Does GEICO Have Cheap Car Insurance?

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Melanie Musson is the fourth generation in her family to work in the insurance industry. She grew up with insurance talk as part of her everyday conversation and has studied to gain an in-depth knowledge of state-specific car insurance laws and dynamics as well as a broad understanding of how insurance fits into every person’s life...

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Reviewed byMelanie Musson
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UPDATED: Apr 8, 2020

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It’s hard for anyone not to know about GEICO car insurance. You don’t have to look hard to find a commercial suggesting that buying a policy through GEICO could save you 15% on your insurance bill. Whether online, on the television or over the radio, these ads help to build GEICO’s reputation as an affordable insurer. For the most part, it has certainly earned this reputation, and many people are able to obtain extremely inexpensive policies from the company.

Nevertheless, not every policy sold by GEICO will be affordable, and some people may get better rates than others when purchasing coverage from this company. It’s always best to get many different quotes before settling on your final choice. This will ensure that you always get the best possible rates.

How Much Does GEICO Cost?

The cost of auto insurance will vary from one driver to the next and depends on several factors. Where you live, what type of vehicle you drive, how old you are and whether you’ve been in any accidents all affect the cost of your premiums. This is why it’s important to get a personalized quote that takes your individual information into account.

Nevertheless, some general information is available for average costs. Looking at these general premiums might give you an idea of where GEICO stands in relation to other companies in general states. In Texas, for example, the annual cost of insurance for 2011 is just $804. In New York, the average premium jumps to $1,973. In both cases, these figures are lower than the state averages for insurance as a whole. The average cost for all policies in Texas is $1,462. In New York, insurance averages $1,463.

Obviously, based on this data, GEICO is a better deal in some states than others. Your rates will also be dramatically affected by your age and driving history. It’s been noted that GEICO often charges higher rates to people with poor credit than its competitors, so this is something to consider.

What Discounts Are Available?

Every car insurance company offers different discount programs, and these discounts may appeal more to certain people than others. If you qualify for multiple discounts through GEICO, your rates may be substantially lower than through a company with fewer applicable discounts. Some of the primary discounts offered by GEICO are:

— Vehicle Safety Equipment Discounts

Airbags, anti-lock brakes, anti-theft systems and daytime running lights all are typically rewarded with a discount. For each system installed on your car, you’ll receive a small discount. Altogether, a vehicle with all of the listed safety features will cost about 70% less to insure than a vehicle with no safety features at all. It’s also worth noting that regular seatbelt use may earn you up to an additional 15% discount on your medical payments coverage.

— Good Driver Discount

If you’ve been accident-free for five years or more, you may be entitled to a 25% discount. Many insurance companies offer similar discounts for different amounts of safe driving, so shopping around for a safe driving discount that matches your history is a good plan.

— Driver’s Education Discounts

If you take a defensive driving course and driver’s education class, your rates can drop. Be sure to check with the company to see what classes in your state can qualify for these discounts as not all driver’s education courses will be applicable.

— Good Student Discounts

If you’re in high school or college, earning good grades may entitle you to a 15% discount. This generally applies to students between 15 and 25 who have a 3.0 GPA or higher. You will be required to provide your transcripts regularly to maintain the discount.

— Loyalty Discounts

If you have multiple cars on your insurance policy, your rates will be lower than if you insure just one single vehicle. Your rates will also decrease if you carry multiple types of coverage, such as a homeowner’s or motorcycle policy.

— Employment Discounts

Government employees get an 8% discount taken off the top of their final insurance premium through a program called the Eagle Discount. You can also save money by belonging to an affiliate group or employer; there are 275 different organizations affiliated with GEICO, so you may be able to get this discount.

— Military Discounts

As a company with roots in government employees, GEICO offers a few discounts to people with military affiliations. If you’re a veteran or current member of the military or reserves, you may get up to a 15% discount. You may also even be eligible for a 25% discount while you’re deployed.

Taking advantage of these discounts will help keep your premiums as low as possible. Be sure to discuss your premiums with your insurance company to ensure you get as many discounts as you’re qualified to receive. You may not be offered every discount you qualify for at first, so it’s always worth asking to see if there’s more premium reductions you can take advantage of.

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