When it comes to choosing an insurance provider, Geico and State Farm are two of the most well-known names in the industry.
Both companies offer a variety of insurance products and have extensive customer bases across the United States.
However, deciding between them requires a deeper look into their offerings, customer satisfaction and overall value.
In this article, we’ll compare Geico and State Farm on several key factors to help you make an informed decision about which insurer may be right for you.
What types of car insurance Do Geico and State Farm offer?
Both Geico and State Farm offer a variety of car insurance types to choose from.
Typically, insurance policies include liability coverage, along with options for comprehensive and collision coverage.
Depending on your state’s requirements, Geico and State Farm may also provide optional add-ons or required insurance such as personal injury protection (PIP) and/or uninsured and underinsured motorist coverage.
When you receive a quote for your car insurance policy, discuss the appropriate coverage amounts, required insurance types and any additional options that meet your specific driving needs.
Which is cheaper: Geico or State Farm?
Geico offers average rates of $1,100, $220 below the national average of $1,321. State Farm’s average rate of $1,169 is also lower than the national average.
Geico and State Farm are the cheapest providers after USAA, available only to military personnel and their families. Geico’s rates are generally lower than State Farm’s.
Your auto insurance premium depends on factors like your driving record, zip code, vehicle and available discounts.
State Farm is cheaper for female teen drivers, while Geico is cheaper for male teen drivers:
- 17-year-old females:
- Geico: $3,111
- State Farm: $2,986
- 17-year-old males:
- Geico: $3,414
- State Farm: $3,661
Although Geico often leads in rate comparisons for certain demographics, State Farm may be less expensive for female teen drivers.
For male teens, Geico tends to be the more affordable option.
Both insurers offer rates significantly lower than the national average, making them among the cheapest for teen drivers overall.
Caption; Freepik
State Farm vs. Geico: Car insurance discounts
Both State Farm and Geico offer car insurance discounts, but Geico provides a wider array of discount options.
Geico offers discounts for paying in full or setting up automatic payments, which are not available with State Farm.
Geico lacks a new-driver training discount, unlike State Farm, which requires drivers under age 21 to complete an approved driver education course for the discount.
On the other hand, State Farm does not offer discounts for new vehicles or airbags, unlike Geico.
Discounts are typically applied automatically when eligible, but speaking with an insurance agent can help ensure you receive all available discounts.
| Discount | State Farm | Geico |
|---|---|---|
| Multi-policy (bundling) | Yes | Yes |
| Multi-vehicle | Yes | Yes |
| Good driver | Yes | Yes |
| Good student | Yes | Yes |
| Student away at school | Yes | Yes |
| New-driver training | Yes | No |
| Defensive driving | Yes | Yes |
| New vehicle | No | Yes |
| Anti-theft device | Yes | Yes |
| Air bag | No | Yes |
| Paid in full | No | Yes |
| Automatic payments | No | Yes |
| Homeownership | Yes | Yes |
| Military | No | Yes |
| Membership and employee groups | No | Yes |
Discount availability can vary by state and have eligibility requirements.
Geico offers several policy discounts that are not available with State Farm, such as a 15% military discount and a 12% discount for federal employees at the Eagle level.
Geico also provides discounts through partner organizations like alumni associations and professional groups.
Geico’s multi-vehicle discount is 25%, which is higher than State Farm’s 20%.
State Farm, however, excels in student discounts. Depending on a student’s grades, policyholders can save up to 25% until they turn 25, whereas Geico’s student discount caps out at 15%.
State Farm’s Steer Clear program teaches drivers under 25 good driving habits and can also result in a policy discount. For these reasons, State Farm is our top choice for students.
Coverage Comparison
Geico offers a broader range of additional coverage types compared to State Farm, including accident forgiveness.
However, both companies lack certain common features like gap insurance, which many other car insurance providers offer.
State Farm and Geico provide standard policy coverages such as liability, uninsured and underinsured motorist coverage and medical payments coverage.
They also offer collision and comprehensive coverage, necessary for financed or leased vehicles.
Both State Farm and Geico include non-owners insurance, SR-22 insurance and a usage-based program that monitors driving habits for potential discounts.
Geico additionally provides accident forgiveness, a feature not offered by State Farm.
While State Farm and Geico cover the essentials, they do not offer new car replacement, vanishing deductible, or gap insurance.
- State Farm includes non-owners insurance and SR-22 insurance.
- Geico offers accident forgiveness and a usage-based program
Is Geico cheaper than State Farm?
After analyzing rate estimates for various driver profiles, we found that annual full coverage policies from Geico cost about $1,596, which is slightly lower than State Farm’s average of $1,657.
However, the affordability of each provider can vary depending on different situations. Let’s delve deeper into the details:
| Driving Profile Factor | Geico Cost Estimate | State Farm Cost Estimate |
|---|---|---|
| 25 years old | $1,807 | $1,952 |
| Has poor credit | $2,592 | $4,505 |
| Has a recent car accident | $2,694 | $1,953 |
| Has a recent speeding ticket | $2,137 | $1,872 |
| Has a DUI | $3,641 | $2,194 |
These estimates show how Geico and State Farm compare in terms of insurance costs for different driver profiles.
As shown above, Geico tends to be cheaper for individuals with bad credit or young drivers in their early twenties.
On the other hand, State Farm offers more affordable rates for drivers with accidents, speeding tickets, or DUIs on their records.
Please note that these cost estimates do not include any applicable discounts.
Customer reviews and mobile app ratings
| Customer Reviews | State Farm | Geico |
|---|---|---|
| BBB Customer Review Rating | 1.2 out of 5 | 1.1 out of 5 |
| Mobile App iPhone App Store Rating | 4.8 out of 5.0 | 4.8 out of 5.0 |
| Mobile App Google Play Rating | 4.7 out of 5.0 | 4.6 out of 5.0 |
These ratings provide an overview of customer reviews and mobile app ratings for State Farm and Geico.
Conclusion
In conclusion, choosing between Geico and State Farm depends on your specific needs and circumstances.
Geico generally offers lower rates for younger drivers and those with poor credit, while State Farm may be more affordable if you have a history of accidents or violations.
Both companies offer a wide range of discounts and coverage options, so it’s essential to compare quotes and consider your individual factors.
For more detailed information about Geico, including customer experiences and additional insights, you can visit CivicCivicCove.com.
Their resources can provide further clarity to help you make an informed decision.
Remember, your choice of insurer should not only be based on price but also on factors like customer service, claims handling and the overall value you receive.
Always review your options and consider speaking with an insurance agent to find the best fit for your needs.