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GEICO Insurance Review 2016

Note: This post is not sponsored by Geico and does not constitute an endorsement.

The Government Employees Insurance Company as been around, serving public workers and military personnel, since 1936. For the rest of us, GEICO only really became a contender in the insurance market beginning in 1999 when a little green gecko entered the scenes and stole our collective hearts with his Cockney accent.

Today, GEICO is the second-largest auto insurer in the United States, underwritten by Warren Buffet’s Berkshire Hathaway, Inc. conglomerate, and is known for its strong online presence and rock-bottom prices.

Whether paying a bill or filing your GEICO insurance claims, this company is one of the most ubiquitous online car insurance companies in the nation. Car insurance is actually just one of the company’s specialties. In fact, GEICO’s insurance products represent a virtual menu of automotive selections along with additional coverage on everything from your home to your life through its affiliate relationships.

GEICO Auto Insurance

As its famous saying goes, getting a GEICO insurance quote takes as little as 15 minutes and could save you 15% or more on your car insurance. Indeed, this company is primarily known as a discount auto insurer with an easy-to-access online rate calculator and claims service that makes self-managing your auto insurance easy. If you’re uncomfortable giving such information online, it’s also possible to get a GEICO car insurance quote over the phone or from one of the more than 150 exclusive GEICO insurance agents operating across the country.

Like most of the top car insurance companies, GEICO’s standard packages for drivers incorporate all the basics, including coverage for:

  • Liability for bodily injury and property damage
  • Collision
  • Comprehensive physical damage
  • Uninsured motorists
  • Medical payments/no-fault

You can also add features to your plan such as roadside assistance, rental reimbursement and mechanical breakdown insurance.

When it comes to prices, GEICO generally stays true to its low-cost promises and offers some of the lowest rates on the market, especially compared to traditional agent-based insurers.

For example, the average cost (nationwide) in 2014-2015 paid by married couples and teens.
GEICONationwideFarmers
Married Couples $1,248$1,323$1,417
Teens$2,486 $2,754 $2,535

GEICO Rental Insurance

While GEICO doesn’t offer rental car insurance, the company does include it as a clause in many of its auto insurance policies. If you carry comprehensive liability coverage on your personal car through GEICO, you generally get the same coverage when using a rental. It’s still important to consult your particular policy or contact a GEICO insurance agent to be sure.

GEICO Motorcycle Insurance

As part of its comprehensive package of automobile-related insurance products, GEICO offers motorcycle insurance packages that meet the needs of the modern biker. This coverage includes not only your bike itself, but also the accessories that go with it. Damage coverage is also more inclusive, covering not only collision-related losses, but also theft and vandalism.

GEICO Discounts

Some of the real benefits of GEICO’s auto policies are the many discounts that the company offers, which cover most of its customers in some way. Discounts extend to a number of subgroups such as military personnel, government employees, drivers over age 50, students and employees of certain organizations. Furthermore, the discounts offered are extensive and include, but are not limited to:

  • Vehicle safety systems (i.e. air bags, anti-lock brakes, anti-theft systems and daytime running lights)
  • Good driver/clean driving record
  • Good seat belt usage
  • Driver’s education
  • Good students
  • Emergency military and federal employees
  • Multi-car
  • Multi-policy

GEICO Home Insurance

Geico_Insurance_Review_2016_image2

There’s no such thing as GEICO homeowners insurance. As an underwriter, GEICO only offers vehicle insurance for cars, trucks, motorcycles and more. It maintains affiliate relationships with other insurers in order to offer bundled products through an entity called the GEICO Insurance Agency. Policies and plans differ according to your home type and state of residence, but the purpose of this service is to provide a one-stop shopping experience for insurance even if it means using other companies.

GEICO Renters Insurance

In addition to insurance on owned properties such as single-family houses and condos, the GEICO Insurance Agency facilitates the acquisition of renters insurance to protect your personal belongings inside a rented residence. The policies GEICO sells include protection from situations like theft and environmental damage along with personal injury protection for guests.

GEICO Life Insurance

Knowing that your family’s taken care of financially after you pass away can improve your peace of mind. Although GEICO doesn’t underwrite life insurance policies, it sells them via a company called Life Quotes. GEICO and Life Quotes life insurance policies only offer term life insurance — not whole life insurance — in 10-, 15-, 25- and 30-year term lengths. It’s important to note that once the term is up, your beneficiaries are not paid the benefits if you haven’t passed on.

Other Types of Insurance Offered

Providing auto insurance is about more than just cars and trucks. As a full-service auto insurer, GEICO provides a variety of additional vehicle and situational insurance options that can make owning and operating any sort of motorized craft less stressful.

GEICO Commercial Auto Insurance

For business owners, auto insurance is a key safety and legal feature of operating a vehicle fleet — whether it’s a car or 200. GEICO commercial insurance offerings meet these needs by providing physical damage and liability coverage over and above what’s covered by personal policies. Also known as commercial car insurance, fleet insurance and commercial insurance, these policies generally cover the same things as personal car insurance at a different limits and with different definitions.

GEICO Boat Insurance

Underwritten by the GEICO Marine Insurance Company, GEICO boat insurance, or PWC (personal watercraft) insurance is important for boat and marine vehicle owners, especially those with larger, more powerful craft that don’t fall under homeowners policies. Specific marine vehicle policies cover everything from your boat itself to personal injury and liability to the trailer you use to get it to the water. Most policies also include towing service assistance and may include, or add on, PWC such as WaveRunners, Sea-Doos and Jet Skis.

You can trust that we maintain strict editorial integrity in our writing and assessments; however, we receive compensation when you click on links to products from our partners and get approved.
Published August 30, 2016 Updated: August 30, 2017
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