Geico – An Overview

Geico is an insurance company that sells automobile insurance across the United States. It is easily recognized for the Gecko used in its commercials – think about the cavemen that were used in their info-commercials. Geico is one of the top insurance providers in the U.S. with over 9 million customers to date.

Geico – Its History

Geico has been around since 1936. It was started by Leo and Lillian Goodwin, and Philip Carlton. Initially, the company only offered automobile insurance to the families and employees of the federal government. The company was located in Washington DC, due to the large amount of federal employees in the region. In 1948, David Lloyd Kreeger bought Geico, along with a group of investors, and help transition the company into a mainstream automobile agency. Geico has also sold homeowners insurance and life insurance, but automobile insurance has always been its main focus. The company is currently owned by  Berkshire Hathaway, a public company that is the parent company for many companies.

Geico – Differentiating Factors

Geico is the third largest auto insurance writer in the United States. It is largely run using Internet and telephone services. However, it has a few offices around the country for customers who prefer talking to an agent face-to-face. The company stands out because it is so easily accessed from home. This is represented in its advertising campaigns, such as the slogan “A 15 Minute Call could save you 15 percent or more on car insurance.” Using the Internet and telephone to conduct business is believed to save the company overhead because it doesn’t need to pay for offices. The company says these savings are passed on to the consumer.

Customer Reviews

Customers like the easy access to service because they don’t have to wait in lines in an insurance office. They also like the range of discounts and services available, particularly to experienced drivers. People who like developing a relationship with one customer service representative won’t like Geico because it is unlikely they will talk to the same person each time they call.

However, it should be stressed that Geico’s sales representatives are reported to be, according to a customer of Geico, “pleasant, knowledgeable and a pleasure to speak with”. Geico’s own review platform has 9,000+ reviews, with almost all customers giving Geico a “5 out of 5 stars” rating.

Also, customers that are either younger or older are at a disadvantage – Geico, in accordance with mainstream insurance practices, charges these 2 age groups a higher premium. Although a norm, this nevertheless should be part of everyone’s consideration when you’re choosing your insurance company.

Nevertheless, Geico has proven itself to be a popular auto-insurance company amongst the masses. A quick search across the internet has garnered ratings no less than 4/5 stars on various review platforms.

GEICO Company Information

Parent Company:
Berkshire Hathaway, Inc.

Insurance subsidiaries: 
GEICO General Insurance Company
GEICO Indemnity Company
GEICO Casualty Company
Government Employees Insurance Company

Lines of Insurance:
Vehicle Coverage: Car/Truck/SUV, Motorcycle, PWC, ATV, RV

Coverage Options:

Licensed to sell insurance in:
AL, AK, AZ, AR, CA, CO, CT, DE, DC, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, PR, RI, SC, SD, TN, TX, UT, VT, VA, VI, WA, WV, WI, WY

A.M. Best Company Rating: A++
(Rating Explained)

Conclusion

Geico is an experienced company that knows about the product they offer. Their background is almost exclusively in auto insurance, which means they know the business.

Be the first to write a comment.

Your feedback