While the demand message has evolved over the years, the most common abstain in a GEICO commercial is “ 15 minutes could save you 15 % or more on car indemnity. ” We ’ ve all hear it thus many times, it ’ south share of our subconscious at this charge .
But is it actually on-key, do you in truth save 15 % or more with GEICO ?
We analyzed data from Priceonomics customer Raltin, a finance data company that combed through public policy filings in eight states to find out if GEICO saves you money. We looked at the quoted rates for drivers with clean drive records and comparable policies to see how GEICO premiums compare to the median in each state .
We found that across the eight states we looked at, GEICO rates were almost 20% cheape gas constant than the state median. In every express we looked at, GEICO was cheaper than the medial and the discounts ranged from 12 % to 34 % .
however, while GEICO is cheaper than the median, it ’ s not always the cheapest choice. We did a deep dive in California and found that both Metromile and USAA were cheaper than GEICO and that it hush pays to comparison workshop .
***
Before diving into the data, all the psychoanalysis downstairs is just on drivers with a “ clean ” drive record ( meaning no holocene accidents or tickets ), unless differently noted. It ’ s entirely possible among those with more check tug histories, the results could be different. additionally, this datum comes from policy companies filing their rates with state governments in response to survey questions regarding how much they charge drivers based on the policy and drivers characteristics ( the cable car, their history, age ) .
Raltin
generator : Raltin
Across the eight states we examined, GEICO was 19.8 % cheaper than the median pace in the country .
The medial rate across our sample of states was $ 2,269 per year for a cable car policy policy. GEICO, however, was $ 1,821 per year, a savings of over $ 400 and 19.8 % .
According to this data dress, there appears to be some truth to the claim that GEICO can save you over 15 % on the your car insurance policy. That pace of savings, however, can vary dramatically by state .
The graph below shows the median GEICO agio versus the state of matter median for drivers with clean drive records, split out by state of matter :
Raltin
source : Raltin
In all the states we looked at, GEICO is less expensive than the state median. however, in places like Arizona and Maryland, GEICO savings are over 30 % versus the distinctive insurance company in the state. In states like Louisiana and Colorado, the savings are a more humble 12 %, but still substantial.
therefore, if you ’ re primarily interest in getting the lowest price, should you just go with GEICO since this analysis shows it is less expensive ?
not precisely. This analysis indicates that GEICO is cheaper than the median in the state of matter, but that doesn ’ triiodothyronine beggarly it ’ randomness always the cheapest option .
To illustrate this target, let ’ s do a trench dive in the country of California. The chart below shows the median price of a car insurance policy from popular carriers among drivers with clean records .
Raltin
generator : Raltin
In California, while GEICO surely is on the more low-cost range of options, it ’ s not the cheapest according to this data. Metromile, a company that charges based on how a lot you drive rather of a flat fee, has the lowest median price. USAA, a party that offers policies for military members, veterans, and their families is besides slenderly cheaper than GEICO in this analysis .
In general, indemnity companies ’ prices have a broad range so a caller with a higher median price, may offer you a discount that GEICO wouldn ’ t based on your particular circumstance .
The chart below illustrates the importance of shopping about. The first gear data point is GEICO, as compared to the price by percentile ( 10th, 25th, 50th, 75th, 90th ) in California .
Raltin
reference : Raltin
typically, GEICO is less expensive than the fiftieth percentile monetary value in California. however, you might get a truly good quote from an insurance company that ’ s in the tenth percentile ( $ 1,471 ) or 25th percentile ( $ 1,780 ), which is cheaper than the medial GEICO price. Or, GEICO could even quote you a monetary value that ’ s lower than their median and you can get an even better manage .
In fact, every country we looked at the median GEICO was cheaper than the state median, but not cheaper than a “ 10th percentile good deal. ”
Raltin
source : Raltin
The monetary value variance in the prior chart highlights the importance of comparison denounce since you never know if you ’ re going to get a great tenth percentile quote or a frightful 90th percentile quote from a mailman. What ’ s more, in many states even a 25 % percentile quote can be cheaper than the median GEICO price .
however, as this analysis shows, GEICO can truthfully make the claim of saving you over 15 % on your cable car policy. As for whether it takes you just 15 minutes to get the discount, that ’ s a report for another day .