Geico Insurance Review 2022

Yes, Geico insurance rates are competitive, since the company is one of the five cheapest insurers nationally, according to WalletHub's cheap car insurance analysis. Geico car insurance costs an average of $462 per year, or $39 per month.

Geico's car insurance rates are based on your driving record and experience, along with factors like the type of car you drive, your ZIP code, your insurance history, and more. Your coverage and deductible choices also impact your final quote, as do your eligibility for discounts.

Sample Geico Car Insurance Rates

Note: These rates are approximations based on sample quotes from Geico. Actual rates will vary.

To learn more about how we obtained these sample quotes, check out the methodology section of our complete Geico car insurance review.  

Geico has an A+ rating from the Better Business Bureau (BBB) and has earned top scores from other industry watchdogs such as A.M. Best, Standard & Poor's and Moody's. Geico is also rated 4.5 out of 5 by WalletHub's editors, based on factors such as customer reviews, transparency, and claims processes. Geico's rating from the National Association of Insurance Commissioners (NAIC) is 1.33, however, meaning it has more customer complaints than the average insurer its size.

Geico Insurance Ratings

To learn more, check out WalletHub's complete Geico car insurance review.

Geico is so cheap because it sells insurance directly to consumers and offers a lot of discounts. Direct-to-consumer insurance sales eliminate the cost of middlemen and allow Geico to have significantly fewer local offices and agents than companies like State Farm and Allstate. Having a smaller agent network lowers Geico's overhead costs so they can pass those savings on to consumers.

Average Monthly Rates for Geico vs. Top Competitors

Note: Premiums are representative of a 45-year-old good driver in California; individual premiums will vary.

Every insurance company determines their rates differently, so even though Geico is among the cheapest car insurance companies, the best way to make sure you're getting the cheapest rate is to compare quotes from multiple insurers.

To learn more, check out WalletHub's review of Geico and see Geico's full profile.

To file a complaint about Geico, go online and submit your issue to the Better Business Bureau as well as your state's insurance regulator, then write a review of Geico on WalletHub. This will either allow Geico to fix their mistake or it will warn other consumers of potential problems with Geico's service.

How to File a Complaint About Geico

1. File a complaint with the Better Business Bureau (BBB). Use the Bureau's online claim submission process to file your claim. The Better Business Bureau forwards complaints within two days, and customers will be notified of any response from Geico or if they fail to respond.
2. Submit a formal complain to your state's insurance regulator. Click here to find the database of the state insurance departments. Select your state and complete the online consumer complaint form.
3. Write a review on WalletHub. Geico customers can voice their opinion by going to Geico's profile on WalletHub and clicking “Write a Review.” At the very least, this will help other consumers thinking about doing business with the company.
4. Complain on social media. Use whatever social media platforms you have to your advantage. This can help build awareness for your issue, including from Geico. If you have the ability to contact the company directly via social media, that's a good idea too.

What You Need to File a Complaint About Geico With Regulators

• Your name, address, and phone number
• The name of any specific agent/broker
• Your policy number
• Any relevant claim number
• The details of your complaint/concern

So, if you're disappointed with any element of Geico's service, you can rest easy knowing that you have several options for filing a complaint.

GEICO's NAIC number for car insurance is 35882. NAIC numbers are assigned by the National Association of Insurance Commissioners (NAIC), a regulatory support organization that protects consumer interests in the insurance industry. They help identify and keep track of all insurance companies operating in the country.

You will need to know the GEICO NAIC number if you ever have to file an insurance claim or Department of Motor Vehicles report. The NAIC number identifies the company that holds your insurance policy. However, as a major insurance company, GEICO has several NAIC numbers. There is one for each affiliate company under GEICO's corporate umbrella.

GEICO NAIC Numbers

Each year, the NAIC issues a consumer complaints report. The industry median complaints score is 1, so anything below that means a company received fewer complaints than most competitors. In the 2021 NAIC report, GEICO's score was 1.33.

Geico has a nine-day grace period if you can't make your payment on time. After that, your policy might be canceled. Geico does not have a late payment fee, but if you miss a payment, they will send a formal cancellation notice within 14 days of the original due date. The notice will state the final date Geico will accept payment to avoid a lapse in coverage. If you do not settle the bill by that date, your insurance will be canceled.

There is no standard grace period offered by all insurance companies. Geico extends this grace period as a courtesy to their customers.

What if I get into an accident during my grace period?

