Difference Between National General Insurance and Geico (With Table)

Insurance is the means of protecting us from financial loss. It serves as risk management for our life. Having an insurance policy is safeguarding us from future consequences. 

Both National General Insurance and Geico are in serving their customers with their plans for more than 60 years with utmost care. To know which company suits you better it is important to understand their schemes, functions, and policies. 

National General Insurance vs Geico

The difference between National General Insurance and Geico is that the National General Insurance offers different types of Insurance including health Insurance but Geico has fewer insurance policies.  The National General Insurance has a company in India but Geico has its branch only in the United States.

Geico is one of the popular insurance companies. Its car insurance lacks some vehicle coverage options and also misses some discounts. With many customers around the world, it makes an excellent choice for hands-on consumers. Their people will cut important coverages to save your money. They don’t even care to explain the reason for cutting those coverages.

The National General Insurance offers you a wide insurance policy. It is one of the trusted insurance companies having numerous options. One of the two companies that became National General Insurance was Life Insurance Company Integon, founded in Winston-Salem, North Carolina in 1920. The second one was Motors Insurance Company founded in 1925 by General Motors.

Comparison Table Between National General Insurance and Geico

Parameters of ComparisonNational General InsuranceGeico
Founded19391936
PriceHigherCheaper
Insurance CoverageBodily Injury Liability, Proper Damage Liability, and Personal Injury Protection.Liability Coverage, Comprehensive Coverage, Collision coverage, Full Coverage, and Uninsured Motorist Coverage.
Famous forMotor, Health, Home, Business, and Travel.Advertising, Property Insurance, and Umbrella Coverage.
TypeGovernmentGovernment

What is National General Insurance?

National General Insurance is formerly known as the GMAC Insurance group. It is Winston-Salem, North Carolina-based property and casualty insurance company. It is the only insurance company in the United States that has originated within the automotive industry.

It is one of the legitimate companies in the world. They are in the business field for more than 60 years. The company has an A+ rating with the better business bureau. It also received a good rating of 4.49 stars out of 5 stars based on 344 customer reviews.

In the customer service ratings, J.D. Power and associate ranked it with a 2 out of 5 in the category of the purchase experience. It has 3 out of 5 in the category of claims satisfaction and overall customer satisfaction. However, there are no current ratings for National General Insurance Company with J.D. Power and Associates.

It operates and sells its insurance products through 10,000 independent agents and brokers across the United States. 

The holding company for National General Insurance Personal lines is National General Holdings Corp. The company was owned by Barry Karfunkel and his family by August 2016. When Michael Karfunkel died Barry Karfunkel became the president. 

Their insurance products include Auto Insurance, Homeowners Insurance, Renters Insurance, Condo Insurance, Flood Insurance, Umbrella Coverage, Earthquake Insurance, RV Insurance, Commercial Vehicle Insurance, Roadside Assistance, Motorcycle Insurance, Mexico Insurance, Collector/ Classic Car Insurance, Health Insurance.

What is Geico?

Geico is a Government Employees Insurance Company. It was founded by Leo Goodwin Sr. and his wife Lillian Goodwin. They started it provide auto insurance directly to federal governments and their families.

It is an American auto insurance company with headquarters in Chevy Chase, Maryland. It is one of the second-largest auto insurers in the United States, after State Farm. It is a wholly-owned subsidiary of Berkshire Hathaway. It provides coverage for more than 24 million motor vehicles. 

In 1937, the Goodwins relocated the company from San Antonio, Texas to Washington, D.C. They reincorporated it as a D.C. corporation because their business model will grow more in the fields of the highest concentration of federal employees.

This company sells its policy through local agents called GEICO field representatives. They contact through the phone directly to customers via licensed insurance agents and also through their websites as well. 

It is rated as excellent by its customers and business experts. The reason for its popularity is due to its comprehensive coverage options, low average rates, and strong customer service reputation. It is available in all 50 states.

Their products include Homeowners Insurance, Condo Insurance, Renters Insurance, Commercial Auto Insurance, Motorcycle Insurance, ATV Insurance, Recreational Vehicle (RV) Insurance, and Boat Insurance.

Main Differences between National General Insurance and Geico

  1. Geico is somewhat cheaper when compared with National General Insurance. If you are a new customer their policy will be cheaper for you.
  2. In Geico you will get good service for what you are paying for. When accidents take place, they will provide good care.
  3. National General Insurance has health insurance policies and it is approved by IRDA and it provides good services while Geico doesn’t have health insurance policies.
  4. One good benefit of Geico is it has lots of money to invest in its policies and they are into marketing as well.
  5. The drawback of using a Geico auto insurance policy is you have to find the quote for yourself. But National General Insurance will guide you.

Conclusion

Insurance policies are important for everyone. Choosing the right insurance policy will help us to live carefree for a long time. We should be careful in choosing the right policies by checking their pricing, duration, and the company’s reputation.

Both Geico and National General Insurance are reputed companies. We have to make sure whether it suits our needs or not. We can opt for their plans by checking the customer reviews online. Both have their own benefits and schemes. 

National General Insurance used to serve insurance policies along with health insurance schemes as well while Geico serves federal employees. All you have to do is make complete research about both the companies to avoid any discrepancies in the future.

References

  1. https://digitalcommons.law.uidaho.edu/cgi/viewcontent.cgi?article=4299&context=idaho_supreme_court_record_briefs
  2. https://pubs.nctm.org/downloadpdf/journals/mt/107/7/article-p560.xml
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