State Farm Vs. Geico Car Insurance 2022 – Forbes Advisor

Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors’ opinions or evaluations.

State Farm and Geico are two of the largest car insurance companies in the US and have a lot of experience taking care of customers. They each have a lot to offer, but how does State Farm compare to Geico? Here’s how they stack up against each other.

Which Is Better: State Farm or Geico?

Geico and State Farm both have strengths and weaknesses that can affect which one is better for you.

Geico’s main strengths are overall affordable rates and a low level of complaints. Geico’s weakness lies in its leaner lineup of coverage offerings.

State Farm also has a low level of complaints. State Farm offers reasonable rates, but average prices are higher than Geico for some driver types, making that a weakness in this comparison. State Farm is also somewhat lacking when it comes to coverage options.

Both State Farm and Geico did well in our evaluation of the best car insurance companies. Geico earned a top score of 5 stars over State Farm’s 4.5 stars. Geico received higher marks because of its lower car insurance rates for most driver types.

FEATURED PARTNER OFFER

State Farm

State Farm
State Farm
Compare Rates

Compare rates from participating partners via EverQuote’s secure site.

Pros & Cons

  • Great rates for drivers with an accident or speeding ticket on their records.
  • Highly competitive rates for senior drivers, whose rates typically rise as they get older.
  • Decent prices for adding a teen driver to a parent policy.
  • Relatively reasonable rates for drivers with a DUI.
  • Will file SR-22sfor those who need it.
  • Low level of complaints made to state insurance departments about State Farm’s auto insurance.
  • State Farm offers its Drive Safe & Save usage-based insurance program. It monitors actual driving behavior and provides a discount if your driving is good enough.
  • Mediocre rates for good drivers and young drivers compared to top competitors.
  • High average rates for drivers with poor credit.
  • Doesn’t offer gap insurance, which can be valuable if you owe more on a car loan than the vehicle is worth.
  • Lacks coverage options such as new car replacement, accident forgiveness and vanishing deductible.

FEATURED PARTNER OFFER

Geico

Geico
Geico
Compare Rates

Compare rates from participating partners via EverQuote’s secure site.

Pros & Cons

  • Terrific auto insurance rates for good drivers.
  • Affordable prices for seniors and young drivers, age groups typically expensive to insure.
  • Great average rates for drivers with a speeding ticket, poor credit or caught driving without insurance.
  • A low level of complaints filed with state insurance departments about Geico’s car insurance.
  • Good drivers can try out Geico’s usage-based insurance program (DriveEasy) to try to reduce auto insurance rates.
  • Offers accident forgiveness insurance.
  • Geico’s car insurance rates for adding a teen driver could be more competitive.
  • High car insurance rates for drivers with a DUI conviction.
  • Doesn’t offer coverage features such as new car replacement, a vanishing deductible or rideshare insurance.
  • Geico’s average discount for bundling auto and home insurance is fairly low at 8%.

State Farm vs. Geico: Which Is Cheaper?

Geico car insurance beats out State Farm car insurance for cheaper rates for more driver types. Geico is cheaper for good drivers as well as young and senior drivers. Geico also edges out State Farm with cheaper rates for drivers with a speeding ticket — but it was close, with only $ 28 between the average price quotes.

State Farm is generally the cheaper choice for people with an accident or a DUI on their records. Geico’s rates for a driver with a DUI are substantially higher, coming in at over $ 1,000 a year more than State Farm’s, on average.

State Farm vs. Geico Car Insurance: Coverage Comparison

State Farm and Geico both can provide you with basic policy coverages, such as liability car insurance, uninsured and underinsured motorist coverage and medical payments coverage. They both offer collision and comprehensive coverage, which is required if your car is financed or leased.

However, most car insurance companies today also offer additional coverages and features. When comparing State Farm and Geico, Geico edges out State Farm for having the most extra coverage types available to drivers. However, both companies lack some common features other car insurance companies offer, such as gap insurance.

Both State Farm and Geico have non-owners insurance, SR-22 insurance and a usage-based program that monitors your driving and can earn you a discount. Geico also offers accident forgiveness, while State Farm does not.

State Farm vs. Geico Car Insurance: Which has Fewer Complaints?

Complaints about Geico and State Farm auto insurance are low compared to the industry average. State Farm has a slightly lower level of complaints compared to Geico, but not enough to make this a factor in a buying decision.

Complaints about State Farm and Geico car insurance mainly involve claims handling. Geico’s biggest issue is delays in claims, and most of State Farm’s complaints involve unsatisfactory settlement offers.

State Farm vs. Geico: Collision Repair

To get an idea of ​​how State Farm and Geico handle claims, we looked at grades provided by the CRASH Network. Each year the CRASH Network surveys collision repair professionals for their insights into insurance companies’ claims processes.

In 2022, State Farm and Geico both received a C- letter grade in this report. This grade shows that collision repair specialists feel the companies’ claims handling practices are average at best.

State Farm vs. Geico: Car Insurance Discounts

We analyzed State Farm and Geico’s discounts and found that Geico has several more possible car insurance discounts. If you pay in full or set up automatic payments, you can get a discount with Geico but not State Farm.

Geico doesn’t have a new-driver training discount like State Farm, which could be essential if you’re a young driver looking to lower your rates. State Farms’ new-driver training discount requires drivers under age 21 to complete an approved driver education course to receive the discount.

State Farm doesn’t offer discounts for a new vehicle or for air bags, like Geico does.

Discounts are typically applied automatically when the company sees you’re eligible. However, talking to an insurance agent can ensure you’ve received all the discounts available to you.

Summary: State Farm vs. Geico Car Insurance

Geico and State Farm are fairly evenly matched as car insurance companies. They both offer cheap rates to certain segments of drivers. Both companies have low complaint levels, an average (C-) grade for collision repair, and an only so-so selection of optional coverage offerings. Both have a decent list of discounts that you may be eligible to receive.

In the end, Geico wins in a head-to-head contest by the slightest margin. That is because Geico is cheaper for good drivers, those with minor traffic violations like a speeding ticket, and young and old drivers. State Farm may, however, be better and cheaper for people with an accident or DUI on their records.

Getting a car insurance quote from each is a must to see who will offer you the best rates for your specific situation.

Methodology

We used rates from Quadrant Information Services, a provider of insurance data and analytics. Average rates, unless otherwise noted, are based on a female driver insuring a Toyota RAV4 with $ 100,000 in bodily injury liability coverage per person, $ 300,000 per accident and $ 100,000 in property damage liability, uninsured motorist coverage and any other coverage required in the state. The rate also includes collision and comprehensive with a $ 500 deductible. Rates were analyzed in October 2021.

Leave a Comment