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

Quick Facts

• Looking at the national averages for car insurance, GEICO offers more affordable rates than Penn National
• GEICO offers less expensive average prices for single people who will be the only person on the auto insurance policy
• Penn National has cheaper premiums in MD, NC, NJ, TN, and VA

GEICO or Penn National: Which Company has the Cheapest Car Insurance?

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

You might be considering GEICO or Penn National, but between the two, which company has more affordable rates for insurance?

As you can see, Penn National is around $33 more a month than GEICO when looking at the national average rates for car insurance.

That being said, GEICO may not be the lowest or best option for every driver out there. Auto insurance carriers vary their prices depending on things like where you live, how good your credit score is, how clean your driving record is, how old you are, and tons of other factors, so rates could change drastically from person to person.

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

GEICO vs. Penn National: Average Car Insurance Rates by State

GEICO and Penn National compete against each other in five states, with GEICO offering less expensive premiums to the average driver in all of them. If you live in North Carolina, Penn National is the cheaper of the two companies when looking at the overall average rates. GEICO is the more affordable option in Maryland, New Jersey, Tennessee, and Virginia.

There are plenty of other factors that go into your insurance payment than just the state you live in. Keep reading to learn 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 out there on the road. The reason is that 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 that doesn't mean teen drivers can't still save money on their auto insurance. For example, 18-year-old drivers pay an average of over 20% less per month by choosing GEICO over Penn National.

Even so, both carriers will offer you dramatically lower premiums by the time you turn 25. For example, average rates for GEICO policyholders drop more than 55% and Penn National's premiums lower almost 60% over that time.

Which is the Best Company for Retired Drivers?

Drivers around retirement age normally enjoy some of the most affordable insurance prices you'll ever see. After all, they've likely been driving for quite some time, which usually lowers their chances of collisions and other infractions that can raise premiums.

When looking at GEICO and Penn National specifically, which carrier is best for retired drivers? GEICO gets the slight edge, with rates for drivers 65 and older $15 less expensive than the national average for Penn National.

Which is the Best Company for Married Drivers?

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

For single policyholders, the difference in average premiums between these two carriers is significant, with GEICO rates coming in at about 15% less than Penn National's. The advantage for married couples with GEICO is also obvious, where drivers save over 10% a month.

GEICO or Penn National: Average Rates by Gender

Men are statistically more likely than women to get into collisions and get speeding tickets, which means they'll generally end up paying more for car insurance than women.

With GEICO, men typically pay around $10 per month more than women, and about $5 more with Penn National.

Looking at the data for each company specifically, GEICO comes out on top for both men and women. On average, women save about $34 a month and men save around $31 with GEICO compared to the average Penn National policyholder.

GEICO vs. Penn National: 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.

Insurance isn't the easiest topic to understand. There are so many different coverages and limits that it can make it pretty confusing to find the right policy for you.

The two most common policies that drivers look at fall into two categories -- liability coverage (which covers the other party's property damage and injuries if you cause a collision) and full coverage (which generally refers to having collision and comprehensive coverages alongside what you get with a liability policy).

Looking specifically at state minimum liability insurance, GEICO has the significant edge, with average monthly prices 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 about $269 per month to Penn National's $292.

Is GEICO or Penn National 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 accidents and speeding tickets on your record, but which of these two companies offers the cheapest rates to drivers with spotty records?

Which Company is Best for Drivers with Speeding Tickets?

Policyholders who use GEICO for their car insurance can normally expect their monthly bill to go up around 23% after getting a speeding ticket. Penn National policyholders can expect a less drastic increase of about 22%.

However, GEICO tends to offer the best prices for drivers both with clean records and with a ticket. With GEICO, drivers with a clean record can save around $24 a month and drivers with a speeding ticket can save about $29 per month.

Which Company is Best for Drivers After an Accident?

Both carriers will increase premiums pretty significantly if you get into an at-fault collision with GEICO raising by around 43%. Penn National has a less extreme raise, but you can still expect to pay nearly 35% more than you were prior to your first accident.

At the end of the day, drivers who use GEICO end up with the cheaper prices after an accident, with average prices coming in at $200 compared to Penn National Insurance's $206.

Which Company is Best for Drivers with a DUI?

On average, a DUI offense is going to cost you much more than a single collision or ticket when it comes to your insurance bill. For example, Penn National increases average premiums by more than $200 a month -- that's just under a 60% increase.

