Geico Insurance Review 2024 | Bankrate (2024)

Updated Jun 25, 2024

Geico received a 4.4 Bankrate Score out of 5 points for its auto insurance product. In the 2024 Bankrate Awards, Geico was named as one of the two best car insurance companies overall and tied with Auto-Owners for Best Budget Auto Insurance Company. Geico was also selected as the Best Car Insurance Company for Young Drivers in recognition of its low rates and competitive discounts for teens and young adults. To determine Geico’s Bankrate Score and award eligibility, the insurance editorial team considered average premium data, available coverage and discounts, financial strength ratings, digital insurance features and third-party rankings for customer satisfaction.

In other words, Geico’s high Bankrate Score suggests that it’s at the top when it comes to meeting its customers’ needs. In particular, Geico may meet the needs of customers seeking basic auto coverage on a budget. While Geico is missing key coverage add-ons that may matter to some drivers — such as gap insurance — its generous list of discounts could offer significant savings, especially to younger drivers, safe drivers and military members or government employees.

Pros and cons of Geico car insurance

If you’re comparing auto insurance rates, considering Geico’s pros and cons might help you in your decision.

Because Geico does not write its own home insurance policies, it did not receive a Bankrate Score for home insurance. Instead, Geico works with non-affiliated insurance companies to offer homeowners insurance quotes to customers nationwide, with a discount for customers who bundle their home and auto insurance together. For some customers who already have auto insurance through Geico, Geico may offer the best homeowners insurance options, but you may want to consider other carriers if you prefer to have all your coverage through the same company.

Pros and cons of Geico homeowners insurance

If you’re considering getting home insurance quotes from Geico, consider the following advantages and disadvantages of choosing Geico as your home insurance provider:

Similar to its home insurance policies, Geico life insurance is offered through partner companies. Geico's partnered life insurance offerings are available in three policy types: term life, whole life and universal life insurance. Term life insurance provides coverage for a specific amount of time, such as 10 or 30 years, and is typically used to replace lost income and cover future expenses if the policyholder passes away during the policy term. Customers shopping for the best life insurance company may be able to obtain a term life insurance policy through Geico's partner companies with no medical exam, but they will likely still have to fill out a health and lifestyle questionnaire.

Whole life insurance and universal life insurance are both types of permanent life insurance. These policies do not have a policy end date as long as policy terms are fulfilled. In addition to helping with income, permanent life insurance policies could also be an integral part of estate planning. However, because Geico writes these policies through separate underwriting companies, it’s impossible to give a thorough Geico life insurance review that will apply to all customers purchasing life insurance through Geico.

Bankrate’s insurance editorial team is made up of licensed agents and other industry professionals with combined decades of experience in the world of insurance. Based on the findings of our Geico insurance review, we concluded that Geico may be a good option for drivers seeking a cheap car insurance company with tons of availability, good digital tools and a focus on online shopping and policy management rather than brick-and-mortar agencies.

On the other hand, Geico doesn’t underwrite many other types of insurance, making the carrier a less attractive option for customers seeking a company to manage both auto and home insurance policies. If you’re looking for an insurance provider for affordable home insurance in addition to your auto policy, you may want to look at other companies, such as Allstate or Nationwide, to see if their offers are competitive with Geico’s.

What are real-life customers saying about Geico?

To get a better sense of how Geico policyholders feel about their provider, we looked at comments on social media, including Reddit and TikTok. As one of the nation’s largest private passenger auto insurers, with just over 12 percent of the market share, Geico receives a lot of hate online from current and former customers. But in addition to rants and complaints, we also found satisfied customers in the mix: people who’d been with Geico for years without incident and enjoyed low rates in spite of the turbulent market.

Reddit

On Reddit, we found plenty of frustrated Geico customers, many of whom cited poor communication around insurance claims and an over-emphasis on digital tools for customer service. But for some policyholders, Geico’s digital emphasis was a benefit — and we noted that many customers reported staying with Geico for decades thanks to their low rates.

TikTok

Mentions of Geico on TikTok mainly center around various customer complaints and scandals, such as a woman in Michigan whose Geico claim was denied due to paperwork she hadn’t filed when she moved to the state. In the comments of this video, we found plenty of outrage, some of which came from current or former Geico customers with similar experiences. However, we also found customers who hadn’t encountered any problems with Geico despite being with the company for years.

