Top GEICO Alternatives, Competitors (2024)

FAQs

Top GEICO Alternatives, Competitors? ›

GEICO competitors include USAA, Nationwide Insurance, Liberty Mutual Insurance, Allstate and State Farm Insurance.

State Farm is currently the largest auto insurer in the U.S. according to the National Association of Insurance Commissioners (NAIC), closely followed by Geico. Both companies hold strong financial reputations and customer service ratings.

Both of these auto insurers are reasonably priced, with premiums that are generally lower than the national average for most types of drivers. However, in a side-by-side comparison, Geico is usually the cheaper of the two, on average.

Geico and Allstate are both reasonably priced insurers for most drivers, but there are some clear differences when it comes to the average cost of their policies. As you can see in this chart, Geico is the cheaper of the two for the average driver.

Geico's main strengths are overall affordable rates. Geico's weakness lies in its leaner lineup of coverage offerings. State Farm has a lower level of complaints than Geico, but average prices are higher than Geico for most driver types, making that a weakness in this comparison.

Geico is one of the most popular insurance companies in the country, and its average car insurance premiums are 24% cheaper than the national average.

Is Liberty Mutual cheaper than Geico? No, Liberty Mutual car insurance is not cheaper than Geico. A policy from Liberty Mutual costs 30% more than one from Geico, on average. In fact, Liberty Mutual is more expensive than many major insurers — a minimum-coverage policy costs 20% more than the national average.

USAA, Nationwide, Travelers, Erie, Geico and Progressive are the cheapest car insurance companies nationwide, according to our analysis. Car insurance costs are continuing to climb this year. To help you find the lowest rates for your needs, we assessed rates for various ages and driver profiles.

Men pay more for auto insurance on average because they're statistically more likely to get into accidents and to have major injuries. However, male drivers only pay about $51 more per year than their female counterparts on average.

Is Geico insurance losing money? ›

Geico generated an underwriting profit of $3.6 billion last year, compared with a loss of $1.9 billion in 2022. But that higher profit came at a cost. Geico had the largest decline in market share among the top 10 U.S. auto insurers. It appears to have shed unprofitable business.

Geico is so cheap because it sells insurance coverage directly to consumers and offers a lot of discounts. Direct-to-consumer insurance removes costly middlemen and allows Geico to have significantly fewer local offices and agents, making them cheaper than companies like State Farm and Progressive.

Allstate is one of the pricier major insurers in America, averaging as the most expensive out of the ten largest insurance providers.

State Farm is the largest auto insurance company in the U.S., with 18% of the market. Other big car insurance companies include Progressive, Geico and Allstate. Currently insured? It's free, simple and secure.

For auto policies, State Farm is the largest insurance company in the U.S., with the biggest market share (16.9 percent) and over $46.6 million in direct premiums written in 2022.

GEICO's persistence is powered by its strong performance in organic search where it controls 19% of the search market share in the auto insurance space. In fact, GEICO held the top position in three out of the four categories Terakeet analyzed.

Specifically, GEICO targets males and females ages 24-64, and appeals to customers with humor and wit.