Geico Insurance Review

insurance-puzzleYou are surely familiar with Geico and their little gecko mascot. You cannot turn on the television without seeing one of those commercials. This has made them one of the more recognizable household brands in the industry.

Their pitch is simple, give them 15 minutes and you could save 15% or more on your insurance rates with the Geico. We have spent a little bit longer than that on researching this insurer with over 75 years of experience, and the myriad of products and discounts Geico offers their customers.

Auto Insurance

Maintaining some form of insurance coverage is mandatory for legally operating a motor vehicle in all fifty states. State laws provide for minimum limits that are required for protecting yourself and others should you get into an accident. However, they may not be enough to provide sufficient coverage for you, your loved ones, and your motor vehicle. That is why Geico offers a wide range of automobile policy options to fit every budget and necessity of protection. Some of the following coverages are standard on most policies. Each one is designed to safeguard the things that matter most to you as an individual.

Bodily Injury Liability: Just like the name suggests, this coverage offers you reliable protection in the event you get into an accident, and someone is badly injured or dies as a result. It will assist you with all the expenses related to those injuries, as well as any legal defense costs or judgments made against you while keeping your personal assets safe.

Personal Injury Protection: This coverage provides for any medical expenses incurred by you or the passengers in your vehicle in the event of an accident. It would also cover you if you are hit by another vehicle when you are crossing the street or stepping off a curb.

Uninsured Motorist: It can happen and if it does this will protect you in full. If you are hit by another driver who is uninsured or takes off after the accident, your medical costs and vehicle repair bills are fully covered. This is becoming a mandatory component of each policy in more states each year. Despite the competitive rates of Auto Insurance these days, there are still some individuals who fail to get any coverage, putting themselves and others at risk. This coverage reduces that risk for you.

Comprehensive Physical Damage: This part of your policy covers any losses that come from causes other than an accident. For example, if your car is damaged or destroyed by weather, fire, flood, monkey attack, or vandalism, just to name a few, your insurance will protect your car in full.

Collision Coverage: If you crash your car into another vehicle or multiple vehicles, or any inanimate object, your policy will cover the costs to get your vehicle fully repaired and in perfect running order.

Property Damage Liability: Similar to bodily injury liability, this coverage applies only to all costs related to the damage of property inflicted by you. It also covers any legal defense costs in the event the injured party files a lawsuit in court against you as a result of your actions.

Auto Insurance Discounts

Geico Insurance keeps pace with the rest of the marketplace by offering its customers sizable discounts in a variety of categories. These discounts help save significant amounts of money on Geico’s rates.

Vehicle Equipment Discounts

  • Air Bag: If your vehicle has driver-side air bags that can get you a break of up to 25% off your rates. For full front-seat air bags, you could be looking at a savings of 40% off. Both discounts would go toward the medical injury or personal injury coverage on your policy.
  • Anti-Lock Brake System: If your vehicle has anti-lock brakes, you may qualify for a discount of 5% on your collision coverage rates.
  • Anti-Theft System: If you have an anti-theft system such as an alarm or kill switch to prevent the car from operating in case it gets stolen, you can get a 25% reduction on your comprehensive coverage.
  • Daytime Running Lights: If your car has daytime running lights your rates could drop by 1%.

Driving History & Habits Discounts

  • Five-Year Accident-Free Good Driver: Drivers who maintain a spotless driving record for five years or more are eligible to get 26% off their premiums.
  • Seat Belt Use: Wearing your seat belt will not only save your life, it can also save you up to 15% off your medical payments or personal injury coverage rates. So do not forget to buckle up.

Driver’s Education Discounts

  • Defensive Driving: You could qualify for certain premium discounts if you can provide proof of completing a defensive driving course.
  • Driver’s Education: Younger drivers who pass their driver’s education course can also be eligible for discounts on their Auto Insurance.
  • Good Student: Keeping your grades up can help bring your Auto Insurance premiums down at a rate of 15% on most of your policy. This typically applies to insured drivers between the ages of 16 and 24 who are going to school full-time and maintain a minimum 3.3 GPA or “B” average.

Driver Affiliations Discounts

  • Emergency Deployment: Military members get special discounts from Geico in two ways.
    1. Any member of the Enduring Freedom or Iraqi Freedom operational forces could qualify to receive up to 25% off their rates.
    2. Any military member of any emergency deployment force sent to an imminent-danger zone might also be eligible.
  • Military Member: Any current active duty or retired military or National Guard or Reserves members could be eligible for 15% off their premiums.
  • Membership And Employee Discounts: Just being a member of one of the more than 500 groups and organizations on Geico’s approved list can get you a discount on your rates. These groups range from business and professional organizations, educational groups, Berkshire Hathaway companies, school fraternities and sororities, among others.
  • Federal Employee (Eagle Discount): Anyone who currently works for the federal government in any capacity, or retired from the same could get up to 8% off their total premiums through Geico.

