The cost of full coverage auto insurance for a college student in the United States is approximately $1,946 annually, which is significantly more than the national average. You can cut your car insurance costs by up to 15% by using the GEICO student discount.
GEICO can keep its rates low while providing many of the same products as other major insurers because it concentrates on selling directly to customers online as opposed to through agents. It’s a well-liked choice among customers looking to save money because of its convenience and cost.
In this article, you will learn about GEICO, the benefits of obtaining coverage through GEICO, the various discounts that they provide, and other insurance companies similar to GEICO.
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What is GEICO Insurance?
GEICO is a privately held American auto insurance company based in Chevy Chase, Maryland. After State Farm, it is the second largest auto insurer in the United States.
As of 2017, GEICO was a wholly owned subsidiary of Berkshire Hathaway, providing coverage for over 24 million motor vehicles owned by over 15 million policyholders. In all 50 states and the District of Columbia, GEICO provides private passenger automobile insurance. It sells policies online, over the phone, through licensed insurance agents, and local agents, known as GEICO Field Representatives.
Additionally, GEICO’s student discount program entitles students who maintain good grades to a 15% discount on their auto insurance premiums. This discount was put in place to assist students in paying the expensive insurance rates frequently associated with new drivers.
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Why Should I Get GEICO Insurance?
Apart from the GEICO student discount, there are a lot of benefits that come with GEICO Insurance. So, before we go further, let’s look at some of the benefits that GEICO offers.
1. Excellent Customer Service
Just as we earlier said; GEICO, unlike other car insurance companies, sells directly to customers online rather than through insurance agents. You can get a quote and buy insurance online without speaking with a representative.
Its customer service, on the other hand, is available by phone, email, or mobile app. Gabby, GEICO’s virtual assistant, can also answer insurance questions and direct you to information about your policy.
2. GEICO’s Mobile App
GEICO has a mobile app, and the mobile app is a market leader and has won numerous awards. With this app, you can get access to your insurance cards, get in touch with roadside assistance, get photo estimates for repairs, and look over your car’s maintenance history.
3. Good Rating
In the insurance sector, GEICO has a good standing. Geico received an “A+” (Superior) Financial Strength rating from AM Best, a credit rating company that specializes in the insurance sector. AM Best rates an insurer’s financial strength to determine how stable and capable it is of fulfilling its contractual obligations. You can count on a company with a good reputation to pay out benefits when you make a claim.
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Why Does GEICO Offer a Good Student Discount?
Young adults are typically the most dangerous drivers to insure. Because of this, car insurance for drivers under 25 has some of the highest premiums.
However, research indicates that insuring students with high grades is less risky than insuring students with low grades. For example, you are statistically less likely to engage in risky driving behavior if you have a B average (3.0 GPA) or higher. Like other insurers, GEICO offers a discount in recognition of this lower risk. You receive a discount on your GEICO car insurance in return for maintaining good grades.
What are the Student Discounts Offered by GEICO?
Full-time students can get the following discounts from GEICO:
1. Good Student Discount
The GEICO good student discount is available to any college or high school student who maintains excellent grades. Those who accept this offer get a 15% discount on their auto insurance plan. GEICO created a good student discount to help students pay for the high insurance premium.
2. Good Drivers Discount
Students and drivers with a clean driving record for more than five years are eligible for the GEICO good driver discount. You may be eligible for GEICO’s driver discount if you haven’t had any claims, infractions, at-fault accidents, or other incidents in the previous five years, or if you’ve never been in an accident.
3. Affinity Membership Discount
You must be a member of a sorority, fraternity, campus organization, alumni organization, or both to be eligible for an affinity membership discount.
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How Do I Qualify for GEICO Student Discount?
To qualify for the GEICO student discount, you must meet the following criteria:
1. Full-time Education
The GEICO student discount is only available to full-time students. Hence, part-time students are not eligible to apply to the insurance company. When applying for the discount, GEICO may ask for your report card or transcripts that attest to your grade point average and that you are a full-time student.
2. You Need to Get High Grades
To demonstrate that you’re responsible and deserving of the GEICO student discount, you must have excellent grades. You should be eligible for the GEICO good student discount if you had a “B” average in high school or a 3.0 GPA in college or university.
3. You Must Not be Older than 26
The GEICO student discount is available to students who are younger than 26 years old. Even if you meet the requirements, you might not be eligible for the GEICO good student discount if you are over 26. Nevertheless, GEICO offers significantly lower insurance premiums to drivers over 25.
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What are the GEICO Car Insurance Discounts?
The following are GEICO car insurance discounts:
- Airbag Discount: Save up to 23% if your vehicle has airbags. The medical payments or personal injury portion of your auto insurance is eligible for these discounts.
- Anti-Lock Brakes Discount: You will get a 5% discount on your collision premium if your car comes equipped with an anti-lock brake system from the factory.
