Insurance Reviews

Geico Insurance Review: Auto, Motorcycle, Home

geico

GEICO stands for Government Employees Insurance Company and is an insurance company that initially started in 1936 with military personnel and government employees. While they still provide a discount to military personnel, today GEICO provides insurance coverage for many individuals whether employed by the government or not. The company has 13 million auto policies covering over 22 million vehicles. They provide many types of insurance aside from auto insurance and they offer coverage in most states within the U.S. The company has nine regional offices and three service centers throughout the United States.

One of the biggest attractions to GEICO are the many types of policies that are available as well as the large number of add-on options that you can choose from. The policies that they offer allow the individual to choose pieces that best fit their insurance needs and put them together in a comprehensive policy to fit the budget and lifestyle.

Geico Insurance Review for Consumers

Should I move to Geico to Save $200 in 15 minutes?

Consensus: Geico is a low-cost provider with a multitude of product offerings. However, Geico agents may not have the time nor expertise to educate end-users on insurance basics – meaning many will get not the necessary fit. If your life has many or complicated insurance needs, it’s probably not the best choice. But, if you’re looking for a low-cost provider Geico is a solid choice.

Better Business Bureau of Geico

Geico BBB Reviews

Consumer Reviews Paint a Bleak Picture

Consumer Reviews Paint a Bleak Picture

GEICO is not BBB accredited, but the Better Business Bureau is able to provide some information regarding the company itself as well as give complaint information as available. GEICO does not require its regional offices or service centers to seek BBB accreditation.

Source: Consumeraffairs.com

Geico Review, Complaints

The first step in learning a little more about the insurance company you are considering is to look over some of the online reviews that are available. This will give you some information from other customer perspectives and it will also help you to learn a little more about what professionals think of the company compared to others.

While GEICO is typically viewed to be a solid insurance company willing to work for those that can’t afford high insurance prices, there seem to be a few that believe they leave a little to be desired. Some information in an article by Review.com helps to illuminate both the positive and negatives associated with the company. Here are some of the things they are saying about the GEICO insurance experience:

  • The coverage offered by the insurance company is affordable, but may not provide the coverage that is expected or desired. Break in and theft coverage is not a covered option. Additionally new car replacement and GAP insurance are not available.
  • GEICO offers limited mobile access, particularly compared to the competitors. This is in contrast to their excellent online account system.
  • The company has many low price offers, but doesn’t seem to have some of the basic and common discounts found throughout the insurance industry such as low-mileage discounts, prepayment discounts and loyalty discounts.

While Reviews.com rates the company as being a five out of five, there does seem to be some issue for those hoping for a little more for their money. While the rates are affordable overall there are some customers that find that they have frequent increases, they don’t offer enough discounts and they provide limited actual coverage, particularly with relation to auto insurance. While each person will get varied quotes and coverage based on their situation, there are some overall similarities in experiences with relation to the coverage and the amount of premium that is expected to be paid.

Analysis: Company’s Financial Health

While making sure that the insurance company you choose has great rates is important, it is also important that they are able to manage the financial burden of any claim that you and other customers submit. GEICO is owned by National Indemnity Company and ultimately by Berkshire Hathaway, Inc. According to A.M. Best, GEICO is rated at an A++ when it comes to financial strength. This puts them among the five percent of property and casualty companies to earn this distinction.

Reviews of Geico’s Insurance Products

Geico's Full List of Products (taken from site)

Geico’s Full List of Products (taken from site)

Auto Insurance: GEICO is perhaps best known for their auto insurance deals. The company tries to provide everyone with an opportunity for insurance at rates that they can afford. They provide a large number of add-ons for the policies so that the individual can tailor the policy to best fit their needs both financially and with regard to the coverage. In some cases customers can add-on emergency road service, rental reimbursement and even mechanical breakdown insurance.

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Motorcycle Insurance: Riding a motorcycle can be exciting and enjoyable, but being insured is the only way to go. GEICO provides motorcycle insurance that can include accessories coverage, bodily injury liability coverage, collision coverage, comprehensive physical damage coverage, medical payments, no-fault, personal injury protection, property damage liability coverage, and uninsured or underinsured motorist coverage. GEICO provides coverage to the individuals who ride every day and long distances as well as those that only take on the occasional ride.

ATV Insurance: Taken on the trail is tempting for many with ATVs. Doing this with the security of ATV insurance is the best way to get going. GEICO provides a variety of coverage types for ATV including collision coverage, property damage liability coverage, bodily injury liability coverage, comprehensive physical damage coverage, medical payments coverage, uninsured or underinsured motorist coverage.

Homeowners/Condo Insurance: Every homeowner needs a good and affordable homeowners policy. You will likely need this insurance if your property is being financed. Although GEICO is less realized for this type of insurance coverage, they do have this policy available to many. Some of the coverage types might include damage from flood, wind, disaster, accident, fire or theft. They might also include liability for others being injured on the property.

Renters Insurance: Many people rent their home and either is required to attain renters insurance or choose to do so. The insurance typically covers items within the rental property from damage and theft. Different amounts of coverage are available at different rates based on the individual, location of the rental property and other circumstances.

