Compare Erie vs. GEICO: Quotes, Discounts 2023

Erie vs. GEICO: A Summary

If you’re looking for an affordable car insurance policy to protect your household’s finances, two auto insurers you might consider are Erie and GEICO. Both companies offer affordable rates and great coverage, but Erie is only available in select states. Compare individualized car insurance quotes from Erie, GEICO, and more with the Insurify quote-comparison tool.

ICS Score Explanation:

The Insurify Composite Score (ICS) is a proprietary rating calculated by a team of data scientists at Insurify, weighing multiple factors that reflect the quality, reliability, and health of an insurance company.

Inputs to the score include financial strength ratings from A.M. Best, Standard & Poor’s, Moody’s, and Fitch; J.D. Power ratings; Consumer Reports customer satisfaction surveys and customer complaints; mobile app reviews; and user-generated company reviews.

Erie

Erie Insurance is a Pennsylvania-based insurance provider that was founded in 1925 and offers multiple insurance products in 12 states. In addition to car insurance, the company also offers homeowners insurance, life insurance, and more. Erie sells policies through a network of 13,000 independent agents and offers some of the most affordable rates in the industry.

Erie has superior financial strength ratings from A.M. Best and is one of the top-rated midsize insurers for customer satisfaction in J.D. Power’s 2021 U.S. Insurance Shopping Study. The insurer also ranks highly for claims satisfaction. However, Erie had more complaints than expected with the NAIC in 2021 given its size. Complaints have been trending upward.

In addition to the standard coverage options, Erie offers add-ons like roadside assistance with towing, rental reimbursement, new or better car protection, and rideshare coverage. You can also opt to lock in your rate. Erie also offers first accident forgiveness to policyholders after three years and a variety of discounts to make your policy more affordable.

GEICO

GEICO, the insurer with the famous gecko mascot, was founded in 1936 and offers car insurance, home insurance, renters insurance, business insurance, and more to residents of all 50 states and Washington, D.C. GEICO offers some of the best auto insurance rates in the industry and provides a substantial bundling discount in addition to a telematics program.

GEICO insurance has superior financial strength ratings from independent rating agencies. However, customer satisfaction rankings are mixed. GEICO was ranked just above average for claims process satisfaction but was ranked below average in the J.D. Power 2021 U.S. Insurance Shopping Study.

That said, complaints with the NAIC have been trending downward, and there were fewer than expected in 2021, given the insurer’s size. The company also offers a few coverage options beyond collision and comprehensive coverage, including emergency roadside assistance, rental car reimbursement coverage, and rideshare coverage. And GEICO offers plenty of discounts.

The Best Car Insurance Companies in 2021

Erie and GEICO are both highly reputable insurance companies. While they weren’t ranked in the top 10 companies of 2021 by Insurify, they’re both affordable options that are worth considering for most people.

Compare Erie vs. GEICO: Which Is Cheaper?

Average premiums for Erie and GEICO are very similar. While GEICO is slightly cheaper on average, Erie is cheaper for certain types of drivers. For example, policyholders with infractions like at-fault accidents and DUIs pay less on average at Erie. On the other hand, GEICO offers much more generous rates to drivers with bad credit.

The Cheapest Car Insurance Companies in 2021

Erie and GEICO are two of the cheapest auto insurance companies you can pick for your car insurance needs. Car insurance rates at both companies beat the national average. In most cases, the only insurer to offer cheaper rates than Erie and GEICO is USAA, which is only available to military members, veterans, and their eligible family members.

Compare Erie vs. GEICO Car Insurance by Age

One factor that car insurance companies consider when setting your premium is your age because it directly relates to your years of driving experience. Drivers in their 50s and 60s tend to have the best rates. Young drivers, on the other hand, pay the highest premiums. That’s because teen drivers are more likely to be in a car accident than any other age group.

Both Erie and GEICO offer discounts that can help offset the high cost of car insurance for young drivers, but households with teens on their policies will still pay significantly more. Here’s what you can expect from each company based on your age.

Erie is cheaper than GEICO for most age groups and especially for teens. In fact, of all the car insurance companies we reviewed, Erie offers the cheapest rates to teen drivers. It’s highly unusual to find premiums below $100 for teens.

Compare Erie vs. GEICO Car Insurance by Gender

Most car insurance companies will consider your gender when setting your car insurance rates, and women will pay slightly less than men at most insurers. At a younger age, the difference is usually more pronounced because teen males are more than twice as likely to die in a crash as teen females, according to the CDC.

Which is cheapest for men?

GEICO is cheaper on average for men, but only by a couple of dollars. Both companies beat the national average premium for men, and only USAA offers cheaper rates.

Which is cheapest for women?

