TOP 10 Geico Competitors and Alternatives in 2022 [Full Guide]

The Government Employees Insurance Company (GEICO) is America’s 2nd largest auto insurer. It is a private company and operates as Berkshire Hathaway’s subsidiary.

This company’s headquarters are located in Chevy Chase, Maryland and it has employed over 40,000 personnel to sell insurance products and provide satisfying services.

Leo Goodwin Sr. along with his wife Lillian Goodwin founded GEICO in 1936. They aimed to serve federal government employees and their families.

The co-founders had invested $25,000 and gained an investment of $75,000 from Cleaves Rhea, a Texas-based banker.

They moved this company to Washington D.C. to attract more federal employees and this tactic worked! Today, GEICO is offering coverage for over 28 million vehicles.

It has served over 17 million policy holders by 2019 and more after that. This company serves consumers across all 50 states in the USA.

It has top-skilled insurance agents and a user-friendly web portal to endorse and sell its products. Continue reading to learn more about this company and its competitors.

Insurance Products Offered by GEICO

GEICO offers the following 4 types of insurance products

  • Vehicle insurance

This company insures everything that people use to commute comfortably and safely. It insures vehicles running on the road, water, and trails. GEICO has designed and sold cost-effective car insurance policies for the past 85 years.

Consumer-friendly policies have helped consumers save more than $500 on an average. It’s one of the best car insurance providers with 97% client satisfaction ratings.

This company provides coverage for ATVs, Boats, Motorcycles, RVs, and other vehicles.

  • Property insurance

GEICO is providing 6 different property insurance products to offer coverage for homeowners and tenants. This insurance can provide the required financial aid in case of fire, theft, flooding, weather damage, and other situations.

It quickly provides insurance quotes for homes, commercial spaces, apartments, and other types of properties.

It provides homeowner’s insurance, renters insurance, co-op insurance, mobile home insurance, landlord insurance, and flood insurance.

  • Business insurance

GEICO’s business insurance products help business owners protect their ventures against financial risks. Customers get financial support to deal with property damage, worker’s compensation, legal liability, and other adverse scenarios.

This insurance company serves both big and small businesses. It promises better rates and simple policies to ensure the business is protected in challenging situations.

It sells Business owners policy, professional liability insurance, general liability insurance, medical malpractice insurance, worker’s compensation policy, cyber liability insurance, and commercial vehicle insurance policies.

  • Additional insurance products

Being one of the leading insurance companies in the USA, GEICO provides several additional insurance products.

Jewelry insurance, life insurance, identity protection, and many such products are available for customers seeking better policies.

This company has grossed $35.093 billion by 2020 and that increase increased in 2021 it generated over $37 billion. Its profit has increased because more and more new customers are choosing this company’s policies.

GEICO Competitors

GEICO is competing with some of the world’s leading insurance companies operating in the USA. Those companies are as follows:

GEICO Competitors and Alternatives

1. State Farm

State Farm is the largest auto insurance company in the USA. It is also the largest casualty and property insurance provider in the country.

When compared in revenue with other Fortune 500 companies, State Farm got the 36th spot. It serves millions of Americans seeking financial protection. Therefore, it is the biggest competitor of GEICO!

This company’s exclusive agents sell its products and they are commonly known as captive agents. Only the company agents are allowed to sell its products and still, this firm attracts millions of customers every year!

Being the leading insurance company in the USA, State Farm covers 16% of the entire insurance market in the country. It gains more than 15% money consumers spend on private auto insurance premiums.

This insurance company has employed over 60,000 professionals and over 19,000 exclusive agents to sell its products. This company realized capital gains of $82.2 billion in 2021.

Geico Competitors State Farm

Related: Panda Express Competitors and Alternatives

2. Progressive

Offering auto insurance at competitive rates, Progressive has become the first pick of vehicle owners with previous accidents.

It is the third-largest auto insurance company in the USA in terms of market share. However, its claims satisfaction ratings are not as good as the top 2 insurers have.

It is the leading commercial auto insurer in the United States of America. Joseph M. Lewis and Jack Green co-founded this company in 1937. It insures motorbikes, passenger vehicles, trailers, PWC, boats, and commercial vehicles.

This insurance firm also sells home, pet, life, and other insurance products through its partner and subsidiary companies. It is one of the leading US-based insurance companies expanded outside the country.

Progressive has gained the 74th ranking on the Fortune 500 Companies list. It employs over 35,000 professionals and has established more than 400 offices across the globe.

This company has a 13% market share and it has gained over $45 billion in the fiscal year 2021.

Geico Competitors Progressive

3. Allstate

Owning 10% of the total available US market, The Allstate Corporation is a major player in the American insurance industry.

It was established in 1931 and its revenue grew to $50.59 billion in 2021. It is often listed among the leading Fortune 500 companies and its successful promotional campaigns have often drawn buyers.

This company has successfully maintained better-than-average claims satisfaction, but it charges higher rates. Buyers are drawn to Allstate’s insurance plans because it offers many discount deals.

$2,349 average annual premium and 3/5 ratings make it an alluring insurance firm for many vehicle owners. This company has written $25.9 billion premiums by relying on local agents.

Over 46,000 professionals are working for this company. They ensure it quickly jumps the ladder to gain the top position in terms of market share.

Geico Competitors Allstate

4. The United Services Automobile Association (USAA)

USAA was founded in 1922 when 25 army officers decided to insure their vehicles. Now, this company provides affordable insurance products to millions of people serving in the military, veterans, and their family members.

