GEICO is a popular insurance company that covers cars, rented homes, boats, and more. Being in the business for 75 years, GEICO is a solid choice in auto insurance. They offer an easy user interface for their site and 24-hour support.
The insurance company prides itself in meeting most customers’ needs for insurance. They are the second largest in car insurance with State Farm being the first.
With GEICO being the second-best in auto insurance, they offer a broad range of car insurance coverage. Their goal is to cover as many of the customer’s insurable needs as possible.
Different Types Of Coverage At GEICO
GEICO’s main types of auto insurance coverage keep it pretty basic. Like other insurance companies, they offer liability, medical, and collision coverage. GEICO is lacking in most special types of insurance.
While they do not offer many types of coverage like State Farm, the insurance company relies on cheaper rates to beat competitors. They offer price comparison in hopes to beat other leading insurance companies, and most of their coverage saves customers 15% or more.
Being transparent about claim investigation is GEICO’s ticket to good customer service. Claiming liability kickstarts their step-by-step process.
First, the liability examiner reviews the customer’s coverage, and then they assess the damages. The examiner then contacts everyone involved to get their side of the story. They may even contact witnesses or view camera footage.
If the people involved disagree with the nature of the accident, the examiner interviews everyone involved. Once all of the facts are gathered, the examiner determines who was at-fault and calculates the cost of damages.
A liability examiner’s responsibilities do not end at vehicle damage. They also look into property damage, medical fees, and collision coverage related accidents.
GEICO limits awards for liability. If you are not fully covered by them, then you must pay for the rest of the damages out of pocket. For this reason, opting into a higher premium for more coverage with GEICO is recommended.
To make up for their limited liability, GEICO offers umbrella coverage. Umbrella coverage is meant to cover excess damages. This could include court fees or accidents resulting in a totaled car. On the bright side, umbrella coverage offers up to $1 million in coverage at a discounted fee, saving the at-fault customer from an especially sticky lawsuit or medical bills.
Umbrella coverage completely protects GEICO’s customers from a giant claim. Having something to fall back on gives their customers peace of mind. This type of coverage is supposed to cost less than raising liability limits, and it is highly recommended by GEICO.
Since GEICO wants its customers to rely on their umbrella coverage, they limit other types of coverage. Their comprehensive insurance has a few limits, but it covers the basics well. The insurance company covers you in the event of a non-driver related accident, but according to them, there are a few conditions to the coverage.
With GEICO, comprehensive coverage might work well for dings and scratches. Their low limits with comprehensive coverage might leave a customer in a tight spot if a flood totals their car, however. Take caution, and go over their limits and conditions thoroughly before purchasing comprehensive insurance.
J.D. Power Reviews
Customers favor GEICO’s claims reporting process and its fairness of settlements. The insurance company is transparent with their claims process, so customers know what to expect. They also seem happy with GEICO’s final verdict in terms of rewards.
Their overall satisfaction is average. Customers find GEICO’s repair process and process estimates to be average. Their customer service seems to be above average, and the process towards actually fixing customer’s vehicles is in the middle.
A.M. Best Reviews
In terms of finances and net worth, GEICO received an A++ from A.M. Best. Leading financial analysts agree that GEICO maximized its earning potential. They state that only 5% of other insurance companies earn this much compared to other insurance companies. With over $32 billion in assets, GEICO is a financially solid company, giving customers and employees peace of mind in the company’s status.
Clearsurance Customer Reviews
GEICO exhibits customer satisfaction across the board. Most customers are likely to renew their policy, and most had a positive claim experience. The insurance company effectively beats the national average by a few hundred dollars. Customers enjoy saving money and having their concerns heard.
In Summary: Pros & Cons
- Umbrella coverage up to $1 million
- Discounted rates that beat the national average
- Excellent customer service and satisfaction
- Transparent claims process
- No loyal customer discounts
- Low liability and comprehensive maximum, requiring umbrella insurance
- Lack of transparency in auto coverage