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

Quick Facts

• Based on national averages for auto insurance, GEICO offers significantly less expensive premiums than Electric
• GEICO has more affordable rates for residents of urban areas
• GEICO offers more affordable prices for policyholders who drive fewer than 12,000 miles each year

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

Are you in the market for a new insurance policy? 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've maybe even narrowed your search down to Electric or GEICO, but between the two, which one has cheaper rates for car insurance?

Looking at the national average rates for both companies, Electric is quite a bit more expensive than GEICO, with premiums averaging $266 per month compared to just $185 with GEICO.

However, that doesn't necessarily mean GEICO will be the more affordable option for every driver. After all, insurance carriers can offer drastically different rates to every driver depending on rating factors like your credit score, your age, where you call home, or even your driving record (among other things), so prices could differ drastically from person to person.

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

Electric or GEICO: Average Car Insurance Rates by State

Electric and GEICO compete against each other in six states, with GEICO offering cheaper rates to the average driver in all of them. Virginia has the most noticable difference, where GEICO prices are over 70% less expensive than auto insurance rates at Electric.

There's a lot more that goes into your insurance cost than just the state you live in. Keep reading to find out more.

Which is the Best Company For Young Drivers?

You might already know that teen drivers usually pay a lot more for auto insurance than any group out there on the road. Normally, that's because young, inexperienced drivers are statistically much more likely to get into accidents since they have less experience on the roads.

Even so, that doesn't mean that teen drivers have to just accept sky-high car insurance premiums. For example, 18-year-old drivers pay an average of more than $200 less a month by choosing GEICO over Electric.

But with both companies, you'll see your rates reduce significantly by the time you turn 25. For example, average prices for Electric policyholders lower over $300 and GEICO's premiums decrease about $200 over that time.

Which is the Best Company for Retired Drivers?

Drivers around retirement age typically enjoy some of the lowest auto insurance prices you can find. After all, they've likely been driving for quite some time, which generally reduces their chances of accidents and other infractions that can increase premiums.

But who has the best rates for retired drivers between Electric and GEICO? GEICO gets the edge, with premiums for drivers 65 and older $30 more affordable than the national average for Electric.

Which is the Best Company for Married Drivers?

Did you know that car insurance rates are typically more expensive for those who are single than they are for married policyholders? That's generally because married drivers tend to own and insure multiple cars, which can often earn you a discount.

When it comes to relationship status, GEICO is the clear winner for single policyholders, with prices around $105 per month less expensive than Electric, on average. For married couples, the advantage is clear again - GEICO has the edge when it comes to average premiums.

Electric vs. GEICO: Average Rates by Gender

Did you know men tend to pay more for insurance than women? This is because men are statistically more likely than women to cause a collision and get into accidents, which leads to increased risk for insurers and, therefore, higher prices.

Generally, men see rates about 7% a month higher with Electric, and around 4% with GEICO.

Looking at overall affordability, GEICO comes out as the cheapest option for both genders. On average, male drivers save about $87 per month and women save about $76 with GEICO compared to the average Electric policyholder.

Electric 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.

For most people, auto insurance can be pretty complicated. Everyone needs insurance, but there are so many different limits and coverages that it can be hard to find the right policy.

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

If you're looking for state minimum limits for liability insurance, GEICO normally offers significantly cheaper prices of $101 compared to Electric's $150. When it comes to full coverage policies with similar limits, GEICO again has the edge, with policies around $100 a month less expensive than Electric, on average.

Is Electric 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.

Tickets and collisions will most likely raise your rates, but is Electric or GEICO cheaper for drivers with less-than-perfect records?

Which Company is Best for Drivers with Speeding Tickets?

Electric policyholders can expect their premiums to go up an average of $29 per month if they get a ticket, while GEICO usually raises prices about $35 a month, on average.

That being said, GEICO has more affordable premiums for drivers in both categories. Drivers with a clean record can save around $93 per month and drivers with a speeding ticket can save about $87 a month with GEICO.

Which Company is Best for Drivers After an Accident?

Electric drivers who get in a collision can expect to see their rates rise by just under $30, while those who have insurance through GEICO will see around a $85 increase.

Overall, drivers who use GEICO end up with the cheaper prices after an accident, with monthly premiums averaging $200 compared to Electric Insurance Company's $236.

Which Company is Best for Drivers with a DUI?

If you get a DUI charge on your record, it's probably going to cost you more than a simple ticket or even an accident. On average, Electric will increase your prices about 46% after a DUI, while GEICO's average rates climb by just under 60%.

