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

Quick Facts

• Looking at the national averages for car insurance, Pekin offers significantly more affordable premiums than GEICO
• GEICO may help you save more money -- they offer more discounts than Pekin Insurance
• Pekin has cheaper prices for policyholders whose driving record contains an at-fault collision

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

So, you're thinking about switching to 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've maybe even narrowed it down to GEICO or Pekin, but between the two, which one will save you the most?

Looking at nationwide averages, Pekin has average rates that are around 60% a month less expensive than those from GEICO.

But that doesn't mean Pekin will necessarily be more affordable than GEICO for each driver. Auto insurance carriers use tons of complex algorithms to determine premiums, so depending on how good your credit score is or how old you are (among several other factors), you could see wildly different prices from the ones above.

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

GEICO vs. Pekin: Average Car Insurance Rates by State

GEICO and Pekin only compete against each other in Indiana, where Pekin offers the cheaper average premiums. Pekin drivers tend to pay about $42 per month less on average compared to drivers who use GEICO for their insurance.

There are plenty of other factors that go into your car insurance bill than just the state you live in. Continue reading to see how other variables will affect your rates.

Which is the Best Company For Young Drivers?

Teen drivers will almost always have the most expensive insurance rates of any other group of 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.

But still, even with seemingly sky-high prices, teen drivers can still find ways to save money. As you can see above, teens who use Pekin save almost 55% a month compared to those who use GEICO. It's worth noting that GEICO offers auto insurance in 50 different states compared to Pekin's one, which can skew the average premiums a bit, but the difference here is still considerable.

That being said, with both companies, you'll see your rates reduce significantly by the time drivers turn 25. For example, average prices for GEICO policyholders lower over 55% and Pekin's rates drop nearly 65% over that time.

Which is the Best Company for Retired Drivers?

When it comes to car insurance, patience and experience pay off, with drivers around retirement age paying some of the lowest prices out there.

So, which carrier offers the best premiums to retired drivers? Pekin gets the edge here, with average prices coming in at about $58 per month compared to GEICO's $148.

Which is the Best Company for Married Drivers?

You may not be aware, but auto insurance premiums tend to be more expensive for single policyholders than they are for married policyholders. This usually boils down to married drivers having more than one vehicle on their policy -- something quite a few car insurance carriers will reward with discounts.

For those who are single, the difference in average rates between these two companies is significant, with Pekin premiums coming in at around half of GEICO's. The advantage is also clear for married couples - Pekin offers the most affordable average prices.

GEICO or Pekin: Average Rates by Gender

Men tend to pay more for insurance than women. This is because men are statistically more likely than women to get into collisions and file an insurance claim, which leads to increased risk for insurers and, therefore, higher rates.

On average, women see prices about 4% per month less with GEICO, and around 1% less with Pekin when compared to their male counterparts.

Looking at overall affordability, Pekin offers the cheapest average premiums for both men and women. On average, male drivers save about $114 a month and women save about $107 with Pekin compared to the average GEICO policyholder.

GEICO vs. Pekin: 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 insurance, but there are so many different coverages and terms that it can be hard to find the right policy for you.

The two most common policies end up falling into two different types of coverage -- liability coverage (which covers the other party's injuries and property damage if you cause a collision) and full coverage (which includes two additional coverages -- collision and comprehensive -- alongside what you get with a liability policy).

Looking specifically at state minimum limits for liability insurance, Pekin has the significant edge, with average monthly rates coming in at $46. If you want a full coverage policy with the same state minimum limits, Pekin again has the edge, with policies averaging around $103 per month to GEICO's $269.

Is GEICO or Pekin 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 at-fault accidents and speeding tickets on your record, but which of these two carriers offers the lowest premiums to drivers with less-than-perfect records?

Which Company is Best for Drivers with Speeding Tickets?

Policyholders who use GEICO for their insurance can usually expect their monthly bill to go up about 23% after getting a speeding ticket. Pekin policyholders can expect a less drastic increase of around 19%.

However, Pekin tends to offer the best prices for both drivers who have a recent ticket and those with clean records, offering rates that are 53% and 55% 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 about an $85 -- or around 43% -- rise in their auto insurance prices. Drivers who use Pekin for their car insurance will see a monthly bill about $19 (or 26%) more expensive after reporting an accident to their auto insurance company.

At the end of the day, drivers who use Pekin end up with the cheaper prices after an accident, with average rates coming in at $73 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 speeding ticket when it comes to your insurance bill. For example, GEICO increases average prices by more than $150 a month -- that's nearly a 60% increase.

Pekin has the overall cheapest premiums for drivers with a DUI on their records at $104 monthly, but it's worth noting that GEICO's average rates come from 50 states compared to just one for Pekin, so the data may be skewed slightly.

