Geico car insurance costs an average of $506 per year ($42 per month) for a minimum-coverage policy, which is less than the national average of $720 per year. The exact cost of auto insurance with Geico depends on factors such as a driver’s history on the road, age, state, and coverage limits. For example, full coverage insurance from Geico costs an average of $1,675 per year.
Average Cost of Geico Car Insurance by Category
Average Annual Premium
After a Speeding Ticket
Recent At-Fault Accident
Geico determines car insurance rates by considering the likelihood of the driver filing a claim in the future. Some drivers, like teens or drivers who recently caused an accident, are considered to be especially high-risk, so they’re charged higher rates than the average policyholder. The good news is that Geico offers several discounts that drivers can use to save on their rate, including a multi-vehicle and multi-policy discount .
To see how much a Geico policy will cost you, you can go online or call (800) 207-7847. You can also learn more by checking out WalletHub’s Geico car insurance review.
You can lower your Geico car insurance costs by taking advantage of Geico’s discounts, opting for a higher deductible, and improving your driving record, among other things. Some Geico discounts are worth as much as 40% off, and customers can apply multiple discounts to a policy to save even more.
At the end of the day, your Geico auto insurance bill is influenced by many factors. Fortunately, you can take steps to influence some of those factors in order to decrease your premium.
How to Lower the Cost of Car Insurance From Geico
Pare Down Your Coverage
Most states require a certain amount of bodily injury liability and property damage liability coverage. But there are other coverage options (like comprehensive, collision, personal injury protection, and uninsured motorist) that you may be able to get away with not having, depending on the state.
Less coverage usually means lower premiums, but it could also lead to higher costs in the long run, so it’s important to approach coverage decisions with caution.
Use Geico’s Auto Insurance Discounts
Geico offers a wide variety of discounts that you could be eligible for and not even know it. There are discounts for having certain memberships and professional affiliations, for example, as well as discounts for taking defensive driving courses, bundling insurance coverage, and insuring more than one vehicle with Geico.
Choose a Higher Deductible
Opting for a higher deductible on any of your insurance policies from Geico can lower your premium. But if you decide to go this route, it’s important to set aside enough money to pay your deductible in case you need to file a claim. Otherwise, you might not be able to use the coverage that you have.
Improve Your Driving Record
Improving your driving record, whether by taking a defensive driving course to get points off your license or making sure you don’t get any more tickets, can help you qualify for lower Geico auto insurance rates.
Improve Your Credit Score
Get customized credit improvement advice for free from WalletHub. Improving your credit score could actually make you seem like less of an insurance risk to Geico, so you might see your car insurance costs decrease.
Whether you can shorten your commute to work, use more public transportation, or even ride a bicycle more, driving fewer miles each year could lower your premium. Geico customers save an average of 1.3% for driving fewer miles than the national average, according to a study by the Consumer Federation of America. And the less you drive, the more you are likely to save.
Install Safety/Security Devices
Most new cars include safety features like daytime running lights and driver-side airbags, and those will get you a lower rate from Geico. You may also qualify for discounts if your car has other safety features, like anti-lock brakes and full front-seat airbags.
You could be eligible for a lower rate if you install a modern anti-theft device, too, no matter the age of your vehicle. Geico offers savings of up to 25% on the comprehensive portion of premiums for customers who drive a car with an anti-theft system.
Reconsider Where You Live
Car insurance prices vary by zip code. If you’re already thinking of moving anyway, choosing the right area could lead to auto insurance savings.
Shop around to see what other insurance companies can offer, so that when it’s time to renew your Geico auto insurance policy, you’ll be able to see if the company can match any lower rates you’ve been quoted. When shopping around, be sure to find out exactly how much you would be paying for 6-month and 12-month premiums, how much the deductibles would be, and what the coverage limits are.
Finally, if you make changes to lower your Geico car insurance costs, don’t forget to make sure your insurance coverage still meets your state’s minimum insurance requirements.
Geico insurance will go up by about 45% after your first accident resulting in a claim of $750 or more. If this is your second accident in less than three years, your insurance will go up at least twice as much, depending on the total cost of the claim. If you have more than two accidents in a three-year period, you can expect to pay 225% more. These surcharges will be in effect for three years after the claim.… read full answer
Your rate won’t increase if the accident is not your fault and the other driver’s insurance pays for your claim, or if the damage is less than $750. Keep in mind that Geico also assigns points for other traffic offenses. A DUI conviction is three points, for example, and a speeding ticket of 20 MPH over the posted limit is one point. Your first accident resulting in a claim of $750 or more also gets one point. Your total number of points determines your final surcharge.
Will my Geico insurance go up after an accident if I...
No, if your claim is reimbursed by the other driver or their insurance company, the cost of your insurance will not go up. If you aren’t cited by law enforcement and the other driver is, your premium won’t be affected, either.
Use my Personal Injury Protection?
If you need PIP to cover your or your passengers’ medical bills but don’t need to use your liability or collision coverage, your rates won’t be affected.
Was involved in a hit and run?
A hit and run will not affect your rates as long as you file a police report with 24 hours.
Hit a deer?
Most comprehensive claims are considered beyond your control and do not count against you. But if you’ve filed another claim of any kind in the last three years, hitting a deer could raise your rates.
Was hit by flying or falling objects?
If gravel on the highway shatters your windshield or a tree branch lands on your car, it won’t increase your premium unless you’ve had another claim in the last three years.
Geico has two accident forgiveness programs, which waive the surcharge following an at-fault accident. The first works like a loyalty program for safe, long-time customers. To be eligible, you must have been insured by the company and accident-free for at least five years.
The second way to get accident forgiveness is to pay for it as supplemental coverage. Geico’s website says you still have to meet certain driving-record requirements to be able to buy accident forgiveness, but the rules and terms vary by state. You must also be 21 or older to qualify.
Ultimately, Geico’s policies mean your premiums might not be affected by a single accident if you stick with Geico over time. Since car insurance industry estimates show the average driver files a claim for a car accident about once every 18 years, it’s possible loyal customers’ premiums could never be affected by an accident with Geico.
Geico car insurance premiums go up by an average of 50% after a speeding ticket, according to WalletHub’s analysis. The exact amount that a driver’s rate will go up after a ticket depends on a few factors, including their state, how fast they were going, and their previous driving history.
For example, a speeding ticket will cause your Geico rate to go up by 112% in North Carolina, compared to only 7% in Iowa. And if you’ve received other tickets within the past few years, you’ll face higher penalties than first-time offenders because Geico may consider you a high-risk driver.
The good news is that a speeding ticket will only affect your Geico insurance for 3-5 years, depending on your state. In the meantime, there are steps that you can take to lower your rate. For example, you may be able to take a defensive driving class to remove the ticket from your record. You can also lower your coverage or check Geico’s discounts to see what you can qualify for.
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