GEICO Car Insurance Review

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In a nutshell...
  • GEICO offers insurance premium discounts to those holding membership in more than 275 affinity groups
  • GEICO merited the highest possible rating of “AAA” in this category
  • In partnership with numerous major retailers, GEICO policyholders enjoy extensive discounts on non-insurance purchases

With the 1973 advent of real-time computerized access to driving records, GEICO began offering auto insurance to the general public.

Although GEICO gained official legal sanction in all 50 states just 2 years ago, it now holds the #3 spot among all private car insurance companies in the US.

One distinguishing feature of this dynamic firm is its approach to consumer contact. Virtually all customer interaction is conducted online or via telephone.

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GEICO Industry Ratings

A.M. Best is internationally-recognized as a reliable independent credit rater of insurance carriers. In May of 2010, Best deemed GEICO’s overall long-term outlook as stable.

GEICO was graded in three major financial categories:

– Financial Strength

This is an objective assessment of insurers’ relative pecuniary strength and ability to meet current contractual obligations.

With assets exceeding $2 billion USD, GEICO’s rating of A++ is the highest possible grade for this evaluation criterion.

– Issuer Credit Rating

This category independently rates insurance companies’ ability to meet prior financial commitments on an ongoing basis.

GEICO merited the highest possible rating of “AAA” in this category as well.

– Policy Offerings

Although best-known for auto coverage, GEICO has gradually evolved and emerged as a full-fledged multi-line insurer.

Its product line includes many commercial and consumers lines of insurance including:

  • Motorcycle Insurance
  • Umbrella Insurance
  • Homeowners Insurance
  • Renters Insurance
  • Condo Insurance
  • and more

– GEICO Car Insurance Discounts

Most are familiar with GEICO’s highly-touted “save 15 percent or more on your auto insurance” slogan however an extensive array of many other car insurance discounts are also available including.

– Motorcycle Insurance Discounts

Savings of 5 to 20 percent off motorcycle insurance coverage may be available for transferring existing overage, being over a certain age, policy renewal, and completion of motorcycle safety instruction.

– Military Discounts

Active-duty US Armed Forces personnel who receive orders to a DOD-designated area or whose stored vehicles are covered under a GEICO supplemental protection plan may qualify.

– Federal Employee Discounts

GEICO acknowledges its “founding roots” from Federal employees with exclusive discounts for civilian government workers ranked at GS-7 and above.

Depending upon an insured’s state of residence, a discount of up to 8 percent may be available.

Membership in any of several GEICO-affiliated federal groups also qualifies policyholders for a similar discount.

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– Student Discounts

Students may save $100 to $200 on auto insurance premiums for maintaining an academic average of “B” or better, remaining accident-free for at least 5 years, or owning air bag-equipped vehicles.

– Group Affiliation Discounts

GEICO offers insurance premium discounts to those holding membership in more than 275 affinity groups and professional associations.

– Over-50 Driver Discounts

GEICO offers a Prime Time insurance contract for more mature customers upon initial policy purchase or renewal.

– GEICO Privileges Program

In partnership with numerous major retailers, GEICO policyholders enjoy extensive discounts on non-insurance purchases.

GEICO Customer Satisfaction

JD Powers and Associates is a commercial market analyst and compiler of pertinent consumer data with long-standing international fame and recognition.

The organization’s statistical conclusions have been found to be consistently accurate and are widely relied-upon as an accurate marketplace barometer.

Product quality, consumer satisfaction and overall market trends have been identified through its exhaustive research.

Each year, the firm conducts an annual National Auto Insurance Survey to assess overall consumer satisfaction levels with their insurance carriers.

Survey respondents are queried about their experiences in five key areas of service interaction with their auto insurance companies.

These five classification areas include interaction, policy offerings, billing and payment, price, and claims. Respondents are asked to assign scores of 1 to 5 stars for each of these categories.

The more stars awarded, the higher overall satisfaction level indicated.

Per the JD Powers and Associates 2010 National Auto Insurance Survey, GEICO ranked 4 out of 5 stars in all of the five consumer satisfaction categories.

GEICO is indeed a progressive car insurance company whose stability and commitment to outstanding service has stood the test of time.

Does GEICO have the best car insurance rates?

While GEICO is one of the largest car insurance companies in America whether or not GEICO has the best car insurance rates for you will depend on a number of factors.

Where you live, what kind of car you drive, your driving record – all of these factors are analyzed by car insurance companies to determine premiums and rates will vary from one company to the next.

The only way to find the best car insurance rates is to shop around and compare at least a handful of car insurance companies.

Enter your zip code below to get FREE car insurance quotes today!

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