Geico Insurance Review (2022)

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What is Geico? GEICO stands for Government Employees Insurance Company. Geico Insurance Company is the second-largest auto insurance firm in the United States after state farm. The Insurance agency is widely known for its lizard name called gecko which was mispronounced by the Martin Agency in Richmond, Virginia. The insurance agency offers insurance policy to its customers at the lowest rate. Apart from Geico auto insurance policies, the company also offers life insurance, umbrella, homeowners, renters’ policies and so much more. Therefore, this is an insurance agency to partner with.

Geico Insurance Review (2021)

Brief History of Geico

Geico is owned by Berkshire Hathaway and has its headquarter located in Chevy Chase, Maryland. The agency sells policies to its customer through the GEICO Field Representatives. These Representatives are licensed Insurance local agents who reach out to customers directly over the phone or through the website. The Maryland-based firm provides coverage for more than 27millions motor vehicles owned by more than 15 million policy holders. According to FORTUNE magazine, it is called the most-admired property-casualty insurance company.

GEICO was founded by 1936 by Leo Goodwin and his wife -Lilian Goodwin in Texas. The husband and wife established the company to provide auto insurance to federal government employees and certain military officers at a very low rate.

Geico began to experience growth over the decades. In 1948, the family sold 75% stake of GEICO to Graham-Newman Partnership. The company was led by Benjamin Graham’s an American business investor and professor at Columbia University in New York. In 1951, Warren Buffet was a young student under Benjamin Graham at Columbia University. This brought the knowledge of GEICO to Warren Buffet where he invested as a student. Buffet went to Washington for a meeting with Lorimer Davidson, a legal CEO and investment banker of the Goodwins. Warren Buffet bought some of GEICO stock after the meeting.

In 1958, Goodwin retired and was succeeded by Davidson. During his tenure; he grew the company’s insurance premium generating $250 million within 20 years of steady growth. Lorimer Davidson retired and was succeeded by Ralph Peck and David Lloyd Kreeger in 1970. In 1970, the growth slowed down and in 1976 GEICO’s stock price had fallen from $42 to $5 such that GEICO was collapsing. As a path for recovery for GEICO, Warren Buffet purchased $1 million shares in GEICO stock in 1976.

GEICO began to offer other types of insurance apart from auto insurance from 1992 to 1996. In the 1980s, GEICO introduced a 24-hour a day, 365-day a year telephone service for Geico claims, sale, and service. The customer service structure remains with the firm today where the firm deals directly with consumers through the telephone and internet.

In the early 1990s, GEICO began to grow and build corporate strength under the leadership of a new chairman, Olza Tony Nicely. In 1995, Warrant Buffet’s Hathaway firm made a bid for the shares of GEICO’s remaining stock as the Insurance Agency began to rise. By 1996, after many years as a public traded company, GEICO became a wholly owned subsidiary of Berkshire Hathaway. Today, GEICO is the second-largest insurance agency writer of private auto insurance in the country. The firm has a local agent program with more than 240 offices and 40,000 associates in the U.S.

Our report below will give you details of the types of insurance the Geico offers and the unique difference the firm possesses from other insurance companies. Customers also get necessary information on the discounts the insurance agency gives which will help you keep your premium low.

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Geico car insurance

Geico offers policy coverage for any type of transportation you want. There are different kinds of auto insurance coverage the agency offers.  

Types of car insurance coverage

  • ATV insurance
  • Mexico insurance
  • RV insurance
  • Motorcycle insurance
  • Commercial auto or mechanical insurance
  • Boats and personal watercraft insurance
  • Collector auto insurance
  • Recreational vehicle insurance
  • All-terrain vehicle insurance  

Apart from the low prices Geico’s firm offers its customers, the agency is also known for the wide range of discounts they give. So, it is time for you to take advantage of this when you get your policy.

Geico auto insurance discounts

  • Student discount (for a good grade)
  • Multi-vehicle discount
  • Use of seat belt discount
  • Driver’s education discount
  •  Multi-policy discount
  • Vehicle safety equipment discount
  • Defensive driving course discount
  • Military emergency deployment discount
  • Active and retired public service discount
  • Experienced driving discount

Geico Auto insurance quote

This is an estimate of the premium of your Geico policy for the insurance coverage. This will determine the increase or decrease in the limit of your premium. However, to get a car insurance quote at Geico you need to provide certain information.