If you are involved in an accident during the Geico grace period, damages will be covered as normal, according to your policy details. Outside of the nine-day grace period, though, you might not be covered and would have to pay for any damages out of pocket. For example, let's say your payment was due January 1. You missed the payment, and on January 14, you rear-end another driver at a red light. You received a notice from Geico that your policy would be canceled on January 24 if you didn't make a payment by that date. If you pay your premium right away, are you covered? Maybe.

Geico is within their rights to deny coverage for your January 14 claim. You pay car insurance in advance, and since you missed your premium payment and were outside of the grace period, you technically didn't have insurance. Geico may be willing to honor the cutoff date of January 24 provided in your formal notice, but they don't have to. If you make a late payment outside the grace period and immediately turn around and file a claim, you can expect any insurance company to question and possibly deny the claim.

This is the biggest reason why a grace period is not meant to be a default due date—it increases the risk of letting your coverage lapse by mistake, leaving you without insurance.

What if I'm enrolled in autopay?

When you set up your policy, you can enroll in automatic payments to ensure your premiums are paid on time and your coverage doesn't lapse. But if you need to, you can still adjust your payment plans by logging into your online account and selecting the “Postpone” option under “Automatic Payments.”

If you do not see the “Postpone” option available, you may not be eligible to delay payment. This can happen for any of these reasons:

• You have already postponed your scheduled payment.
• Geico has already processed the scheduled payment.
• The current date is not within 11 days of the payment due date.

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.

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...

Wasn't at-fault?

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 is owned by Berkshire Hathaway, which is led by well-known investor Warren Buffet. Warren Buffett has owned shares of Geico stock since 1951, and Geico became a wholly-owned subsidiary of Berkshire Hathaway in 1996.

Geico is the second largest auto insurer in the U.S. providing coverage for more than 28 million vehicles and over 17 million auto policy holders. Originally specializing in insurance for government workers, Geico has since expanded their customer base to offer affordable insurance rates in all 50 states. 

More Information About Geico's History

• Geico (Government Employees Insurance Company) was founded in 1936 by Leo and Lillian Goodwin to specialize in insurance for federal employees and enlisted military officers.
• In 1948, Geico found new investors through the help of investment banker Lorimer Davidson, who later was named Leo Goodwin's successor. 
• Olza Nicely became the new chairman, president, and CEO of Geico in 1993.
• Nicely's efforts to expand the customer base ultimately got Buffet's attention, leading to Geico becoming a subsidiary of Berkshire Hathaway.

To cancel a Geico insurance policy, the policyholder must call Geico to speak directly with a customer service agent. Customers cannot cancel their policies online or through the Geico mobile app. You may cancel your Geico insurance policy at any time. The cancellation can be made effective immediately or set for a future date. Geico does not charge a cancellation fee.

How To Cancel Your Geico Policy

There are a few easy steps to cancel your Geico insurance policy by phone. First, get your Geico policy number ready. Next, call Geico at 1-800-841-1587. When you are prompted by the interactive voice response system, say “cancel insurance policy” and then “auto,” if you're canceling your car insurance policy. Finally, you will be connected to a customer service agent, who will walk you through the cancellation process.

Before the cancellation is complete, you must pay off any remaining balance on your account. If you've already paid your entire premium for the policy period in full, Geico will refund the unused portion.

Things To Consider Before You Cancel Your Geico Policy

Keep in mind that you do not have to cancel your policy just because you're going through some life changes. For example, if you've moved or replaced your current vehicle, Geico can simply update the mailing address or vehicle information on your policy. Geico also allows military members to suspend their policy temporarily if their vehicle will be left unused and in storage for more than 30 days.

On the other hand, if you wish to cancel because you're switching to another auto insurance carrier, be sure to obtain a new policy before canceling your current one. This helps to prevent a lapse in coverage, which could potentially lead to higher premiums down the road.

Yes. Geico is a good insurance company. Geico has been providing insurance since 1936, boasts an A+ Better Business Bureau (BBB) rating, and is one of the cheapest major car insurance companies according to WalletHub's research.

However, Geico's NAIC rating is 1.33, which means it has received more complaints than the average insurance company. On the other hand, it may be encouraging to note that Geico is a wholly owned subsidiary of Berkshire Hathaway, which boasts famous investor Warren Buffet as its chairman and CEO.

Geico Insurance Company Ratings

• A+ BBB rating
• AA+ S&P rating
• A++ A.M. Best rating
• Average rating of 2.5/5 among user ratings on WalletHub
• NAIC rating of 1.33

Geico offers a wide variety of insurance products, including policies for your home, vehicle and business, through a network of affiliates as well as non-affiliated companies that specialize in writing different types of insurance policies. You can also bundle policies from Geico for a multi-policy discount.

You can get a free quote by contacting Geico online or over the phone at (800) 207-7847.