When it comes to vehicle insurance in the United States, Geico insurance is a company that needs no introduction at all. Geico insurance is one of the most well-branded firms in the United States that provides coverage for over 27 million vehicles that are owned by more than 16 million policyholders. The company is a force to reckon with, and in this article, we will be serving all the necessities there are to know about the company.
A Brief History of Geico Insurance
The company was founded in 1936 by Leo and Lilian Godwin-a couple, these two were brave enough to set up an establishment even at the height of the Great Depression. Geico Insurance was established as the Federal Government’s Employees Insurance Company. The initial target of the company were federal employees and certain categories of listed officials, but, within a year, the company has written over 3,700 polices and hired up to 12 staff.
12 years later, a business professor at Columbia University in New York, named Benjamin Graham decided to invest in Geico Insurance. And this was one of the biggest turning points for the company. Graham taught young Warren Buffet at Columbia. And established the well-known link between Geico and Buffet. Sometime in 1951, Warren Buffet had meetings with one of the investment bankers at Geico insurance and decided to buy some stock from the company, and the rest, as they say, is history.
What Product Lines Does Geico Insurance Cover?
One of the strongest and most popular offerings of Geico insurance is Private Passenger auto insurance. And beyond this, the company also provides motorcycle, ATV, RV, and boat insurance; renters’, homeowners’, condo, co-op, and mobile home insurance. Some other insurance policies offered by the company include:
- Jewelry insurance.
- Commercial Auto insurance.
- Professional liability insurance.
- Flood insurance.
- Life insurance.
- Personal Umbrella Protection.
- General liability insurance.
- Overseas insurance.
- Business owners’ insurance
As you can see, 84 years down the line, and the company is still waxing stronger and writing more policies to her belt.
Geico mobile app was created for Geico customers. This is done to have access to the information of their car insurance. The app provides immediate access to digital ID Cards and roadside assistance. And also a virtual assistant who will help you out with all questions related to billing, coverage, and more. The app can be downloaded from the App Store for IOS users. While Android users can get the app from Google Play Store.
Geico Insurance at a Glance
In 2018, Geico insurance:
- Became the second-largest private passenger auto insurer in the United States of America
- Has insured over 27 million vehicles with over 16 million auto policies in action.
- Has over 40,000 associates and has over 17 major offices across the country.
- Enjoy high ratings from A.M. Best, Moody’s Standard and Poor’s for financial strength and claims-paying liability.
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