Geico vs. Safeco | The bank rate

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Based in Chevy Chase, Md., Geico has offered auto insurance since 1936, when the company was first established for government employees by husband-and-wife team Leo and Lillian Goodwin. Now offering coverage to the general public, Geico, part of Berkshire Hathaway Inc., is the country’s second-largest auto insurer with nearly 14% of the market share. Geico has multiple underwriting companies for each product it offers, specializing in cheap auto insurance rates for the average driver.

Safeco was founded in 1923 and was known as “The General” until 1953, when the subsidiary Selective Auto and Fire Insurance Company, or Safeco, was formed. The company may not be in the top 10 for market share, but it sees IT automation tools as the key to its years of success. Now part of Liberty Mutual Insurance, Safeco is offered through independent agents with a dynamic range of products including automotive, home, life, investments and surety bonds.

Geico vs Safeco: auto insurance price comparison

Comparing Safeco to Geico, the companies offer similar products and services, including a range of coverages and discounts that consumers can use to personalize their insurance portfolio. Both companies score above average in JD Power’s most recent customer satisfaction survey, and although Safeco does not have an AM Best rating, it scores just below Geico in the JD Power rating system. Bankrate. (Bank rate scores are on a scale of 0.0 to 5.0 and the higher a company’s bank rate scores, the higher that company has been ranked by trusted industry sources such as AM Best, Standard and Poor’s and JD Power.) Rates are provided using Quadrant Information Services. in 2021, but not available for Safeco at this time.

Auto insurance company Discount rate AM Best JD Power Average annual premium for minimum coverage Average annual premium for full coverage
Geico 4.6 A ++ 871/1000 $ 433 $ 1,405
Safeco 4.5 NR 870/1000 N / A N / A

Rates by credit score

Most states, except California, Hawaii, Massachusetts, Michigan, and Washington, use a credit score to determine auto insurance rates. Because there is a correlation between credit scores and the likelihood of a claim, insurance companies usually offer better prices for good or great credit. Vehicle owners may be able to lower their auto insurance rates by paying all of their bills on time, improving their credit score, and seeking quotes from different companies to compare prices.

Auto insurance company Poor Mean Good Excellent
Geico $ 1,978 $ 1,505 $ 1,405 $ 1,312
national average $ 3,873 $ 1,865 $ 1,674 $ 1,487

Rates by age

With age comes the experience behind the wheel, which usually results in lower auto insurance premiums. When insuring a teenage driver, taking advantage of the discounts and programs available can not only save you money, but can also help make the inexperienced driver a safer driver. Regardless of your age, avoiding accidents and tickets can keep fares low and make you eligible for safer driving discounts.

Auto insurance company 16 years old* 18 years old 25 years 30 years 40 years 60 years
Geico $ 1,897 $ 3,672 $ 1,674 $ 1,465 $ 1,405 $ 1,326
national average $ 2,531 $ 5,243 $ 2,108 $ 1,850 $ 1,674 $ 1,544

* Cost 16 years old when added to parents policy, 18 year old tenant

Rates per driving record

Your driving record is one of the determining factors that can have a significant impact on your auto insurance rates. With competitive pricing, the Safeco vs Geico rate comparison is likely to be similar to and lower than the national average comparison premiums. Participating in usage-based programs is a great way to stay attentive behind the wheel in order to maintain a clean driving record and can also save you extra money on your auto insurance.

Auto insurance company Blank driving record Speeding Accident Conviction for driving while intoxicated
Geico $ 1,405 $ 1,734 $ 1,971 $ 3,064
national average $ 1,674 $ 2,062 $ 2,311 $ 3,139

Geico vs Safeco: discounts

Comparing Geico to Safeco, Geico offers more options for potential discounts, depending on the state you live in. Both companies offer similar potential discounts, such as those for auto-pay, paperless, and safe driving. But there are a few discount offers that are unique to every business:

Geico

  • Emergency deployment – Get up to 25% potential savings if you are sent on an emergency deployment to an area of ​​imminent danger.
  • Eagle discount – Active and retired federal employees can save up to 12% on their auto insurance.
  • Discount on air bags – While not a one-time discount, Geico offers up to 23% potential savings on medical payments and personal injury protection coverage on vehicles equipped with airbags.

