GEICO is a wholly owned subsidiary of Berkshire Hathaway, Inc. and provides some good low-cost insurance options. Types of insurance include car insurance, life insurance, homeowners insurance and flood insurance among others. In 2013, GEICO had an ACSI benchmark score of 81, which is quite a good customer satisfaction rating. If your priority is to save on insurance premiums (vehicle insurance in particular), I would recommend GEICO car insurance since they have some of the lowest rates on the market.
Features We Like
Insurance quote in real time, so you don't have to wait around for a requested quote to arrive before knowing if it's even worth the trouble. On the other hand, there have been complaints of quotes being lower than the final cost of a policy, so I'd recommend that you use their quotes as a benchmark and be ready to pay slightly higher premiums than what you're quoted.
Manage your policy online with GEICO Express. Manage your premium payments, get insurance ID cards, and even add or replace a vehicle online from anywhere, at any time.
Online claims reporting lets you submit a claim directly from your internet-enabled device. You can make the report even if you don't have all the necessary paperwork, such as police reports, on hand at the time. This is a very useful feature since it lets you start the claims process immediately, without having to wait till all the paperwork has been sorted. You can also access and manage your claim online.
Types Of Coverage
Car insurance. If you're looking to save on vehicle insurance in particular, this may be the right insurance provider for you. You can get a discount of up to 25% when you insure multiple cars with GEICO. They also provide further discounts for accident-free driving history (up to 26%), air-bags (up to 40% off personal injury and medical coverage), and ABS brakes (5% on collision coverage). Aside from that, if you're a member of one of many university alumni associations and professional organizations, you may be entitled to a further discount. If you're a federal employee, you could get up to 8% off your total premiums. Military personnel (active and retired) enjoy additional savings of up to 15%.
Motorcycle insurance. Save up to 10% when you transfer to GEICO from your existing insurance provider, and 10% again when you renew your GEICO insurance. Get additional savings of up to 10% each if:
- You insure more than one motorcycle
- Are a mature driver
- Have completed a Motorcycle Safety Foundation or Military Safety course.
If your car is also insured with GEICO, you may qualify for an additional 5% discount on your total premium. This insurer also provides ATV insurance.
Classic car insurance policies issued by GEICO (in partnership with American Modern Insurance Group, Inc.) work on a stated value, rather than cash value basis. You state the value of your collector's item when you get the policy, no appraisal is needed. Not all old cars classify as classic cars, and this decision will be at the insurer's discretion. Your car will only qualify as a collectible car if it was built in 1979 or earlier, but GEICO also provides policies for brand new cars designated as classic cars, such as exotic cars and replicas.
Boat insurance protects your watercraft and your assets by providing damage and liability coverage for damages to property or physical injury to others. If you insure your car with them as well, you can save money with a multiple-policy discount. If you take a boat safety course such as those offered by Boat U.S. you may be eligible to receive a further discount.
Homeowner's insurance. You may be eligible for discounts if you install protective devices in your home such as:
- Monitored alarm system
- Deadbolts on doors
- Smoke detectors
- A sprinkler system
As well as standard homeowners insurance, GEICO also provides optional personal property insurance coverage.
Renter's insurance protects your belongings in a specific rented property. In some cases this may be covered by your landlord's homeowner's insurance, so it's worth asking them before taking out a policy. If you need a renter's insurance, you can get discounts from GEICO if you install burglar alarms, smoke alarms and sprinkler systems. If you live in a guarded complex you may be eligible for further discounts. You can easily calculate the cost of your possessions with GEICO's handy personal property ACSI insurance calculator.
Flood insurance policies. GEICO acts as an agent for the National Flood Insurance Program. This government program provides relatively low cost insurance even if you live in an area with a high risk of flooding. You will only be eligible to take out an NFIP policy if your community participates in NFIP programs.
Umbrella insurance. If you need additional coverage above what's provided by your main vehicle or home insurance, umbrella coverage offers a solution. GEICO's umbrella coverage is quite affordable - for under $300 in annual premiums you can get up to $1 million of coverage.
GEICO is one of the most cost-effective insurance providers in the US, with car insurance that ranks among the cheapest available. They have a long list of discounts available that will save you even more money if your driving skills and your car meet certain requirements. You can get a discount of up to 25% just by insuring a second car with them. They also offer strong discounts on homeowners insurance. Their customer satisfaction rating isn't as high as some other major insurers, so this provider will benefit you more if your main interest in insurance is low cost coverage.