Let’s compare two of the most popular names in the insurance industry. This Liberty Mutual Vs GEICO car insurance comparison is more than just a popularity contest. Let’s find out which company is better equipped to pay customer claims. We’ll also find out which company has better discounts and more to help you make the best car insurance choice for you and your family.
Information about both auto insurance companies.
Liberty Mutual is one of the oldest insurance companies in the world and was founded in 1912. Today, Liberty Mutual is the 6th largest car insurance company in the world after USAA.
GEICO was founded in 1936 by a married couple. GEICO has grown rapidly and is currently the 2nd largest auto insurer in the world after State Farm.
Car insurance rates comparison
Let’s find out which company has the cheapest monthly auto insurance rates. Using a study done by ValuePenguin in the Boston Massachusetts area, GEICO was cheaper than Allstate and Liberty Mutual. Single males, single females, and married couples were able to save thousands of dollars on their insurance premium with GEICO.
I live in Florida and I was able to receive cheaper rates with GEICO as well, by over $100. Quote algorithms are dependent on many factors. The only way to truly know how much you will be saving with an insurance company is to compare insurance quotes.
Insurance claims comparison
In the J.D Power Overall Customer Satisfaction Index Ranking, GEICO outranked a majority of the insurance companies on the list such as State Farm, Esurance, Progressive, and 21st Century. On a 1000-point scale GEICO received 870 points with 4 out of 5 Power Circles.
Liberty Mutual was one of the lowest companies on the J.D. Power Claims Study. Liberty Mutual received 841 points with 2 out of 5 Power Circles. Liberty Mutual only outranked 3 insurance companies.
Financial strength rating
One of the most important factors when searching for the right auto insurance company is choosing an insurance company that excels in their financial strength rating.
Liberty Mutual
In 2016, it was reported that Liberty Mutual had over $38 billion in consolidated revenues. Liberty Mutual rated well among the top 3 financial strength rating companies.
- A.M best gave Liberty Mutual an “A”(Excellent) financial strength rating.
- Liberty Mutual received an “A” (Strong) rating from Standard and Poor’s.
- Liberty Mutual received an “A2” (Good) rating from Moody’s.
GEICO
GEICO rated slightly better than Liberty Mutual in financial strength. GEICO has assets of more than $32 billion.
- GEICO received A.M. Best’s highest financial grade with an “A++” rating.
- Standard and Poor’s (S&P) gave GEICO an “AA+” financial strength grade.
- Moody’s Investors Services awarded GEICO with an “Aa1” rating for insurance financial strength.
Discount and features comparison
Liberty Mutual discounts
Multi-Policy Discount – Easily save on your car insurance when you bundle auto and home policies.
Newly Married Discount – Liberty Mutual offers special savings for newlyweds.
Newly Retired Discount – Many retirees don’t know that they can be saving on auto insurance. Certain companies such as Liberty Mutual offer special savings for new retirees.
Hybrid Vehicle Discount – There is no denying that the population of hybrid vehicles are increasing rapidly. In the future you will notice that more and more car insurance companies will adopt the hybrid vehicle discount. Currently, Liberty Mutual offers special savings for customers who insure their hybrid vehicles. Not only does Liberty Mutual want to comply with the hybrid demands, but Liberty Mutual is all about preserving the environment.
New to Liberty Mutual Vehicle Discount – Adding or changing a vehicle on your policy will help you to save on your Liberty Mutual policy.
Preferred Payment – This is one of the simplest discounts that everyone will be able to benefit from. All that you have to do is choose the most convenient billing option for you. You can save even more when you pay your auto insurance premium in full or when you choose one of the Liberty Mutual automatic payment methods.
Teen Driver Discount – The teen driver insurance discount is a great discount if you want to keep your insurance rates low while rewarding your teen for their responsible driving.
GEICO discounts
Auto insurance discount for military personnel – GEICO insurance is a strong supporter of American Military troops. It comes to no surprise that GEICO is one of the best insurance companies that offer special savings and discounts for active and retired service men and women.
Auto Repair Xpress – This is a great GEICO program if you desire priority treatment and very fast repairs to your damages.
Good Driver – Have you been a good driver? If so, you can easily take advantage of your clean driving record. GEICO rewards drivers who have been accident free for 5 years or more with up to a 26% insurance discount.
Defensive Driving Discounts – Completing a defensive driver course can easily help drivers save on their insurance premiums.
Membership And Employee Discounts – You may easily qualify for a membership or employee discount because you belong to a certain school, organization, or because of your employer. GEICO has over 500 organizations that you may belong to. Some of the organizations include the University of South Carolina, University of Texas at El Paso, University of Washington, West Virginia University, Kansas State University, Oak River Insurance Company, Gateway Underwriters Agency, Application Developers Alliance, Sales & Marketing Executives International, National Child Care Association, Miami Association of Realtors, and more.
Multi-car discount – Do you have multiple vehicles to insure? With GEICO, you can save up to 25% when you insure more than 1 auto.
Good Student – If you are a full-time student with a good academic record, then you might be able to save 15% with GEICO.
Roadside assistance comparison
GEICO offers cheap yearly roadside assistance that costs less than $14 a year for every car that you insure.
GEICO’s Emergency Road Service covers:
- Jump starts
- Labor to change a flat tire
- Towing (not accident related)
- Lockout services of up to $100.
Liberty Mutual’s optional 24-Hour Roadside Assistance covers:
- Liberty Mutual customers can receive towing to the Nearest Qualified Facility.
- Jump Starts for Dead Batteries.
- Emergency Fuel delivery
- Changing a Flat Tire
- Unlocking Vehicle Doors
Mobile app comparison
GEICO
It’s hard to compete against GEICO’s award winning mobile app. There are very few apps that offer a virtual assistant. Kate (GEICO’s virtual assistant) allows you to view your billing information, find answers to your insurance questions faster than ever before, and more. The awesome thing about Kate is that she learns to better help GEICO customers. GEICO Mobile also offers Easy Estimate, Gas finders, chat, pay a bill, make and track a claim, and more.
Liberty Mutual
The easy to use Liberty Mutual mobile app allows for filing and tracking claims. You can also view your policy documents, pay your bill, schedule inspections, update auto and home coverages, and more.
Bottom line
GEICO does better in financial strength, claims, and in insurance rates. However, Liberty Mutual might offer some unique discounts that you are eligible for. Compare quotes today to see which company will give you the cheapest overall quote.