Today I’ll give you the Geico car insurance reviews in depth.
So whenever you look for different insurance options, and Geico comes up, they are the company everyone is talking about a lot.
If you are looking for information on one of the best auto insurance, Geico is always among them.
So what makes Geico such a good company, and are they still maintaining their current performance? Alright, let’s dive deeper and explore more than just Geico history.
But you’ll also get to know more about some of the small details from where Geico started to where they are, who owns it, and the meaning behind their name where they are today.
You’d be a little surprised because as great information is out there, there are a few things you want to know about Geico insurance.
I’m glad you got this review with Geico. It will be pretty in-depth, and I will go as fast as possible and give you all the data and recommendations.
So make sure you read to the end to find out who is a good fit, and whether you should consider them as an option through this Geico auto insurance review.
History of Geico Insurance
Geico insurance started in 1936.
Geico was initially made in Texas, and the official name is the government employees insurance company, so they weren’t looking for the average daily customer.
Geico started on a hard time, and they were actually at that time during the great depression. So, it was a feat to start a company when there was a bad situation going on.
The government can’t even afford to pay the employees, but you will go to the employees for insurance. Will that work? They are currently the second-largest insurer in the U.S., just behind Statefarm.
Now that Geico is very close to another company that I will mention here in a moment, they will be one percent away, but they have grown.
Who is the Main Person Behind Geico?
If you’re curious about whether this is true, I’ll tell you that the main person with Geico insurance is Warren Buffett. You know Warren Buffett; he’s an excellent investor.
People call him old money because he is probably one of the best investors in the world; he has a slow, methodical process but manages to create a lot of income.
You can see that through Geico, and we’ll talk about that. Geico currently has around 28 million vehicles they insure, and the company that owns the Geico owned by Warren Buffett is Berkshire Hathaway.
So if you want to know the parent company and the overall big for the site, you will be looking for Berkshire.
They have about 35.2 billion dollars in their written premiums of those vehicles, and that’s huge. Geico is a great company, and they are great with their service; they got a very high price rating.
But I noticed a few things that seemed a bit distorted when I did some research on Geico.
J.D. Power has rated them three out of five, which is average, and that’s where it draws some red flags.
I like why J.D. Power gave them such a rating, but their site says they are 4.6 out of five.
Before I got into that, I went through WalletHub, and it’s an excellent website for some resources because they mention some of the best things about Geico.
Discount Offer From Geico and Its Market Share Percentage
The most famous part is what discounts Geico offers and save that for later.
I’m just going to tell you the big kind, Geico offers a safe driver discount that goes up to 40, and that’s a big thing.
Geico also offers a good driver discount that gives you 26%.
If you’re part of the military, you can get 25% discounts.
Also, if you have multiple vehicles that exceed one vehicle, so two or more cars, you will get a discount of up to 25%.
But wait a minute, you’re always talking about how to get the most significant discounts and what usually is a multi-policy deal.
That’s what everyone tells me you should work on your house and your car.
You should do your rent and car with them well.
But Geico’s are a little different, and they don’t have the best home or rent policies.
We’re also going to dive into it a bit, and also I’m going over some statistics here.
From the top 10 companies, State Farm has 16% of the market, and Geico has 13%. Progressive has 12%, and All-State claims 9% market share control.
Next, the company with a high in-service rating is USAA, but you have to be part of the government or some affiliation with the military, and they control 6% of the market.
Then, other insurance market percentages are Liberty Mutual at 5%, Farmers at 4%, Nationwide at 3%, American Family at 2%, and Travelers at 2%.
So that’s an overview of Geico’s size.
If you add up the bottom five insurance companies, it’ll be roughly the same size as Geico.
Pros and Cons of Geico Car Insurance
The incredible thing about Geico is that they have an online opt-in system.
So when you don’t want to deal with the agency as a whole, you want to get an app or program, you want to pay your bills without getting into stuff, that’s where Geico shines the most.
The Geico app is convenient for you and available when needed.
You have to download the Geico app to make a claim.
But if you’re going to pay their bill, they have a portal where you can log your information and pay your bill immediately, and it’s simple and easy to do in general.
Also, Geico has lower rates than most companies.
But with the statistics on any trustable sites, you’ll find a company that beats Geico in terms of average price. But let’s find out if it’s worth it between these two companies.
The downside of Geico is that they don’t have a local agency. in most cases, Geico is a virtual version of insurance.
So you don’t have the same people you can go to understand your situation and know who you are, have all the records, and be there with you in their best interests.
You can get a fantastic customer service person on the phone one day, and then not so much the next.
So always having someone new and different isn’t necessarily.
Weaknesses can become strengths if the company treats them well and helps them become the best agents.
Having good consistency is a big positive for Geico, but you don’t have the same local agency you usually want at the end of that process.
Besides, it’s just not competitive if you have an at-fault accident.
Geico doesn’t do well when you have an at-fault accident. In most cases, when you compare it to other companies, that’s where Geico closes the door.