GEICO is cheaper than Erie for women on average, but again, the difference is slight. Both insurers are cheaper than the national average rate for women, and only USAA offers cheaper rates than GEICO.

Compare Erie vs. GEICO Car Insurance by Mileage

Your estimated mileage tends to have a minimal impact on your car insurance premiums, but low-mileage drivers will pay slightly less at most insurers. Low-mileage drivers can often realize greater savings by enrolling in a usage-based program. Both GEICO and Erie offer telematics programs that can help you save or earn rewards based on your actual driving behavior.

Which is cheapest for drivers with high mileage?

GEICO offers high-mileage drivers cheaper rates than Erie, but only by a matter of a few dollars. Both companies beat the national average rate for high-mileage drivers.

Which is cheapest for drivers with low mileage?

GEICO is cheaper for low-mileage drivers than Erie, but only by a matter of a few dollars. Both insurers offer better rates than the national average.

Compare Erie vs. GEICO Car Insurance by Credit Score

Unless prohibited by state law, most car insurance companies consider your credit-based insurance score—a score generated from information in your credit report—when establishing your insurance premiums. That’s because studies have found a correlation between poor credit and more frequent or costly insurance claims.

Drivers with excellent credit will pay the lowest rates, and those with good credit will enjoy generous rates as well. But rates spike at some companies for drivers with poor credit. Here’s what you can expect from Erie and GEICO.

Which is cheapest for good credit?

Erie is slightly cheaper than GEICO for drivers with good or excellent credit, and both insurers offer cheaper premiums than the national average rate.

Which is cheapest for bad credit?

Erie charges drivers with average and poor credit higher rates than GEICO. The difference in price between the two companies is especially steep for those with poor credit. However, both insurers offer rates lower than the national average.

Compare Erie vs. GEICO Car Insurance by Driving Record

Your driving history is an important factor in determining your car insurance rates. If you have infractions like speeding tickets or DUIs on your record, car insurance companies are going to view you as a greater risk and charge you higher premiums. Sometimes, you can offset the high cost by taking a defensive driving course to earn a discount, so ask your insurance agent.

While your driving record isn’t the only factor taken into account, it will significantly affect your rates. Here’s what Erie and GEICO charge drivers on average based on their past violations and accidents.

Which is cheapest for good drivers?

GEICO charges slightly less than Erie for drivers without any infractions in their driving history, but the two insurers are close in price. You should check your individual rates with Insurify before choosing a company. Both Erie and GEICO offer cheaper premiums than the national average for drivers with a clean record.

Which is cheapest after a speeding ticket?

Erie is slightly cheaper than GEICO on average for drivers who have been caught speeding. But both insurers charge generous rates below the national average.

Which is cheapest after an accident?

Drivers with accidents on their record pay slightly less at Erie than at GEICO, but both companies beat the national average. State Farm also offers comparably low rates to drivers who have been in crashes.

Which is cheapest after a DUI?

A DUI is a serious offense, so it’s not surprising that GEICO hikes up rates for DUI drivers. Erie’s rates are cheaper on average for DUI drivers, but they’re not the cheapest. State Farm and USAA both offer lower rates. However, rates from both Erie and GEICO are lower than the national average.

Erie vs. GEICO Car Insurance: What discounts does each offer?

Erie Discounts

• Multi-policy

• Vehicle storage

• Safety features (airbags, anti-theft devices, antilock brakes, etc.)

• Full pay

• Youthful driver

• College student

GEICO Discounts

• Multi-policy

• Multi-vehicle

• Membership & employee

• Federal employee

• Military

• Emergency deployment

• Good student

• Defensive driving

• Driver’s education course

• Safety features (daytime running lights, anti-theft system, etc.)

• New vehicle

• Good driver

Our Methodology and How We Compared Erie and GEICO

The car insurance quotes provided in Insurify’s insurance company comparison guides are based on the analysis of over 50 thousand insurance quotes from 500 ZIP codes nationwide. Insurify’s data science team performs a comprehensive analysis of factors car insurance providers weigh to calculate rates, including driver demographics, driving record, credit score, desired coverage level, and more to give representative samples.

Insurify’s analysis also incorporates the Insurify Composite Score (ICS) assigned to each insurance provider. The ICS is a proprietary rating calculated by weighing multiple factors that reflect the quality, reliability, and health of an insurance company.

Ratings used to calculate the ICS include Financial Strength Ratings from A.M. Best, Standard & Poor’s, Moody’s, and Fitch; J.D. Power ratings; Consumer Reports customer satisfaction surveys and customer complaints; mobile app reviews; and user-generated company reviews.

With the above insights and ranking methods, Insurify is able to offer car insurance shoppers a window into how insurance providers compare to one another in terms of both cost and quality.