GEICO, thelargest brand advertiserin America, spends fine over a exchange rate dollars a year come drive residence the blog post that you have the right to save money with GEICO.

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While the exact message has advanced over the years, themost common refrainin a GEICO advertising is “15 minutes might save friend 15% or more on car insurance." We’ve every heard that so numerous times, it’s component of our subconscious in ~ this point.


But is it yes, really true, execute you really save 15% or more with GEICO?

We analyzed data native Priceonomics customerRaltin, a finance data firm that combed v public insurance filings in eight says to discover out if GEICO saves you money. We looked at the quoted rates for motorists with clean control records and comparable plans to see exactly how GEICO premiums to compare to the average in each state.

We found that across the eight claims we looked at,GEICO rates were almost 20% cheaper 보다 the state median. In every state we looked at, GEICO was cheaper than the median and also the discounts ranged from 12% to 34%.


However, if GEICO is cheaper than the median, that not always the cheapest option. Us did a deep dive in California and also found the both Metromile and also USAA were cheaper than GEICO and also that it still payment to compare shop.

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Before diving into the data, all the analysis below is simply on chauffeurs with a “clean” driving document (meaning no recent crashes or tickets), uneven otherwise noted. It’s entirely possible among those with more checkered driving histories, the results can be different. Additionally, this data originates from insurance companies filing their prices with state governments in an answer to inspection questions concerning how much they fee drivers based upon the policy and also drivers features (the car, your history, age).


friend save much more than 15%

Raltin

Source:Raltin

Across the eight says we examined, GEICO to be 19.8% cheaper than the typical rate in the state.

The typical rate throughout our sample of says was $2,269 every year for a auto insurance policy. GEICO, however, to be $1,821 per year, a to save of end $400 and 19.8%.

According to this data set, there shows up to it is in some fact to the insurance claim that GEICO have the right to save you end 15% ~ above the your automobile insurance policy. That price of savings, however, can vary considerably by state.

The chart listed below shows the typical GEICO premium matches the state mean for chauffeurs with clean control records, separation out by state:


Geico premiums by state.

Raltin

Source:Raltin

In all the states we looked at, GEICO is much less expensive 보다 the state median. However, in areas like Arizona and Maryland, GEICO savings are over 30% matches the typical insurer in the state. In states favor Louisiana and Colorado, the savings room a an ext modest 12%, yet still substantial.

So, if you’re mainly interested in obtaining the shortest price, must you simply go through GEICO because this evaluation shows it is much less expensive?

Not exactly. This analysis indicates that GEICO is cheaper 보다 the average in the state, however that doesn’t typical it’s always the cheapest option.

To highlight this point, let’s carry out a deep dive in the state the California. The chart below shows the typical price of a auto insurance policy from well-known carriers among drivers v clean records.


Premiums by firm in CA.

Raltin

Source:Raltin

In California, while GEICO absolutely is on the an ext affordable selection of options, it’s no the cheapest according to this data. Metromile, a agency that charges based upon how lot you drive instead of a level fee, has actually the lowest average price. USAA, a company that offers policies for army members, veterans, and also their families is additionally slightly cheaper than GEICO in this analysis.

In general, insurance allowance companies’ prices have actually a wide range so a company with a greater median price, may offer girlfriend a discount that GEICO wouldn’t based upon your particular circumstance.

The chart below illustrates the prestige of shopping around. The very first data point is GEICO, as compared to the price through percentile (10th, 25th, 50th, 75th, 90th) in California.


Rates compared to percentiles.

Raltin

Source:Raltin

Typically, GEICO is much less expensive than the 50th percentile price in California. However, you could get a really an excellent quote from an insurer it is in the 10th percentile ($1,471) or 25th percentile ($1,780), i beg your pardon is cheaper 보다 the median GEICO price. Or, GEICO can even quote girlfriend a price that’s reduced than their median and also you can acquire an even better deal.

In fact, every state us looked in ~ the median GEICO to be cheaper than the state median, but not cheaper 보다 a “10th percentile good deal.”


GEICO versus range of various other options.

Raltin

Source:Raltin

The price variance in the prior chart highlights the prestige of to compare shopping since you never understand if you’re going to gain a great 10th percentile quote or a devastating 90th percentile quote native a carrier. Those more, in countless states even a 25% percentile quote have the right to be cheaper than the median GEICO price.

However, as this evaluation shows, GEICO have the right to truthfully make the case of conserving you end 15% on your car insurance. Together for whether it bring away you just 15 minute to acquire the discount, it is a story for another day.

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Priceonomics

We help companies rotate their data into content marketing that performs. All carriers have interesting data and also Priceonomics helps revolve that data into an excellent stories that…

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We assist companies rotate their data right into content marketing that performs. All carriers have exciting data and also Priceonomics helps rotate that data into great stories that create press, traffic, and also customers. We likewise run Priceonomics.com, a media site where us publish data-driven stories and also long form content.