO’s coverage is not as comprehensive as some might like. Specifically, if you’re looking for rideshare coverage or gap insurance, GEICO’s coverage options are limited compared to other popular auto insurance companies.

Types of Auto Insurance Plans from GEICO

GEICO insurance meets standard auto insurance requirements for most customers. This is true whether you need basic coverage to meet state requirements or if you’re financing or leasing a vehicle. Coverage options include:

• Bodily injury liability coverage: Most states require this coverage. It pays for the other party’s medical expenses, prescriptions, lost wages, and pain and suffering when you’re at fault in an accident.
• Property damage liability coverage: Almost all states require you to purchase this coverage. If at fault in an accident, liability coverage will pay for the depreciated value of the other party’s vehicle, rental cars, and non-vehicular objects you damaged during the incident.
• Uninsured/underinsured motorist coverage: This coverage will pay for your vehicle’s repairs and medical expenses if the other party is at fault in an accident and lacks liability insurance.
• Collision coverage: This coverage will pay for damages to your vehicle due to a collision-related accident, regardless of who’s at fault.
• Comprehensive coverage: This coverage pays for non-collision-related damages such as theft, glass breakage, natural disasters, and hitting an animal. Glass coverage might be available separately through other insurers but is included in GEICO’s comprehensive coverage in most cases. If you have questions, call a GEICO agent to discuss your options.
• Medical payment coverage: If you’re involved in an accident, GEICO will cover you and your passenger’s medical expenses, regardless if you were at fault.
• Personal injury protection coverage: This insurance will pay you and your passenger’s medical bills, even if you were at fault in an accident.

Additional Coverage Options (Riders)

• Mechanical breakdown insurance: This optional coverage will reimburse you for the cost of repairs and replacement if your car breaks down.
• Emergency road service: If you get stranded at the side of the road and your car needs towing or jumpstarting, GEICO offers emergency roadside assistance starting at $14 per year per car.
• Accident forgiveness: This optional insurance helps you avoid premium increases after your first accident.
• Rental reimbursement: GEICO will reimburse you for rental car expenses while your damaged car is serviced at the repair shop.

How Much Does GEICO Insurance Cost?

GEICO Auto Insurance offers competitive rates across all ages, genders, and driving histories compared to other big insurers, which can be even cheaper if paired with its long list of discount options. However, consumers may be underwhelmed by its lack of coverage options and limited access to local agents.

How to File A Claim

If you need to file a claim with GEICO, you can do so on the GEICO mobile app, geico.com/claims, or phone a representative at (800)-841-3000. Remember, you must pay a deductible before GEICO reimburses your claim. If your deductible exceeds your claim amount, GEICO may deny your claim.

The Insurance Information Institute outlines information and documents you should gather to start a GEICO claim.

• Names and contact information of everyone involved in the accident, including witnesses
• Pictures of everyone’s license, car registration, and insurance ID cards
• Makes and models of the vehicles involved
• Details including the location of the accident, time, and weather conditions
• If the police were on the scene, you should have the police report number.

GEICO Auto Insurance FAQs

Methodology: What Went into Our GEICO Auto Insurance Review

At Personal Finance Insider, we strive to create accurate, unbiased, and helpful reviews. So, we used our tools to ensure we publish up-to-date, comprehensive reviews so you can make the most informed decision on where to spend your money. We write our product guides and reviews based on research from third-party rating agencies and online customer reviews. Our insurance rating methodology goes into further detail.

The best insurance company offers quality coverage and customer service at a reasonable price. So, we review insurance companies based on the cost of a policy, quality of insurance agents, customer service, breadth of coverage, financial stability, and availability. We then assess how an insurance company stacks up against the industry average and amongst competitors of similar caliber in those areas.

Compare GEICO vs. State Farm

GEICO and State Farm Auto Insurance offer affordable rates to a diverse range of drivers. The companies also provide opportunities to lower premiums even more. However, State Farm allows you to bundle your auto and life insurance policies. GEICO doesn’t, as it partners with different life insurance companies depending on your state. However, GEICO has more discounts than State Farm. For instance, GEICO offers a military discount, while State Farm doesn’t. You may also experience better customer service and claims satisfaction with State Farm than with GEICO.

GEICO and State Farm offer similar amounts of coverage. However, GEICO sells accident forgiveness and mechanical breakdown insurance, while State Farm doesn’t. Conversely, State Farm offers rideshare insurance, essential for Uber, Lyft, and other gig workers using their cars for work. Customers can manage policies through online portals, but all State Farm policies have to be quoted by licensed insurance agents.

Compare GEICO vs. Allstate

GEICO and Allstate Auto Insurance are major insurance companies offering competitive rates. However, GEICO has more discounts to lower your rates even more. On the other hand, if you value claims satisfaction, Allstate may be right for you. Allstate scores higher in claims satisfaction and has a claims satisfaction guarantee, which refunds six months of your premiums if you’re unhappy with its service.

Allstate also has more coverage options and a telematics program that is available nationwide, while GEICO’s telematics program is only available in 28 states. Plus, Allstate‘s usage-based program won’t penalize you for poor driving, while GEICO will. Finally, Allstate policies are quoted exclusively through its captive insurance agents. However, customers may enjoy more discounts and expert advice on bundling home, auto, and other policies.

Compare GEICO vs. Progressive

Progressive Auto Insurance is slightly more expensive than GEICO. Additionally, GEICO offers more discounts to lower your rates and scores better in claims satisfaction than Progressive. However, while Progressive and GEICO offer online quoting, Progressive works with local insurance agents to provide another layer of support.

If you’re looking for a quality telematics program in your state, Progressive offers incentives without the possible penalties you might expect with GEICO. For example, Progressive’s usage-based insurance is offered in 48 states, while GEICO is only available in 28 states. Additionally, Progressive offers many coverage options, including rideshare insurance, gap coverage, and customer party coverage, while GEICO doesn’t.