- Anti-Theft System: You can save up to 25% on your comprehensive insurance premium if your car has an integrated anti-theft system.
- Daytime Running Lights: Vehicles equipped with daytime running lights may be eligible for a 3% discount on certain coverages.
- New Vehicle Discount: Certain coverages may be 15% cheaper for cars that are three model years old or newer.
Driving History and Habits
- Good Driver Discount: You may be able to save up to 22% on most coverages if it has been five years or longer since your last accident.
- Seat Belt Use Discount: You might be eligible for a discount on your medical payments or personal injury protection premiums if you and your passengers consistently wear your seatbelts.
- Defensive Driving Discount: You might be entitled to a discount on your premiums if you took a defensive driving course.
- Driver’s Education Discount: If a young driver in your family has completed a driver’s education course, they may be eligible for a discount on most insurance policies.
- Good Student Discount: Full-time students with a “B” average or higher can get a 15% discount on most policies.
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Which Insurance Companies Offer Good Student Discounts?
The following companies are known for offering good student insurance:
Allstate is a large car insurance company that offers student discounts. If you maintain a grade of B or higher, you can get a smart student discount of up to 25%. Allstate’s Milewise program is another way for students to save money on auto insurance.
If you join the program, you will not have a fixed insurance payment. Instead, the company will calculate it based on your monthly mileage. This program is a better value than regular car insurance for low-mileage drivers such as students.
2. State Farm
Like Allstate, State Farm offers up to a 25% annual discount if you qualify for its good student discount program. Although each state may have its requirements, you must be a full-time student and have a grade point average of 3.0 or higher to qualify.
Also, State Farm has a Steer Clear program that gives younger drivers (under 25) additional discounts if they haven’t had any moving violations or accidents for which they were at fault in the previous three years. Through training modules, the program seeks to improve the drivers’ abilities.
You will have to self-log significant events while driving if you sign up. If you complete five hours of driving in at least ten trips without any problems, you’ll receive a discount.
Additionally, the last State Farm program you could look into is the student-away discount. This discount was created by the company for students who only drive when they are not at school. If you live on a college campus and don’t need a car to get around, you should think about applying to this program. The primary requirement is that you live at least 100 miles from your school.
In terms of cost, Progressive offers the most affordable auto insurance. Students are typically viewed by insurance companies as inexperienced drivers who pose a greater risk for collisions. Thus, companies charge them a higher insurance rate.
To counteract this, Progressive offers a teen driver discount to drivers who are 18 years old or younger. Additionally, Progressive offers a good student discount. Under-23 full-time students may qualify for a special discount on their auto insurance. All you need is a grade point average of at least 3.0 and a B average.
The average discount is 10%, though state-by-state variations in discounts may occur. You must provide evidence of your grades for each term to apply for the discount.
Another discount provided by Progressive that varies depending on your state is the distance student discount. Full-time students 22 years of age or younger may apply for the distance student discount as long as they reside at least 100 miles from their school. This discount is similar to State Farm’s student-away discount. You shouldn’t bring your car to school if you want to be eligible.
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GEICO is well-known for its active use of the digital platform, in addition to its coverage options. Students can easily access information about the company’s services, including discounts, via the company’s mobile app.
Additionally, some of its insurance policies provide discounts to young drivers who complete a driver’s education course. Members of certain student organizations and alumni associations are also eligible for exclusive insurance discounts.
To be eligible for the GEICO student discount, you must have a minimum 3.0-grade point average, be under the age of 26, and be enrolled in full-time education. For more information, please visit their website by clicking here.
FAQs – About GEICO Student Discount
Geico doesn’t offer a discount for paying in full. Drivers who pay in full upfront, on the other hand, will save money because Geico charges installment fees if you choose one of their multiple-payment plans.
Many factors influence how GEICO determines your insurance rates. Some of the factors that determine your insurance rates are your age, driving experience, driving record, the safety features of the covered vehicle, where you live, and your credit history.
Geico sells insurance directly to customers and provides numerous discounts, which is why it is so inexpensive. Geico has significantly fewer regional offices and agents than firms like Allstate and State Farm thanks to direct-to-consumer insurance sales, which also eliminate the expense of middlemen.
In addition to the GEICO student discount, maintaining a clean driving record and sharing a policy with your parents will help you save money on your auto insurance.
To qualify for the affiliation discount, you must be a participant in one of the GEICO partner associations. Members of organizations with more than 50,000 active participants who are also policyholders are also granted access. However, these groups must be fraternities, sororities, charitable organizations, alumni associations, and societies.
- en.m.wikipedia.org – About GEICO
- investopedia.com – GEICO Insurance Review
- caranddriver.com – GEICO Student Discount
- geico.com – GEICO Student Discount
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