*The quotes and citations included on this page have been verified by our editorial team and are accurate as of the posting date. Outlinked content may contain views and opinions that do not reflect the views and opinions of Bankrate.

Geico company details

Geico offers customers a few ways to get in contact, with an emphasis on online and mobile customer service.

• Customer service: 1-800-207-7847
• Military support: 800-MILITARY (645-4827)
• Chat/email: Geico.com allows customer to connect to agents and make policy changes
• Claims: Claims can be filed and managed online through Geico’s website or mobile app, or by calling its toll-free claim number at 1-800-841-3000. For a comprehensive list of claims numbers, please visit the company's claims reporting page.
• Emergency roadside assistance: This can be done online through Geico’s website or mobile app or by calling 1-800-424-3426.
• Mailing address: Each region and insurance type has a different address, follow this link for specific contact information.

State availability

Geico auto and home insurance is available in all 50 states and Washington, D.C. Depending on your state, the underwriting company for your home insurance may vary.

Geico tools and benefits

Auto insurance may be Geico’s most popular product, but customers can also access the following:

• Additional insurance products: Travel insurance, jewelry insurance, identity theft protection and pet insurance are just a few additional insurance options available through Geico.
• Dedicated military support: Geico’s 800-MILITARY phone line and Military Deployment Center offer unique support tailored to the insurance needs of military members and families.
• Car buying resources: Geico offers online tools and calculators to help customers budget for a new car purchase, including estimating their updated insurance costs.
• Parking locator: Geico’s mobile app includes a parking locator function that can help you find a space to park in an unfamiliar or busy area.
• Auto Repair Xpress: Geico’s Auto Repair Xpress program aims to make finding a shop during an insurance claim more convenient.

Auto

Bankrate utilizes Quadrant Information Services to analyze 2024 rates for ZIP codes and carriers in all 50 states and Washington, D.C. Rates are weighted based on the population density in each geographic region. Quoted rates are based on a 40-year-old male and female driver with a clean driving record, good credit and the following full coverage limits:

• $100,000 bodily injury liability per person
• $300,000 bodily injury liability per accident
• $50,000 property damage liability per accident
• $100,000 uninsured motorist bodily injury per person
• $300,000 uninsured motorist bodily injury per accident
• $500 collision deductible
• $500 comprehensive deductible

To determine minimum coverage limits, Bankrate used minimum coverage that meets each state’s requirements. Our base profile drivers own a 2022 Toyota Camry, commute five days a week and drive 12,000 miles annually.

These are sample rates and should only be used for comparative purposes.

Age: Rates were calculated by evaluating our base profile with the ages 16-60 (base: 40 years) applied. Depending on age, drivers may be a renter or homeowner. Age is not a contributing rating factor in Hawaii and Massachusetts.

The rates for drivers ages 16-20 added to their parents' policy reflect the good student and driver's training discounts applied. The rates for drivers aged 16-20 on their own policy do not include the good student and driver's training discounts. Additionally, 25-year-old rates are based on the driver as a renter and 30+ on the driver as a homeowner.

Incidents: Rates were calculated by evaluating our base profile with the following incidents applied: clean record (base), single speeding ticket and single at-fault accident.

Bankrate Scores

Our 2024 Bankrate Score considers variables our insurance editorial team determined impacts policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories.

Each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. Our scoring model provides a comprehensive view, indicating when companies excel across several key areas and highlight where they fall short.

• Cost & ratings50%

• Coverage & savings30%

• Support20%

• Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, 2023 quoted premiums from Quadrant Information Services (if available), as well as any of the latest third-party agency ratings from J.D. Power, AM Best, Demotech and the NAIC, were analyzed.
• Tier 2 (Coverage & savings): We assessed companies’ coverage options and availability to help policyholders find a provider that balances cost with coverage. Additionally, we evaluated each company’s discount options listed on its website.
• Tier 3 (Support): To encompass the many ways an auto insurance company can support policyholders, we analyzed avenues of customer accessibility along with community support. This analysis incorporated additional financial strength ratings from and Moody’s and factored a company’s corporate sustainability efforts.

Tier scores are unweighted to show the company's true score in each category out of a possible five points.