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Last updated on November 3, 2015

Geico Review

GEICO is a terrific option for virtually any business that needs commercial auto coverage. However, those who need standard business liability or property policies must look elsewhere since GEICO doesn't underwrite such policies in-house.

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The Good

Solid commercial auto policy options

Whether you transport people, haul goods, or operate a service vehicle, a GEICO agent can help you design a commercial auto policy that fits your unique needs. Standard coverages include bodily injury and property damage liability coverage, collision coverage, comprehensive damage coverage, and medical payments and personal injury coverage. Other optional coverage options depend on the legal requirements for the type of vehicles you operate and the type of business you conduct. GEICO writes policies for most types of vehicles, from box trucks and tractor trailers to passenger cars and transport vans.

Solid online tools for commercial auto policies

Log into your account to download all your critical insurance documents, including your Certificate of Insurance and your FR-19 or SR-22, in addition to any other special documents required for commercial auto insurance in your state. It’s also easy to set up a payment plan online, including convenient quarterly and monthly options. When your premium payment comes due, pay your bill instantly with a credit card or set up a checking account transfer through your online account.

Superior financial standing in the industry

GEICO garners top-level financial ratings from the most respected ratings agencies in the country, attesting to their rock-solid financial footing and terrific credit outlook. Standard and Poor’s gives GEICO a rating of AA+ for its very strong capacity to meet current financial commitments. A.M. Best gives the company a rating of A++ for financial strength, the agency’s highest mark, reserved for the very best performers in the insurance industry. Finally, Moody’s grants GEICO a rating of Aa3 for its very low credit risk, a rating just one step down from the agency’s top mark. These kinds of ratings indicate GEICO is going to stand by their commitments over the long haul.

The Bad

Lacks business liability and property policies

It’s important to recognize that GEICO writes only commercial auto policies and does not handle standard business liability and property policies. This fact is not always clear when browsing the GEICO website, which hosts detailed information about business owner’s policies right alongside information on commercial auto policies. If you click through to the respective insurance quote tools on the GEICO website, you’ll find that commercial auto policies are handled by GEICO as expected, while business liability, business property, and business owner’s policies are handled by a GEICO partner, Hiscox Insurance. Hiscox Insurance handles every aspect of these policies, including policy billing, claims handling, and general customer service. While Hiscox has a solid reputation in the industry and decent financial ratings, you should spend ample time researching the company and its offerings apart from your research into GEICO.

The Details

Financial Strength

  • A.M. Best FSR Rating: A++
  • A.M. Best ICR Rating: aaa
  • Moody's Rating: Aa3
  • Standard & Poor's FSR: AA+
  • Standard & Poor's ICR: AA+