Safeco

  • Cash back without claim – You may be eligible for a 2.5% refund of your policy premium for each 6-month loss-free renewal (up to 5% per year).
  • Decreasing deductible – You could save up to $ 500 on your collision deductible for each renewal without a claim.

Geico vs Safeco: comparison of online and mobile experience

By comparing Safeco’s mobile app to Geico’s, both companies allow you to pay your bill, view police documents and ID cards, and get roadside assistance when needed. Some ranking companies have ranked Geico as the # 1 mobile app for insurance, offering additional innovative features like vehicle maintenance and virtual assistance.

Geico and Safeco both have above-average scores on Apple Store and Google Play, and the app is free to download and use. You must create an account and be a current insured with the company in order to access the functionality of the application.

Geico

  • Apple Store – 4.8 / 5. The Geico mobile app allows you to get maintenance reminders and learn more about recall alerts for your vehicle. In addition to the Geico virtual assistant, Geico Explore uses augmented reality to find your car, a gas station near you and more. While the app has mostly positive reviews, some say it’s hard to navigate.
  • Google Play – 4.8 / 5. Reviewers say the app is easy to navigate, with the same options as the Apple Store version. However, some reviewers note high battery life usage and the inability to progress through the claims process.

Safeco

  • Apple Store – 4.8 / 5. Can log in using FaceID or TouchID for even easier access. You can contact your Safeco agent if you need assistance and be notified when the police documents are ready to be reviewed and signed. Quickly get a repair quote by uploading photos of the damage to your car, or use the guided photo capture experience if needed. The app also allows you to view estimates, track repairs, and check payment status.
  • Google Play – 4.5 / 5. The Google Play version of the Safeco app is basically the same, although you cannot save your ID cards to the Apple Wallet using the Google Play app. Some reviewers had issues accessing the app with the latest update or viewing the status of their complaint in the app.

Frequently Asked Questions

What is the biggest insurance company?

State Farm is the number 1 insurance company for home and auto insurance in the United States in terms of market share. Geico is second largest for auto insurance while Allstate is second largest for homeowners, according to the Insurance Information Institute.

Which company is the best for auto insurance?

There are many factors that go into pricing insurance, and the best auto insurance company may not be the same for everyone. Consider getting multiple quotes from different companies for the same coverage to compare rates and find the best company for your insurance needs and budget.

Methodology

Bankrate uses Quadrant Information Services to analyze 2021 rates for all zip codes and carriers in all 50 states and Washington, DC Rates shown are based on a 40 year old male and female driver with a clean driving record, credit and the following comprehensive coverage limits:

  • $ 100,000 liability for bodily injury per person
  • $ 300,000 in civil liability for bodily injury per accident
  • Civil liability for property damage of $ 50,000 per accident
  • $ 100,000 in bodily injury caused by an uninsured motorist per person
  • $ 300,000 in uninsured bodily injury per accident to a motorist
  • $ 500 collision deductible
  • Global deductible of $ 500

To determine the minimum coverage limits, Bankrate used minimum coverage that meets the requirements of each state. Our basic profile drivers own a 2019 Toyota Camry, commute five days a week and cover 12,000 miles a year.

These are sample rates and should only be used for comparison purposes.

Credit: The rates have been calculated based on the following insurance credit levels assigned to our drivers: “poor, average, good (basic) and excellent”. Insurance credit levels take your official credit scores into account, but are not solely dependent on this variable. The following states do not allow credit to be a factor in determining auto insurance rates: California, Hawaii, Massachusetts, Michigan, Washington.

Age: The rates were calculated by evaluating our baseline profile with ages 18-60 (baseline: 40) applied. The 16-year-old rates were factored in as the additional cost of their parents’ policy; Rates for 18 year olds were calculated as drivers renting out their primary residence.

Incident: The rates were calculated by evaluating our basic profile with the following incidents applied: clean criminal record (base), responsible accident, single speeding ticket, single conviction for driving while intoxicated (TA of> = 0, 08) and cancellation of coverage.

Discount rate

Bankrate Scores primarily reflect a weighted ranking of industry standard ratings for financial strength (AM Best, S&P, Moody’s) and customer experience (JD Power, NAIC), in addition to the average rates reported by Quadrant Information Services. The JD Power studies used include the 2020 Auto Insurance Study and the 2020 Auto Claims Study. In-depth research and analysis by our Bankrate editorial team provided a secondary assessment of online and mobile resources and options for policy management of each insurer, which also contributed to the overall ratings.


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