Geico commercial car insurance review December 2018 | finder.com

Geico commercial car insurance review December 2018

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Geico commercial car insurance
  • Broad commercial insurance
  • Online account access
  • Claims satisfaction
  • Payment plans
  • Affordable premiums
  • Financially strong

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This provider is known for low premiums, and its commercial car insurance is no exception.

Ideally, you want an insurance company that will protect your assets like its own. Whether you’re a startup with a single company car or a large company with a fleet, Geico’s commercial car insurance policies offer plenty of discounts and access to a business support team.

Description If you’re looking for low premiums and high limits for your company cars, it’s worth calling Geico’s commercial car insurance team.
States served All 50 states
AM Best financial rating A++
Claims methods online, email, phone
Payment schedule 12 months, 6 months, monthly

Pros

  • Broad commercial insurance
  • Online account access
  • Claims satisfaction
  • Payment plans
  • Affordable premiums
  • Financially strong

Cons

  • Claims department hours
  • Not all coverages available nationwide
  • Lack of business-specific coverage
Bundling discount Yes
Anti-theft device discount Yes
Paid in full discount No
Safety device discount Yes, up to 15%
Other discounts Easy payment discount Seat belt use, up to 15% discount
Rideshare coverage Yes
Cargo coverage No info available
Non-owner coverage Yes
Lifetime repairs guarantee yes
Roadside assistance Optional

What commercial car insurance does Geico offer?

Geico has a solid list of policy inclusions and add-ons to protect you, your employees and your fleet in the event of an accident. These include:

  • Bodily injury liability. This pays for the injuries or deaths resulting from accidents for which you’re at fault. In most cases, it also covers the costs of your legal defense.
  • Property damage liability. This covers the repairs or replacement of another driver’s car or property in an accident, and may also take care of the legal costs.
  • Combined single limit (CSL). Typically, liability policies have separate limits for bodily injury and property damage claims. A CSL offers the same dollar amount of coverage per incident, whether it’s bodily injury or property damage, or involving one person or several.
  • Medical payments or PIP. This pays for the medical expenses of the driver and passengers in your car as a result of a covered accident, no matter who’s at fault.
  • Uninsured and underinsured motorist coverage. This kicks in to cover the injuries and property damage caused by an uninsured or hit-and-run driver, or a driver with insufficient insurance.
  • Comprehensive. This add-on pays for the damage or loss to your vehicle due to theft, vandalism, extreme weather conditions or animals.
  • Collision. If your car hits or is hit by another car or object — like a tree, for example — this optional coverage comes into play.
  • Towing and labor costs. If you opt into this coverage, Geico will reimburse you for towing and roadside assistance expenses.
  • Mechanical breakdown coverage. This covers repairs to all mechanical parts of a new car, up to 15 months old and with less than 15,000 miles, except problems caused by wear and tear. In most cases, you’ll pay a $250 deductible directly to the repair shop for each mechanical problem. After that, Geico will take care of the costs.

Where can I get commercial car insurance from Geico?

Businesses have different needs than people who only drive their car for personal purposes. Geico has a team that specializes in commercial car insurance. To purchase a policy, call 866-509-9444 on Monday to Friday, 8 a.m.-9 p.m. and Saturday, 10 a.m. to 6 p.m. ET.

Geico sells commercial car insurance across the country, but not all coverage is available in all states. When you call, your agent will be able to talk you through the specifics for your state.

What features does Geico offer for business?

Commercial car insurance customers are privy to perks. While the list isn’t as long as it is for some of Geico’s competitors, they include:

  • Discounts. You may be able to drive down the cost of insurance with discounts for safe driving, paying your premium in full and purchasing multiple policies, or if you have a Commercial Driver License (CDL).
  • Insurance for your industry. Geico writes specific policies for towing, landscaping, construction vehicles and more.
  • Higher limits. Geico is known for its affordable premiums, and offers higher limits for businesses while keeping costs low.

How reliable is Geico?

Geico is a financial powerhouse with the cash reserves to pay out claims. It holds an AA+ rating with Standard & Poor and an A+ rating with A.M. Best, which is reserved for the highest performers in the insurance industry.

