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

Quick Facts

• In general, GEICO offers significantly less expensive premiums than Meemic
• GEICO offers more affordable average rates for drivers who have less-than-stellar credit
• Meemic offers more affordable prices for residents in Michigan

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

So, you're considering switching your auto insurance. You've probably seen commercials and billboards from companies offering large discounts, but exactly how much money can you save by switching?

You've maybe even narrowed your search down to GEICO or Meemic as potential options, but between the two, which carrier has cheaper premiums for car insurance?

As you can see, GEICO has average rates that are about 35% per month less expensive than those from Meemic when looking at the national average rates for insurance.

Even so, GEICO may not be the lowest or best option for every driver out there. Auto insurance companies use a ton of complex algorithms to calculate rates, so depending on how clean your driving record is or how old you are (among a bunch of other factors), you could see wildly different premiums from the ones above.

Luckily, we've broken down average rates from both GEICO and Meemic by a variety of different rate factors, so read on to find out which company is the best for you.

GEICO or Meemic: Average Car Insurance Rates by State

GEICO and Meemic only compete against each other in Michigan, where Meemic offers the cheaper average prices. For Michigan residents, Meemic offers car insurance for $281 monthly on average. GEICO's average rates come out to be over 30% more expensive, at $377 a month.

There's a lot more that goes into your auto insurance payment than just where you call home. Read on to find out more.

Which is the Best Company For Young Drivers?

Teen drivers will almost always have the most expensive car insurance prices of any other group of drivers. That's usually because young, inexperienced drivers are statistically much more likely to cause collisions and other accidents that will result in an insurance claim.

But still, even with seemingly sky-high premiums, teen drivers can still find ways to save money. For example, 18-year-old drivers pay an average of $40 less a month by choosing GEICO over Meemic. It's worth noting that GEICO offers insurance in 50 different states compared to Meemic's one, which can skew the average prices a bit, but the difference here is still considerable.

However, with both carriers, you'll see your rates drop significantly once you turn 25. For example, average premiums for GEICO policyholders decrease more than $200 and Meemic's rates reduce around $150 over that time.

Which is the Best Company for Retired Drivers?

Once you approach retirement age, you'll generally enjoy the cheapest car insurance premiums 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 insurance.

So, which carrier offers the best rates to retired drivers? GEICO gets the edge here, with average premiums coming in at about $148 per month compared to Meemic's $279.

Which is the Best Company for Married Drivers?

You may not be aware, but auto insurance prices tend to be more affordable for married couples than they are for single drivers. This usually boils down to married policyholders having more than one car on their policy -- something a lot of insurance companies will reward with discounts.

When it comes to relationship status, GEICO is the clear winner for those who are single, with rates around $89 per month cheaper than Meemic, on average. For married drivers, the advantage is clear again - GEICO has the edge when it comes to average premiums.

GEICO vs. Meemic: Average Rates by Gender

Because men are more likely to get speeding tickets and get into accidents, they have a higher chance of filing a claim with insurance. Therefore, insurance carriers will tend to charge men more than women.

Women normally pay about 4% a month less than men with GEICO; women and men end up paying same monthly prices with Meemic.

When it comes to the lowest rates for each gender, GEICO offers the cheapest average premiums for both men and women. On average, male drivers save about $92 per month and women save around $100 with GEICO compared to the average Meemic policyholder.

GEICO or Meemic: 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, car insurance isn't the easiest topic to understand. Everyone needs auto insurance, but there are so many different limits and coverages that it can be hard to find the right policy.

But 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 if you cause an accident) and full coverage (which includes two additional coverages -- comprehensive and collision -- alongside liability coverage).

If you're looking for state minimum limits for liability insurance, GEICO typically offers significantly more affordable prices of $101 compared to Meemic's $201. When it comes to full coverage policies with similar limits, GEICO again has the edge, with policies about $90 a month cheaper than Meemic, on average.

Is GEICO or Meemic Better for Drivers with Spotty Records?

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

You'll probably end up paying more with tickets and at-fault accidents on your record, but which of these two carriers offers the most affordable rates to drivers with spotty records?

Which Company is Best for Drivers with Speeding Tickets?

GEICO policyholders can expect their prices to go up an average of $35 per month if they get a ticket, while Meemic normally raises rates around $100 a month, on average.

That being said, GEICO is generally the less expensive option for both drivers who have clean records and those with a recent speeding ticket, offering premiums that are 35% and 46% cheaper, respectively, compared to Meemic 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 Meemic will see about a $75 increase.

Overall, drivers who use GEICO end up with the cheaper prices after an accident, with monthly premiums averaging $200 compared to Meemic Insurance Company's $250.

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. Meemic drivers usually see a 58% increase in their insurance prices after a DUI charge, while GEICO will usually raise rates by around 58%.

GEICO has the overall cheapest prices 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 Meemic, so the data may be skewed slightly.

How does Credit Score Impact GEICO and Meemic Rates?