How does Credit Score Impact Electric and GEICO Rates?

Did you know that many insurance carriers take your credit score into account when calculating premiums? This isn't always the case (for example, Massachusetts and Michigan are two states that ban the practice entirely), but it will come into play for lots of policyholders.

Car insurance companies argue that those with good credit scores are more likely to pay their bills on time each month, which decreases the risk involved on their end, while the opposite is true for those with bad credit.

So, which carrier offers the best prices for drivers with poor, average, or good credit?

Which Company is Best for Drivers with Good Credit?

Which Company is Best for Drivers with Bad Credit?

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

Did you know that the amount of time you spend in your car have a considerable impact on how much auto insurance carriers will charge for coverage? Normally, the more miles you drive, the more you can expect to pay for insurance.

For both drivers who put 6,000 miles on their vehicles yearly, as well as those who average twice that figure, GEICO offers less expensive rates than Electric. Electric's average prices for drivers with 6,000 annual miles come in around 28% more expensive than GEICO. Those who drive 12,000 miles annually can expect to pay about 33% more with Electric over GEICO.

Electric 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 auto insurance, but the type of area you live in can have a substantial impact as well. Usually, if you live in a rural area with fewer cars on the road, you'll pay a little less for car insurance, while the opposite is true for people in urban areas.

GEICO tends to offer the cheapest prices for drivers in all types of areas, no matter if they're urban, suburban, or rural.

Those in rural areas can expect to pay around $159 monthly with GEICO compared to Electric's $262. Drivers in suburban ZIP codes pay about $185 with GEICO compared to Electric's $234 a month. For drivers in urban ZIP codes, GEICO's average rates are around $211 while Electric offers premiums about $304.

Electric vs. GEICO Discounts

You want to save as much money as possible, right? The best way to do that is by utilizing as many auto insurance discounts as you can.

But with what seems like a million different discounts out there, it can be difficult to find all the ones you can take advantage of or to nail down the carrier that has the most discounts for your unique driver profile.

In the section below, we've compared all of the different discounts offered by Electric 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 Electric away when it comes to the sheer amount of discounts available, offering 11 more discounts than Electric.

Both companies offer lots of the same discounts -- like anti-theft discounts, discounts for being a defensive driver, discounts for getting driver training, and group discounts -- but GEICO also offers commercial drivers license discounts, deployed driver discounts, distant student discounts, and more that Electric does not.

On the flip side, Electric has a couple unique discounts of its own -- advance quote discounts, electric vehicle discounts, hybrid vehicle discounts, and more.

Final Thoughts: Is Electric or GEICO Best for You?

You've seen the role certain factors have on your insurance and the different discounts carriers offer. But, when it comes down to it, which insurance company is the best carrier for you and your specific needs?

GEICO might be best for you if....

• You don't have any speeding tickets, DUIs, or at-fault accidents on your record.
• Your home is located in the suburbs.

Electric might be best for you if...

• You have a more unique driver profile than those we mentioned above.

We hope this guide has ben a valuable resource as you compare Electric and GEICO and that you can now make a more informed decision when it comes to your car insurance.

At the end of the day, the sure-fire way to make sure you're getting the best deal on your auto insurance policy is to compare quotes from several companies, not just Electric 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 insurance carriers in your area, all for free.

Electric vs. GEICO FAQs

Is Electric or GEICO cheaper?

Looking just at the national average prices, GEICO is the more affordable of the two companies, offering average rates of $185 per month compared to $266 for Electric. But GEICO won't necessarily be the lowest carrier for every policyholder, since there are lots of different variables that come into play when it comes to your car insurance bill.

Who is better, Electric or GEICO?

Unfortunately, the answer truly is "it depends.". No single company is necessarily "better" for each driver -- it all boils down to your unique insurance profile.

Why do Electric and GEICO offer me different rates?

Auto insurance carriers take a look at a lot of different factors when determining the premiums they charge policyholders. Variables such as gender, your driving record, age, where your home is, and sometimes even things like your credit score can all be used. Both Electric and GEICO calculate rates differently, so each one will most likely offer different prices. The only real way to see which carrier is the most affordable for you is by comparing personalized quotes from multiple different companies.

How do I know if Electric 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 carriers and finding the one best suited for your individual budget. Luckily, sites like Compare.com make it easy for you to do just that. Just enter your area information and you'll get free quotes from dozens of the best insurance companies in your area. With those, you can guarantee you're getting the best price. And who knows, the best carrier for you might not be Electric 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.