The 'Ghost Appearance' ad is set in an Elizabethan manor and features two security guards guarding expensive jewellery.
A ghostly looking Gio appears through the panelled walls with his head tucked under his arm. He is joined by a duo of headless Tudor ladies and backed by a chorus of ghostly voices while Gio dances with a pair of skeletons, the ladies make off with the jewels.
The ad launched over the weekend and was created by Gocompare.com's in-house marketing team. The creative concept was developed by Siân and Chris Wilkins and the production company was Groundglass.
in which Gio rocks-out with animal skin bikini-clad cave girls, a pterodactyl and a woolly mammoth.
Media buying and planning is handled by MEC. GoCompare's £28m media account is currently up for grabs after a review called in September.
Nick Hall, Gocompare.com's head of marketing, said: "This ad was a lot of fun to make and hopefully we can give people a laugh over the Halloween period, with something a bit topical.
"We have tended to focus on car insurance with Gio but we have a very strong home insurance offer. Now that the dark nights are drawing in, people need to be a bit careful about exactly who may be 'ghosting' into their home."
Follow Sara Kimberley on Twitter