GEICO Insurance Review

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Premium Price
Claims Process
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OVERALL

GEICO Insurance Overview

GEICO is a full-service insurance company that provides business and personal lines directly to consumers primarily by telephone and through their website GEICO.com. They do have authorized agents that are able to sell GEICO insurance products in a more traditional client-agent manner, but the bulk of their business is done online.

GEICO, which stands for “Government Employees Insurance Company,” is a wholly owned subsidiary of Berkshire Hathaway. The company was a publically traded firm from the 40’s until 1996, when Berkshire Hathaway purchased them.

The company writes auto insurance is all 50 states, as well as Washington D.C.. As a direct-to-consumer insurer, they do not have to pay additional commission to third party agents, which allow them to keep their premiums down and spend more on advertising.

 
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GEICO Insurance Products

GEICO has a wide selection of products which they provide to consumers including, homeowners, car insurance, motorcycle, life insurance, personal watercraft, ATV, umbrella, renters and condo insurance. They also have additional services that cover less popular recreational vehicles.

For business clients, GEICO offers standard coverage items like general liability insurance, business owners policies and professional liability insurance.

GEICO Insurance Rates

Update: GEICO takes the top spot in our 2013 Auto Insurance Price Comparison Study. For details, read the full report here.

GEICO’s rates are Below Average.

During our rate test, we found that a 30-year-old married couple living in Southern California can get full coverage on two automobiles for $144 a month. There have only been a couple companies even comparable to this price since we started running these tests.

It should be noted that we typically run the quote with $250,000/$500,000 bodily injury coverage, but that option was not available on the GEICO website. Instead we ran the test using $300,000/$500,000, which means you are getting more coverage for a lower price than most of their competitors.

As a direct insurance company, GEICO can offer discounted rates since they do not have to operate through a middleman sales agent or broker. When purchasing online, consumers can modify rate quotes and see how different coverage will impact the price of their policy much easier than when dealing with a broker or sales agent.

[Click here to see how we do rate quote tests]

GEICO Consumer Complaints

The Better Business Bureau currently has no rating assigned for GEICO. There have been over 1400 complaints filed in the past three years, with 580 coming in the previous 12 months. The number one issue reported to the BBB was problems with the product or service. There are currently no government actions involving GEICO, as far as the BBB knows, and there are no advertising issues which have been reported to the Better Business Bureau.

GEICO is one of the largest insurers in the United States, and along with that comes a lot of consumer complaints online. ConsumerAffairs.com has over 500 complaints filed against GEICO, and just over a one star rating out of five. Most insurance companies have ratings on this website ranging from 1-1.5, since the majority of people leaving comments are doing so after having an issue with the company.

GEICO Consumer Research Reports

J,D, Power and Associates – In 2012, JD Power rated GEICO as one of the top websites in customer satisfaction as it pertains to getting an online quote. Shoppers were much more likely to go with GEICO than other top competitors due to their simple to use quote system and low rates. Additionally, GEICO scored above average in the JD Power 2011 Insurance Shopping Study, which ranked companies based on overall customer satisfaction. GEICO scored 843 out of 1000.

Consumer Reports – In 2010, Consumer Reports polled readers about their insurance providers, and GEICO received an 86 out of 100, putting them in the top 15 of all insurance companies rated. The main categories covered were claims related problems, timely payments and non-claim related problems.

GEICO Financial Rating

A.M. Best Rating – A++

Fitch Rating – AA-

S & P Rating – AA+

GEICO Overall Rating

Positive
GEICO is owned by Berkshire Hathaway, one of the most successful companies in the world. Their financial strength is one of the highest in the insurance industry, which is very important in the insurance field. They rank very highly with third-party consumer advocate companies like JD Power, and their rates are some of the lowest in the industry according to our tests.

Negative
There are a lot of consumer complaints filed with the Better Business Bureau and on websites like ConsumerAffairs.com.

Recommendation
Individuals, families and business owners who are price-conscience when it comes to their insurance premiums should get a quote from GEICO. They are consistently one of the lowest cost insurance providers, and they operate all across the United States.

People who have a complicated insurance portfolio that requires the use of an agent should look for a third party broker that is authorized to sell GEICO products. They may have to pay a broker fee for their services, but the lower cost of GEICO products will help offset the additional charge.