It’s like saying, “If you’re willing to pay the bill, we’ll insure you, but we’ll charge you about 10-15% more than the guy down the street.”
Geico’s last real major drawback is that it has no homeowners insurance. Geico doesn’t have a home policy of its own. Now, they partner with many companies across the U.S.
So Geico allows you to get those multi-policy discounts, but some states don’t offer them. However, there are more than 31 different companies that do home insurance.
That way, you don’t have a say in which company Geico goes to, so they’ll give you a general quote and say they’re their partner.
But Geico won’t tell you what company you’re underwritten with until you’re ready to buy the policy. Whether this company takes it or leaves it, there is no choice to switch to another.
Further what you find with it is the price can vary. So in most cases, they say that Geico is usually not the best choice when it comes to combining policies.
You don’t want to look at it because one size fits all. You’ll be combining houses, cars, motorbikes, ATVs, etc.
While Geico is good at owning ATVs and motorbikes and putting them together, it’s just that when you add a home which is what most of us want, they want one package.
If it’s available, you have to hope that it fits, but if it’s not, you should check other options insurance packages.
Some of the small things I found that Geico was good at was their mechanical breakdown.
Not all companies offer Geico has a pretty cool mechanical breakdown program.
Apart from that, Geico is almost the same as other insurance companies.
So if you’re getting a better price with Allstate, State Farm, Nationwide, or whoever, there isn’t a big enough comparison beyond a few customer service issues where you’ll want to stick with Geico over any other company.
A few other companies like Citizens, Safeco, or Liberty Mutual are the higher-end brands looking to add different plans, coverage, and cashback options.
So stuff like that is probably more of a premium option, and it won’t be a good fit if you’re looking for that type of insurance option.
Geico is not someone you want to follow. Additionally, Progressives beat them on breakdown due to your deductible. So mechanical damage is like having a warranty on your car.
You pay a deductible if your transmission goes out or something goes wrong with your brakes. So for each piece that breaks, you pay an extra part for the deductible.
To have that option with Progressive, where you have a lot going on, you will only pay one deductible, not multiple deductibles.
I love that Geico offers rideshare, which has been relatively new in the industry in the last 5-10 years.
For example, if you do Uber or Lyft, Geico offers them that option, so you don’t have to go and get a commercial policy to do any rideshare program.
The thing I like is that Geico offers accident forgiveness. Not all companies do that, but Geico allows you to purchase unique accident forgiveness.
Most companies require you to be accident-free and be a client of their company for 3-5 years before even getting that option.
Some companies do the same as Geico does, and they allow you to join if you haven’t had an accident in the last three years.
But with Geico, you can add it as a service, and you can pay an extra premium to have it automatically.
If you don’t have a claim yet, your policy will include it.
Even if you’re with Geico from day one and now they don’t require you to buy it.
So once you’ve been away with Geico for five years or so, no claims, no accidents, you drive clean, they will automatically give you accident forgiveness.
So that’s another bonus tip if you’re planning to be with Geico long-term.
You’ll get some excellent options with them though I don’t currently think those options are available in California, Connecticut, or Massachusetts.
So remember, if you’re in one of those states, the Geico accident forgiveness option doesn’t apply to you.
Geico Auto Insurance Rates and Competitor
If you choose a minimum policy, your average insurance cost is $42. This number is quite competitive and lower than the national average.
If you’re 18 years old, you can plan on about $237/month. If you’re 21, your insurance cost is about $91/month. So almost a third if you’re 45, it’s $42 on average.
With the recent speeding ticket, the cost is $63/month, that’s not bad. If you had a DUI, it’s about $101/month, and then if you are 55-65, the cost is $42/month.
Now there’s a company that I think is a solid competitor for Geico insurance, and that’s from a few sections I found through different websites.
The websites compare prices where some companies are in a mix where they take State Farm, Progressive, Geico, and all the top insurance companies, and they pool their prices.
Alright, about 5-10% cheaper rates come with Progressives, and they are great with the ability to work with claims, tickets, accidents.
Also, where there’s a problem or two, the Progressive rate doesn’t skyrocket, so they’re so competitive.
Progressive is very similar to some of the reviews in that Geico has some scope, and there are some tweaks that I think progressive is a bit better.
But the most significant thing and the biggest reason I lean more towards them is that Geico has a better history.
Conclusion about Geico Car Insurance Reviews
In my opinion, Geico has a great story about getting out of a great depression and making it work.
Geico is probably the biggest advertiser or the number one paying money to add and attract people to the door, which is excellent.
That’s how companies want to grow by pushing as much advertising as they can.
Geico is very popular with caveman stories if you haven’t watched them, and then they turn into geckos, current Geico animals, or whatever you want to color or mascot.
Geico spent a lot of money doing that ad, and it paid off were some of the other companies weren’t pushing it.
I feel Geico is a good choice at the moment.
It’s up to you. I want to know what you think. Do you believe Geico is a great company? What is your experience? Have you been with them before? Are you leaning towards going with them? Let me know in the comments below and let others know only your opinion.