Travelers vs. Geico
Travelers and GEICO are two of a multitude of companies offering automobile insurance to consumers. As you doubtless know, car insurance is mandatory in virtually every state (New Hampshire and Virginia are the exceptions). Each of the states the require auto insurance tend to set their own regulations that determine, among other things, minimum levels of coverage that are needed in order to legally own and operate a vehicle with their state borders. In addition to state regulations, the auto insurance business is overseen by certain federal agencies who advise state regulators.
Unlike other consumer products that may cost, more or less, the same price wherever you buy it across the country, auto insurance tends to be more variable priced. The monthly premiums (or price) for coverage is determined by many factors including, but not limited to: where you live, your age and gender, the length of time you’ve been driving, whether you have a prior history of car accidents or serious moving violations among other factors.
Additionally, most auto insurance offer a suite of coverages ranging from standard personal and property liability coverage to collision insurance, roadside assistance, replacement vehicle if needed while awaiting repairs, insurance for audio equipment, etc. The list of possibilities is rather lengthy. Consumers must decide what coverage level are “must haves” and which ones are just “Nice to haves”. For example, if your car is leased you will probably be required to obtain collision insurance. If your car is a trusty old road warrior, the sum of the annual premiums for collision insurance and deductible might actually be more than the book value of the car, making it a unfavorable option.
With so many variables you may think it would be difficult to find the most economical solution for your car insurance needs. But General.com provides a way to get free online comparative quotes for a variety of auto insurance providers. You can be a smart shopper and stretch your dollars to the maximum by doing head to head comparisons and seeing for yourself what the cheapest option would be.
All About Travelers
The Travelers Companies, Incorporated is more widely known as simply Travelers. The current iteration of the company is the result of a 2004 merger of the old St. Paul Insurance company and Travelers Insurance which were founded in 1853 and 1863 respectively. Before that merger, Travelers had been independent, bought by Citigroup then spun off again as a stand alone entity.
Travelers is the second largest seller of commercial property and casualty insurance in the United States and the sixth largest seller of personal insurance, the industry category that includes car insurance.
Headquartered in New York City, Travelers is a large company with 30,000 employees worldwide and they are a component of the Dow Jones Industrial Average. In recent years they have reported annual revenue of just under $30 billion and annual profits of around $2 billion. They are seen as a financial stable and reliable company and their logo of a red umbrella is widely known.
Travelers Discounts and Savings
Travelers offers a variety of possible discounts that you may qualify for. If you have more than one vehicle, you can get a break on the price by insuring both with Travelers. If you’re a homeowner, Travelers will reduce your premiums if you buy home and car insurance together. You can reduce your costs if you have successfully completed a refresher driving safety course. Also, they will give discounts to certain hybrid vehicles.
There are a lot of possibilities for saving and it should probably go without saying that safe drivers usually get preferred rates when it comes to car insurance. Travelers can meet a wide range of car insurance needs
All About Geico
The GEICO gecko, or lizard, is a very well known advertising icon, one of many that the company employs in its various, edgy advertising campaign. But the company is more than just an amusing 30 second spot on a prime time television show. The entity started its corporate life as the Government Employees Insurance Company back in the early 1930’s. Founded by Leo Goodwin and his wife Lillian. Jobs and corporate profits were scarce in Depression era America. But Leo and Lillian identified a market segment that pretty good job security and middle class wages: government employees.
Workers with such a steady income would prove a more reliable risk pool of possible customers and that is who they targeted. It didn’t take long for them to move their operation to Washington, D.C. so they could operate in an environment with the highest concentration of their targeted customers.
GEICO is now part of the vaunted Berkshire Hathaway conglomerate headed by legendary investor Warren Buffet. The company claims to be the second highest seller of auto insurance policies and states that they have approximately 24 million vehicles operating under their insurance policies.
Geico Discounts & Savings
According to GEICO the biggest single discount they will offer is for a good driving record, which they define as having no accidents for the previous five years. But they have discounts even for those of us who may not have a perfect record. GECIO offers a discount if you are affiliated with the military or federal government and offers an even larger discount to those service men and women who get deployed.
Do your research. You can get lower prices by taking a defensive driving course or being a good student. Like many other carriers, GEICO will give a a multivehicle discount.
Discounts - GEICO or Travelers
|Good Driver Discount||up to 26%||--|
|Passive Restraint Discount||up to 25%||--|
|Federal Employee Discount||up to 25%||--|
|Emergency Deployment Discount||up to 25%||--|
|Anti-Theft Device Discount||up to 25%||--|
|Seat Belt Use Discount||up to 15%||--|
|Good Student Discount||up to 15%||up to 8%|
|Military Discount||up to 15%||--|
|Anti-lock Brake Discount||up to 5%||--|
|Daytime Running Lights Discount||up to 3%||--|
|Driving training discount||Varies||up to 8%|
|Accident Free Discount||Varies||--|
|Multiple Policy Discount||Varies||up to 13%|
|Multiple Vehicle Discount||Varies||up to 8%|
|Defensive Driver Discount||Varies||up to 8%|
|Senior Adult Discount||Varies||--|
|Safe Driver Discount||--||up to 23%|
|Good Payer Discount||--||up to 15%|
|Continuous Coverage Discount||--||up to 15%|
|Hybrid/Electric Vehicle Discount||--||up to 10%|
|New Car Discount||--||up to 10%|
|Early Quote Discount||--||up to 10%|
|Paid in full discount||--||up to 8%|
|Student Away at School Discount||--||up to 7%|
|Home Owner Discount||--||up to 5%|
|Preferred payment discount||--||up to 3%|
|Low Mileage Discount||--||Varies|
|No lapse in coverage discount||--||Varies|
Comparing car insurance rates
If you’re smart you will look at all angles to spend less for the products offered by both Travelers and GEICO. Get a free quote form each to see how they stack up to each other. The easy to use web tool at General.com will work to get the lowest price for your auto insurance. Some mouse clicks and a short amount of time will get you free price quotes to compare and realize big savings.