  • Valid driver’s license
  • Vehicle identification number (VIN)
  • Address the vehicle will be stored

After providing the information above, it gives you access to get a Geico quote on auto insurance and you can review it anytime. Just visit https://www.geico.com/auto-insurance/ on the URL of your web browser on your PC or mobile phone to get a quote or review your quote if you already got one. All you need to do is enter your zip code at the search clipboard of the page and click on the “start quote” or “review your quote” depending on your choice.   

However, as earlier discussed, Geico also offers other types of insurance although the agency is known for auto insurance. The company provides life insurance, home, renters insurance, and many more.

Read Also >>>>>> Geico Home Insurance Review (2021)

Geico life insurance

When it comes to getting a life insurance policy at Geico, The agency may not be the most popular but the insurance agency offers life insurance to the fullest. Life insurance has three types of insurance and they include term life, universal life, and whole life.

  •  Term life

This type of life insurance is well-known and affordable insurance. It is for certain people who want to get extra income towards their retirement age or other investments. Term life insurance offers coverage for a certain amount of time which takes between 10 and 30 years.

  • Whole life

Whole life insurance policy provides permanent coverage to a customer which means you are covered for a lifetime. This type of insurance policy offers you income replacement and helps you with supplemental income. At Geico, when you purchase a whole insurance policy you get cash value and you can build up a savings account over time.

  • Universal life

This type of life insurance helps you save money for members of your family after your death. Universal life serves as another form of permanent life insurance just like the whole life insurance. This type of life insurance helps you grow your financial investment over time and allow you to choose how to pay for premium.

Geico home insurance

Geico provides coverage for homeowners. This is given to you when your home experience domestic accident and damages. One good thing about choosing GEICO homeowners insurance is the possibility of a bundle discount.

Types of Geico home insurance coverage

  • Medical payment
  • Liability (body injury sustained by others for which you are responsible)
  • Additional expenses due to loss of use
  • Personal possession
  • Property damage caused by accident, fire, wind, etc.

Geico renters insurance

Geico renters insurance protects your assets in a rented apartment.

  • Accidental damages to someone’s property
  • Theft or vandalism
  • Neighbor or visitor’s injuries
  • Fire, wind, and water damage
  • Damaged electronic and appliances
  • Smoke damage

Geico renters and homeowners insurance discounts

You can take advantage of the Geico renters and homeowners policies. The agency offers you bundling discounts which include:

  • Membership group discounts
  • Multi-policy discounts
  • Smoke alarm discount
  • Sprinkler discount
  • Home security equipment discounts
  • Military discount
  • Federal employee discount

Other insurance from Geico

  • Umbrella insurance
  • Travel insurance
  • Business insurance
  • Identity insurance
  • Jewelry insurance
  • Overseas insurance

Read Also >>>>>>>> Geico Renters Insurance Review (2021)

Geico ratings, customer satisfaction and complaints

According to Bankrate.com, Geico insurance claims department received the “Better Than Most” ratings in the First Notice of Loss and Statement according to J.D. Power’s 2019. The insurance company also ranked 4th out of 24 in the 2019 U.S Auto Claims Satisfaction Study stated by J.D. Power. The company also ranked 1st on the list of large auto insurance companies known for providing a “satisfying purchase experience”.

Geico did not rank for the home or renters insurance because the company does not directly service these policies. AM best company, Better Business Bureau, and other Geico clients give the auto insurer A++ ratings.

The auto insurer firm got above average complaints of 1.63 (over 1.0 indicates above average on the grade scale) at the National Association of Insurance Commissioner for its complaint index rating.

To know more about Geico

To get more facts about the agency, you use the website or the Geico mobile app to the latest information at your disposal.

Mobile app: the mobile app helps customers on the platform get easy access to information about their car insurance. It provides access to your digital auto insurance ID card, track your policy and get billing details, get a claim and your claim status, and pay bills. Also, you can contact an agent and also get a roadside help with the Geico app.

Geico website: on the website, you learn how to get a quote and the other types of insurance apart from auto insurance. You can file for a claim and make payments as well. One good thing about the website is that it can help you locate the nearest cheap gas station near you.

Read Also >>>>>>> Farmers Insurance Agent Near You

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