There are many noticeable companies in the market offering car insurance. Hence, choosing the most suitable company for oneself can be quite tricky. However, to make the deciding part a lot more easier for you, we bring to you one noteworthy car insurance company i.e GEICO. With control of 13.8 per cent of the insurance business, GEICO company stands second-largest insurer in the U.S.
Background of GEICO Insurance 2021
GEICO, which stands for “The Government Employees Insurance Company”, is one of the largest, most popular auto insurance company in the US. Founded by Leo Goodwin and Lillian Goodwin in 1936, It is based in Maryland and is a fully owned subordinate of Berkshire Hathaway. The firm is known for its affordable prices around all 50 states and is available in all parts of the USA.
Notable Achievements of GEICO Insurance
- More than 27 million automobiles are insured under them.
- They run almost 16 million auto policies.
- Over 40,000 partners are signed up with them.
- They have 17 major branches across the state.
- Despite its size, their ratings are formidable.
- Their website and app are equipped with a wide array of features, making it easier to keep track of your accounts, especially in the absence of an agent.
- The firm has proudly gained tremendous ratings from A. M. Best, Moody’s, Standard and Poors for providing financial strength and claims-paying ability.
Range of Insurance Provided by GEICO
Besides the basic car insurance coverage choices, the firm offers other notable insurances like Mechinal breakdown coverage and Rideshare Insurance, two of the most popular insurances assigned by them. Some of the other insurance provided by GEICO are:
- Motorcycle insurance
- All-terrain vehicles insurance
- Boat or personal watercraft insurance.
- Collector insurance for classic cars
- Umbrella Insurance
- Identity protection
- Life insurance
- Jewellery insurance
- ATV Insurance
- Mexico Insurance and many more.
Types of Vehicle Insurance
Before insuring a car, several important factors must be considered for the protection of the vehicle. Such that, you must consider the way you drive, the type of car you want to own, your surroundings and the community, and the parking area. Down below is a list of standard insurance types which are available.
- Collision Insurance: This insurance covers the cost of repairs needed resulting from a collision. The company will cover the damage according to the value of your car and not the total cost.
- Liability Insurance: This covers the damage you cause on someone’s property, their medical bills, cost of the funeral, car repairs, or legal expenses resulting from a car accident. This insurance is compulsory for vehicle owners in all states besides New Hampshire.
- Personal Injury: This covers the medical or funeral expenses when you or your car passengers get injured in a car accident, whether you are responsible or not. However, this insurance is only available in 22 states.
- Comprehensive Insurance: This includes coverage of the damage sustained during actions besides driving, such as vandalism, theft of the car, or bad weather. This type of insurance is not mandatory unless you possess a lienholder.
GEICO’s Insurance Rates
The famous auto insurance company offers some of the lowest rates available for insurance. They achieve these by offering discount programs that require eligibility. They mainly offer discounts to the more understood such as, to students, military and federal employees, various membership groups and policy owners. The GEICO firm also has discounts for basic home appliances like sprinklers, security systems, or smoke alarms.
Due to these amazing discount offers, GEICO has produced a sizeable number of loyal clients who are notably quite happy with the insurance company and its policies.
GEICO mobile app
GEICO’s tech-savvy app helps manage your own account and billing online when there’s an absence of an agent. It also helps you keep track of your policies and has access to your digital auto insurance ID card as well. The app is equipped with customer service to chat with an agent, request roadside assistance, find parking and track your vehicle’s maintenance history features. It is also linked with its very own virtual assistant, Kate, compatible with both IOS and Android versions of the app. Amazon Alexa and Google Assistant can also be linked to your accounts.
Distribution Policies for Independent agents in GEICO
One of its core policies for distribution is to never sell GEICO products via insurance brokerages or independent agencies. The company’s local agents are exclusive to GEICO and partner companies and are not allowed to represent other insurance firm competitors. Prior approval is needed by GEICO for the Local agents to sell insurance not offered by the company and its partner companies. The agent’s primary goal is to prospect and generate insurance leads and policies that GEICO would otherwise not capture.
The gecko became a popular mascot for the company in 1999. The idea was derived from the usual mispronunciation of the GEICO name as “Gecko”. Its motto was to “save people money” on their car insurance. A few years later, the GEICO caveman mascot was introduced and it ran its campaign with the slogan “So easy a Caveman can do it.