GEICO is a household name. Still, it may surprise you to find out that the well-known insurer offers more than auto insurance.
You’re most likely familiar with GEICO’s mascot—a plucky green gecko. However, there’s much more to GEICO than entertaining commercials. In fact, GEICO is the second-largest insurer in the United States.
Today, GEICO controls nearly 14% of the insurance market. What’s more, the company ensures nearly 20 million automobiles.
For this reason, you may already know that GEICO offers auto insurance policies. However, the underwriter also provides several types of insurance.
For example, GEICO also offers policies for homeowners and renters. The company even offers life insurance.
Keep reading for a GEICO insurance review.
GEICO Auto Insurance
GEICO’s auto insurance arm covers just about any mode of transportation imaginable. For instance, the insurer offers coverage for:
• ATVs
• Boats
• Collectible cars
• Motorcycles
• On-demand delivery drivers
• Personal watercraft
• Rideshare drivers
• RVs
You most likely know GEICO for its claims of offering the lowest priced car insurance on the market. GEICO can offer the best rates by providing a wide variety of discounts. In fact, you might want to look into one of these discounts if you’re searching for a new car insurance policy.
Overall, GEICO auto insurance rates fare well compared to other companies. For example, the average cost of minimum coverage in the US is around $563. For full coverage, you may pay an average of $1,738.
Meanwhile, GEICO’s minimum coverage costs approximately an average of $363. For full coverage, however, you may pay around $1,325 if you were to secure automobile insurance through GEICO.
Accordingly, you might save around $200 if you purchased a minimum coverage policy from GEICO. If you purchase full coverage, however, you could save more than $400.
Still, you can save even more by taking advantage of bundling GEICO’s other insurance products to meet your needs.
Home and Renters Insurance Products
GEICO also offers insurance products for homeowners and renters. The policies will protect you if something should go wrong at your home or apartment.
As an example, a windstorm could damage your roof. Alternatively, someone could get hurt on your property. In that case, GEICO insurance might pay their medical bills.
In this regard, you’ll want to speak with a qualified insurance agent. They can help you to assess your insurance needs. Still, GEICO home insurance policies typically include the following protections:
• Jewelry (up to $2000)
• Medical bills
• Personal liability
• Personal property protection
• Property damage
• Additional expenses (such as hotel rental while the home is uninhabitable)
Meanwhile, GEICO rental insurance offers a different set of protections. This coverage may provide for:
• Accidental damage to others’ property
• Damaged furniture, electronics, appliances or clothing
• Fire, wind and water damage
• Medical and legal bills
• Smoke damage
• Theft
• Vandalism
• Visitor injury
• Hotel expenses (while the apartment is uninhabitable)
You can also customize your insurance with various add-ons. For example, you might add coverage for high-value items to your renter’s insurance.
These goods might include electronics, sporting goods or jewelry. You can also buy additional coverage for business merchandise. Also, if you purchase home insurance from GEICO and need flood insurance, the insurer will help you to access the National Flood Insurance Program.
Getting a Break on GEICO Insurance
With GEICO insurance, you can save a considerable amount of money. What you want to do is take advantage of policy bundling.
For example, you can bundle your auto and homeowner’s or renter’s insurance. This practice will help you to save on the cost of your monthly premiums.
Bundling is also convenient. By bundling, you’ll only have to work with one insurance company if something goes wrong. In the end, bundling can help you to save time and effort.
There are also other insurance discounts that you can access with GEICO. For instance, the underwriter offers discounts for:
• Certain group memberships
• Federal employees
• Home security systems
• Military employees
• Multiple policies
• Smoke alarms
• Sprinkler fire suppression systems
• Students
These options can help you to save even more on GEICO insurance.
GEICO also offers discounts for older adults. If you’re over the age of 50, you can qualify for additional savings.
GEICO Life Insurance Coverage
You may not know that GEICO also offers life insurance. Nevertheless, the company provides the same great service in the space.
GEICO offers three kinds of life insurance products. These products include term life, whole life and universal life insurance.
GEICO Term Life Insurance
Term life insurance is the most common life insurance product. It’s also affordable.
With term life insurance, you’ll have coverage for a set amount of time. For example, a term life insurance policy might last between 10 and 30 years.
A term life policy works well if you want to apply extra income towards other investments. Alternatively, you may want to divert your income towards retirement.
You could qualify for a GEICO No-Med exam policy if you’re in good health.
GEICO Whole Life Insurance
Whole life insurance is permanent. In other words, when you purchase whole life insurance, you’re covered for the rest of your life from the day that you buy the policy.
Also, as you age, a whole life insurance policy can help to supplement your income. Furthermore, GEICO’s whole life insurance product has a cash value. For this reason, you can use a GEICO whole life policy for long-term savings.
GEICO Universal Life Insurance
GEICO also offers another permanent life insurance product. With GEICO universal life insurance, you can save money for your family members after you pass. You can even use a GEICO universal life insurance policy to cover your funeral expenses.
The GEICO universal life insurance policy also has an investment element. With this part of the policy, you can grow your financial investments over time.
However, the GEICO universal life insurance policy offers another benefit. With this policy, you can choose how much you want to pay for your premium.
GEICO Insurance Review
GEICO is a well-respected underwriter in the industry. For example, the company scores well with firms such as J.D. Power.
J.D. Power is an independent research firm. The company conducts customer satisfaction reviews. The research company scores insurers on how well they perform.
Across the United States, GEICO consistently ranks fifth place or higher. In several states, GEICO is the best insurer, according to consumer opinion polls conducted by J. D. Power.
It also helps to understand that a single vote can cause an underwriter to lose a position in some areas in a J. D. Power poll. In some instances, GEICO may have lost out to a competitor by a single point. Nevertheless, the underwriter still ranks well near the top of its class across all fronts.
Meanwhile, AM Best is a firm that specializes in analyzing the financial health of companies. Financial health is an important factor to consider when choosing an insurer. Ideally, you want your insurer to have a strong AM Best financial score.
A strong financial score means that your insurer can pay out a large number of claims if necessary. For example, they’ll have the funds to cover many claims during a large financial disaster.
In this regard, GEICO has the best AM Best score possible. Currently, the company holds an A++ rating with AM Best.
An Easier Way to Compare Life Insurance Policies
It takes a lot of work to find the right whole life insurance policy. For this reason, it’s helpful to work with a specialist when looking for whole life quotes. An agent that specializes in whole life insurance can help you in several ways.
For example, they can help you to find the best whole life insurance for your needs. Furthermore, they can provide you with all the information you need to make an informed buying decision.
More importantly, a whole life insurance specialist can help you to find the best performing insurance product. Furthermore, they’ll help you compare life insurance providers in seconds.
Fortunately, you’ve come to the right place to find a whole life insurance specialist that can provide these kinds of benefits.
Let Us Help You Make the Best Selection for Your Needs
Now you’ve learned more about one of America’s top underwriters by reading this GEICO insurance review. Hopefully, you’ve learned what you need to know to make a more informed buying decision.
If not, no worries—there’s help. Top Whole Life simplifies the process of buying the best whole life insurance. Today, we represent more than 50 whole life insurance carriers.
However, we don’t push insurance products. Instead, we provide you with the information you need to make a smart whole life insurance buying decision.
If you’d like to reprice your current home life insurance, please feel free to request a quote to find out how much you can save. Contact us today at (855) 946-5353 or get a fast, free quote online.
