Compare GEICO Car Insurance Vs. Liberty Mutual

August 11, 2014

Whittling down your car insurance provider options to just a few is easy, but picking that final company can be mighty tough. Liberty Mutual and Geico are both among the top auto insurance providers available. This guide will help you figure out which of the two providers is the best match for your budget and lifestyle.

Why Compare Liberty Mutual vs. Geico?

Liberty Mutual and Geico have one fundamental difference that may mean a lot and may mean a little to drivers seeking a new car insurance provider. Geico is one of the world’s largest and most successful public companies, meaning that those wishing to become shareholders simply need to buy stock. Liberty Mutual, however, is a mutual company that automatically makes all policyholders shareholders. This may be a moot point, and if you’re basing your decision on price and quality, you’ll find that both Liberty Mutual and Geico have attractive offerings.

About Liberty Mutual

Founded in Boston in 1912, Liberty Mutual has grown into one of the largest auto insurance companies in the country, coming in a No. 72 on the Fortune 100 list. Employing more than 50,000 workers and claiming nearly $40 billion in annual revenues, Liberty Mutual is a mutual company, which means that all of its policyholders are shareholders, too. (Learn about the difference between a mutual insurance company and a stock insurance company.)

Advantages of Liberty Mutual

In addition to serving up 24/7 customer service and a number of extra insurance and financial services, Liberty Mutual provides a number of unique benefits for its car insurance policyholders:

  • Accident Forgiveness: All drivers who’ve been accident free for five years won’t have their rates raised.
  • Lifetime Repair Guarantee: Any repair work completed by approved car repair shops is guaranteed for as long as you own the car.
  • Roadside Assistance: We’ll make arrangements to cover your vehicle breakdowns, including jump-starts and towing.
  • 12-Month Rate Guarantee: Enjoy policies that won’t increase for a full year.

Liberty Mutual’s Top Discounts

The premium is just half the battle when it comes to finding attractive car insurance rates. Discounts make up the other half, and Liberty Mutual offers a number of competitive auto insurance deals:

  • Multi-policy discount: Bundle auto, home, life, condo and/other policies and receive a nice price break.
  • Exclusive group savings: Liberty Mutual offers substantial policy breaks or members of more than 14,000 groups, workforces, alumni associations and other affinity groups.
  • New to Liberty Mutual Discount: Add or change a vehicle to a policy and receive savings.
  • Hybrid vehicle discount: Receive special savings for policies on hybrid cars.
  • New graduate discount: Once you toss your mortarboard, you’re eligible for new car insurance policy savings.
  • Newly retired discount: Celebrate the end of the 9-to-5 grind with reduced monthly auto insurance premiums.

About Geico Auto Insurance

The company that opened its doors as “Government Employees Insurance Company” is today better known as Geico, the No. 2 issuer of auto insurance in the world. Geico started out serving military personnel and government employees when it was founded in 1936 by Leo and Lillian Goodwin. When the company was acquired by Warren Buffett’s Berkshire Hathaway in 1996, it received the financial resources to rapidly expand, and quickly acquired market share on the back of massive advertising budget.

Advantages of Geico

Geico’s deep pockets allow it to do much more than target consumers with wall-to-wall advertising. Berkshire Hathaway’s acquisition of the company allowed it to heavily invest in customer service – good help is available 24/7 – while maintaining its special service and programs for military personnel and government workers. Additionally, Geico offers customers a number of other policies that can be bundled together for discounted rates, including flood insurance and identity theft insurance.

Geico’s Top Discounts

Geico offers multiple car insurance discounts to attract new customers and keep policyholders happy. These auto insurance discounts include:

  • Driving History Discount: Save up to 26% for getting a five-year accident-free record
  • Good Student Discount: Up to 15% discount is available for certain policies with a ‘B’ average or better
  • Vehicle Equipment Discount – For features such as driver-side airbags (25% discount) and full-front seat air bags (40% discount)
  • Military and Emergency Deployment Discount: Active duty and retired military personnel, National Guard and Reserves, as well as those who experienced an emergency deployment may save 15 to 25%.

 

Liberty Mutual vs. Geico Which One Works for You?

Comparing Liberty Mutual and Geico may be frustrating because each company offers such attractive discounts, competitive premiums and stellar customer service records. Some drivers may ask around friends and family for advice based on their experience working with these two companies. Remember: Just because Liberty Mutual or Geico best meets your needs today doesn’t mean this will still be the best provider down the road. That’s why we suggest that you always occasionally compare your auto insurance rates even when you think you have the best deal.

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