Did you know that many car insurance companies take your credit score into account when calculating premiums? Certain states and carriers do not allow for credit score to be used as a rating factor, but it might come into play for many policyholders.

Auto insurance companies argue that someone with good credit is more likely to pay their bills on time, which makes them less risky to insure. Because of that, drivers with good credit will often be rewarded with less expensive rates.

So, which company offers the most affordable prices for policyholders with poor, average, or good credit?

Which Company is Best for Drivers with Good Credit?

Michigan is one of a just a few states that bans insurance carriers from using credit scores to determine premiums. And since Meemic is only available in Michigan, there is no data available on how credit score impacts rates because it's not a factor at all. This may be a good thing, since GEICO and other companies tend to increase premiums quite a bit in other states if you don't have excellent credit.

Which Company is Best for Drivers with Bad Credit?

If you have less-than-stellar credit and live in Michigan, the good news is it won't cost you extra when it comes to car insurance. As you can see, poor credit can really cost GEICO drivers in other states, but no need to worry if you live in Michigan.

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

How much you drive can have a considerable impact on your monthly rates. That's because the fewer miles you drive, the less likely you are to get into an accident and cause an insurance claim.

As you can see in the table above, annual mileage doesn't have much of an impact on how much Meemic charges. However, there's a small difference in monthly prices for GEICO, with drivers who put 6,000 miles on their vehicle yearly paying about $8 less each month compared to those who drive 12,000 miles annually. Still, GEICO is the more affordable option for drivers in both categories.

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

Where you live can play a sizable role in how much you pay for auto insurance. Typically, if you live in a rural area with fewer cars on the road, you'll pay a little less for insurance, while the opposite is true for people in urban areas.

When comparing these two carriers side-by-side, GEICO normally comes out as the lowest option for drivers in every type of area, no matter if it's urban, suburban, or rural.

For drivers in urban ZIP codes, GEICO offers rates around $211 per month compared to Meemic's $322. People who live in suburban ZIP codes can expect to pay about $185 per month for GEICO and $273 for Meemic. Lastly, those in rural areas tend to get the most affordable prices from both companies, with average monthly premiums coming in at $159 and $248 for GEICO and Meemic respectively.

GEICO vs. Meemic Discounts

Regardless of why you might be in the market for a new car 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 auto insurance discounts as you can.

But where do you even start? With what seems like a million different discounts out there, it may be challenging to find all the ones you're eligible for.

Below, we've compared all of the different discounts offered by GEICO and Meemic so that you can see which company can save you the most money each month.

GEICO knocks Meemic out of the park when it comes to the sheer number of discounts available, offering 28 different discounts to Meemic's eight.

Both carriers offer a lot of the same discounts -- like discounts for being a defensive driver, discounts for being a good student, and group discounts -- but GEICO also offers ABS discounts, commercial drivers license discounts, COVID-19 relief discount, and more that Meemic does not.

On the flip side, Meemic has a unique discount of its own -- a prior carrier discounts.

Final Thoughts: Is GEICO or Meemic Best for You?

So, we've broken down the average prices for many of the factors insurance companies look at, and walked through the different discounts each carrier offers, too. That's all well and good, but at the end of the day, which insurance company is the best one for you and your specific profile and needs?

GEICO might be best for you if....

• You've received a ticket for speeding recently and don't want to see your rates rise.
• Your home is in a busy urban area.
• You live in a rural neighborhood.

Meemic might be best for you if...

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

We hope this guide helps you get a better idea of the difference between GEICO and Meemic. We also hope we've given you the information you need to make the best decision when it comes to your auto insurance.

At the end of the day, the best way to make sure you're getting the best deal on your car insurance policy is to compare quotes from multiple carriers, not just GEICO and Meemic. Luckily, sites like Compare.com make it easy for you to do just that. Simply enter your ZIP codes below and get multiple free quotes from some of the best insurance companies in your area, all in just a few minutes.

GEICO vs. Meemic FAQs

Is GEICO or Meemic cheaper?

Looking just at the national average premiums, GEICO is the less expensive of the two carriers, offering average rates of $185 a month compared to $281 for Meemic. Even so, GEICO won't necessarily be the cheapest carrier for every driver, since there are many different variables (things like driving record, age, gender, etc.) that play a role in how much you pay.

Who is better, GEICO or Meemic?

Sadly, the only answer we can give you is "it depends.". One company is not "better" for each driver -- it all comes down to what your unique car insurance profile looks like.

Why do GEICO and Meemic offer me different rates?

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

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

The only way to find the insurance company that's right for you is by getting quotes from several companies and finding the one best suited for your individual budget. Luckily, Compare.com makes it easy for you to do just that. Just enter your ZIP code and you'll get free quotes from dozens of the best auto insurance carriers in your area. That way, you can guarantee you're getting the cheapest price. And who knows, the best carrier for you might not be GEICO or Meemic 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.