When it comes to car insurance companies and their marketing campaigns, no one is as well-known as Geico. Geico has had a myriad of mascots and marketing slogans over the years, but one of the most popular has been “Fifteen minutes could save you 15% or more on car insurance.” That’s right—the cheeky little gecko and other Geico spokespeople claim that by spending a mere fifteen minutes getting a car insurance quote, you can save 15% or more, which is not an amount to scoff at. But the question remains: can you really save money by switching your car insurance policy to Geico?
One factor to consider is how much Geico could be saving its customers. After all, the corporation spends approximately $500 million annually on advertising. Just how much could that save Geico’s customers on car insurance policies? We shudder to think about that huge amount of money being spent to convince consumers that they’ll save money by switching to Geico.
Something else to think about is exactly what you’re giving up to save that 15% (or more). If you’re going to be trading a superior car insurance policy for a lesser quality one in order to save that 15%, it may not be worth the savings.
How else could Geico be saving you 15% or more in a shady, sneaky way? By offering teaser rates to new customers. Many car insurance companies advertise huge savings and then deliver by offering steep discounts for the first month or six months of service. After that teaser period is completed, the rates jump back up to regular price, meaning that your savings is really just temporary.
So, there isn’t a clear yes-or-no answer to the question of whether or not Geico can really save you 15% on car insurance. The fact is that you’ll have to discover the answer for yourself by requesting a car insurance quote—but be sure that you understand all of the terms and conditions of any car insurance quote before signing on to the policy.