How Much is GEICO Car Insurance: Cost, Rates & Quote

GEICO Insurance was founded in 1936 by Leo and Lillian Goodwin and was originally designed to provide federal employees and military personnel with lower-cost, high-quality insurance. In fact, GEICO is actually an anagram that stands for G overnment E mployees I nsurance Co mpany.

According to their market share, ratings, and the total number of policyholders, GEICO is currently ranking as the second-largest auto insurance provider in the nation. Their commercials are easily recognizable by the animated green gecko who’s constantly saying “You could save 15% or more by switching to GEICO. “

If you’ve been thinking about switching to Geico or you’re considering purchasing coverage with them, then this article is for you. Below, we’re going to break down some of the most commonly asked questions regarding Geico’s customer satisfaction, coverage policies, discounts that policyholders can apply for, and Geico insurance’s average cost.

Let’s dive in!

GEICO Car Insurance Cost

How much is GEICO car insurance cost?

According to our  average car insurance cost per month  research, GEICO is actually a very affordable option! Monthly premiums are significantly more affordable than those of competitors.

The study mainly compared safe drivers and GEICO policyholders from around the USA and created an average premium amount based on different factors, such as the driver’s age. The study showed that GEICO’s average  full coverage insurance cost is $98 per month, or $1,175 per year. The lower end of the spectrum primarily consisted of older drivers (over age 65), while those who had higher premiums were younger drivers (around 25-years-old or older).

The average GEICO car insurance cost for minimum coverage is $40 per month or $480 per year, which is among the  cheapest car insurance quotes  you can find, especially among the larger and more well known companies. 
More from GEICO’s average car insurance costs study:
Coverage Type Cost Per Month Cost Per Year
Full Coverage $98 $1,175
Minimum Coverage $40 $480
GAP Coverage Not offered Not offered

How Much Does GEICO Car Insurance Cost Per Month?

Coverage Type Cost Per Month
Full Coverage $98
Minimum Coverage $40
GAP Coverage Not offered

Based on our research, GEICO car insurance cost per month is $40 per month for minimum coverage and $98 per month for full coverage on average.

GEICO typically offers six, nine, or twelve-month policy plans for auto insurance. You’ll typically pay a downpayment to start your coverage and then pay off the rest of your vehicle insurance policy over several months.

So, let’s just say that you got an average $1,200 policy with GEICO and opted for the 12-month payment plan. You would probably put $50 to $100 down to sign up and would then pay around $100 per month for the remainder of your twelve-month policy period.

Of course, these numbers are based only on a national average survey that was conducted using insurance rates obtained from policyholders from around the country.

One of the biggest contributing factors to your GEICO policy is the city and state you live in. For example, drivers who live in the middle of a small town in Ohio will likely pay far less than those who are looking for auto coverage in Miami, Florida (one of the most dangerous cities to drive in, in terms of annual accident rates).

Other factors that may contribute to your premium price include your credit score, the type of car you drive, your personal driving record, how many drivers are listed on your account, and how many vehicles you have insured.

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How To Lower Your GEICO Car Insurance

One of the great features about GEICO is that they’re usually willing to work with their policyholders to lower their car insurance quotes, especially if you tell them that you plan to get a quote from competitors…

The best way to lower your GEICO policy is usually to call your local agent and express your desire to lower your monthly premiums. They’ll typically give you a few pointers or offer programs and discounts that you can apply for. Here are some of the best methods that you can use to lower your premium.

Maintain A Safe Driving Record

The safer you drive, the lower your insurance will be. Suppose you can avoid any accidents (at-fault or not-at-fault) and avoid traffic tickets (reckless driving, speeding, etc.) that put points on your license for several years at a time. In that case, your car insurance premiums will likely decrease naturally over time.

Raise Your Credit Score

Most insurers look at your credit account’s financial strength and use it to determine your monthly premium rates. One of the easiest ways to lower your GEICO car insurance rates is to raise your credit score, make all of your payments on time, and avoid any liens on your vehicle at all costs. Once you raise your credit score a bit, give your agent a call and talk to them about any discounts!

Take A Defensive Driving Course

GEICO offers a low-cost online defensive driving class that you can easily complete within a couple of hours on your next day off. After taking the course, you’ll receive a brief virtual test. If you pass the test, you may be able to save between 5% and 10% on your premiums.

Get A More Economical Car

If you’re driving a fancy sports car, then expect to pay extra for it. These cars are statistically more likely to be involved in dangerous accidents. If you’re tired of paying an arm and a leg to insure your brand-new muscle car, then consider switching to a more economical option with a standard 4-cylinder engine. Our cheapest cars to insure guide might be handy as well.

Move To Another City

The closer you live to a big city, the more you’ll pay. By moving out to the suburbs or into the country, you could receive a considerable discount on your monthly auto insurance rates.

Reduce How Often You Drive

Many insurers will charge you extra for putting more miles on your car. In general, if you drive less than 13,000 miles per year, you’ll save money on your policy.

Apply For Umbrella Insurance Policies

In addition to auto insurance, GEICO also offers life insurance, home insurance, renters insurance, motorcycle insurance and more. You can save on your total policy by bundling all of your policies together under one GEICO policy.

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GEICO GAP Insurance Cost

GEICO GAP insurance cost cannot be measured since the company currently does not offer  GAP insurance  as part of its services.

How To Cancel GEICO Car Insurance

Cancelling your GEICO car insurance policy is pretty simple. All you need to do is call them up and let them know that you’re interested in cancelling your policy. It’s important to notify them before your next payment; otherwise, it will be automatically debited from your account. GEICO has a no-cancellation-fee policy , so you won’t have to pay anything extra should you decide to cancel your coverage!

Why Did my GEICO Car Insurance go up?

If your GEICO auto insurance premiums recently increased and keep going up, then it’s likely due to a new vehicle or new drivers that you’ve added to your policy. Occasionally, however, your premium could go up due to a negative change in your credit score, an accident you were involved in, or speeding tickets you received. So be sure to keep an eye on these factors to make sure that your rates remain on the low side!

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