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About the Author

Eric Stauffer

I am a former insurance agent turned consumer advocate. My priority is to help educate individuals and families about the different types of insurance they need, and assist them in finding the best place to get it.


Comments

  1. Ashlee says

    I was a Geico customer for 3 years and never had a problem until recently. My boyfriend and I are planning on moving in together at the end of this year. I thought I would be proactive and get a “quote” for adding him to my policy since when we live together he most likely will drive my car on occasion. Right now we see each other a couple times a month due to conflicting work schedules and living over an hour from each other, I explained this to Geico. Geico went ahead and added him to my policy, it went from $200 to $300 a month. They said because I know him and he has an accident on file they had to add him. In the state of Massachusetts the only people required on your policy are people that live with you. They told me to fax 2 documents with his address to prove he doesn’t live with me, after faxing them, they put me on hold for 10 minutes. After the extended hold, they told me no they wont take him off and i have to provide proof of him having his own car insurance. He doesn’t have a car, so he doesn’t have insurance. Geico’s advice: “Then we suggest you find a different company to insure with.” After informing them I will gladly go else where but that I will be filing a report to the Attorney General’s office. They have now blocked me out of my online account (i do everything paperless with them), and when i called to say i was blocked out, they said they were too and didn’t know when I would be able to access it again.

  2. carol says

    Ive been looking for a different Insurance company and got a great quote from Geico. After seeing so many negitive comments I am leaning more towards the Allstate quote which is higher.

  3. Brian card says

    Geico is horrible their driver hit me I was waiting to turn sitting still. They admitted 100 pct fault yet almost a year has gone by and they continue to use every loophole allowed within the law to delay

  4. Joe says

    The savings aren’t worth it. My car was totaled by another driver and I have to fight with geico to get fair value of the car. They do next to nothing to help with the claim one of the worst experiences I have had.
    Don’t use geico.

    stats
    2011 Toyota camry couldn’t find comparable same mileage and model for under 15000
    geico offered me 10700 trade in value at dealership is 13000

  5. Jane says

    GEICO’s computer system failed and as a result, I was charged twice for my policy. Because it is the weekend and everything is still pending. They told me that there was NOTHING that they could do about for 3-5 days. I am overdraft now because of them. I have to wait until my statement comes in then fax it for them to credit my account. Absolutely ridiculous that I have to wait almost 5 days to get my money back. I am a college student with limited funds and now i have nothing for 5 days. They were so careless. Horrible service!

    • lora Johnson says

      Last night I filled a claim after an animal ran out in front of my car and totaled the front bumper.
      I called Geico and spoke with a man named [Redacted] who was very friendly when I asked what my coverage was he told me it was covered and there would be no deductible.
      So today the adjuster that came to look at the damage & informs me that there is now one. He then tells me some one would be calling me shortly after there meeting. No one calls!!
      A supervisor by the name of [Redacted] calls me after I inquired with a sales rep earlier.
      He was very rude and careless and hung up on me. Horrible horrible the way Geico does business and shows no concern for there customers whom I’ve been a loyal now customer for 4 years + . Geico is unprofessional, misinforms customers, lies and does not keep there word.

  6. Maryanne says

    Say NO! to Geico!!!!! My husband was in an accident and they are so awful. The adjuster is not expected to come see his car for 2 or 3 weeks. He says he is working 14 hour days 7 days a week. Our car doors are open and in the elements, will they fix the mold and muck that will gather from rain or snow? I was in the process of looking into another company when this happened. I previously had Progressive and loved them!!! I will go back for sure, in an accident situation at Progressive we weren’t hit with a voicemail system that kept looping. I am a union member and like to solicit recommended union vendors but this is too much! No care, No compassion, No service! Good going Geico. The saddest thing is I know our car is totaled and would like to move on but I have to wait for someone to tell me this!

