Geico vs. Safe Auto | The bank rate

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Geico was established in 1936 during the Great Depression and currently has a 13.78% market share for personal auto insurance. Its clientele began with government employees and military personnel, which is why Geico stands for “government employee insurance company”. Today, Geico serves clients across the country from all professions. Geico specializes in auto, home and business insurance.

Safe Auto is a relatively new company, founded in 1993 with much less market share. It has a smaller customer base than most businesses, as they only insure individuals in 28 states. Safe Auto specializes in high risk auto insurance, as well as home and health insurance. When you compare Safe Auto to Geico to determine which company is right for you, it can be helpful to know how they stack up against each other on several major benchmarks.

Geico vs Safe Auto: Comparison of Auto Insurance Rates

The following table shows AM Best and JD Power ratings for Geico versus Safe Auto. Because Safe Auto is a small, exclusive company, they are not ranked among the larger insurance companies, such as Geico. However, the average annual auto insurance premiums for minimum and full coverage are shown below for each provider.

Auto insurance company AM best JD Power Average annual premium for minimum coverage Average annual premium for full coverage
Geico A ++ 871/1000 $ 433 $ 1,405
Safe Auto N / A N / A $ 623 $ 2,037

Rates by credit score

Below is each company’s average annual premium for comprehensive credit-based coverage. Keep in mind that California, Hawaii, and Massachusetts do not allow credit scores as a rating factor.

Auto insurance company Poor Average Good Excellent
Geico $ 1,978 $ 1,505 $ 1,405 $ 1,312
Safe Auto $ 2,625 $ 2,138 $ 2,037 $ 1,694

Rates by age

The following table shows the annual premiums of Geico and Safe Auto for full coverage depending on the age of the driver. Both companies are showing a substantial increase from 16-year-old drivers on their parents’ insurance policy to 18-year-old drivers, who are assessed alone.

Auto insurance company Age 16 * 18 years old 25 years 30 years 40 years 60 years
Geico $ 1,897 $ 3,672 $ 1,674 $ 1,465 $ 1,405 $ 1,326
Safe Auto $ 2,945 $ 5,572 $ 2,998 $ 2,679 $ 2,037 $ 1,854

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

Rates per driving record

The table below shows how the average annual premium for full coverage has changed based on driving history when insured with Geico versus Safe Auto. Premiums vary depending on the severity of the violation or conviction.

Auto insurance company Clean driving record Speeding Accident DUI conviction
Geico $ 1,405 $ 1,734 $ 1,971 $ 3,064
Safe Auto $ 2,037 $ 2,715 $ 3,132 $ 3,072

Geico vs Safe Auto: reductions

Almost all insurance companies offer discounts to their policyholders to help them save money on their premiums. Here are the discounts offered by Safe Auto and Geico that help them stay competitive with other companies.

Geico

  • Driver affiliation – Discounts are offered to military personnel, federal employees and members of Geico partner organizations.
  • Five years without an accident – Those who maintain a clean driving record for five consecutive years could receive up to 22% reduction on their premium.
  • Consumer loyalty – Customers who insure multiple cars or combine home and car may qualify for a discount.

Safe Auto

  • Multi-vehicles – Drivers can benefit from a discount for having insured more than one vehicle.
  • New business transfer – This discount is offered to new policyholders when they switch from their current insurer to Safe Auto.
  • Owner – Customers could benefit from a discount on their auto insurance if they are owners.

Geico vs Safe Auto: comparison of online and mobile experience

Geico and Safe Auto allow customers to be self-sufficient through their company’s websites, as well as through their mobile apps. Policyholders can log into their account to review coverage, request policy information or changes, and make payments. However, Geico allows a few more additional options that Safe Auto does not. With Geico, you can request proof of insurance or even add a vehicle without having to log in through its Express Services.

Geico

  • App store – The application allows policyholders and new customers to request quotes. It also displays an electronic version on ID cards.
  • google play – The app has very similar functionality to the Apple Store app. It also shows a checklist of what the insured should do next.

Safe Auto

  • App store – The application gives a summary of the policy which shows the information of the insured at a glance. It allows policyholders to see identity cards and documents.
  • google play – The app allows customers to easily navigate the app with a toolbar. Customers can file a claim or request emergency roadside assistance.

Frequently Asked Questions

Which company has cheaper auto insurance?

On average, Geico has cheaper auto insurance, but each driver will receive personalized quotes based on their information. For drivers with DUI convictions, the average rates of Safe Auto are not far from those of Geico.

Can I keep my Safe Auto policy if I move to another state?

If you move to a state where Safe Auto does business, you should be able to stay with the same vendor. However, you may need to make adjustments to meet the new state’s insurance requirements. If Safe Auto doesn’t offer insurance in the new state, you’ll need to get a new insurance provider.

Does Geico offer more than auto and home insurance?

Yes, Geico offers life, travel and even pet insurance. They even have overseas coverage that provides insurance if you move out of the country.

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 , good credit and the following. coverage limits:

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

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 are factored into your official credit scores, 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 basic profile with 18-60 year olds (base: 40 years old) applied. The rates for 16 year olds were factored in as the additional cost of their parents’ policy; The rates for 18 year olds were calculated like drivers who rent out their primary residence.

Incident: The rates were calculated by evaluating our basic profile with the following incidents applied: blank file (basic), responsible accident, single speeding ticket, single DUI conviction (blood alcohol level> = .08) and disqualification of the cover.



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