Erie Insurance and GEICO are prominent players in the car insurance market. Though smaller in market share according to National Association of Insurance Commissioners (NAIC) data, Erie advertises customer loyalty and has unique policy options. GEICO, a national insurer, has more affordable liability-only rates and an extensive list of discounts.
You should compare car insurance quotes, customer service reviews, discounts, and coverage options to determine whether Erie or GEICO better suits your insurance needs.
For overall coverage, Erie Insurance is the better car insurance option for most people. Although GEICO is a bit more affordable for liability-only insurance, Erie offers cheaper full-coverage quotes.
Erie also has more coverage choices, like gap insurance and new-car replacement, which GEICO doesn’t have. However, GEICO has the upper hand with more discount options, which can help lower your car insurance bill. In the end, whether Erie or GEICO is the better choice depends on your specific needs and what you’re looking for in terms of coverage and discounts.
With 1.3% of the personal auto insurance market share, Erie is the 13th-largest auto insurer. Erie Insurance Group claims to have a loyal customer base, with 90% of its customers renewing their policies year after year. The company earned an A+ (Superior) financial strength rating from AM Best. Erie ranked higher in customer satisfaction than GEICO in the J.D. Power 2023 U.S. Auto Insurance Study.
GEICO is the third-largest car insurance company, with a significant 13.8% of the market share. The company maintains an above-average customer satisfaction score from J.D. Power. A below-average number of GEICO customers filed complaints with the NAIC, and GEICO earned an A++ (Superior) financial strength rating from AM Best.
Erie’s YourTurn and GEICO’s DriveEasy are telematics programs that can help lower premiums for good drivers. However, higher-risk drivers may see an increase in premiums.
YourTurn tracks driving behaviors through a mobile app. Safe driving behavior can help you earn cash rewards from Erie to redeem for gift cards or charitable donations. YourTurn isn’t available in Kentucky, North Carolina, New York, and Washington, D.C.
DriveEasy also uses a mobile app to track driving behavior. GEICO automatically adjusts your rate depending on your driving practices. It isn’t available in all states, so check with a GEICO insurance agent for more information.
GEICO is the cheapest car insurance company for liability-only rates. However, drivers tend to pay less for full-coverage insurance with Erie than GEICO.
It’s important to note that your car insurance rate will depend on numerous factors. Your age, credit history, driving record, and coverage type affect how much you pay. Your geographical location and your vehicle’s make and model also play a significant role.
GEICO just barely beats out Erie Insurance in offering lower rates for liability-only coverage for good drivers, but Erie has cheaper full-coverage options for people with a clean driving record.
The lowest rates for drivers with a speeding ticket depend on whether you want liability-only or full-coverage insurance. Erie has more affordable car insurance quotes for full coverage, while GEICO has cheaper coverage for liability insurance.
Teen drivers in the U.S. can typically save on car insurance premiums by going with an insurance policy from GEICO since Erie tends to be pricier for young drivers.
For drivers with bad credit, GEICO typically has the cheapest rates compared to Erie, making it a good option for people with less-than-ideal credit histories. Generally, drivers with good or excellent credit pay less for auto coverage than people with poor credit.
Both GEICO and Erie offer affordable car insurance coverage for senior drivers, providing a cost-effective option for drivers in their 50s, 60s, and 70s.
Both insurers offer the basic policy types you’d expect from a car insurance company: bodily injury liability, property damage liability, personal injury protection, uninsured/underinsured motorist, collision coverage, and comprehensive coverage. Whether you opt for GEICO or Erie, you can customize your policy to fit your needs.
Erie offers a few add-on insurance products that GEICO doesn’t, including gap insurance. Plus, your Erie insurance policy automatically covers veterinary care costs if your pet incurs an injury in a car accident while in your car. GEICO offers mechanical breakdown coverage, but Erie doesn’t.
In the table below, you can compare coverage offerings from Erie and GEICO.
GEICO offers a wider range of discounts than what you can qualify for at Erie. Full-coverage policies cost more from GEICO than Erie, on average. Depending on your situation and eligibility, qualifying for discounts could make coverage from GEICO cheaper than Erie for liability insurance, too.
Compare the discount offerings from the two companies below.
While shopping for car insurance, you should compare quotes from multiple insurers. Here’s what else you need to know about auto coverage from GEICO and Erie.
GEICO can offer lower car insurance premiums because it sells insurance directly to consumers and offers a lot of discounts. For instance, GEICO offers some discounts that Erie doesn’t, such as savings for insuring a new vehicle and for safe driving.
State Farm is comparable to GEICO for auto insurance coverage. Both companies offer competitive prices and have a strong reputation in the industry and with consumers. However, State Farm’s market share is larger than GEICO’s, with 17% compared to GEICO’s 13.8%.
Yes. Erie has a solid reputation for paying claims. Erie ranked second in the J.D. Power 2023 U.S. Auto Claims Satisfaction Study. Erie also has a high financial strength rating of A+ (Superior) from AM Best. This indicates the company can pay out claims on its insurance policies.
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