Geico vs. State Farm

Geico vs. State Farm comparison

Geico and State Farm are both leaders in the auto insurance industry, offering coverage nationwide. Both companies have different strengths: Geico offers coverage to drivers with a wide range of driving histories, while State Farm consistently pulls above-average customer satisfaction scores from J.D. Power.

Geico pros and cons

State Farm pros and cons

Is Geico cheaper than State Farm?

While Geico's average rates are below the national average for both minimum and full coverage, State Farm's average rates are actually slightly higher than the national average, according to Bankrate’s analysis of premium data from Quadrant Information Services. While State Farm will write policies for some high-risk drivers, Geico tends to offer the same type of coverage at a cheaper rate. Below you can see how each carrier's average rates stack up across a variety of common driver profiles. 

Geico vs State Farm: discounts

When rates are similar between insurance companies, discount offerings may be the deciding factor. Comparing Geico vs. State Farm, Geico has more potential discounts than State Farm, but there are a few State Farm has that Geico does not offer. 

Discounts available from both carriers

Geico and State Farm offer several discounts and some of them are very similar. Both offer bundling, good driver, defensive driver, and telematics discounts, but the stipulation and savings percentage can differ. Other discounts typical to most carriers are vehicle safety features, anti-theft devices and bundling discounts. 

Geico discounts

• New vehicle: Drivers who insure a new car three model years or newer with Geico may save up to 15 percent on car insurance premiums.
• Emergency deployment: If a military insured has to deploy in an emergency to an imminent danger zone, they may be able to save up to 25 percent on car insurance by providing approved orders to Geico.
• Federal employee: Drivers who are current or retired federal employees may be able to save up to 12 percent on car insurance with Geico.

State Farm discounts

• Accident-free: Though both companies offer generous potential discounts, State Farm also offers an accident-free discount, which may reward you if you go three or more years without a claim for an accident.
• Student away at school: Drivers under the age of 25 who go away to college at least 100 miles away from their home and do not take a car with them may be eligible for this discount with State Farm.
• Two telematics programs: While Geico offers a telematics program, State Farm has two: Steer Clear and Drive Safe and Save. Steer Clear is for drivers under 25 and prompts safe driving with videos and quizzes. Drive Safe and Save is for more experienced drivers who may save money based on signup and driving behavior. 

Geico and State Farm telematics programs

Telematics programs, also called usage-based insurance, are a common method for insurance companies to assess your driving behavior. If you demonstrate safe driving, you may qualify for discounts. Geico and State Farm’s telematic plans are app-based, so you only need to download the carrier's app to your smartphone. The app tracks various aspects of your driving, such as speed and braking. Opting into these programs could be beneficial, as some insurers provide notable discounts for safe driving habits — though some drivers may view these systems as invasive.

State Farm offers two telematics programs, but we chose to focus on Drive Safe and Save, as it's targeted to a more general audience than the young drive-focused Steer Clear program. 

Geico vs State Farm: customer experience comparison

The 2024 J.D. Power Auto Claims Satisfaction Study rankings show that State Farm ranks much higher for claims customer service than Geico. On the other hand, Geico outranks State Farm in customer satisfaction in the usage-based section of J.D. Power’s 2024 Auto Insurance Study. This indicates customers who use a telematics program to help calculate their premiums may have a better experience with Geico.

J.D. Power also surveys customers about their experience with digital tools. This includes mobile apps and website capabilities. In this department, State Farm scores above average, while Geico’s score falls below average. If online tools and customer service are important to you, State Farm may be a better fit.

Customer complaints

The National Association of Insurance Commissioners (NAIC) produces a complaint index report to track the prevalence of complaints lodged against insurance companies. The index employs a baseline of 1.0. Scores below 1.0 indicate that a provider had fewer complaints than expected for its size and vice versa.

Geico auto insurance customer complaints

State Farm auto insurance customer complaints

Frequently asked questions

Methodology

Bankrate utilizes Quadrant Information Services to analyze November 2024 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Rates are weighted based on the population density in each geographic region. Quoted rates are based on a single, 40-year-old male and female driver with a clean driving record, good credit and the following full coverage limits:

• $100,000 bodily injury liability per person
• $300,000 bodily injury liability per accident
• $50,000 property damage liability per accident
• $100,000 uninsured motorist bodily injury per person
• $300,000 uninsured motorist bodily injury per accident
• $500 collision deductible
• $500 comprehensive deductible

To determine minimum coverage limits, Bankrate used minimum coverage that meets each state’s requirements. Our base profile drivers own a 2022 Toyota Camry, commute five days a week and drive 12,000 miles annually. 

These are sample rates and should only be used for comparative purposes. 

Credit-based insurance scores: Rates were calculated based on the following insurance credit tiers assigned to our drivers: “poor, average, good (base) and excellent.” Insurance credit tiers factor in your official credit scores but are not dependent on that variable alone. Four states prohibit or limit the use of credit as a rating factor in determining auto insurance rates: California, Hawaii, Massachusetts and Michigan. 

Incidents: Rates were calculated by evaluating our base profile with the following incidents applied: clean record (base), at-fault accident, single speeding ticket and single DUI conviction.

Age: Rates were calculated by evaluating our base profile with the ages 25-70 (base: 40 years) applied. Depending on age, drivers may be a renter or homeowner. Age is not a contributing rating factor in Hawaii and Massachusetts due to state regulations.

Bankrate Scores

Our 2024 Bankrate Score considers variables our insurance editorial team determined impacts policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories.

Each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. Our scoring model provides a comprehensive view, indicating when companies excel across several key areas and highlight where they fall short.