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

Quick Facts

• In general, GEICO offers significantly cheaper prices than Key
• GEICO has less expensive premiums for single people who will be the only person on the auto insurance policy
• Key has cheaper rates in NV

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

Are you in the market for a new insurance policy? You've probably seen commercials and billboards from companies offering large savings, but exactly how much money can you save by switching?

You might have narrowed it down to GEICO or Key for your next policy, but between the two, which carrier will offer you more affordable premiums?

Looking at the national average rates for both carriers, Key has average rates that are around 35% a month more expensive than those from GEICO.

Even so, that doesn't mean GEICO will necessarily be less expensive than Key for every driver. Insurance companies vary their prices depending on things like how good your credit score is, where you live, how clean your driving record is, how old you are, and all sorts of other factors, so premiums will vary quite a bit from person to person.

So, if you want to find out which of GEICO or Key is really the best for you, keep reading to see average rates for each company broken down by multiple different rate factors.

GEICO vs. Key: Average Car Insurance Rates by State

GEICO and Key only compete against each other in Nevada, where GEICO offers the cheaper average prices. GEICO drivers tend to pay about $108 per month less on average compared to drivers who use Key for their car insurance.

But there's more to auto insurance than just where you call home. As we mentioned above, there's a lot of things that go into how insurance carriers determine your rates. 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 -- usually pay a lot for car insurance compared to older drivers. The reason is that teen drivers are statistically much more likely to cause collisions and other accidents that will result in an insurance claim.

However, that doesn't mean that teen drivers have to just accept sky-high auto insurance premiums. Just look at the table above -- where 18-year-old drivers who have GEICO for their insurance pay over 45% less than those who use Key. It's worth noting that GEICO offers car insurance in 50 different states compared to Key's one, which can skew the average prices a bit, but the difference here is still considerable.

But both companies will offer you dramatically lower rates by the time drivers turn 25. Key offers the steepest drop, with 25-year-olds paying less than a third of what 18-year-old drivers are charged. That being said, GEICO still has the cheapest premiums at $163 per month.

Which is the Best Company for Retired Drivers?

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

So, which carrier offers the best premiums to retired drivers? GEICO gets the edge here, with average prices coming in at about $148 monthly compared to Key's $223.

Which is the Best Company for Married Drivers?

Single drivers tend to get offered slightly more expensive car insurance rates than married drivers. That's because policies for married policyholders normally cover more than one vehicle, which several carriers will give you a discount for.

For single policyholders, the difference in average prices between these two companies is significant, with GEICO premiums coming in at a third less than Key's. The advantage is also clear for married couples - GEICO offers the most affordable average rates.

GEICO or Key: Average Rates by Gender

Because women are less likely to get speeding tickets and get into collisions, they have a lower chance of filing a claim with insurance. So, insurance carriers will often charge women less than men.

Women generally pay around 4% a month less than men with GEICO, but with Key, the difference is closer to 17% per month.

When it comes to the cheapest prices for each gender, GEICO comes out on top for both men and women. On average, women save about $77 a month and men save about $122 with GEICO compared to the average Key policyholder.

GEICO vs. Key: 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, insurance isn't the easiest topic to understand. There are several different coverages that account for a bunch of different things. Some protect you and your car, while others only provide coverage for other people's property and health if you cause a collision.

The two most common policies end up falling into two different types of coverage -- liability coverage (that covers bodily injury and property damage for other drivers if you cause an accident) and full coverage (which includes collision and comprehensive coverages that protect your own car, in addition to what you get with liability coverage).

Looking specifically at state minimum liability limits, GEICO has the significant edge, with average monthly premiums coming in at $101. If you want a full coverage policy with the same state minimum limits, GEICO again has the edge, with policies averaging around $269 per month to Key's $373.

Is GEICO or Key Better for Drivers with Spotty Records?

It's no secret -- drivers with good records end up getting the best deals on their auto insurance. But that's not to say you can't save money if you don't have the best driving record, either.

You'll probably end up paying more with speeding tickets and at-fault collisions on your record, but which of these two companies offers the lowest prices to drivers with spotty records?

Which Company is Best for Drivers with Speeding Tickets?

Policyholders with Key insurance policies don't report seeing their rates increase after getting a ticket, but GEICO policyholders can expect to see their monthly bill increase by about $35.

That being said, GEICO is usually the cheaper option for drivers both with a speeding ticket and with a clean record, offering premiums that are 45% and 29% more affordable, respectively, compared to Key Insurance Company.

Which Company is Best for Drivers After an Accident?

