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

Quick Facts

• Based on national averages for insurance, Imt offers significantly less expensive rates than GEICO
• GEICO may help you save more money -- they offer more discounts than IMT Insurance
• Imt has cheaper prices in IA, NE, and WI

GEICO or Imt: Which Company has the Cheapest Car Insurance?

So, you're considering switching to a new insurance policy. After all, you've seen ads from all sorts of companies offering hefty savings. But exactly how much can you save by switching?

You might have narrowed it down to GEICO or Imt for your next policy, but between the two, which carrier has more affordable premiums for car insurance?

Looking at nationwide averages, GEICO has average rates that are around 40% a month more expensive than those from Imt.

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

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

GEICO vs. Imt: Average Car Insurance Rates by State

GEICO and Imt only compete against each other in three states, with Imt offering less expensive premiums to the average driver in all of them. Iowa has the most noticable difference, where Imt rates are $30 more affordable than insurance prices at GEICO.

That being said, there are plenty of other factors that go into your auto insurance payment than just the state you live in. Continue reading to learn more about how other variables will affect your rates.

Which is the Best Company For Young Drivers?

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

But still, even with seemingly sky-high rates, teen drivers can still find ways to save money. For example, 18-year-old drivers pay an average of over 45% less per month by choosing Imt over GEICO. It's worth noting that GEICO offers car insurance in 50 different states compared to Imt's three, which can skew the average premiums a bit, but the difference here is still considerable.

But with both companies, you'll see your prices reduce significantly by the time drivers turn 25. For example, average premiums for GEICO policyholders drop more than 55% and Imt's prices lower over 45% over that time.

Which is the Best Company for Retired Drivers?

Drivers around retirement age usually enjoy some of the lowest insurance rates you'll ever find. After all, they've likely been driving for quite some time, which typically decreases their chances of collisions and other infractions that can raise prices.

But who has the best rates for retired drivers between GEICO and Imt? Imt gets the edge, with premiums for drivers 65 and older $66 cheaper than the national average for GEICO.

Which is the Best Company for Married Drivers?

Did you know that car insurance prices are generally more expensive for single policyholders than they are for married couples? This usually boils down to married drivers having multiple vehicles on their policy -- something several auto insurance carriers will reward with discounts.

For those who are single, the difference in average rates between these two companies is significant, with Imt premiums coming in at about 40% less than GEICO's. The advantage for married policyholders with Imt is also obvious, where drivers save more than 40% a month.

GEICO or Imt: Average Rates by Gender

Men are statistically more likely than women to cause a collision and get into accidents, which means they'll typically end up paying more for insurance than women.

Typically, women see prices around 4% per month less with GEICO, and about 10% less with Imt.

Looking at the data for each carrier specifically, Imt comes out on top for both men and women. On average, male drivers save about $74 a month and women save around $78 with Imt compared to the average GEICO policyholder.

GEICO vs. Imt: 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 a complicated subject for most people. Everyone needs auto insurance, but there are so many different limits and coverages that it can be hard to find the right policy for you.

Even so, most policies end up falling into two different types of coverage -- liability coverage (which covers the other party's property damage and injuries if you cause a collision) and full coverage (which usually refers to having collision and comprehensive coverages alongside liability coverage).

Looking specifically at state minimum limits for liability insurance, Imt has the significant edge, with average monthly premiums coming in at $58. If you want a full coverage policy with the same state minimum limits, Imt again has the edge, with policies averaging about $160 per month to GEICO's $269.

Is GEICO or Imt Better for Drivers with Spotty Records?

You've probably seen plenty of commercials from insurance carriers offering great rates for good drivers, but that doesn't mean people with less-than-perfect driving records can't save money, too.

Speeding tickets and at-fault accidents will most likely raise your prices, but is GEICO or Imt less expensive for drivers with less-than-ideal driving records?

Which Company is Best for Drivers with Speeding Tickets?

Policyholders who use GEICO for their auto insurance can generally expect their monthly bill to go up around 23% after getting a speeding ticket. Imt policyholders can expect a less drastic increase of about 15%.

However, Imt has more affordable premiums for drivers in both categories, offering rates that are 34% and 41% cheaper, respectively, compared to GEICO.

Which Company is Best for Drivers After an Accident?

After an accident, drivers who have their car insurance through GEICO can expect to see around an $85 -- or about 43% -- rise in their insurance premiums. Drivers who use Imt for their auto insurance will see a monthly bill around $58 (or 43%) more expensive after reporting an accident to their car insurance company.

At the end of the day, Imt offers the cheapest rates for drivers with an at-fault collision on their records, with average prices coming in at $134 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 auto insurance bill. For example, GEICO increases average premiums by more than $150 a month -- that's nearly a 60% increase.

