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Geico offers many different auto insurance discounts but what many consumers don’t actually know that Geico was originally in business to sell insurance strictly to federal employees and their families. Interestingly enough, many consumers don’t know the company’s name is an acronym for Government Employees Insurance Company.
From 1936 all the way to 1973, Geico strictly sold insurance to government employees and military personnel at a discount.
In 1974, Geico’s marketing and underwriting focus changed forever because the company started to sell coverage to the general public. While this transition was marked by some downs, ultimately the company rebounded to become the second-largest auto insurance company in the country.
While the company does receive good customer satisfaction rankings, there’s always room for growth as Geico has a #20 ranking through JD Power.
Shopping for auto insurance can easily be mistaken as a chore. It’s not something you really look forward to unless you know you can save money by putting in a little effort.
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If you’re thinking about buying insurance through Geico, one of your focuses should be getting auto discounts. You know the company is fiscally superior, but so are a lot of companies. Here’s a guide to Geico auto insurance discount offerings and then be sure to read our Geico auto insurance review.
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If all companies offered all of the same discounts, you’d get the same savings no matter where you went. All auto insurance companies, no matter how big or small they are, offer their own variety of discounts very much like companies offer their own rates. This is the only way that the market could stay competitive.
The only time a discount will be offered by all insurers in the state is when it’s required by state officials. Some states, like the state of California, require Good Driver or Safe Driver discounts because they award the driver for safe driving. Before you start all of the comparison shopping it helps to know if the carrier is competing with others when it comes to their discount menu.
You can classify auto insurance discounts in one of three categories: driver, vehicle, and policy discounts. There are 31 different Geico discounts discounts. It’s not the most in the industry but it’s also not the least. Currently, MetLife and Liberty Mutual lead the pack with the most discounts coming in at 38.
How does Geico compare to some of the larger companies in the U.S.? Take a look:
|Discounts||Allstate||American Family||Farmers||Geico||Liberty Mutual||Nationwide||Progressive||State Farm||Travelers||USAA|
|Discounts Provided #||29||27||34||32||38||35||36||20||28||28|
|Adaptive Cruise Control||x||x||x|
|Daytime Running Lights||x||x||x||x||x||x||x||x||x|
|Electronic Stability Control||x||x||x||x||x||x|
|Forward Collision Warning||x||x||x|
|Lane Departure Warning||x||x||x|
|New Customer/New Plan||x|
|On Time Payments||x||x|
|Seat Belt Use||x|
|Students & Alumni||x||x||x||x|
Here’s a breakdown of all of the discounts Geico offers:
When you buy insurance, the agent will ask you to name every licensed driver in the home. This includes both drivers who can access your car regularly and those who have their own insurance. Drivers with their own coverage won’t be rated. Any rated driver in your household that’s listed on your policy is eligible for the following driver-related discounts when you buy coverage from Geico:
Not every car costs the same amount of money to insure. Some cars cost more to repair, more to maintain, and more to replace. All of these factors have to be considered when a carrier is classifying the car. Fortunately, the VIN tells the insurer a lot about a car. You may get discounts off of your premiums if your cars have the following features:
If you’ve purchased insurance in the past, that can save you. You can also save money by purchasing your insurance in advance and staying with Geico for at least a few years. Policy discounts can be stacked one on top of the other so that you can save a significant amount of money. Here are the policy discounts to look for from Geico:
You won’t know how much each discount will save you until you get a rate quote. Quotes are estimates to show you how much you’ll pay for a selected type of coverage through the carrier.
You could get online quotes direct through Geico’s site, or you could use another comparison tool and get quotes that you can compare to each other all at once. See how much Geico discounts save you by entering your information, and the savings will be automatically applied.
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