Many cadets also choose this company to insure their vehicles and prevent financial troubles in case of an accident. 

This insurance company became the first choice of many people in the country due to its extremely competitive rates. It provides exemplary customer service and other features, but it does not serve all US citizens!

USAA has a 6% market share and it has written $15.8 billion in premiums. It has gained great ratings from insurance company rating agencies and it has become San Antonio’s largest private company.

This company can quickly jump rankings! It can become the top auto insurance company in the USA if it starts serving common citizens!

Geico Competitors USSA

5. Farmers Insurance Group

Many people look for an insurance company with affordable rates. Farmers Insurance Group does not appeal to those shoppers!

It has been providing impressive discount and coverage options along with great customer service. Buyers, who seek better coverage and client satisfaction, choose Farmers!

This company owns 5% of the entire US insurance market share and it has written $12.2 billion in premiums. It began serving farmers by insuring their vehicles at affordable rates.

People liked the service and support they got and thus Farmers Insurance Group became one of the largest insurers in the USA.

This company provides several insurance products and auto insurance is one of them. It has approximately 21,000 employees and it serves customers across all 50 states in the USA.

Farmers Insurance Group is not among the top insurers in terms of overall ratings, but it generates huge annual profit. That’s why it attracts many investors!

Geico Competitors Farmers Insurance Group

6. Liberty Mutual

Being the 6th largest casualty and property insurance company in the USA, Liberty Mutual serves as a diversified global insurer. This company has gained the 71st rank on the Fortune 100 companies list. Its revenue grew significantly in 2020 and that proves buyers admired this company’s policies. 

Liberty Mutual has established offices across 900 locations where more than 45,000 people work for the company.

It had $128.195 billion in consolidated liberties, $156.043 billion in consolidated assets, and $48.2 billion in annual consolidated revenue!

It is one of the most widely chosen insurers in the USA with a 5% market share. It serves clients across 17 countries to provide better health, property, casualty, and life insurance products. Liberty Mutual’s rates can change with respect to the location.

Many buyers have ranked this firm below average in terms of claims satisfaction ratings. Therefore, most experts do not consider Liberty Mutual a major threat to top auto insurers in the USA.

Geico Competitors Liberty Mutual

7. Nationwide

Nationwide is one of the top-rated insurance companies operating in the USA. It was established as the Farm Bureau Mutual during the 20s. It became a popular insurer after a few years.

Its products are not quite affordable and it provides standard coverages. However, this company still has about a 2% market share.

Unlike other insurance companies, Nationwide has donated over $430 million to nonprofit organizations. It provides insurance products across all 50 states and its plans are best when you buy a bundle of home and auto insurance policies.

This company has grossed a revenue of $52.9 billion in 2021. It has made $6.3 billion more than the previous year. Its total adjusted capital increased to $21.9 billion during the previous fiscal year.

Negative remarks from old customers did not affect Nationwide’s business. Therefore, it is a major competitor to GEICO and other top insurers in the USA.

Geico Competitors Nationwide

Also Read: Similar Companies to Equinix

8. American Family Insurance

It is a private mutual company that offers auto, property, and casualty insurance products. Life, health, commercial, and homeowners insurance products are also available for buyers.

Many shoppers choose this company’s retirement and investment planning products designed by financial experts.

It is one of the best when it comes to buying auto insurance. Policy buyers can use one of several discounts this company offers to reduce rates. $1,755 average annual premium and great customer satisfaction ratings make it a lucrative insurer for American citizens.

This company became popular during the 30s due to its affordable insurance policies designed for farmers. Buyers praised the support and products they got and thus non-farmer families also took interest in this company’s products.

Today, this firm is selling insurance products across 17 states in the USA. It has 2% of the entire insurance market share in the USA and its profit is increasing with every passing year!

Geico Competitors American Family Insurance

9. The Travelers Companies

Travelers is the 2nd largest property-casualty insurance provider in the USA. It is ranked 6th position among the top 10 personal insurance writers in the country. It was established in 1853 as St. Paul Fire & Marine.

It got the new name in 2004, but people knew it before that. This company has always provided some appealing discounts on its products. Therefore, it is still among the top 10 auto insurers in the USA.

$2,148 average annual premium and moderate customer satisfaction ratings do not affect Travelers customer loyalty.

It has written premiums worth $4.9 billion and employed over 30,000 professionals. 13,500 independent insurance agents serve this company to promote and sell its products.

This company has developed the IntelliDrive program to determine the best rates for individual drivers. If a driver drives the vehicle safely, premium rates will be lower.

If the driver does not possess safer driving skills, the rates can get much higher. This company promotes safer driving by offering affordable rates. Therefore, it covers 2% of the entire insurance market!

Geico Competitors The Travelers Companies

10. Erie Insurance

It is a property and casualty insurance company that offers home, auto, life, and business insurance products. It has gained the 347th rank on the Fortune 500 Companies list.

Its annual revenue in 2020 has played a crucial role in improving this firm’s ranking among the best.

This company has over 6,000 employees and more than 13,000 licensed agents to work for this firm. It sells insurance products in 12 states across the country. It was founded in 1925, but it did not expand as rapidly as other renowned auto insurers did.

Erie Insurance has been competitive since the beginning and it still maintains a top position in served regions. Therefore, its annual revenue increased by 3.84% in 2021 and it grossed $2.634 billion!

Geico Competitors Erie Insurance