While the insurer isn’t accredited with the Better Business Bureau, it has a B+ rating due to its failure to respond to three complaints filed against the business. The BBB registered 3,022 complaints in the last three years, most of which had to do with billing, collections and problems with products and services.

In the latest JD Power study, Geico scored top marks for customer satisfaction and operations. It ranked #2 in Mid-Atlantic, #3 in Florida and the Southeast and Central regions, and #4 in New England.

Pros and cons of Geico commercial car insurance

Pros

  • Broad commercial insurance. Geico writes policies for a wide range of vehicles used for business purposes, including cars, SUVs, vans, buses, limos, utility trucks and tractors.
  • Online account access. Log into your account to make payments, order ID cards, get proof of insurance and check your instalment schedule.
  • Claims satisfaction. In the J.D. Power 2018 Auto Claims Satisfaction Study, Geico earned 857 out of a possible 1,000 points for its service during the estimation, repair and settlement process.
  • Payment plans. Geico has several payment plans for businesses, including paying in 4, 6 or 9 instalments.
  • Affordable premiums. Geico is known as a low-cost carrier, and that usually applies to commercial car insurance, too.
  • Financially strong. The insurer holds an A++ rating with A.M. Best. This is the agency’s highest rating, and confirms it has the cash reserves to pay out claims.

Cons

  • Claims department hours. You can reach the commercial car insurance claims team on weekdays from 8 a.m. to 8 p.m. ET. Outside of those hours, you’ll have to wait or call the general customer service team.
  • Not all coverages available nationwide. Some states are exempt from certain coverages. The info isn’t on the website, so you’ll have to call an agent to find out more.
  • Lack of business-specific coverage. While Geico covers specialty vehicles, there are gaps in its business offerings.

How to contact Geico

If you have questions, Geico’s commercial car insurance team is your first port of call. You can reach them at 866-509-9444 from Monday to Friday, 8 a.m. to 9 p.m. and Saturday, 10 a.m. to 6 p.m. ET.

Otherwise, you can contact Geico by:

  • Phone. Call 800-207-7847 for 24/7 support.
  • Live chat. Log into your account online or in the app to access real-time help.
  • Email. Fill out the form on the Contact Us page.
  • Social media. Geico is active on Twitter, Facebook and Instagram.
  • Mail. Send mail to:
  • Geico Commercial Auto Insurance
  • One Geico Boulevard
  • Fredericksburg, VA 22412

What info do I need to apply?

When you apply, you’ll most likely be asked for the following information:

  • Business registration, contact details and industry
  • Driver’s license number
  • Driving history
  • Make, model and condition of the car(s) you need coverage for
  • Estimated annual mileage
  • Details about the employees who will be driving those cars, including driver’s license numbers and driving records

Alternatives to Geico commercial car insurance

Name Product Available states Roadside assistance AM Best financial rating
Allstate commercial car insurance
All 50 states
Optional
A+
Thanks to customizable coverage and speedy claims, this big-name insurer can help protect you, your employees and your assets.
Liberty Mutual commercial car insurance
All 50 states
Optional
A
Reduce the risk of fleet accidents with Liberty Mutual’s driver safety training and monitoring.
Esurance commercial car insurance
All states except AK, DE, HI, MT, NH, VT, WY
Optional
A+
Esurance offers a modern online and mobile experience that helps you take your insurance on the go. Available in 43 states.
Insurance321 commercial car insurance
All 50 states
Optional
Not rated
Insurance321 matches you with an agent or broker who can find the best commercial car insurance coverage for your business.
CoverWallet commercial car insurance
All 50 states
Optional
Not rated
Your customized business vehicle insurance starts with a quick expert assessment to find the best coverage for your company.

Compare up to 4 providers

Bottom line

If something happens to a company car, any repairs or losses could cost you hundreds of dollars a day. Geico understands the complexities that come with commercial car insurance, so it has a dedicated team to handle questions and claims.

The coverage is comprehensive, but the carrier doesn’t offer as many perks or features for businesses. It pays to do your research, so before committing, compare car insurance providers.

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