  7. Gloria says

    Disappointed the way my claim was handled:

    1.My car was picked up from the scene of the accident 5 days later. Accident happened on the Dec 17th-Car was picked up on Dec 23.
    2. The day it was towed I had to wait for 1 hour for the truck to arrive.
    3. The authorization to repair was given to the shop 3 days later (Dec 26th)
    4. I returned the rental car promptly one month later, but as a result I have been for the last five days asking my friends and relatives for a ride. Geico did nothing to help me.
    5. After all of these disappointing situations, you are “rewarding” me by increasing my premium.

    I am expecting Geico to find a way to work something out to increase my satisfaction as a customer; otherwise, I will have no other choice but to look for a different insurance company.

  8. Fred "Mickey" Finn says

    An Allstate sales person called my home 3 x’s offering a RATE SAVINGS. I gave him my exact coverage -

    Here’s my return email.

    DENNIS – I APPRECIATE YOUR THOROUGHNESS, EFFICIENCY AND FOLLOW UP.

    UNFORTUNATELY YOUR QUOTE DOESN’T COME CLOSE TO BLOWING GEICO OUT OF THE WATER.
    FRANKLY YOU SHOULD SWITCH TO GEICO AND BLOW ALL STATE AWAY. JUST SAYIN’!

    CHEERS!

  9. James says

    We had a not a fault claim and were told by the adjuster that our deductible would be $250. We had our vehicle repaired and when we picked it up the deductible was $500. GEICO admitted that it was their mistake; however they would not honor the $250 quote we were given. Also, we have full coverage and rental reimbursement was not included on our policy. The rental car company told us that insurance companies deliberately do not include rental reimbursement because they don’t make any money off it. So beware. I would not recommend GEICO as an insurance company, and am looking for quotes elsewhere ([Redacted] looks good).

    • Morgan Mundane says

      When you fill out the online app it clearly ask if you want rental coverage insurance and there is an asterisk that takes you to a webpage explaining what this coverage is and the limits to the coverage per day.
      If you wish to have it you select it and it is added to your costs. I didn’t need it in that I have two cars.

  10. Thutmose Janic says

    My car was broken into for the second time in less than 90 days. I had to pay $1000 the first time it happened, so when it happened again, I knew it would cost me about the same. GEICO picks up the car over the weekend and then they are calling me for an authorization. I tell the on site rep I will not have the monies for a few weeks, he can’t handle it, call GEICO. I call GEICO, they tell me talk to the body shop. Body shop says, you will have to pay $25 a day for storage and then they say we usually charge you $50. Then I call [REDACTED] supervisor for some help, he tells me GEICO did nothing wrong. So, I am telling him it was never explained the cost to keep the car if I could not pay. Some background, the first time this happened the shop was busy and it took over two weeks for the work to get done and I had to wait and they extended the rental time. This time the shop is slow, so they are rushing my claim through to get paid. And here is my problem instead of you cyborg [REDACTED] seeing everybody as a dollar bill, take a minute and listen to people and explain what is going on. I already told them, make it right or I will be gone from GEICO. I will also post to any social media that has an outlet to voice my perspective. I may even start a blog, you can’t rush me, I am the customers.

  11. Rocky Burgess says

    Geico left my wife stranded and only handles claims m-f 8 -4:30. Their driver turned into on coming traffic causing an car to clip them and spin around and hit my wife. All they can say is file a claim with your insurance and they will collect from us. Or wait till Monday. Never buy insurance from them. They will not be there for you when you need them.

  12. Jason Kustra says

    I recently had to file a claim with geico insurance as my vehicle was broken into and all of my identification and vehicle ownership documents were stolen and I have full coverage insurance and here it is that it’s against the law to drive a vehicle in any state without the proper documents for the vehicle and now I’m being told to go pound sand as geico is refusing to assist me with the replacement of these documents as there is a police report filed and even the offer of a reward for the return of these items . I feel like I’ve invested my money in a fraudulent insurance company and the one and only time that I ever needed the assistance to get back to where I’m driving my vehicle legally with all of the documents for this vehicle that they ( geico ) have really let me down. I really must say that the insurance industry has really become a BIG money SCAM operation and I would never again go with an insurance company that is only out there for the MONEY and not out there and in business for the customer, so in the end I state to you geico ” your insurance company service rating really sucks and I’m gonna come for my claim pay out check ” and yes I think you can pretty much well tell that I’m upset with what they(geico )said about my claim. Thank you , j.g.kustra

    • Morgan Mundane says

      Everything changed with the so called No fault laws years ago. I run into you, your at fault for being there and I’m at fault for hitting you so what happens. My company takes care of me, your company takes care of you and both find ways to inch up your premiums so they get their money back.
      Only if their are injuries does this change. Then the insurance companies go after each other in court as to who really was at fault and who is paying those medical bills.