But if you end up with a DUI charge and are looking for more affordable prices, GEICO tends to be more affordable for the average driver, with monthly premiums coming in at about $275 to Penn National's $346.

How does Credit Score Impact GEICO and Penn National Rates?

Did you know many car insurance companies take into account your credit score when determining rates? This isn't true for everyone (for example, Michigan and Hawaii are two states that ban the practice entirely), but it does affect several drivers out there.

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

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

Which Company is Best for Drivers with Good Credit?

If you have a solid credit score, GEICO will typically reward you the most. For policyholders with "excellent" credit scores, GEICO comes in nearly 18.63 cheaper. Drivers with "good" credit scores generally save around 10% with GEICO compared to average rates from Penn National.

Which Company is Best for Drivers with Bad Credit?

GEICO typically offers lower premiums than Penn National when it comes to drivers with a below average credit score. Drivers with "fair" credit pay about 5% per month less with GEICO compared to Penn National, and those with "poor" scores typically save an average of around 21% per month.

Is GEICO or Penn National 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 how much auto insurance companies will charge for coverage. Usually, the more milage you put on your car each year, the more you can expect to pay for car insurance.

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

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

Where you call home can play a sizable role in how much you pay for insurance. Normally, drivers who live in less densely populated rural areas will pay quite a bit less than urban policyholders because of the small number of vehicles that are on the roads where they live.

When comparing these two carriers side-by-side, GEICO typically comes out as the most affordable option for drivers in all types of areas, no matter if they're urban, suburban, or rural.

In urban areas, GEICO's average premiums are around $211 a month compared to Penn National's $275. People in suburban areas pay a monthly rate of about $185 with GEICO compared to $212 with Penn National. Those in rural areas can expect to pay around $159 monthly with GEICO compared to Penn National's $165.

GEICO vs. Penn National 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 with what seems like a million different discounts out there, it can be difficult to find all the ones you qualify for or to nail down the company that has the most discounts for your unique driver profile.

Luckily, we did the hard work for you and broke down all of the different discounts offered by both GEICO and Penn National so that you can see which one can save you the most money each month.

GEICO blows Penn National away when it comes to the sheer amount of discounts available, offering 12 more discounts than Penn National.

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

On the other hand, Penn National has a few proprietary discounts of their own for things like added pip option discounts, advance quote discounts, pennid discounts, and more.

Final Thoughts: Is GEICO or Penn National Best for You?

So, you've seen how different variables can affect your auto insurance prices. We've broken down the different discounts each carrier offers, too. But, when it comes down to it, which company is the right carrier for you, your vehicle, and your wallet?

GEICO might be best for you if....

• You've received a ticket for speeding recently and don't want to see your rates rise.
• You want the most robust protection via a "full coverage" policy.
• You're of retirement age and want to take advantage of lower premiums.

Penn National might be best for you if...

• You like the personalized touch of a small, regional carrier.

Hopefully, this guide helps you get a good idea of the differences between GEICO and Penn National and that you can now make a more informed decision when it comes to your 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 multiple carriers, not just GEICO and Penn National. Luckily, sites like Compare.com do all the hard work for you. Simply enter your ZIP codes below and get free quotes from dozens of top car insurance companies in your area, all in just a few minutes.

GEICO vs. Penn National FAQs

Is GEICO or Penn National cheaper?

GEICO is the more affordable of the two carriers when looking at national average rates, with policies averaging $185 per month with GEICO and $218 for Penn National. Even so, that doesn't mean GEICO will be the cheapest company for each driver, since there are a variety of different factors that come into play when it comes to your insurance cost.

Who is better, GEICO or Penn National?

Unfortunately, the real answer is "it depends.". One carrier is not "better" for every policyholder -- it all comes down to what your unique auto insurance profile looks like.

Why do GEICO and Penn National offer me different rates?

Car insurance companies use lots of different variables when calculating the prices they charge. Things like your driving record, where your home is, gender, age, and sometimes even things like your credit score can all come into play. Both GEICO and Penn National calculate premiums using different formulas, so it's likely they'll offer different rates. The best way to determine which company is the lowest for you is by comparing personalized quotes from lots of different carriers.

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

The only way to find the 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 make it easy for you to do just that. Just enter your ZIP code 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 cheapest price. And maybe you'll find that the best company for you isn't GEICO or Penn National 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.