Customer Loyalty Discounts

  • Multi-Car: This discount is pretty standard with most insurance providers. If you have more than one vehicle in your household, and you insure them all with Geico, you can save up to 25%.
  • Multi-Policy / Multi-Line Discount: This discount is similar, in that if you keep multiple policies with Geico, you can save on your Auto Insurance. Those policies include Homeowners, Renters, Condo, or Mobile Home coverage.

homeowners-insuranceHomeowners Insurance

A strong and well-rounded Homeowners Insurance policy is your first line of defense in protecting the structural integrity of your home, any other structures on your property, the personal belongings inside of these dwellings, and the people who live in and enter your home. Homeowners Insurance can also keep your personal assets safe in the event someone brings a lawsuit against you. These insurance coverage products are essentially similar to your Auto Insurance policy, but they cover your home and belongings instead. Policies for Renters, Condo, and Mobile Home coverage all work in the same fashion. They provide similar coverage where applicable to those unique situations.

Much like with owning and driving a motor vehicle, you must have some form of Homeowners Insurance in order to buy a home. You won’t be able to close a mortgage without it.

There are various types of coverage that Homeowners Insurance policies provide. It is important to know that while there are some basic protections and named causes for loss that are covered in a standard policy, the amount of coverage is going to be different for every customer. Geico likes to make the comparison that buying Homeowners Insurance is as unique to the individual as purchasing a home. Your house or condo reflects who you are, therefore your Homeowners Insurance should reflect the costs that will need to be incurred to repair, rebuild, or replace your home and everything you own. These are just some of the standard, common types of coverage that constitute the basics of most policies with Geico.

Personal Liability: This coverage protects you should someone slip and fall, or have their personal belongings damaged or destroyed while inside your home, or on your property. It covers costs related to injuries and helps to pay to defend yourself in court against a possible lawsuit.

Home Damage: This is the area of your policy that covers any damage to the structure of your home and any other structures connected to it. You need to be aware that only certain causes are covered under a basic policy. There are some impacts or perils that do require additional coverage.

Additional Structures Coverage: If you have a toolshed, separated garage, or just happen to have a fence around your property and any of these get damaged or destroyed, this coverage protects them.

Living Expenses: Should you find yourself forced to live somewhere else other than your home due to damage or any other covered peril, this part of your policy will cover all costs incurred for finding alternative shelter and other expenses.

There are additional riders that you can add to your standard policy to extend your limits for highly valuable items and liability protection. These extensions can provide you with the necessary coverage that your basic policy may not be sufficient enough for your situation.

Renters Insurance

When you rent instead of own your home you still need to take some steps to protect the things you cherish. Just because your landlord is insured in the event something happens to your unit, that doesn’t mean you or your things are insured under that policy. In fact, nothing in your landlord’s coverage applies to you or your belongings. That is why getting Renters Insurance is a smart way to keep your personal property fully protected. Luckily Geico offers policies to keep you and your things covered should they be lost in a fire, suffer water damage, or get stolen or vandalized.

The Value of Your Stuff

One of the biggest misconceptions that most people have about Renters Insurance is that they do not own enough things for a policy to be worth the cost. Geico is trying to change those sentiments by asking consumers to take stock of their personal property, and what they would really miss should it disappear out of the blue. The fact of the matter is that Renters Insurance covers everything you have including computers, clothing, furniture, televisions, sports equipment, jewelry, artwork, CD’s, Blu-rays, appliances, fixtures, and so on. If it is something that matters to you, then this type of insurance can make sure it remains safe and sound.

Most Renters Insurance policies include a list of standard causes of loss under which you could file a claim to repair or replace your insured items. Some of the typical perils that most insurance companies protect you against are fire, wind, lightning, smoke damage, theft, vandalism, water damage, and others.

Renters Insurance also comes with liability protection so you are covered in much the same way as this form of coverage protects homeowners. Just because you do not own the space in which you live does not mean you cannot be held liable or sued for something that happens to a guest or visitor within that space. This protection also extends to covering your defense in any possible court proceedings.

Flood Insurance

Floods are the one major cause of peril that just about every insurance company does not include under a normal policy. To keep protected from the damage and destruction that can be caused by flooding, you will typically be required to buy separate Flood Insurance coverage. For individuals who live near large bodies of water, Flood Insurance is a smart choice in order to keep your home and personal belongings safeguarded effectively. Homeowners who live in any area that has been deemed a special flood hazard area, and they have a mortgage on their home, are mandated by federal law to purchase Flood Insurance because those areas have a higher probability of getting flooded.

