Geico is No. 4 among national carriers in the 2024 Insure.com Best Car Insurance Companies survey with 4.20 stars out of 5. Customers give it high marks for claims handling and plan to renew their policies.
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Geico is No. 4 among national carriers in the 2024 Insure.com Best Insurance Companies survey for auto insurance with 4.20 stars out of 5.
Geico is the third-largest auto insurance company by market share in the U.S. The company is known for cheap auto insurance rates; our rate analysis shows that Geico is cheaper than top competitors, State Farm and Progressive. Insure.com’s survey of insurance consumers scored Geico well for claims handling, digital/online experience and renewals. The company also has the highest possible AM Best score of A++, signifying financial stability,
Below is Insure.com’s review of the company. It’s based on third-party metrics and an in-depth survey of insurance customers. Find the full methodology here, including an explanation of our survey scores.
AM Best's Financial Strength Rating is an independent opinion of an insurer's financial strength and ability to meet its ongoing insurance policy and contract obligations.
Geico is known for low premiums, and based on Insure.com’s analysis of average auto insurance rates, it lives up to that reputation. Geico’s rates are lower than the other companies that round out the nation’s three biggest auto insurers, State Farm ($165 monthly) and Progressive ($166 monthly).
Insure.com’s survey found that 75% of Geico customers are satisfied with the level of customer service they receive, which puts the company in the middle for this category. Erie and American Family had higher percentages of customers giving them high marks for satisfaction.
For ease of service, Geico again ranked well but wasn’t the top pick. Seventy-nine percent of Geico customers are satisfied with the ease of getting the service they need. Most companies scored in the 70th and 80th percentile for this metric. Erie led this category followed by State Farm.
Erie topped this category, but Geico earned a respectable 77% score for policy offerings. Erie earned the top score at 88%. State Farm had a score of 84% and Allstate had a score of 80%.
Of the Geico customers in our survey, 87% would recommend the company to others. That’s solidly in the middle of the pack among its competitors.
Seventy-three percent of customers surveyed said they believed Geico to be a trustworthy company. State Farm and Progressive outranked Geico here, but other companies were rated lower.
Of the Geico customers surveyed, 91% plan to renew with the company. That’s a good number, but some competitors got even better responses for customer loyalty, including Erie, Mercury, State Farm, Progressive and Amica.
Geico scores well for claims handling in the survey. In this category, only Allstate and State Farm scored higher and Geico was tied with Erie for third.
Geico was the top company for digital experience, which isn’t surprising given that it was one of the pioneers in the insurance digital landscape. It earned the top score of 64% in the survey, followed by Progressive and CSAA.
Geico’s website offers a good list of available discounts, and the company ranked well with customers in that category. The top company in this category was the Auto Club of Southern California at 70%.
Geico doesn’t write home insurance but offers bundling discounts through a partnership with other companies if you buy home insurance through the Geico Insurance Agency. Erie led this category.
Note: Not all policies are underwritten directly; some are offered through Geico Insurance Agency and underwritten by other companies.
Government Employees Insurance Company, now known as Geico, was founded in 1936. Originally serving only government employees, today coverage is available to everyone. In 1996, Geico became a subsidiary of Berkshire Hathaway. The company has created two very memorable mascots, the Geico Caveman and the Geico Gecko.
Sources:
Geico “Types of auto insurance coverage” Accessed February 2024.
Geico “Car insurance discounts – savings on auto insurance.”Accessed February 2024.
Geico “Car insurance coverage: Auto coverage types and more.“Accessed February 2024.
Insure.com in the fall of 2023 surveyed more than 1,750 insurance consumers (1,459 people with auto insurance). Online market research company Slice MR conducted the survey. Respondents were asked to name their auto insurer and then grade it in the following categories – customer satisfaction, ease of service and policy offerings. The percentage of respondents who said they were satisfied or very satisfied with their insurer is presented in the results.
Respondents were then asked to pick their insurer’s top three attributes out of more than a dozen presented – trustworthiness, claims satisfaction, digital experience, discounts and best for auto/home bundling. The responses for each attribute were totaled and then divided by the number of each company’s customers who responded to that survey question to create a percentage.
Respondents were then asked if they would recommend their auto insurer to someone else and whether they would renew with their company. The percentage who said yes is presented in the results.
Finally, respondents were given the statement “I trust my insurance company” and asked if they strongly agreed, agreed, disagreed or strongly disagreed with the statement. The percentage of those who said they agreed or strongly agreed is presented in the results.
The editors compiled the survey results and then selected – based on the number of survey responses – the top companies for further evaluation.
They then collected AM Best data, which measures financial strength, and National Association of Insurance Commissioners’ complaint data, which ranks a company by the number of customer complaints it receives. The Insure.com team identified the NAIC company code or codes that were the primary underwriting companies for each carrier and line of business using total annual premiums. The associated NAIC complaint index score was used in the calculations. If more than one underwriting company was identified for a line, the editors used a weighted average of the NAIC complaint index scores.
In addition, we also created star rankings for each company. Respondents were asked to pick their insurer’s top three attributes out of the more than the dozen presented, again including customer satisfaction and policy offerings. The number of responses for each attribute was totaled and then divided by the number of each company’s customers who responded to that survey question to create the star ranking.
The editors also collected insurance rate data from Quadrant Information Services.
With the help of Prof. David Marlett, Ph.D., Managing Director of the Brantley Risk and Insurance Center at Appalachian State University, the editors created a rating system to determine which insurance companies were best in each sector. For auto insurers, we took the following and gave each a weight.
Each insurer was awarded from half a star to 5 stars. No insurer in our star ranking received less than half a star and 5 stars was the most any insurer could receive.