Geico Car Insurance Review
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UPDATED: Jul 14, 2021
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When you think of Geico, you probably automatically think about the gecko that they use in their commercials. This is something that many people find appealing about Geico that causes them to think that this is the right auto insurance company for them.
All this really says about Geico, however, is that they know how to market their company; you need to look a little deeper than this before purchasing car insurance. Use this Geico car insurance review to help you make the right choice about your insurance company.
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Geico Insurance Financial Stability
Geico stands for Government Employees Insurance Company and, once upon a time, government insurance is what Geico specialized in. That was in 1936, however, and now they are a company that provides all types of insurance for your home, cars, and recreational vehicles.
Just because a company has been around for over 60 years doesn’t mean they are stable. However, in the case of Geico, it does mean just that. Geico has an AM Best rating of A++ and a Standard and Poor’s rating of AA+. In both of these cases, this equals a superior rating, which means that when you purchase insurance from Geico you can feel confident in the financial stability of the company.
These ratings don’t simply reflect the amount of money that Geico has in the bank. These ratings also reflect Geico’s ability to pay claims and how effectively they have paid claims in the past. Again, this gives you an idea of what kind service they provide in terms of paying what they are supposed to and when.
As far as this Geico car insurance review goes, you are safe if you decide to purchase your insurance products through Geico. This isn’t a company that is about to go under. What’s more, based on industry ratings, they aren’t in danger of failing anytime in the near future.
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Geico’s Insurance Offerings
If options are important to you, then you will find that Geico has many different insurance choices for you to choose from. They offer
- Car insurance
- Boat insurance
- RV insurance
- Commercial auto insurance
- Identity theft insurance
- Homeowners insurance
- Renters insurance
The benefit to having so many options is that Geico offers you a discount when you purchase multiple policies from them. This could benefit you a lot if you have multiple vehicles as well as renters insurance, boat insurance, etc.
Geico doesn’t sell life insurance, however, although they will link you to a sponsored company that does offer life insurance. The downside here is that you aren’t getting Geico’s protection or guarantee.
In addition, the insurance company that they send you to is in for the hard sell. In other words, they will call and email you excessively in an effort to get you to purchase life insurance. This can be very frustrating if all you are looking for is an idea of cost so that you can see if you can work it into your budget.
The bottom line for this Geico car insurance review is that Geico has many great insurance options and the savings that they promise are there too. Don’t, however, confuse outside sites with Geico; they don’t sell everything and you need to know where you are being sent to purchase some products.
Geico Car Insurance Costs
It is possible that the most important element for your car insurance is how much it costs. Geico promises that they can save you money and it is very possible that they can indeed help you find cheap car insurance.
There are a couple of things that you have to consider first, however. If you speak to an insurance agent or broker, they will tell you that Geico has a major problem. They tend to quote based on what you tell them rather than your actual driving record and claims record.
What this means for you is that you could get a Geico car insurance quote that is far different from what you will actually pay. What’s more, you might enter into a contract with Geico at one rate and then find that they raise your rates once they get your driving information.
If you have a clean driving record or you provide full disclosure when you get your quote, this won’t be an issue. If, however, you make a mistake or underestimate the cost of your accident, you could end up paying more than your original quoted price.
Geico is also known for having high prices when it comes to teen insurance. If you have a teen driver, you may pay more with Geico than with other companies.
How do you know if Geico has the best car insurance rates? Start with a free quote. Instead of using Geico’s free quote tool, however, you should choose one that compares the rates between several companies.
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