It is imperative to have car insurance for a variety of reasons. Insurance is a legal requirement. You may face severe penalties if you do not have insurance on your vehicle.
Those injured by someone else’s car can legally claim damages from that person who damaged their vehicle or property. Policies can help cover these costs.
Whenever a person is involved in a road accident, the vehicle is unlikely to escape without any damage. They may be able to save themselves if they have auto insurance.
Furthermore, the medical expenses incurred by the driver and passengers can be covered.
With all these advantages and consequences in mind, getting car insurance is a good idea, and Hartford and Geico are two of the most reputable names in this field.
Key Takeaways
- Geico offers more competitive pricing and a user-friendly online platform for managing policies.
- Hartford targets an older demographic, offering specialized coverage and benefits for AARP members.
- Both companies provide various coverage options and discounts, but Geico is more cost-effective, while Hartford offers added value for seniors.
Geico vs Hartford Car Insurance
GEICO sells car insurance online and over the phone, offering lower rates and advertising campaigns. Hartford is an insurance company that primarily serves older drivers and those with a safe driving history, offering a range of car insurance policies. It is known for its customer service and personalized attention.
1936 was the year when Geico was founded. H established itHusband and wife duo Leo Goodwin Sr. and Lillian Goodwin established it. The company was founded in Texas. They are the second biggest insurance company in the U.S., right behind State Farm.
Founded in 1810, Hartford has a long history. Christopher J. Swift, Beth A. Costello, Scott R. Lewis, and Doug Elliot were among those who founded it.
Besides car insurance, this firm also offers property insurance, general liability insurance, mutual funds, group benefits, exchange-traded funds, etc.
Comparison Table
| Parameters of Comparison | Geico Car Insurance | Hartford Car Insurance |
|---|---|---|
| Existence | Geico was established in 1936. | Hartford was established in 1810. |
| Type | Geico’s shares are not available for the public to buy. Thus it is a private company. | Geico offers towing services and assistance to people who get locked out of their cars, run out of gas, have a dead battery, or have a flat tire. |
| Approach | Geico does not allow third parties to be involved in its services to provide the best customer service possible. | Hartford is committed to providing quality service to its customers no matter what. |
| Geographical area | The company offers its services in all 50 states and Washington, D.C. | Hartford’s shares can be traded freely in the market, making it a public company. |
| Services provided | The company’s services are available in all 50 states, along with Washington DC and Puerto Rico. | Hartford only provides towing services. |
| Additional discounts provided | Hartford provides additional discounts to AARP members for driving a hybrid or electric vehicle. | Hartford provides additional discounts to AARP members and for driving a hybrid or electric vehicle. |
What is Geico Car Insurance?
Geico is one the most popular car insurance companies amongst today’s population. Geico insurance started in 1936 and was created in Texas.
The official name of Geico was Government Employees Insurance Company aCompanyinitially only went towards federal employees.
They are the second biggest insurance company in the U.S., right behind State Farm. Geico currently has over 28 million vehicles covered.
Berkshire Hathaway Inc is its parent company, which Warren Buffet owns. They have over 35.2 billion in written premiums and are rated A+.
Geico has many plus points that make them popular and trustworthy. Among them are discounts. Geico offers a “safety driver discount”, up to 40% off the full price.
They also offer a “good driver discount” of up to 26% off. If someone is part of the military, they can get up to 25% off. If you have multiple vehicles, you can get up to 25 % off. Geico has lower rates than most companies. Geico has an excellent mechanical breakdown program.
One of the negatives of Geico is that it has no local agents. They prefer to go down the virtual route of insurance.
So no personal attention is given to any customer by a set individual. Instead, they have to contact customer service to make any complaints or report any issues.
Another negative is that they don’t have great deals if someone has an at-fault accident. This is one field where Geico cannot compete with its rivals in this field.
Another negative is that they don’t have a home policy.
What is Hartford Car Insurance?
Hartford was founded in 1810. A group of people established it, some of the important ones being Christopher J. Swift, Beth A. Costello, Scott R. Lewis, and Doug Elliot.
Besides car insurance, this firm also works in property insurance, general liability insurance, mutual funds, group benefits, exchange-traded funds, etc. Hartford has its headquarters in Harford, Connecticut.
Overall, Hartford InsuranceInsurancen above-average rating from its users. Hartford is one of the best options for drivers who want coverage from an insurance company with a wide range of services, coverage options, and discounts.
Hartford charges a higher rate than its competitors in the car insurance field. Despite this, Hartford has an increased number of discounts available for its users, meaning the customers have a few ways to save on their policy.
It has an average customer service record based on customer reviews. This means that customers have a decent experience managing their policy or filing a claim.
When it comes to filing a claim, Hartford makes the process simple compared to its competitors.
This is based on several aspects of the claims process, including options for filing a complaint, claims support availability, and the ease of managing an ongoing claim.
Customers looking to purchase other types of insurance besides their auto policy can benefit from going with Hartford as it offers several different coverage options, including home and business insurance.
Main Differences Between Geico and Hartford Car Insurance
- Geico is a private company whose shares cannot be traded by the general public, whereas Hartford is a public company, and its shares can be traded openly.
- The Geico company was established in 1936, whereas Hartford was founded in 1810, so the Geico company is much newer than Hartford.
- The Geico insurance company is reluctant to use third-party services to serve its customers, whereas Hartford uses conventional methods to serve its customers, i.e., via a local agent.
- The services offered by Geico cover all 50 states plus Washington, DC, while Hartford covers all 50 states plus Washington DC, and Puerto Rico.
- Geico provides towing services, along with assistance if individuals lock themselves out of their cars, run out of gas, lose their batteries, or suffer a flat tire, whereas Hartford only offers towing services.
References
- https://arxiv.org/abs/1806.09736
- https://heinonline.org/hol-cgi-bin/get_pdf.cgi?handle=hein.journals/arzjl22§ion=29
Last Updated : 13 July, 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.
Excellent information about the advantages of having car insurance. The comparison between Geico and Hartford is quite helpful for decision making.
Agree! The detailed comparison provides valuable insights for car owners. Thanks for the info.
This article sheds light on the importance of auto insurance in a precise manner. The comparison of Geico and Hartford offers clarity. A must-read for a car owner!
The focus on the benefits of car insurance and the comparison between companies is enlightening. Great read!
I get it; insurance is important and there are comparisons. I’ll still drive without insurance though, haha. It’s more thrilling!
The overviews of Geico and Hartford are quite comprehensive. However, I’d be interested in knowing more about Geico’s deals for at-fault accidents.
Great! Now I know the key differences between Geico and Hartford. Very informative article!