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GEICO vs Allstate

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Here's what you need to know...
  • Geico and Allstate are both well-established companies offering similar auto insurance coverage
  • Geico focuses on how to save the customer money while Allstate focuses on products and services
  • Geico is very slightly larger than Allstate in the car insurance marketplace

All insurance companies are not the same, and it pays to compare customer service, rates, and claims handling before you decide which insurer to use.

Geico and Allstate are two major players in the very competitive car insurance business, so you are bound to come across them if you are shopping for a new policy. See which of these companies is best for you.

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A Simple Comparison of GEICO vs Allstate

AdobeStock_118638936-1600x1600Geico is the second largest US insurance company versus Allstate who is the third largest US insurance company.

Allstate has a 10 percent share of the market versus Geico who has a 10.8 percent share of the insurance market.

You can see that even the secong and third largest insurers only hold an 20.8 percent share of the US market.

This means that this business is very competitive. You can find lots of large and small companies that are eager to compete for your business.

On the other hand, you cannot really use these statistics to decide that either Geico or Allstate is overwhelmingly more popular than the other one.

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A Short History of Geico and Allstate

Both companies are old and established, and you might take comfort in the fact that they have stayed in business for several decades. Geico has grown a lot in the last several years and did not become a market leader until more recently.

Geico was founded in 1936 and stands for Government Employee Insurance Company. The company began selling policies to all consumers in the 1974 but did not begin aggressively advertising until it began to embrace the internet in 1996.

Allstate was founded in 1931, and it established a vast agency network. Even though you can do business with this company online, local agents have been the traditional focus of this company’s marketing efforts.

Comparing Allstate vs GEICO Insurance Prices

PenniesIt is not possible to say which company is cheaper. Too many factors go into each vehicle owner’s rates to make an accurate prediction.

Allstate does not typically advertise itself as a cheaper insurance company but focuses on their coverage and service.

GEICO tends to court consumers who are looking for lower rates, and they have leveraged their direct marketing efforts towards becoming more efficient and reducing rates.

Geico’s tactics may include urging customers to cut coverage in order to save money while local Allstate agents might be more likely to urge their own clients to include more coverage for a higher premium rate.

You should not base your purchase decision totally on rates anyway.

Do Customers Like Geico or Allstate More?

J.D. Powers is a large market research firm that conducts market research studies. They ranked a variety of car insurance companies based on overall customer satisfaction in 2012. Geico ranked 11th while Allstate ranked 20th.

Of course, customer satisfaction can vary by the service you get in your hometown or individual coverage needs.

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