You likely know GEICO by its friendly little mascot, the gecko named Martin, but this insurance company is a strong and growing presence in the U.S., with a market share of 13.6% as of 2020.
The company boasts more than 18 million auto policies and more than 30 million vehicles insured. GEICO is well known for its auto insurance, but it also offers many more forms of insurance policies. Plus, the company is a subsidiary of the well-known Berkshire Hathaway, which gives them industry credibility.
Fun fact: GEICO stands for Government Employees Insurance Company because the founder initially targeted U.S. government employees and military personnel as the company’s customer base.
So, what should you know about the insurance provider, including GEICO ratings and reviews from customers? Keep reading for a deep dive into one of the fastest-growing insurance providers in the U.S.
Most people associate the GEICO name with auto insurance, but the company actually covers several forms of insurance policies. These include:
Some of the more unique and interesting forms of insurance GEICO offers include jewelry, overseas, pet, bicycle, event, and identity protection.
However, it’s worthwhile to note that GEICO doesn’t directly write its home and life insurance policies, and instead offers them through partner companies. If you are interested in GEICO home and life insurance, you’ll want to know that they do offer term, whole and universal life insurance through their affiliate partners but backed by GEICO Insurance Agency, LLC. They also offer life insurance with no medical exam, if that’s important to you.
You may also be able to snag a bundling discount by adding a property insurance policy to your auto insurance, which could lower your overall insurance costs.
Insurance rates can vary widely depending on a number of factors including age, state, vehicle make and model, driving history, and more, but we crunched the numbers to get you some ballpark numbers.
With GEICO, a 40-year-old driver with a good driving history can expect to pay $1,405 a year in car insurance for full coverage, shaving about $200 off the national average. Minimum car insurance coverage is just $66 per month, also less than the national average.
This makes GEICO one of the more affordable options for car insurance coverage.
GEICO offers a number of unique insurance policy lines, but they’re also available in all states across the U.S., making them easily accessible.
Some of the other reasons customers choose GEICO insurance include:
App Support
GEICO offers 24/7/365 customer support, which is a nice touch. They also have a mobile app that lets you access your claim info, call for roadside assistance, and more at the touch of your fingertips.
Digital Experience
The GEICO Mobile app has also been rated the #1 insurance app and their online shopping experience has also been highly rated, so if you’re a fan of using technology, GEICO could be a great option for your insurance needs.
GEICO Car Buying Service
This helps customers research a potential vehicle’s market value and receive assistance from Certified Dealers thanks to their partner, TrueCar. You’ll also receive guaranteed savings by purchasing from a TrueCar Certified Dealer. Plus, after your purchase, you’ll get access to the GEICO Vehicle Care app for recall information, service history, maintenance reminders, and more.
Diversity
GEICO has won awards and recognition for its diversity efforts. They also track and display their employee diversity progress over the last few years, with 63.5% of 2021 new hires being women and a third of new hires identifying as Black or African American.
Community Engagement
The GEICO Philanthropic Foundation has been in action for over 40 years, helping to support diverse communities nationwide. They’ve donated to over 7,000 charities and have averaged $6-8 million annually over the last 20 years.
GEICO is one of the fastest-growing insurance providers in the U.S., and for good reason. The company consistently ranks high in ratings and reviews, with ease of claim submission and digital experience as some of its top assets.
GEICO is available in all states across the U.S., making it an accessible option for Americans. For tech-savvy customers that are looking for a budget-friendly option for their insurance needs, GEICO is a great choice, with many discount options and policy types.
But keep in mind that home and life insurance aren’t directly written by GEICO and the company offers limited add-on protections for policies. And with limited in-person support across the country, customers who aren’t as tech-savvy might have trouble with claims and customer service.
Want to see how GEICO quotes stack up? ConsumerCoverage gets you access to free quotes fast, so you can review your options and decide if GEICO makes the most sense for your insurance needs.
Hollay Ghadery Hollay Ghadery is a writer and editor who is passionate about financial literacy as a means to personal fulfillment. Hollay has over 18 years of experience creating content about a range of topics related to personal finance, including insurance, investing, banking, and credit cards. When Hollay isn't writing, she's spending time with her four children, two dogs, and three goats.
