Laura Berry is a former State Farm insurance producer and insurance expert.

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products, including home, life, auto, and commercial, and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, mainly in the insuranc...

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Reviewed by Leslie Kasperowicz
Farmers Insurance CSR 4 Years

UPDATED: Oct 19, 2021

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When you think of GEICO, you probably automatically think about the gecko they use in their commercials. This is something that many people find appealing about GEICO that causes them to feel that this is the right auto insurance company for them. A well-structured insurer knows that having some mascot or identifiable piece of media will make them stand out in a crowd, and they would be correct.

However, all this says about GEICO is that they know how to market their company; you need to look a little deeper than this before purchasing car insurance. Digging into them and finding out what their service is like will be more beneficial than knowing who their icon is. The gecko isn’t the one supplying you with coverage; after all, it’s GEICO as a company. Use this GEICO car insurance review to help you make the right choice about your insurance company.

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Does GEICO Insurance have financial stability as a company?

GEICO stands for Government Employees Insurance Company and, once upon a time, government insurance is what GEICO specializes 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. In addition, they have an outstanding amount of coverage options compared to what they started with.

Just because an insurer or any other type of company has been around for over 60 years doesn’t mean they are stable. However, in the case of GEICO, it does mean exactly 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 company’s financial stability. Your coverage is never going to be questionable.

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. So again, this gives you an idea of what kind of service they provide to deliver what they are supposed to and when. Not to mention their customer service reviews. If that’s important to you as a consumer, then you’ll be happy to know it’s easy to speak with a customer service agent.

As far as this GEICO car insurance review goes, you are safe if you decide to purchase your insurance products through GEICO. They have many policy service options to choose from and are reliably able to deliver on any of them. This isn’t a company that is about to go under. What’s more, based on industry ratings, they aren’t in danger of falling anytime soon. This means that if you have any coverage through GEICO, it’s not going to be pulled out from under you any time soon.

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What does GEICO have to offer as a company?

If options are important to you, then you will find that GEICO has many different insurance choices for you to choose from. They offer:

  1. Car insurance
  2. Boat insurance
  3. RV insurance
  4. Commercial auto insurance
  5. Identity theft insurance
  6. Homeowners insurance
  7. Renters insurance

The benefit to having such a wide range of options is that GEICO offers you a multi-policy discount when you purchase multiple policies from them. This could benefit you a lot if you have multiple vehicles and renters insurance, boat insurance, etc. Bundle discounts are popular with many major insurers; it’s a great way to build up a loyal customer base.

However, GEICO doesn’t sell life insurance, 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 to get you to purchase life insurance. This can be very frustrating if all you are looking for is an idea of the cost to see if you can work it into your budget.

The bottom line for this GEICO car insurance review is that it has many great insurance options, and the discount options they promise are also there. 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.

How much will you end up paying for GEICO?

The most critical element for your car insurance may be how much it costs. GEICO promises that they can save you money, and it is 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 significant problem. They tend to quote based on what you tell them rather than your actual driving and claims records.

This means that you could get a GEICO car insurance quote that is far different from what you will 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 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.

What’s the bottom line on GEICO?

As one of the largest insurers out there, it will come as no surprise if GEICO ends up on your radar. Don’t forget to look at customer reviews to ensure they’re a proper fit for you. It may be easy to trust what someone says online about them having affordable rates, but you’ll want to see that for yourself.

However, how do you know if GEICO has the best car insurance rates among auto insurers? Start with a free quote. However, instead of using GEICO’s free quote tool, you should choose one that compares the rates between several companies. That way, you’ll be able to see the average cost of what you’ll pay spread across the board, giving you several possibilities, discount options, and competitive rates all at once.

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