  13. Dylan says

    If you were a better driver they wouldn’t complicate your life. Everyone claims that they are not at fault yet when all the facts are weighed they played some role in the accident. Your own insurance company isn’t going to be cozy and warm about this if you are found to be partially at-fault. All insurance companies set rates based on the quality of the drivers on the policy. Good luck with this. The Arbitration Board also considers your actions and they are also not cozy and warm. They are honest.

    • Barbara says

      Please explain how I was at all at fault when an 18 wheeler truck reversed into my vehicle while stopped at a red light… with a line of traffic behind me and AMPLE space between us, he just backed up. Even the police officer who witnessed the accident wanted to know why the truck driver didn’t look back before reversing. [Redacted]

  14. deneice says

    i simply asked for a “quote” on the price to add someone to my policy. they added this person without my consent. now i have to pay almost $300 for what? a quote does not confirm a policy. im changing insurance companies. they will not even take the new persons name off unless i show proof of other insurance for said person, which i have to fax to them. get that! geico has lost me for good.

    • Lee says

      If they are in your house hold, have a liscense, and no car of their own, then the presumption of accessibiity to your car may be what is driving the automatic coverage{addition} to your account. I believe that folks in your HOUSEHOLD do have some insurance protection even if they are not in your car when an accident occurs.

  15. David says

    GOT MY GEICO SHOCKER… After 20+ years with American Family I switched to Geico… I did massive research to try to avoid any gotcha’/surprises… spoke with agents at length before I decided to buy… I accepted my 6 month rate… was pleased, except when my daughter got in a $1,100 accident (total)… my rate went up 20% in the MIDDLE of the same policy term! I expected my rate would go up when my policy renewed, NOT in MID policy!
    “Caveat emptor” – Buyer Beware! Hopefully, you may now be better informed.

    I may not have been so frosted about this if someone may have advised me, saying “When you buy with Geico, although you may get an initially lower rate, your insurance policy will immediately cost more, when you get in an accident and you’re a new customer.”

  16. Dona says

    GEICO is HORRIBLE!! My car was totaled in Hurrican Sandy and Geico did not offer me fair market value for the car i lost. we went back and forth to no avail, they sent numerous inspectors and are still jerking me around. I would NEVER get another Geico Policy nor recommend Geico to anyone. to date, i am still not settled. you ROT geico!!!!

    • Lee says

      Sounds awful an ordeal but without some details/facts [Year of the car, mileage, offer, your take} it could also sound like sour milk that you are asking us to swallow.

  17. jennifer says

    Thanks for correcting Clotide. You may have a good driving record but not everyone does. With insurance you are paying into a pool and when claims happen its paid out of that pool. Its also like you mentioned where you live has a factor, along with a multitude of other factors. Cost of living goes up and so does insurance.

  18. Clotilde Olivares says

    I think is “RIDICULOUS” that I was charge $11.98 for a change of address. And “Y” is my policy going up? I’m a safe driver. No tickets!!!! The reason I switch to U, from my previous insurance was for the same reason. I am not happy with the changes.

    DISSATISFIED CUSTOMER!!!

    • Eric Stauffer says

      Hi Clotilde,

      It is very common for insurance rates to adjust when you change your address. The reason is because the location of where your car is primarily stored is a big factor when calculating rates. Some people see decreases, but unfortunately some see increases too.

      • Lee says

        I changed address (Fom NYC to Albany, NY) and after anticipating still having to make additional payments, received a large refund. Location, Location, Location.
        So while you are not happy, te could be a brighter siide in that would be unhappy if you had to pay and additional $250.

    • Morgan Mundane says

      Many moons ago I got out the Navy. Moved three blocks to an apartment waiting for a job opening. My insurance went up 60%. Found out I have moved into the majic insurance circle that said I was a Chicago driver now and not an outstate driver.

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