How does Credit Score Impact GEICO and Pekin Rates?

You may not have known, but your credit score can come into play when companies calculate your monthly bill. Certain states and carriers do not allow for credit score to be used as an insurance factor, but it does affect a lot of drivers out there.

The reasoning auto insurance companies use is that policyholders with good credit will be more likely to pay their bills on time; so they'll reward them with cheaper prices, while those with poor credit will normally be forced to pay more.

Looking specifically at Pekin and GEICO, which carrier has the best rates for drivers at different credit levels?

Which Company is Best for Drivers with Good Credit?

If you have a great credit score, Pekin will generally reward you the most. For policyholders with "excellent" credit scores, Pekin comes in just under 63.36 less expensive. Drivers with "good" credit scores typically save around 63% with Pekin compared to average premiums from GEICO.

Which Company is Best for Drivers with Bad Credit?

Pekin typically offers lower rates than GEICO when it comes to drivers with less-than-perfect credit. Drivers with "fair" credit pay about 61% per month less with Pekin compared to GEICO, and those with "poor" scores normally save an average of around 55% a month.

Is GEICO or Pekin 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 premiums. That's because the fewer miles you drive, the less likely you are to be in a collision and file an insurance claim.

For both remote workers and those taking short commutes, Pekin tends to be the cheaper option. GEICO's average prices for drivers with 6,000 annual miles come in over $100 more expensive than Pekin. Those who drive 12,000 miles annually can expect to pay more than $100 more with GEICO over Pekin.

GEICO or Pekin: 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 pretty big impact as well. Generally, 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.

Pekin boasts the lowest average prices for drivers in all areas, regardless of if they're urban, suburban, or rural.

For drivers in urban ZIP codes, Pekin Insurance's average rates are about $126 less than GEICO. People who live in suburban areas pay around $117 less with Pekin compared to GEICO. Those in rural areas can expect to save about $89 with Pekin compared to GEICO.

GEICO vs. Pekin Discounts

No matter 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 you can, and the best way to do that is by taking advantage of as many car insurance discounts as possible.

But where do you even start? With so many discounts out there, it may seem challenging to find all the of the ones you qualify for.

Luckily, we did the hard work for you and looked at all of the different discounts GEICO and Pekin offer their customers so that you can see which company offers the most discounts and see which ones you might be able to take advantage of.

GEICO blows Pekin away when it comes to the sheer amount of discounts available, offering 18 more discounts than Pekin.

There are a couple discounts both carriers offer, but GEICO also offers discounts for ABS, commercial drivers license, COVID-19 relief, and more.

On the other hand, Pekin has a few proprietary discounts of their own like advance quote discounts and hybrid vehicle discounts.

Final Thoughts: Is GEICO or Pekin Best for You?

So, we've broken down the average premiums for many of the factors insurance companies look at, and we've shown you all the discounts each company offers. That's all well and good, but at the end of the day, is GEICO or Pekin the right carrier for you and your specific needs?

Pekin might be best for you if....

• You will be the only person on the auto insurance policy.
• You have above-average credit.
• You live in a rural neighborhood.

GEICO might be best for you if...

• You are considering moving to another state -- Pekin Insurance only offers policies in Indiana.
• You're looking for the carrier with the most discounts.

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

But, at the end of the day, there's only one way to know for sure that you're getting the best possible deal on insurance -- comparing quotes from a handful of carriers, not just GEICO and Pekin. Luckily, sites like Compare.com make it easy for you to do just that. Just enter your ZIP code below and get free quotes from dozens of top car insurance companies in your area, all in just a few minutes.

GEICO vs. Pekin FAQs

Is GEICO or Pekin cheaper?

Pekin is the less expensive of the two carriers when looking at national average rates, with policies averaging $74 a month with Pekin and $185 for GEICO. Even so, that doesn't mean Pekin will be the cheapest company for everyone, since there are several different variables that are considered when it comes to your insurance cost.

Who is better, GEICO or Pekin?

Sadly, the only answer we can give you is "it depends.". One carrier is not "better" for everyone -- it all boils down to your unique auto insurance profile.

Why do GEICO and Pekin offer me different rates?

Insurance companies use many different factors when determining the prices they charge. Variables such as where you call home, gender, where your home is, age, and sometimes even things like your credit score can all be taken into consideration. Both GEICO and Pekin calculate premiums differently, 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 lots of different carriers.

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

The only way to find the auto insurance carrier that's right for you is by getting quotes from multiple companies and finding the one best suited for your individual budget. Luckily, Compare.com does all the hard work for you. Just enter your ZIP code and you'll get quotes from dozens of your local top car insurance carriers for free. That way, you can guarantee you're getting the cheapest premium. And maybe you'll find that the best company for you isn't GEICO or Pekin 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.