It is imperative to have car insurance for a variety of reasons. Insurance is a legal requirement. If you do not have insurance on your vehicle, you may face severe penalties. Those who are 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, it’s a good idea to get car insurance, and Hartford and Geico are two of the most reputable names in this field.
Geico vs Hartford Car Insurance
The main difference between Geico and Hartford Car Insurance is that while Geico is a private company with no shares available to the general public to buy, Hartford is a publicly-traded company.
1936 was the year when Geico was founded. It was established by husband and wife duo Leo Goodwin Sr. and Lillian Goodwin. The company was founded in Texas. They are the second biggest insurance company in the US, right behind State Farm.
Founded in 1810, Hartford has a long history. Among those who founded it were Christopher J. Swift, Beth A. Costello, Scott R. Lewis, and Doug Elliot. Other than car insurance, this firm also offers property insurance, general liability insurance, mutual funds, group benefits, exchange-traded funds, etc.
Comparison Table Between Geico and Hartford Car Insurance
| 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. | Hartford’s shares can be traded freely in the market, making it a public company. |
| 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. | The company’s services are available in all 50 states along with Washington DC and Puerto Rico. |
| Services provided | Geico offers towing services as well as assistance to people who get locked out of their cars, run out of gas, have a dead battery, or have a flat tire. | Hartford only provides towing services. |
| Additional discounts provided | Geico offers additional discounts to military personnel in addition to its existing discounts such as a “safety driver discount” and a “good driver discount”. | 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 to Geico was Government Employees Insurance COmpany as they initially only went towards federal employees. They are the second biggest insurance company in the US, right behind State Farm. Geico currently has over 28 million vehicles covered. Berkshire Hathaway Inc is its parent company, which is owned by Warren Buffet. They have over 35.2 billion in written premium and are rated A+.
Geico has many plus points about them that make them so popular and trustworthy. Among them are discounts. Geico offers a “safety driver discount” which is up to 40% off the whole price. Other than that they offer a “good driver discount” which is 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 generally has lower rates than most companies. Geico has a good 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 the 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 their home policy.
What is Hartford Car Insurance?
Hartford was founded in 1810. It was established by a group of people, some of the important ones being Christopher J. Swift, Beth A. Costello, Scott R. Lewis, and Doug Elliot. Other than 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 insurance earned an 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 a high 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 generally have a decent experience when trying to manage their policy or file a claim. When it comes to filing a claim Hartford makes the process simple as 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 in addition to their auto policy can benefit from going with Hartford as it offers several other 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.
Conclusion
Uncertainty often surrounds the future. Everyone is vulnerable to accidents at any given moment. Therefore, it is better to prepare for such events than to regret them later. The best way to do so is to get car insurance. Geico and Hartford are two of the most well-known insurance companies that assist you when you need them. Knowing the differences between these two insurance providers can be very helpful when choosing which company to insure your vehicle with.
References
- https://arxiv.org/abs/1806.09736
- https://heinonline.org/hol-cgi-bin/get_pdf.cgi?handle=hein.journals/arzjl22§ion=29