Geico Insurance
From LoveToKnow Insurance
Over the past seventy years, Geico Insurance has provided reliable service and a variety of products to millions of policyholders.
How Geico Insurance Got Started
Lillian and Leo Goodwin founded Geico Insurance during the Depression. Geico originally targeted government and military employees, but has since expanded its customer base to the general public. In fact, the acronym “Geico” actually stands for Government Employees Insurance Company.
The first headquarters for the company was established in Washington, DC in 1936. By the end of that year, 3,700 policies had been contracted with federal government and military employees.
Geico Insurance Today
Today Geico has over 21,000 employees and 12 major bases of operation around the United States. Geico Insurance contracts with millions of policyholders and insures an even greater number of vehicles. Geico provides several different types of insurance including homeowner’s insurance, renter’s and condo insurance, motorcycle insurance, umbrella insurance (this supplements standard insurance if your liability exceeds individual insurance policies)and boat insurance.
Geico Insurance has an excellent financial standing with ratings companies such as Standard and Poor’s, A.M Best, and Moody’s. Geico is one of only eight insurance companies in the United States to have received an A-A+ rating from all three ratings agencies. This means Geico Insurance has the financial wherewithal to pay out claims on a consistent basis, while simultaneously continuing to offer low insurance rates.
Geico Auto Insurance
When it comes to personal passenger vehicles, Geico is the fourth largest provider of auto insurance in the United States. Geico sells directly to their customers, which in turn lessens operating costs and allows the company to offer more affordable premiums.
There are several special premiums that the company can offer for your vehicle, such as Mechanical Breakdown Service and Emergency Road Service. Mechanical Breakdown Service supplements standard collision insurance by covering repair costs for mechanical parts of the car, such as the windows and air conditioning. Emergency Road Service provides protection against typical everyday mishaps such as lockouts, jumpstarting your car battery and any other problem not covered by your standard car insurance policy. ESR enables the policyholder to receive to receive faster service when these unfortunate incidents occur.
Saving Money with Geico
Geico Insurance offers policyholders several ways to reduce rates including the following:
- Installing a driver and passenger side airbag in your vehicle.
- Taking a driver’s education or defensive driving course. In fact, if you are over fifty years of age, a defensive driving course can significantly reduce your car insurance rates.
- Installing an antitheft system in your car.
- Offering incentives for drivers who have been accident free for a period of five years or more. The company also offers a surcharge waiver program, which stipulates that accident-free drivers will not suffer a rate increase if an accident occurs after a specified period of time.
- Wearing a seat belt.
Completing any one of these actions can result in a five percent to twenty-five percent decrease in overall cost. The company also provides discounts to active and retired military personnel and government employees.
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Comments
Donald,
LoveToKnow Insurance is not affiliated with any of the insurance companies, so you will need to contact Geico directly for a quote on mechanical breakdown insurance.
Thank you for your question and for visiting LoveToKnow Insurance.
-- Contributed by: SusanWeberPlan to buy a Dodge Journey 2009 or Grand Caravan 2008 this week. What is the cost for mechanical breakdown insurance?
-- Contributed by: Donald ClydeMost importantly, the Geico Gecko is just cute!
-- Contributed by: Ann M.This page has been accessed 1,000 times. This page was last modified 15:06, 14 September 2007.
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