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GEICO Commercial Auto Insurance Review 2022

GEICO is an acronym meaning Government Employee Insurance Company. GEICO was founded in 1936, and it has grown to be the second-largest auto insurer in the United States since its creation. The original target customer base for GEICO was government employees and military personnel. GEICO serves far more than government employees now. 

What vehicle types are covered by GEICO commercial auto insurance?

The industries that require commercial auto insurance include caterers, landscapers, contractors, plumbers, electricians, or anyone who uses their vehicles to accomplish their daily work tasks. The exception to this, according to GEICO, is delivery drivers or rideshares such as LYFT or Uber drivers. A rideshare policy is recommended for those drivers. 

GEICO commercial auto insurance policies can insure the following kinds of commercial automobiles:

Currently, GEICO doesn’t offer policies for semi-trucks or tractor-trailer trucks. If you are looking for insurance for semi trucks, learn more at semi truck insurance cost and the best semi truck insurance companies.

What coverages are included in a GEICO business auto insurance policy?

According to NerdWallet, coverage levels and deductibles for a GEICO policy can be customized to facilitate the needs of your business. Typically, a commercial auto policy from GEICO includes the following coverages: 

  • Liability which includes bodily injury and property damage
  • Physical damage
  • Personal injury
  • Uninsured motorist
  • Collision

As with any insurance policy, deductibles and coverage limits apply. These limits can affect your premium rates for your policy. GEICO offers add-on coverages in addition to their standard coverages. Some of those include towing and labor, mechanical breakdown coverage, and comprehensive coverage to protect you from losses due to theft, extreme weather situations, and vandalism, among other causes. 

Perks associated with GEICO commercial car insurance

In addition to the coverages offered by a GEICO commercial auto insurance policy, GEICO offers perks to their business customers. Some of these perks are attached to discounts, and others are attached to the kinds of coverages offered to you. One of the praises for GEICO is that the company keeps premiums affordable. Business customers get affordable premiums while getting higher limits at the same time. 

The company offers customized policies for specific industries. For example, towing, landscaping, and construction companies can get specialized policies based on their industries. Also, the company offers discounts for various scenarios, including safe driving, having multiple policies with the company, paying your premiums in total, and possessing a CDL (commercial driver’s license). 

If you are in towing, landscaping, and construction industries, learn more about business insurance needs for companies in these industries:

Facts, figures, and ratings of GEICO commercial auto insurance

GEICO now insures more than 28 million autos within over 17 million automotive insurance policies. The Better Business Bureau (BBB) gives the company an A+. GEICO offers a variety of insurance products, including auto, home, and life insurance, along with their commercial offerings. 

GEICO operates in all 50 states in the US, as well as in Washington, DC. The company, which began in Texas, is now headquartered in Maryland. It’s currently owned by Warren Buffet’s Berkshire Hathaway group of insurers. The assets attributed to GEICO equal more than $32 billion. 

However, the number alone doesn’t indicate proven financial strength. AM Best gives GEICO the highest rating it gives for financial strength, an A++. The analyst only bestows that rating on approximately 5% of the property and casualty companies it rates. 

Another rating for financial strength comes from Standard and Poor’s. That rating analyst awards all of GEICO’s affiliates its AA+ rating. GEICO also earned the Security Circle designation from Standard and Poor, which indicates that the insurance company underwent the most rigorous review by S&P and still achieved top ratings. 

The Kanbay Research Institute rated GEICO number one most desired insurer among consumers. That rating is based on the company’s high regard for customer service as well as its focus on staff training and development. Consumers praise GEICO’s courtesy, knowledge, and speedy telephone responses. 

How to get a commercial auto insurance quote from GEICO

GEICO offers free quotes to those interested in learning how much a commercial, automotive policy will cost. The company says they customize your commercial automotive policy to fit your company. The easiest way to contact the company is through their app or online on their company website. However, you can also contact them via telephone at (866) 509-9444. 

The website advertises 24/7 service; however, that appears to be through their proprietary app. GEICO is known for low premiums and limited discounts for such things as bundling policies. In addition to commercial auto insurance, they offer private automobile insurance, homeowners’ insurance, renters insurance, motorcycle or ATV insurance, and boat insurance. Another discount that you can ask them about is the discount for paying your premiums in full rather than in a payment plan. 

You can start your quote online or via the company’s app. When we attempted to get a quote online, we were told we would receive a quote via email. However, that could have been due to the parameters we set for the quote. You can at least begin the quote online, and we’ve included the company’s telephone number if you would rather call them for a quote. 

If you are looking for commercial auto insurance quotes online, learn more at our guide.

Final thoughts

GEICO has been in the insurance industry since 1936. The company was originally started for federal employees and military personnel. Over the years, the company has adjusted its policies to include members of the general public. 

GEICO offers a variety of commercial auto policies. The company tailors your commercial auto policy to your business. However, they do not currently have coverages for semi-trucks or tractor-trailers. 

GEICO has received top marks for financial stability from both AM Best and Standard & Poor. The company has received praise for its customer service from Kanbay Research Institute. These ratings indicate that GEICO can back claims against policies without issue, which is an important foundational feature of insurance coverage.  

After humble beginnings as an independent insurance company in Texas in 1936, GEICO is now a member of Warren Buffet’s Berkshire Hathaway group of insurance companies. The company is now headquartered in Maryland and has coverage in all 50 states and DC. If you’re interested in a commercial automotive quote from GEICO, you can begin your quote online, via their app, or via telephone.

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