State Farm and Berkshire Hathaway-owned GEICO are the biggest and second-largest insurers in the nation, respectively.1 These two providers provide over a dozen different kinds of insurance policies, including individual policies as well as business policies. State Farm and GEICO have several decades of experience in the business they are also among the most admired insurance firms available.
In comparing State Farm vs. Geico each insurer has advantages and disadvantages. Geico provides more discounts and State Farm scores better in the satisfaction of customers with their claims. In this article we from the Home Media reviews team will review the different firms side-by-side to help you decide which one best suits your requirements.
Comparing State Farm and Geico
State Farm is currently the largest auto insurance company across the U.S. according to the National Association of Insurance Commissioners (NAIC) closely being followed by Geico. Both firms have excellent financial standing and excellent rating for customer service. They also have a long history: State Farm was founded in 1922, and Geico began in. You can find classic insurance for your car and alternative coverage for your vehicle from either company in addition to other services like homeowners insurance or renters insurance.
Here are some highlights from State Farm:
- Discounts for drivers who are students or young
- Discounts on use offered by the Drive Safe & SaveTM program
- Education for young drivers with discounts provided via the Steer Clear(r) program.
- Geico’s highlights are:
- Discounts for federal employees, military, and corporate group discount
- Mechanical breakdown insurance (MBI)
- Reputation for better customer service
With each company’s strengths in mind We ranked Geico as our Editor’s Choice for a great choice for the majority of drivers, in the United States. State Farm the Most Popular provider in our comprehensive review of the industry.
State Farm vs. Geico coverage
If you take into consideration that State Farm and Geico are the two most reputable auto insurance firms across the U.S., most drivers will find the coverage they require from either of them for the minimum or the full coverage. There are however some important distinctions among State Farm vs. Geico with regards to automobile insurance options.
State Farm offers usage-based insurance in more states than Geico as well as reimburses travel expenses which Geico does not.
However, Geico offers MBI, an additional coverage option comparable to an extended warranty for cars. MBI contracts will cover a variety of repairs in the event of unexpected breakdowns which auto insurance generally will not cover.
GEICO Vs. State Farm: prices at the credit level
If you’re in a position of having very low credit rating, GEICO might be the most suitable option for you. In general, GEICO offers better premiums than State Farm for prospective clients with credit scores of 579 or lower. Customers with outstanding credit scores — such as scores of more than 800-plusis advised to consider GEICO generally surpasses State Farm by $196 per year. Check out the typical insurance rates according to credit score in the case of State Farm and GEICO below.
State Farm vs. GEICO in the matter of Customer Service
In terms of the customer support, GEICO and State Farm have the same options. Contact them with a representative via telephone during office hours, or by going to the local office or via the customer portal online. GEICO offers email assistance choices, as well as live chat as well as 24/7 support via phone for current policyholders.
Keep in mind that some types of services do not apply to every insurance product. For instance, State Farm and GEICO provide phone support only in the case of commercial insurance. If you own property or auto insurance the two firms make it simple to reach them via their website or via the application.
When deciding among State Farm and GEICO, it’s important to know the differences between their business model. If you buy an insurance policy from State Farm, you’ll be assigned a dedicated agent who will take care of all your insurance requirements. With GEICO it isn’t possible to be the same agent, and you’re required depend on the call center for assistance if you require help.
If you’re looking for insurance companies that provide excellent client service State Farm is probably the best choice. State Farm will give you more individual attention, and most likely more positive interactions with agents.
State Farm vs. Geico pricing
In our comprehensive industry-wide auto insurance review, we awarded Geico an overall grade of 8.5 out of 10.0 for affordability, and State Farm a score of 8.0. Overall, we discovered the two companies Geico as well as State Farm are evenly matched on the average price. The difference is that Geico provides a greater variety of discounts available to more motorists.
We examined rates for multiple driver profiles for each company. According to our estimates annual full insurance plans offered by State Farm cost about $1,339 and policies from Geico cost $1,352. However, each company may be less expensive in certain circumstances. Let’s have a look.
Geico is more affordable for those with poor credit or drivers who are in their early 20s. State Farm, on the contrary, is more affordable for drivers who have accidents, speeding tickets , or DUIs on their record. The cost estimates do not include discounts offered by the insurance companies.
State Farm vs. Geico Discounts
Geico offers a handful of discounts on policies that aren’t provided by State Farm, including a 15% military discount as well as discounts of 12% for federal employees who are at level Eagle level. Geico also offers various discounts that are based on the partner organization such as alumni associations and professional associations. Of the two auto insurers, Geico has the better discount for multiple vehicles — 25%, as opposed State Farm’s 20 percent.
State Farm has the better discount for students. Based on the school’s grades the policyholder can get a discount of up to 25 percent before they reach 25. Geico’s discount cap at 15 percent. The State Farm Steer Clear program teaches drivers who are under 25 how to drive safely and also grants discounts on policies. This is why State Farm is our top choice for students.
State Farm vs. GEICO Claims
GEICO as well as State Farm have easy claims procedures. For home, auto or renters insurance, you can submit claims online, over by phone or by using the mobile application. You’ll be asked for your policy number, give a brief explanation of the incident and upload photographs of the damages. After that, you’ll appointed an adjuster to supervise the claim. If you’re covered by a policy other than those listed above, you’ll need make contact with an agent in order to begin with the process of claiming.
State Farm vs. GEICO the Customer Satisfaction
Customer satisfaction is an important factor to take into consideration when selecting an insurance provider. To determine the general customer satisfaction with GEICO as well as State Farm, we read online reviews of customers who have been policy holders for a while and also from the past.
For GEICO its customers, they were generally satisfied with their low rates with good discounts and their mobile app experience. However, an overwhelming majority of customers complained about the company’s faulty claims handling system which resulted in claims being denied as well as lower-than-expected payouts and poor customer service being frequent issues.
State Farm’s reviews of customers suggest slow claims handling as well as payout issues and expensive premiums. However we found numerous reviews that praised State Farm’s customer service personnel, their ease of administration of policies and great communication with adjusters for claims.
State Farm vs. GEICO Get A Quote
Requesting an estimate to State Farm or GEICO is simple. Both companies offer online quotes for those who prefer not to make contact with an agent. In the majority of cases it takes only about a couple of minutes. It will ask you to disclose certain personal information, and other details which will determine your policy cost. If you’re happy with the price it’s possible to purchase most policies on the internet.