Whether a lizard or a caveman, GEICO is one of the most popular insurance companies in the United States. Based in Maryland, the company is a wholly owned subsidiary of Berkshire Hathaway and covers more than 27 million vehicles owned by more than 16 million policyholders. This is an insurance policy that should not be taken lightly.
GEICO insurance 2021: Everything you need to know
GEICO was founded in 1936, at the height of the Great Depression, by Leo and Lillian Goodwin, who dared to create a new company. The company was founded as an insurance company for government employees, primarily targeting federal employees and certain military personnel. GEICO developed 3,700 strategies and hired 12 employees in one year.
Benjamin Graham, professor of economics at Columbia University in New York, decided to invest in GEICO in 1948. This was a pivotal moment in the company’s history, as Graham would later teach a young Warren Buffett at Columbia, creating the famous bond between GEICO and Buffet. In 1951, Buffett traveled to Washington to learn more about GEICO and met Lorimer Davidson, an investment banker and close friend of Goodwin. After this meeting, Mr. Buffett decided to buy shares of GEICO – and the rest is history.
When Goodwin retired in 1958, Davidson was appointed to succeed him. Twenty years of steady growth continued to lead the company, which reached one million policyholders in 1964 and collected $150 million in premiums in 1965. Growth slowed in the 1970s and years of aggressive expansion began.
When it was reported in 1976 that GEICO was buying $1 million worth of GEICO shares, the company responded with a subscription warning, resulting in a second appearance by Warren Buffett. In the 1980s, GEICO launched a 24-hour phone service. 365 days a year for complaints, sales and service. This customer-centric model has remained in place to this day.
GEICO Insurance at a glance
- GEICO insures more than 27 million vehicles and has more than 16 million active auto policies.
- It is the second largest passenger car insurance company in the United States.
- The company has more than 40,000 employees and 17 major branches across the country.
- GEICO is highly rated by A.M. Best, Moody’s, Standard and Poors for financial strength and creditworthiness.
Which product lines are covered by GEICO?
Personal auto insurance is GEICO’s most popular offering. In addition to car insurance, GEICO also offers insurance: Motorcycle, ATV and boat insurance; homeowners, renters, condo, co-op and mobile home insurance; personal protection; life insurance; flood insurance; overseas insurance; business owner insurance; professional liability insurance; general liability insurance; commercial auto insurance; collector’s auto insurance; personal protection; jewelry and
The GEICO mobile application is designed to give GEICO customers easy access to auto insurance information. It provides instant access to digital ID cards, roadside assistance services and a virtual assistant that can answer questions about insurance coverage, billing and more.
Does GEICO use independent agents to distribute its products?
The GEICO website says: GEICO never distributes its products through insurance brokers or independent agents. GEICO’s Local Representatives are the exclusive representatives of GEICO and the Partner Companies and may not represent any other insurance company that competes with GEICO and the Partner Companies. GEICO’s local agents are authorized, with GEICO’s prior approval, to sell insurance not offered by GEICO and its affiliates.
GEICO’s local agents are entrepreneurs who set up their own businesses to exclusively represent GEICO and its de facto partners. Their main role is to find and create businesses and insurance policies that GEICO could not otherwise understand.
Gecko and caveman:
The Gecko GEICO made its advertising debut in 1999 and quickly became a popular symbol of the company. The idea was born out of a common misconception about the name GEICO Gecko. The main purpose of the GEICO gecko is to save you money on your car insurance. Five years later, the GEICO caveman came on the scene with an advertising campaign so simple a caveman could do it.
That’s all I’m saying.
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