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How USAA & GEICO do their military auto insurance?

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(United Services Automobile Association) is an insurance company that limits its customer base to members of the US military, a few other USG agencies, and their families. Started in 1922, the company is not a corporation, but an inter-insurance exchange. Members ‘own’ the organization and receive a share of its profits.

USAA is designed to handle the situations peculiar to the military, including overseas coverage and the specific risks that face them.

Its rates are very competitive and usually among the lowest because they cover only a restricted group. It offers other insurance than only for cars and also has extensive financial services including banking.

USAA is only for military personnel, so if you weren’t ever in the US military, don’t even think about it.  Yes, it’s great, but you can’t really expect to get it unless you qualify.  GEICO is good, but it’s for the general public so it doesn’t get the discounted rates that USAA members get.

Comparing insurance companies can be loosely based on a number of criteria:

Financial Strength:

  • USAA – AM Best consolidated rating: A++
  • GEICO – AM Best consolidated rating: A++

JD Power Rankings for US Shopping Satisfaction Survey (2015)

  • USAA – 5 Stars (Overall) Among the Best
  • GEICO – 3 Stars (Overall) About Average

JD Power Rankings for US Claims Satisfaction Survey (2015)

  • USAA – Not rated
  • GEICO – 3 Stars (Overall) About Average

Better Business Bureau Rating:

  • USAA – A+
  • GEICO – A+

ConsumerAffairs .com Overall Satisfaction Rating:

  • USAA – 3.5 Stars
  • GEICO – 3.25 Stars

Auto Insurance Premiums Written

  • USAA – 9.1 Billion
  • GEICO – 18.6 Billion

Competitive Rates:

  • Rates will vary widely by your location and personal risk factors. No one can accurately answer this question without obtaining quotes for your specific situation.

USAA:

In order to purchase insurance through USAA you must meet certain eligibility requirements. [7]USAA requires you, a spouse or parent to provide proof of service in the US military.

GEICO:

On the other hand GEICO takes nearly all comers. Literally offering auto insurance to a wide array of customers regardless of driving record or other factors.

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