GEICO prices every policy individually, so a quote that looks expensive is usually about your own rating factors, not a flat company-wide markup. Age, driving record, the car you drive, where you live and the coverage you choose all feed into the number GEICO gives you.
Two drivers can get very different GEICO quotes because their rating factors differ. Auto insurance costs have also been climbing industry-wide, on top of whatever GEICO’s own rating rules say about you.
Key Takeaways
- GEICO’s published rating factors include age, driving record, credit-based score where states allow it, vehicle type and repair cost, ZIP code, mileage, and your coverage limits and deductible.
- Optional coverage you’ve added, such as roadside assistance or rental reimbursement, raises the total even though each is a separate, adjustable cost.
- Rising accident severity, repair costs and litigation have pushed auto insurance prices up industry-wide in recent years, not just at GEICO.
- Ask GEICO about your discounts, revisit your deductible and coverage limits, and compare a fresh quote elsewhere. All three can lower the price without guessing at what’s driving it.
What Actually Sets Your GEICO Price
GEICO’s own explanation of how it determines premiums lists the factors it weighs. Younger drivers, especially teens, “tend to pay more for car insurance because they have less experience behind the wheel.” Accidents, speeding tickets and DUI convictions “typically lead to higher premiums.” In states that allow it, GEICO says insurers “may use your credit-based insurance score as part of the risk assessment,” so this factor doesn’t apply everywhere.
Your vehicle matters too: newer or higher-end cars typically cost more to insure than older, less expensive ones, and models with specialized parts or high repair costs can mean pricier claims. Location plays in as well. A densely populated ZIP code with more traffic, accidents or vehicle theft can raise your premium, and so can heavy mileage from a long commute. For how these factors work across insurers generally, see our guide to factors that influence your auto insurance rates.
Your Coverage Choices Add Up
The coverage you select changes the bill directly. Comprehensive and collision cost more than liability alone, a lower deductible raises the premium because GEICO covers more of each claim, and higher liability limits cost more too. GEICO’s own guidance is direct: raising your deductible “can lower your monthly premium, but you’ll pay more out of pocket if you need to file a claim.”
Optional protections add to the total as well. Common ones include:
- Roadside assistance: a convenience add-on. Check what GEICO roadside assistance covers before deciding if you need it.
- Rental reimbursement: pays for a rental car while yours is being repaired. See how GEICO rental reimbursement works.
Gap insurance isn’t one of them: GEICO’s own site says its auto offerings don’t include it. See whether GEICO offers gap insurance for where to find it.
Rising Costs Across the Industry
Some of what you’re seeing isn’t specific to GEICO. The National Association of Insurance Commissioners’ latest Auto Insurance Database Average Premium Supplement puts the countrywide average combined auto insurance expenditure at $1,281.60 for 2023, a 19.21% increase since 2019. That’s an industry-wide average across all insurers and drivers, not a GEICO number or a quote for you.
The Insurance Information Institute’s report on personal auto insurance rate trends attributes recent increases to a mix of factors: high inflation raising material and labor costs, more severe accidents driving up claims, greater litigation, more expensive repairs on technology-heavy vehicles, and supply-chain pressure. None of that is unique to one insurer, and it explains part of why rates generally have moved up, separate from anything specific to your own driving.
What You Can Do About the Price
Start with what you can control. Our full list of ways to lower your insurance costs covers this in more depth, but the short version is below.
- Ask GEICO which discounts you’re missing. Membership in certain groups can qualify for an affiliation discount.
- Ask about a course credit. A completed course may qualify you for a defensive driving discount in some states.
- Revisit your deductible and limits. A higher deductible you can actually afford lowers the premium; coverage or limits you added years ago may no longer fit your car’s value.
- Drop optional coverage you don’t use. If you already have another way to handle a breakdown or rental car, paying GEICO for the same protection twice doesn’t make sense.
- Get a fresh quote periodically. Rating factors and rates both change over time, so compare car insurance quotes from a few insurers with the same coverage and limits to see where GEICO stands today.
If the price still doesn’t make sense after checking these, ask a GEICO representative directly which factors are driving your specific quote. Our guide to how much GEICO car insurance costs walks through what a real quote depends on.