Are there Insurance Agents out there that can share with us the reason for costs and breakdown those attributes that contribute to the gross variation of State Farm and Geico expense when all issues are equal?
I underwrote for 4 years for a company that features cavemen in their commercials. I cannot tell you who, but it rhymes with Beico.
I can't tell you why State Farm and Geico differ, but I can tell you how Geico rates insureds.
Keep in mind this may no longer be the practice as I haven't worked there for about 10 years:
Geico first rates you on Job Code. People in trained positions with college degrees are placed in preferred and people who are in the service industry usually get slogged down into the Geico indemnity or Geico casualty companies. This occurs before ANY driving/accident history is taken into consideration. They also rate for ALL activity whether at fault or not. It's listed as an occurrence. While they cannot surcharge you for something not at fault, they can list it as an occurrence. That impacts you negatively and may move you down to a lower tier company withing Geico allowing them to charge you more at the base rate level.
Companies rate on # of insureds in the area, loss history for you, loss history for your particular vehicle, who resides in your house and doesn't currently have insurance, your age, marital status, credit rating, years licensed, vehicle symbol, accident history, and driving history.
One thing I learned one year was that Geico raised rates in FL one year because they had too much of the market segment. 1 out of every 3 people in Florida had Geico insurance.
Why raise rates for being #1? Because Geico people were having accidents with Geico people. No subrogation to recoup anything...just payouts for both parties.