Boat Insurance: GEICO provides many customers with boat insurance to cover a boat and yourself against any liability during specific situations. These policies differ based on the location of the boat, the type of boat, the individual and the needs of the individual. In some cases the policies can be combined to get a better rate and better coverage.

Umbrella Insurance: Umbrella insurance coverage is an insurance policy that provides additional coverage for you to project against major claims and lawsuits. This is intended to help you protect your assets if your standard policies are not enough to cover damages claims that might be out there. Umbrella insurance can be used to cover injuries, damage to property, personal lawsuits and personal liability such as bodily injury, property damage, and assisting owners of rental property.

Personal Watercraft Insurance: Personal watercraft insurance is intended to cover you and your Jet Ski, WaveRunner, Sea-Doo or other personal watercraft in the event of an accident. It offers liability coverage for you, others and your watercraft. The policies are similar to boat insurance coverage and motorcycle coverage.

Flood Insurance: For both homeowners and business owners, flood can be a major concern. Individuals that need flood insurance will find it with GEICO. There are several options to choose from and you will find that there are some specifics that need to be understood before the insurance begins. For example, flood insurance typically requires a waiting period of 30 days after the policy begins before it goes into effect.

Mobile Home Insurance:  Not all insurance companies cover a mobile home. If you choose to have a mobile home you will want to make sure it is fully protected like any other piece of property that you own. Mobile home insurance covers you and your mobile home against liability as well as damage, theft and more.

Overseas Insurance: You might not realize that GEICO offers policies to those working, visiting or living overseas. These policies protect the individual from liability as well as protecting their belongings and vehicles while there. The policies are unique and developed for each individual based on their situation. These policies are particularly helpful for those that are in the military and working overseas. The policies also vary based on the country that you are in.

Commercial Auto Insurance: GEICO provides auto coverage for those that use their vehicles for business purposes or allow their vehicles to be driven by employees in the line of duty. This can be useful for anyone that has a fleet of vehicles used by their staff. These insurance policies are there to protect the driver of the vehicles, provide liability coverage for the company and to cover damage to the vehicle. The policy can be tailored to fit the individual company size, the number of employees you have and the nature of your business.

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Business Insurance: There are a large number of business insurance policies available to protect your business from liability during the day to day operations. These include policies such as General Liability Insurance, Business Owners Policy and Professional Liability Insurance. Working with the GEICO agent will help determine what your policy covers and how the premium works.

Identity Protection: Protecting your identity in the technological world can be challenging. GEICO has a policy that will help you protect yourself from those that would take over and do harm to your identity. They can help you to protect yourself against fraud and from having to manage major reconstruction once a thief has destroyed your reputation.

Collector Car Insurance: GEICO has insurance to help you protect your collector cars and classic cars. Protecting these pieces can be difficult with traditional types of insurance coverage. With this type of protection there is no requirement for vehicle appraisal, the vehicle will be covered at an agreed value with no depreciation to be concerned with and there are low deductibles for this type of policy because chances are you don’t drive the vehicle in the same conditions as your day to day vehicles.

Pet Insurance: Pet insurance is one of the best ways to protect your bank account when it comes to caring for the health of your pet. Taking your pet to the vet doesn’t have to be a huge expense if you have pet insurance. GEICO has pet insurance policies that can be tailored to fit your budget and your pet needs. They typically cover breed specific conditions, cancer treatment, diagnostic testing, imaging, surgery, hospitalization, nursing care, alternative therapies, rehabilitation, ER and specialist care, veterinary exam fees and in some cases prescription drugs. The coverage depends on your deductible and your specific insurance policy, much like human medical insurance. GEICO also offers add on policies for wellness care including checkups annually, spay/neuter procedures, heartworm medications, teeth cleaning, vaccines and more.

Life Insurance: Individuals can purchase life insurance through GEICO from Life Quotes, Inc. Life insurance is vital for protecting those that you life after you have gone. It manages the bills that you leave behind and even, in some cases, your funeral arrangements and other specific costs. The life insurance through GEICO offers straight forward paperwork, agents that can answer questions easily with a call, easy payment plans for your budget and easily tailored policies to fit your needs.

Geico Insurance Rates

While insurance companies try to stay competitive, every insurance quote is different because of the factors used to determine the costs. The most effective means of finding out what you might pay for a policy is to contact a GEICO agent and discuss your needs. It can be extremely beneficial to know what it is that you are looking for before you get started. Take inventory of everything that you want to protect and what you have to spend before you talk to someone. Some of the factors that will be used in determining the cost of your insurance might include the following:

  • Insurance coverage that you need,
  • Exactly how much coverage you need,
  • The items that you want to add to the coverage and extras you want to take advantage of,
  • The age of the policy holder and others covered,
  • The driving record of the individual if auto insurance is the policy,
  • Type of property being covered in a home owners or other insurance policy,
  • How much you can pay for a deductible,
  • Any other factors that might change the risk of the policy.

Since GEICO offers so many policy types and so many variables within each policy type, many people find that they can save substantial money when obtaining insurance with the company. This varies depending on the individual and not everyone will feel the same way. Take the time to discuss the many options before you decide on the best insurance company for your needs and that of your family. You can get an online quote using the automated question process on Geico.com shown above.

 

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