Bankers vs. GEICO: Which Company is the Best Fit for You?

Quick Facts

• In general, Bankers offers slightly more affordable premiums than GEICO
• Bankers offers cheaper average prices for policyholders who drive fewer than 12,000 miles annually
• GEICO offers more affordable rates for policyholders who live in the suburbs

Bankers vs. GEICO: Which Company has the Cheapest Car Insurance?

So, you're considering switching your auto insurance. With so many ads from all sorts of companies offering huge discounts, you're probably wondering exactly how much you might be able to save.

You might have narrowed your search down to Bankers or GEICO as potential options, but which one will save you the most?

Looking at the national average rates for both companies, Bankers is about $14 per month less expensive than GEICO.

That being said, Bankers may not be the most affordable or best option for each driver out there. After all, insurance carriers can offer drastically different rates to each driver depending on rating factors like your credit score, your age, where you call home, or even your driving record (among other things), so premiums will vary quite a bit from person to person.

Wanting to know if Bankers or GEICO is really the right company for you? Keep on reading to see how average prices can change based on all of the factors we've mentioned above.

Bankers or GEICO: Average Car Insurance Rates by State

Bankers and GEICO only compete against each other in two states, with Bankers offering more affordable rates to the average driver in all of them. Massachusetts has the most noticable difference, where GEICO prices are over 70% less expensive than car insurance premiums at Bankers.

That being said, there are plenty of other factors that go into your auto insurance payment than just the state you live in. Read on to learn more.

Which is the Best Company For Young Drivers?

Young drivers -- especially teens -- normally pay a lot for insurance compared to older drivers. It's usually because young, inexperienced drivers are statistically much more likely to get into an accident that results in an insurance claim, making them much riskier to insure.

However, that doesn't mean teen drivers can't still save money on their car insurance. As you can see above, teens who use Bankers save nearly $20 a month compared to those who use GEICO.

But both companies will reduce prices by the time you turn 25. GEICO offers the steepest decrease, with 25-year-olds paying less than half what 18-year-old drivers are charged. That being said, Bankers still has the lowest premiums at $160 monthly.

Which is the Best Company for Retired Drivers?

Once you approach retirement age, you'll generally enjoy the most affordable insurance rates you'll ever find. You've been on the road for years, and all that experience pays off when it comes to your monthly prices for auto insurance.

But who has the best rates for retired drivers between Bankers and GEICO? Bankers gets the edge, with premiums for drivers 65 and older $16 cheaper than the national average for GEICO.

Which is the Best Company for Married Drivers?

Did you know that insurance rates are typically less expensive for married policyholders than they are for single drivers? This usually boils down to married drivers having more than one car on their policy -- something a lot of auto insurance carriers will reward with discounts.

If you're in the market for car insurance, Bankers tends to have the lowest average prices regardless of relationship status, with prices around 6% cheaper for single policyholders and almost 10% more affordable for married couples.

Bankers vs. GEICO: Average Rates by Gender

Men are statistically more likely than women to get into collisions and get speeding tickets. That means when it comes to insurance men will normally end up paying a little more.

Typically, men see premiums nearly 10% per month higher with Bankers, and about 4% with GEICO.

When it comes to the cheapest prices for each gender, Bankers offers the lowest average premiums for both men and women. On average, male drivers save about $10 a month and women save around $18 with Bankers compared to the average GEICO policyholder.

Bankers or GEICO: Compare State Minimum vs. Full Coverage Rates

*State minimum value indicates liability-only policies at each state's minimum bodily injury and property damage (BI/PD) limits

**Full coverage indicates state minimum BI/PD limits with collision and comprehensive coverages added to policy.

It's no secret that car insurance can be pretty complicated. Everyone needs auto insurance, but there are so many different terms and coverages that it can be hard to find the right policy.

Even so, the most common policies that many drivers look at fall into two categories -- liability only (that covers bodily injury and property damage for other drivers and their passengers if you cause an accident) and full coverage (which includes two additional coverages -- comprehensive and collision -- alongside liability).

In this case, Bankers offers the cheapest average rates for state minimum liability limits, while GEICO has the edge for full coverage policies with similar coverage limits. Drivers looking for basic state minimum coverage can save around $35 with Bankers Insurance, while full coverage comes out to be about $10 cheaper with GEICO.

Is Bankers or GEICO Better for Drivers with Spotty Records?

It's no big secret that drivers who are accident-free get better deals on their car insurance. But even if you have a spotty record, you can still find plenty of ways to save some cash on your monthly bill.

You'll probably end up paying more with at-fault accidents and tickets on your record, but which of these two companies offers the most affordable premiums to drivers with less-than-ideal driving records?

Which Company is Best for Drivers with Speeding Tickets?

Bankers policyholders can expect their rates to go up an average of $20 per month if they get a ticket, while GEICO typically raises prices around $35 a month, on average.

If you have a clean record, GEICO tends to offer the best premiums at about 5% less expensive, while Bankers has the edge for drivers with a speeding ticket.

Which Company is Best for Drivers After an Accident?

After an accident, drivers who have their insurance through Bankers can expect to see around an $65 -- or about 35% -- increase in their auto insurance prices. Drivers who use GEICO for their insurance will see a monthly bill around $85 (or 43%) more expensive after reporting a collision to their auto insurance carrier.

Overall, the more affordable rates come from Bankers, with monthly prices averaging $186 compared to GEICO's $200.

Which Company is Best for Drivers with a DUI?

On average, a DUI offense is going to cost you much more than a single accident or ticket when it comes to your car insurance bill. For example, GEICO increases average rates by over $150 per month -- that's just under a 60% increase.

