Compare State Farm vs. GEICO: Quotes, Discounts (2023)

State Farm vs. GEICO: A Summary

State Farm and GEICO are respected auto insurance providers that offer comparable average rates, $52 per month and $47 per month, respectively. However, certain groups of drivers may still find better premiums with GEICO vs. State Farm and vice versa. Read this insurance review to help you compare car insurance rates and learn more about each company.

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.

State Farm

State Farm is the largest insurance provider in the nation by market share and has strong financial rankings. You can find a variety of policies with State Farm, from basic property damage liability insurance to full coverage, but it doesn’t offer gap insurance. However, if you qualify for its Payoff Protector feature, you may not need gap insurance.

GEICO

GEICO is a respected insurance provider with solid customer satisfaction ratings. You can find a variety of coverage options with GEICO, including rideshare insurance and emergency roadside assistance. However, GEICO doesn’t offer gap insurance, which your lending institution may require.

The Best Car Insurance Companies in 2022

State Farm may be a good option for drivers with speeding tickets, DUIs, or at-fault accidents on their record. These offenses—especially accidents and DUIs—can raise your quote with GEICO, but State Farm average rates typically stay low for high-risk drivers.

Compare State Farm vs. GEICO: Which Is Cheaper?

State Farm and GEICO both offer competitive rates, but certain groups of drivers can see a bigger difference between these providers. For example, drivers with a poor credit score can expect to pay $53 more per month, or $636 more per year, with State Farm. In contrast, drivers with a DUI can expect to pay $19 more per month, or $228 more per year, with GEICO.

The Cheapest Car Insurance Companies in 2022

State Farm and GEICO have comparable rates for most groups of drivers, with a few exceptions, such as drivers with bad credit and those with offenses on their driving records. You may consider using Insurify to compare real-life quotes with both providers to see which one is cheaper for you.

Compare State Farm vs. GEICO Car Insurance by Age

Teen drivers can expect the highest insurance premiums with both State Farm and GEICO, $116 and $113 per month on average. It’s common for teen drivers to pay more for their insurance policies than more mature drivers because they don’t have as much experience behind the wheel, and many auto insurance companies consider them to be high-risk drivers because of this.

On average, young drivers in their 20s pay $50 per month with State Farm and $46 per month with GEICO. Mature drivers in their 50s can expect the lowest rates, $43 per month with State Farm and $38 per month with GEICO. Typically, GEICO offers slightly lower rates to most age groups. However, drivers in their 30s, 70s, and 80s may find better rates with State Farm.

Compare State Farm vs. GEICO Car Insurance by Gender

According to Insurify data, your gender can impact your auto insurance rate. On average, men pay $36 more per year than women for their insurance coverage. Some providers believe that men are more prone to high-risk driving behaviors, such as speeding and driving under the influence, than women and give them a higher quote.

Men can expect to pay slightly higher premiums than women with both State Farm and GEICO. On average, men pay $48 more per year than women with State Farm and $12 more per year than women with GEICO. California, Hawaii, Massachusetts, Maine, Michigan, Montana, North Carolina, and Pennsylvania do not allow insurers to use your gender to calculate your quote.

Which is cheapest for men?

On average, men pay $54 per month with State Farm and $47 per month with GEICO for their car insurance policy. The difference in these rates amounts to $7 per month, or $84 per year. Consider comparing your car insurance rates with Insurify to see which provider will give you the best rate.

Which is cheapest for women?

On average, women pay $50 per month with State Farm and $46 per month with GEICO. This amounts to a $48 difference in annual premiums. Your exact quote will depend on your preferred coverage options and whether you qualify for any insurance discounts.

Compare State Farm vs. GEICO Car Insurance by Mileage

With some car insurance companies, low-mileage drivers—those who cover less than 5,000 miles per year—may qualify for slightly lower rates. However, Insurify data shows that low-mileage drivers typically don’t get cheaper quotes than high-mileage drivers with State Farm or GEICO. With these insurers, both low-mileage and high-mileage drivers can expect to pay similar rates.

