History of GEICO
GEICO (or the Government Employees Insurance COmpany) is the second largest and one of the most recognized brands when in comes to insurance companies. Founded in 1936, GEICO has become a household name through their clever commercials where they feature a gecko with his famous phrase: “15 minutes could save you 15% or more on car insurance.”
GEICO is now part of Warren Buffett’s Berkshire Hathaway. By market share, GEICO ranks #2 right behind State Farm.
List of Insurance products offered by GEICO
GEICO is a direct-to-consumer (meaning no middleman) insurance company whose main focus is auto insurance, but pretty much offers every other insurance under the sun except health insurance. Here is a list of all their offerings:
- Auto (Car) Insurance
- Motorcycle & ATV
- Collector Auto
- Commercial Auto
- Work Insurance
- Professional Liability
- Business Owner’s insurance
- Workers’ Compensation
- General Liability
- Life insurance
- Pet insurance
- Travel insurance
- Ridesharing insurance
- Overseas insurance
- Homeowners insurance
- Mobile Home
- Renters insurance
- Landlord insurance
- Identity Protection insurance
- Valuables insurance
Pro tip: If you buy more than one insurance product with GEICO, you will qualify for their multi-product discount.
GEICO offers coverage in all 50 states as well as Washington D.C. Here is a list of their overseas offices.
GEICO reviews and ratings 2017-2018
Here are some key areas to judge GEICO by
1. Better than average customer satisfaction
The Global Market Research company J.D. Power rated GEICO’s overall purchase experience “about average” in their 2017 “Insurance Shopping Study”.
In the 2017 edition of the “Auto Claims Satisfaction Study” done by the same company, GEICO scored “better than most” for overall customer satisfaction.
2. Direct-to-consumer business model = more savings for you
Companies that are direct-to-consumer and involve no agents have an edge over their competitors because they can provide lower rates without hurting their margins. Having to pay no commissions to their agents, GEICO can offer one of the cheapest insurance rates out there.
The drawback of this is that you might need to be a bit more savvy when in comes to insurance since you might not have someone to work with you along the way. Clients with very broad insurance needs might find themselves with gaps in coverage unless they fully understand what they need and can sift through some potentially complicated wording.
3. Customer complaints
While GEICO is the clear winner when it comes to price, their slim margins force them to be a bit more stringent with their claims. Clients with multiple claims will have to go through a lengthy process that might not come out in their favor and face higher premiums the following year.
Your premium money isn’t going back to claims, it’s going back to those TV ads.
After reading 100’s of testimonials and comments on the web, I think it’s pretty safe to say that GEICO reports lower-than-average complaints compared to the industry median.
It also boasts a high customer satisfaction rating alongside a strong rating for customer feedback.
Lastly and perhaps the major win for GEICO is its ultra low insurance price. If you a price-sensitive then it makes sense to have GEICO as one of your top choices for car insurance or other types of insurance.
Get your own quote today at GEICO.
Read the complete list of best car insurance companies.