How does Credit Score Impact Bankers and GEICO Rates?

Did you know that many auto insurance carriers take your credit score into account when calculating premiums? This isn't always the case (Hawaii, for example, has banned the use of credit score as a rating factor) but it might come into play for lots of policyholders.

Car insurance companies argue that someone with bad credit is less likely to pay their bills on time, which makes them riskier to insure. Because of that, drivers with bad credit will often be forced to pay more.

So, which company offers the lowest rates for policyholders with good, average, or poor credit?

Which Company is Best for Drivers with Good Credit?

Which Company is Best for Drivers with Bad Credit?

Is Bankers or GEICO Better for Drivers who Work from Home or Have Short Commutes?

How much you drive can have a pretty big impact on your monthly prices. Generally, those who drive less will end up with less expensive premiums since there's less of a chance of getting into an accident and causing an insurance claim.

For both drivers who put 6,000 miles on their vehicles every year, as well as those who average twice that figure, Bankers offers cheaper prices than GEICO. GEICO's average rates for drivers with 6,000 annual miles come in more than $10 more expensive than Bankers. Those who drive 12,000 miles yearly can expect to pay over $15 more with GEICO over Bankers.

Bankers vs. GEICO: Compare Rates for Urban, Suburban, and Rural Drivers

We've already mentioned how your home state can play a role in how much you pay for insurance, but the type of area you live in can have a large impact as well. Usually, those who live in rural areas will pay less than drivers in urban areas due to the small number of vehicles that are on the roads in those areas.

Looking at these carriers side-by-side, Bankers boasts the cheapest average premiums in rural and urban areas, while GEICO wins in suburban areas.

If you live in a rural area, you can expect to save about 28% with Bankers compared to GEICO. Drivers in suburban ZIP codes pay around 18% less with GEICO compared to Bankers. In urban areas, Bankers Insurance's average prices are about 18% less than GEICO.

Bankers vs. GEICO Discounts

Regardless of why you might be in the market for a new auto insurance policy, you're always going to want to save as much money as possible, and the best way to do that is by utilizing as many insurance discounts as you can.

But with what seems like a million different discounts out there, it can be challenging to nail down the company that has the most discounts for your unique driver profile and to find all the discounts you qualify for.

In the table below, we've compared all of the different discounts offered by Bankers and GEICO so that you can easily see which company offers the most discounts and see which ones you might be able to take advantage of.

GEICO blows Bankers away when it comes to the sheer amount of discounts available, offering 12 more discounts than Bankers.

There are a couple discounts both companies offer, but GEICO also offers commercial drivers license discounts, COVID-19 relief discount, deployed driver discounts, and more that Bankers does not.

On the flip side, Bankers has a couple unique discounts of its own -- annual mileage discounts, continuous insurance discounts, employers subject to ma worker discounts, and more.

Final Thoughts: Is Bankers or GEICO Best for You?

So, you've seen how different factors can affect your car insurance rates. We've shown you all the discounts each carrier offers, too. That's all well and good, but at the end of the day, which company is the best company for you and your specific driver profile?

Bankers might be best for you if....

• You want to save money on your insurance after a collision.
• You already have a great credit score.
• You have a short drive to work everyday.

GEICO might be best for you if...

• You don't have any speeding tickets, DUIs, or at-fault collisions on your record.
• You care about discounts (GEICO offers the most).
• You live in an suburban area.

We hope this guide has ben a valuable resource as you compare Bankers and GEICO. We also hope we've given you the information you need to make the best decision when it comes to your car insurance.

At the end of the day, the best way to make sure you're getting the best deal on your auto insurance policy is to compare quotes from multiple carriers, not just Bankers and GEICO. Luckily, Compare.com does all the hard work for you. Simply enter your ZIP codes below and get multiple quotes from some of the best car insurance companies in your area, all for free.

Bankers vs. GEICO FAQs

Is Bankers or GEICO cheaper?

Looking just at the national average premiums, Bankers is the more affordable of the two carriers, offering average rates of $171 a month compared to $185 for GEICO. But Bankers won't necessarily be the most affordable carrier for each policyholder, since there are lots of different variables that come into play when it comes to your insurance bill.

Who is better, Bankers or GEICO?

Sadly, the real answer is "it depends.". One company is not necessarily "better" for every driver -- it all depends on the makeup of your unique auto insurance profile.

Why do Bankers and GEICO offer me different rates?

Insurance companies take a look at many different factors when determining the prices they charge policyholders. Variables like where your home is, age, gender, where you park your car, and sometimes even things like your credit score can all be used. Both Bankers and GEICO calculate rates using different formulas, so each one will most likely offer different prices. The only real way to see which carrier is the cheapest for you is by comparing personalized quotes from a variety of different carriers.

How do I know if Bankers or GEICO is right for me?

The only way to find the car insurance company that's right for you is by getting quotes from a handful of companies and finding the one best suited for your individual budget. Luckily, sites like Compare.com do all the hard work for you. Just enter your ZIP code and you'll get free quotes from dozens of the best auto insurance carriers in your area. With those, you can guarantee you're getting the best rate. And who knows, the best carrier for you might not be Bankers or GEICO at all!

Methodology

All of the data referenced in this article has been gathered in collaboration with Quadrant Information Services. We analyzed more than 2.5 million rows of carrier-reported data to calculate the average rates referenced above. All rates are based on an insurance profile of a single-vehicle policy for a driver that owns a 2016 Honda Accord. For more information on how we calculate rates, please reference our data methodology.