Imt has the overall most affordable prices for drivers with a DUI on their records at $135 monthly, but it's worth noting that GEICO's average rates come from 50 states compared to just three for Imt, so the data may be skewed slightly.

How does Credit Score Impact GEICO and Imt Rates?

Often times, your credit score can be used as one of the factors to determine your monthly car insurance rates. This isn't true for everyone (Hawaii, for example, has banned the use of credit score as an insurance factor) but it will come into play for many drivers.

Insurance companies argue that those with poor credit scores are less likely to pay their bills on time each month, which raises the risk involved on their end, while the opposite is true for those with good credit.

Looking at GEICO and Imt specifically, which one has the lowest premiums for policyholders at different credit levels?

Which Company is Best for Drivers with Good Credit?

If you have great credit, Imt will normally reward you the most. For drivers with "excellent" credit scores, Imt comes in just under 34.35 more affordable. Drivers with "good" credit scores usually save about 38% with Imt compared to average rates from GEICO.

Which Company is Best for Drivers with Bad Credit?

Imt typically offers lower prices than GEICO when it comes to drivers with a below average credit score. Drivers with "fair" credit pay around 45% per month less with Imt compared to GEICO, and those with "poor" scores generally save an average of about 45% a month.

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

The amount of time you spend behind the wheel of your car plays a big role in your monthly rates. Normally, those who drive fewer miles will end up with cheaper premiums since there's less of a chance of causing a collision and filing an insurance claim.

As you can see in the table above, annual mileage doesn't have much of an impact on how much Imt charges. However, there's a small difference in monthly prices for GEICO, with policyholders who drive 6,000 miles yearly paying around $8 less every month compared to those who drive 12,000 miles annually. Still, for drivers in both categories, Imt is the less expensive carrier.

GEICO or Imt: 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 sizable impact as well. Typically, those who live in urban areas will pay more than policyholders in rural areas since there are a lot more cars on the roads where they live.

Imt tends to offer the lowest rates for drivers in all types of areas, no matter if they're urban, suburban, or rural.

Those in rural areas can expect to pay about $90 per month with Imt and $159 with GEICO. People in suburban areas pay around $100 with Imt compared to GEICO's $185 monthly. For drivers in urban ZIP codes, Imt's average prices are about $136 a month compared to GEICO's $211.

GEICO vs. Imt Discounts

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

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

Luckily, we did the hard work for you and compared all of the different discounts offered by GEICO and Imt so that you can easily see which company offers the most discounts and, therefore, the largest savings.

GEICO knocks Imt out of the park when it comes to the sheer number of discounts available, offering 19 more discounts than Imt.

There are a couple discounts both carriers offer, but GEICO also offers discounts for ABS, anti-theft, commercial drivers license, and more.

On the other hand, Imt has a few proprietary discounts of their own like commercial product discounts and minor child discounts.

Final Thoughts: Is GEICO or Imt Best for You?

You've seen the role certain variables have on your car insurance and the different discounts companies offer. That's all well and good, but at the end of the day, is GEICO or Imt the best company for you and your specific driver profile?

Imt might be best for you if....

• Your driving record includes a DUI charge.
• You already have a great credit score.
• You're married and plan to have both of your names on the vehicle's auto insurance policy.

GEICO might be best for you if...

• You already have plans to move to another state -- IMT Insurance is only available in three states.
• You care about discounts (GEICO offers the most).

Hopefully, this guide helps you get a good idea of the differences between GEICO and Imt. We also hope we've given you the information you need to make the best decision about your car insurance.

At the end of the day, the sure-fire way to make sure you're getting the best deal on your insurance policy is to compare quotes from a handful of carriers, not just GEICO and Imt. Luckily, sites like Compare.com do 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.

GEICO vs. Imt FAQs

Is GEICO or Imt cheaper?

Imt is the more affordable of the two carriers when looking at national average rates, with policies averaging $109 per month with Imt and $185 for GEICO. But that doesn't mean Imt will be the cheapest company for each driver, since there are several different factors that come into play when it comes to your auto insurance cost.

Who is better, GEICO or Imt?

Unfortunately, the real answer is "it depends.". No single carrier is "better" for every policyholder -- it all depends on the makeup of your unique insurance profile.

Why do GEICO and Imt offer me different rates?

Auto insurance companies use quite a few different variables when determining the premiums they charge. Factors such as age, gender, your driving record, where you call home, and sometimes even things like your credit score can all be used. Both GEICO and Imt calculate prices using different variables, so it's likely they'll offer different rates. The best way to determine which company is the most affordable for you is by comparing personalized quotes from many different carriers.

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

The only way to find the insurance carrier that's right for you is by getting quotes from several companies 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 quotes from dozens of your local top car insurance carriers for free. With those, you can guarantee you're getting the lowest price. And maybe you'll find that the best company for you isn't GEICO or Imt at all, but another you hadn't even thought of!

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.