GEICO drivers who get in a collision can expect to see their prices increase by $85, while those who have insurance through Key will see around a $25 increase.

At the end of the day, drivers who use GEICO end up with the cheaper prices after an accident, with average rates coming in at $200 compared to Key Insurance Company's $235.

Which Company is Best for Drivers with a DUI?

If you get a DUI charge, you can expect some pretty significant increases in your monthly car insurance bill -- normally a lot more than an accident or ticket. Key drivers usually see a 57% climb in their auto insurance premiums after a DUI charge, while GEICO will typically increase prices by about 58%.

GEICO has the overall most affordable rates for drivers with a DUI on their records at $275 a month, but it's worth noting that GEICO's average rates come from 50 states compared to just one for Key, so the data may be skewed slightly.

How does Credit Score Impact GEICO and Key Rates?

You may not have known, but your credit score can be used as one of the factors to calculate your monthly insurance premiums. Certain states and carriers do not allow for credit score to be used as an insurance factor, but it might come into play for quite a few policyholders.

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

Looking at GEICO and Key specifically, which one has the cheapest rates for drivers at different credit levels?

Which Company is Best for Drivers with Good Credit?

If you have a solid credit score, GEICO will generally reward you the most. For policyholders with "excellent" credit scores, GEICO comes in nearly 54.04 less expensive. Drivers with "good" credit scores normally save around 42% with GEICO compared to average prices from Key.

Which Company is Best for Drivers with Bad Credit?

GEICO typically offers lower premiums than Key when it comes to drivers with bad credit. Drivers with "fair" credit pay about 31% a month less with GEICO compared to Key, and those with "poor" scores usually save an average of around 11% monthly.

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

How much you drive can have a considerable impact on your monthly auto insurance bill. Typically, those who drive fewer miles will end up with cheaper rates 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 Key charges. However, there's a small difference in monthly prices for GEICO, with drivers who put 6,000 miles on their vehicle annually paying about $8 less each month compared to those who drive 12,000 miles every year. Still, for drivers in both categories, GEICO is the more affordable company.

GEICO or Key: Compare Rates for Urban, Suburban, and Rural Drivers

Where your home is can have a substantial impact on your monthly insurance payment. Generally, drivers who live in less densely populated rural areas will pay quite a bit less than urban policyholders since there are a lot fewer cars on the roads where they live.

GEICO boasts the lowest average premiums for drivers in every type of area, no matter if it's urban, suburban, or rural.

Those in rural areas can expect to pay around $159 per month with GEICO and $234 with Key. Drivers in suburban ZIP codes pay about $185 with GEICO compared to Key's $234 a month. For drivers in urban ZIP codes, GEICO's average rates are around $211 per month compared to Key's $386.

GEICO vs. Key Discounts

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

But with what seems like a million different discounts out there, it can be hard 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.

Luckily, we did the hard work for you and looked at all of the different discounts GEICO and Key offer their customers 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 Key away when it comes to the sheer amount of discounts available, offering 24 more discounts than Key.

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

Key's discounts come through just a few categories, including Defensive Driver, Good Driving, Multi-Car, and more.

Final Thoughts: Is GEICO or Key Best for You?

You've seen the effect certain variables have on your auto insurance and the different discounts companies offer. But, at the end of the day, which company is the best carrier for you, your vehicle, and your wallet?

GEICO might be best for you if....

• You value the experience that comes with a large national car insurance carrier.
• You want the most robust protection via a "full coverage" policy.
• Your neighborhood is in a rural area.

Key might be best for you if...

• You're looking for the best rates in NV.

Hopefully, this guide has ben a valuable resource as you compare GEICO and Key. We also hope we've given you the information you need to make the best decision about your 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 several carriers, not just GEICO and Key. Luckily, sites like Compare.com make it easy for you to do just that. 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. Key FAQs

Is GEICO or Key cheaper?

GEICO is the less expensive of the two carriers when looking at national average premiums, with policies averaging $185 a month with GEICO and $285 for Key. Even so, that doesn't mean GEICO will be the most affordable company for each driver, since there are a range of different factors (things like gender, age, driving record, etc.) that play a role in how much you pay.

Who is better, GEICO or Key?

Sadly, the real answer is "it depends.". One carrier is not "better" for every policyholder -- it all depends on what your unique insurance profile looks like.

Why do GEICO and Key offer me different rates?

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

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

The only way to find the car insurance carrier 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 area information and you'll get quotes from dozens of your local top auto insurance carriers for free. With those, you can guarantee you're getting the best rate. And maybe you'll find that the best company for you isn't GEICO or Key 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.