Which is cheapest for drivers with high mileage?

On average, drivers who cover over 15,000 miles per year pay $50 per month with State Farm and $46 per month with GEICO. This amounts to a $48 annual difference. Bundling your car insurance policy with homeowners or renters insurance may help you save money.

Which is cheapest for drivers with low mileage?

Low-mileage drivers may find cheaper car insurance rates with GEICO. On average, drivers who cover less than 5,000 miles per year pay $51 per month with State Farm and $46 per month with GEICO, $5 less. Drivers who cover 10,000 miles per year pay $50 per month with State Farm and $46 per month with GEICO, $4 less.

Compare State Farm vs. GEICO Car Insurance by Credit Score

Your credit score may impact your car insurance quote in some states. California, Hawaii, Massachusetts, and Michigan don’t allow providers to use your credit score when calculating your quote. However, in other states, drivers with a bad credit history may pay higher insurance premiums than drivers with good credit.

Which is cheapest for good credit?

On average, drivers with an excellent credit score pay $34 per month with State Farm and $37 per month with GEICO, $3 higher. Drivers with a good credit score can expect to get the same quote with both State Farm and GEICO, $43 per month, or $516 per year.

Which is cheapest for bad credit?

According to Insurify data, drivers with an average credit score pay $51 per month with State Farm and $46 per month with GEICO, $5 lower. If you have a poor credit score, you can expect to pay $64 per month for GEICO auto insurance and a whopping $117 per month for a policy with State Farm, $53 higher. This monthly difference amounts to a $636 annual difference.

Compare State Farm vs. GEICO Car Insurance by Driving Record

Your driving history is one of the most important factors when it comes to your car insurance quote. Auto insurance providers assume that drivers with clean records are going to continue to practice safe driving and are less likely to file a claim. As a result, good drivers get better quotes than drivers who have speeding tickets, at-fault accidents, and DUIs on their record.

Different insurance companies have different definitions of what a “good driver” means. Depending on the insurer, you may need to have maintained a clean driving record for three or more years to qualify as a “good driver.”

Which is cheapest for good drivers?

On average, good drivers can expect to pay $51 per month with State Farm and $46 per month with GEICO, $5 less. Both of these quotes are below the national average—$78 per month—but getting a car insurance policy with GEICO may help good drivers maximize their savings.

Which is cheapest after a speeding ticket?

Drivers with a speeding ticket on their record may find a better rate with GEICO. On average, State Farm drivers with a speeding ticket pay $59 per month for their policy, while GEICO drivers pay $57 per month. This difference in monthly rates amounts to $24 per year. Having multiple speeding tickets on your record may result in a higher quote.

Which is cheapest after an accident?

Drivers with an accident on their record can expect to pay $65 per month with State Farm and $72 per month with GEICO, $7 higher. Having multiple accidents on your driving history may raise your quote with both providers.

Which is cheapest after a DUI?

A DUI on your record has a strong impact on your car insurance quote, raising it to $75 per month with State Farm and $94 per month with GEICO on average, $19 higher. While these average quotes are still below the national average, you may consider using Insurify to compare quotes and see which provider will give you the best rate.

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

State Farm Discounts

The discounts below are the basic discounts State Farm offers to all drivers. Depending on what state you live in, you may qualify for other discounts.

• Safe driver

• Accident-free

• Defensive driving

• Vehicle safety

• Passive restraint

• Anti-theft

• Multi-car

• Multi-policy

GEICO Discounts

Below are some of the discounts GEICO offers. Depending on what state you live in, you may qualify for other discounts.

• Airbag

• Antilock brakes

• Anti-theft

• Daytime running lights

• New car

• Safe driver

• Seat belt use

• Defensive driving/driver’s ed

• Good student

• Emergency deployment

• Federal employee

• Military

• Multi-vehicle

• Multi-policy

Our Methodology and How We Compared State Farm 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.