Geico vs. Allstate | The bank rate


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Geico and Allstate are two of the country’s best-known and largest auto insurers. Geico was founded in 1936 during the Great Depression but has grown steadily. In 1996, Geico was acquired by Warren Buffet and is today a subsidiary of the Berkshire Hathaway group. It is the second largest auto insurance company in the country with 13.5% of the American market in 2020. Geico always maintains its competitive edge by offering an attractive range of discounts for all needs.

Allstate was founded in 1931. Known for its innovation, Allstate launched a new approach to the industry in 1936 by customizing auto insurance policies based on the age of the driver and the vehicle. Others have followed suit. Today, Allstate is the fourth-largest private auto insurer in the United States with a 9.11% market share. Allstate offers a wide variety of great discounts.

Both providers have history and name recognition, but choosing between Allstate and Geico can seem difficult unless you know more details about them.

Geico vs Allstate: Auto Insurance Price Comparison

Geico and Allstate both reflect their leadership positions in the US auto insurance industry with strong overall financial ratings of AM Best. Each company also gets a high score in the JD Power score for customer satisfaction. While Geico’s average annual premiums are lower than Allstate’s, Allstate offers a wide range of policy options and discounts to help drivers get affordable coverage.

Auto insurance company Discount rate AM Best Financial Stability Score JD Power Customer Satisfaction Score Average annual premium for minimum coverage Average annual premium for full coverage
Geico 4.6 A ++ 871/1000 $ 433 $ 1,405
Allstate 3.6 A + 876/1000 $ 697 $ 1,921

Rates by credit score

Both companies take credit scores into account when setting premiums, with Allstate imposing higher costs for bad credit. Auto insurers consider applicants who do not maintain good credit scores to be at higher risk of not paying premiums on time and more likely to drive irresponsibly. There is some states that prohibit or restrict the use of credit scores writing auto insurance including California, Hawaii, Maryland and Massachusetts.

Auto insurance company Poor Average Good Excellent
Geico $ 1,978 $ 1,505 $ 1,405 $ 1,312
Allstate $ 3,157 $ 2,312 $ 1,921 $ 1,989

Rates by age

While Geico and Allstate follow common insurer trends in considering age in determining premiums, Allstate is clearly taking a stronger approach. Allstate’s annual premium for 18-year-olds is nearly $ 2,500 higher than Geico’s corresponding premium and much higher than Allstate’s premiums for other ages. Both companies’ premiums stabilize after drivers turn 30.

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
Allstate $ 2,459 $ 6,152 $ 2,629 $ 2,317 $ 1,921 $ 1,996

* Cost for 16 year olds when added to parents policy

Rates per driving record

Driving records are strong evidence that a driver is at higher risk. The premiums charged by most insurers will increase as the number and severity of traffic violations increase for a given driver. Allstate’s annual bonuses are significantly more influenced by serious violations such as a drinking and driving conviction than Geico’s bonuses, although both increase with a poor driving record.

Auto insurance company Blank driving record Speeding Accident Conviction for driving while intoxicated
Geico $ 1,405 $ 1,681 $ 2,032 $ 3,227
Allstate $ 1,921 $ 2,227 $ 2,570 $ 4,287

Geico vs Allstate: cuts

Geico offers large discounts in many standard niches – equipment upgrades, driver history, driver training, customer retention and driver affiliations. Allstate offers similar discounts and, with several other carriers, a disappearing franchise, Deductible rewards, which reduces an insurance deductible by a certain amount each year the driver goes without an accident.

Geico discounts

  • Equipment discounts: These are provided to eligible policyholders after installation of safety equipment such as anti-lock brakes and anti-theft devices.
  • Five-year accident-free driver discount: This is a significant discount based on a healthy and sustained driving record.
  • Driver affiliation discounts: Discounts are available for drivers affiliated with the military, federal government employees and those affiliated with over five hundred companies.

Allstate discounts

  • Administrative efficiency discounts: Discounts are generally available for bundling two or more Allstate policies, automatic premium payment terms, and paperless billing.
  • Smart student discounts: These are often available to single drivers under the age of 25 who achieve good grades, complete the Allstate teenSMART® Driver Education Program, and attend a school located at least 100 miles from where the driver’s car is located. driver is parked.
  • Safety and protective equipment: There are often discounts for anti-lock brakes and anti-theft devices.

Geico vs Allstate: comparison of online and mobile experience

Geico has one of the best user-friendly websites in the industry. Geico Virtual insurance assistant is a robust self-improvement resource for research and assistance with inquiries and complaints. Allstate combines online capabilities with agent services to improve the customer experience. The company offers a excellent tutorial on how to prepare for quotes.

Both companies offer useful mobile apps:

Frequently Asked Questions

What is the best auto insurance?

There are many excellent auto insurance companies and policies. The best insurance for you may not be right for someone else. Research the major auto insurance companies online and get quotes from several to determine which policy best meets your needs.

Which auto insurance company has the best discounts?

Every auto insurance company offers discounts, and the companies reviewed here have a good selection of discounts. You can view multiple business discounts online to learn more, and then determine which discounts apply to you.

How to find the cheapest auto insurance?

The best way to find the most affordable coverage that also meets all of your needs is to shop around. Select multiple affordable companies and get quotes from each. From there you will find the right policy affordable for you.

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: CA, HI, MA

Age: The rates were calculated by evaluating our baseline profile with ages 18-60 (baseline: 40) applied.

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

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