Life can never be predicted, so it is always advised to be prepared to meet any losses (accidents or finance-related) that can occur at any point in time.
Key Takeaways
- Erie Insurance is a regional insurance company that offers a variety of insurance products, including auto, home, and life insurance.
- GEICO is a national insurance company that specializes in auto insurance.
- While both companies offer insurance products, Erie Insurance may be better for those who want personalized service and local support. At the same time, GEICO is ideal for those who prioritize affordability and convenience.
Erie Insurance vs Geico
The difference between Erie Insurance and Geico Insurance is that Erie Insurance is a US-based insurance company that provides insurance services in different sectors (Home insurance, auto/vehicle insurance, and life insurance). On the other hand, Geico is an America-based insurance provider that offers insurance services primarily for vehicles and such.
Erie Insurance is a very popular US-based public insurance company that first commenced its operations in 1925. Presently, Erie Insurance is located in several states across the USA.
Geico Insurance is a famous subsidiary company of Berkshire Hathaway. Geico Insurance offers limited insurance services. Geico is very famous for its vehicle insurance, but they only provide limited discounts.
Comparison Table
| Parameters of Comparison | Erie Insurance | Geico |
|---|---|---|
| Meaning | Erie Insurance is a US-based public insurance service. | Geico is a private US insurance provider that provides auto insurance. |
| Insurance coverage | Life insurance, Vehicle insurance, and home insurance. | They only provide auto/vehicle insurance. |
| Founded | Erie Insurance was founded in the year 1925. | Geico insurance was founded in the year 1936. |
| Service offering areas | Presently they offer their insurance service across twelve US states and D.C. | Geico currently offers its services across fifty US states. |
| Other benefits | Erie Insurance provides unique car insurance where the driver is insured for the whole trip. | Geico’s insurance also offers reimbursement service and accidental forgiveness insurance. |
What is Erie Insurance?
Erie Insurance is a government-based insurance service founded in 1925 which has now grown into a widely popular and go-to insurance service provider in the US.
They are a large growing community with almost six thousand employees and around thirteen thousand independent agents working all over the US.
With regard to Erie insurance company’s business insurance, they have a unique type of insurance called Business auto insurance which helps the business or a firm to get insurance coverage for its commercial use vehicle.
They also allow the customers to customize their commercial vehicle insurance, which makes it easy for their customers. Erie also provides insurance coverage for recreational vehicles along with various kinds of discounts.
What is Geico?
Geico Insurance is a US-based insurance-providing company that was founded in the year 1936. Leo Goodwin and Lillian Goodwin are the founders of Geico Insurance.
Though the abbreviation of Geico is Government Employees Insurance Company, it is a privately managed insurance company. Geico is a subsidiary company of Berkshire Hathaway.
In terms of pricing, Erie Insurance charges a relatively higher cost for its insurance coverage, while Geico is considered to be cheaper than Erie.
Geico insurance is highly recommended to the public by proficient insurers. It also has high ratings and reviews by experts in the field of insurance. Geico insurance company hires local agents who sell their policies on their behalf.
Main Differences Between Erie Insurance and Geico
- Geico Insurance offers cheap insurance services, which also include rental vehicle reimbursement and damage liability when compared to Erie Insurance.
- Erie Insurance is a government-based insurance service, whereas Geico Insurance is a private insurance company.
Last Updated : 14 August, 2023
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Chara Yadav holds MBA in Finance. Her goal is to simplify finance-related topics. She has worked in finance for about 25 years. She has held multiple finance and banking classes for business schools and communities. Read more at her bio page.
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