Coverage Highlights
Geico offers dependable Flood Insurance plans to consumers who are seeking extra coverage because these policies offer multiple levels of coverage. For starters, every Flood Insurance policy protects the physical structure of the home and all of the belongings inside of it from damage or destruction caused by flood waters.

Most of the time these are floods caused by sustained heavy downpours from strong storms and other weather patterns. However, should a pipe leak in your home or a water line burst and flood your living room or bedroom, you would not be covered by Flood Insurance. That occurrence might be covered under your Homeowners Insurance policy depending upon which coverages you have, and the limits that are provided as per the amount of insurance that was purchased.

Flood Insurance is not just for homeowners. A flood policy can be applied to Renters or Condo insurance plans purchased by individuals who are renting in those properties. The coverage would mostly apply to replacing personal property damage caused by flood water seeping into the home from outdoors.

umbrella-insuranceUmbrella Insurance

This is not a policy designed to protect your umbrella. This is additional liability coverage that helps to boost your coverage limits of home and auto policies, so they are sufficient enough to cover you in the event that large claims and lawsuits exceed your current policy limits. It can also provide you with protection against claims that your normal liability coverage does not address. These claims include libel or slander suits and false arrest claims, in addition to more typical claims related to injuries, property damage, and lawsuits filed against you. These are just a few of the coverage options that you can purchase as Umbrella Insurance with Geico.

  • Bodily Injury Liability: This covers the costs of medical bills and other damages to the physical body of another person. These may include any injuries as a result of a car accident in which you are the guilty party, a dog bite, someone taking a fall in your home or on your property. Any of these incidents that occur may already be covered under some other portion of an existing policy, but with this additional coverage, you are fully protected if or when the normal limits of coverage are exhausted.
  • Property Damage Liability: This is the same sort of additional protection as Bodily Injury Liability, but it applies to the cost of damage or loss to the belongings of another person. These may include an automobile as a result of an accident, if your pet destroys someone else’s items, or any damage caused by you or your child in venues and locations other than your home. When you carry Umbrella Insurance coverage for property damage, you are completely protected when expenses need to be paid to repair or replace an item, or if you are named in a lawsuit and taken to court.
  • Rental Unit Liability: This covers landlords who may face liability claims that take place in and around their rental properties. Any costs that might arise from incidents such as trip and fall events. It also covers individuals who are injured as a result of the actions of a tenant, and you as the unit owner are being named in a suit or held responsible in part for any damages. Landlords typically carry plenty of coverage to protect their assets should they be held liable by an injured party. Umbrella Insurance coverage ensures that any gaps that might exist are accounted for if something were to happen.
  • Additional Liability Coverage: Umbrella Insurance coverage can cover you in a variety of other areas should you find yourself in some unusual circumstances. Geico’s policy will protect you in the event these types of things occur: if an individual accuses you of slander or libel, detained or imprisoning someone under false pretense, malicious prosecution, shock or mental anguish, or other instances where you could be held liable for injury or damage.

Life Insurance

Geico is keeping pace with its competitors in providing all of the insurance products that consumers want including options for Life Insurance. Term Life Insurance policies are the products that sell the best for keeping your family’s financial future secure. These are affordable options that can be personalized to most adequately meet the needs of every customer. Premiums can be kept low depending on the length of the term and other criteria, such as the size of the death benefit that is paid out. Your rates typically remain fixed and will not rise before the end of your term. Much the same as with other Geico products, you can combine additional options for full and complete coverage.

However, term life does not have something that the other choices available offer, which is the ability to accrue cash value for as long as the policy is in force. Your death benefit is also paid out if the policy is still active. When the term on your term life policy expires, you may no longer claim any benefits on that plan despite having paid your premiums each month. If you pass away one day after the policy term expires, your heirs won’t see a dime.

The other options that are available include Universal and Whole Life coverage, which come with longer terms and provide you with the opportunity to amass wealth, and even tap into that money should you wish. These policies are more expensive to purchase, but some consumers believe they offer a greater advantage to what a Life Insurance policy is supposed to provide. It affords financial stability in the event of an untimely death.

Our Final Thoughts

Geico has many of the same products as its competitors but comes with brand recognition and high ratings for strength and stability in the marketplace. This makes the company worth taking a look at when you are ready to get a quote. Their online presence and mobile app give consumers the freedom to purchase and manage their insurance policy with the same ease of use that companies like Esurance and Progressive have, based their customer service upon for the past decade.

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