Orlando Harmon
GEICO, the Government Employees Insurance Company, is an American vehicle insurance company that offers a wide range of insurance products. While GEICO is best known for its auto insurance, the company provides various other insurance options to meet diverse customer needs. From motorcycle and ATV coverage to RV and boat insurance, GEICO caters to a wide range of vehicle owners. Additionally, they offer specialised insurance for classic cars, as well as coverage for commercial vehicles and custom vehicles. Beyond vehicle insurance, GEICO provides homeowners, renters, and condo insurance, ensuring protection for personal belongings and liability coverage. The company also offers life insurance, travel insurance, pet insurance, and even identity theft protection. With a focus on affordability and customer satisfaction, GEICO has established itself as a leading insurance provider in the United States.
| Characteristics | Values |
|---|---|
| Type of company | Private corporation |
| Year founded | 1936 |
| Founder(s) | Leo Goodwin Sr. and his wife Lillian Goodwin |
| Type of insurance | Vehicle insurance, auto insurance, commercial auto insurance, motorcycle insurance, ATV insurance, RV insurance, boat insurance, snowmobile insurance, travel insurance, pet insurance, event insurance, homeowner insurance, renter insurance, jewelry insurance, life insurance, identity theft insurance, umbrella insurance, bicycle insurance, etc. |
| Number of policies as of 2017 | Over 24 million |
| Number of policyholders as of 2017 | Over 15 million |
| Headquarters | Chevy Chase, Maryland |
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Car insurance
GEICO offers a range of car insurance policies, including liability coverage, vehicle coverage, and coverage for yourself. Liability coverage includes bodily injury liability, which pays for damages for bodily injury or death resulting from an accident for which you are at fault. It also includes property damage liability, which covers damage to someone else's property caused by an accident that is your fault. Vehicle coverage includes collision coverage, which pays for damage to your car when it hits or is hit by another vehicle or object. It also includes comprehensive coverage, which pays for damage to your car from theft, vandalism, flood, fire, or other covered losses.
In addition to these standard coverages, GEICO offers uninsured motorist coverage, which helps compensate you for injuries or property damage caused by a driver without insurance. Underinsured motorist coverage is also available, protecting you from at-fault drivers with insufficient insurance coverage. GEICO also offers mechanical breakdown coverage for new or leased cars, which helps with repair expenses on all parts and systems.
GEICO's car insurance policies are designed to provide financial protection for you, your family, other passengers, and your vehicle. You can choose the amount of protection you need by selecting your coverages and limits. Their website includes a Coverage Calculator to help you determine the right amount of coverage and deductible for your budget.
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Home insurance
GEICO offers a wide range of insurance products, including home insurance.
GEICO's home insurance covers damage or loss caused by fire, flooding, theft, weather, and other risks. It also offers additional coverages to enhance financial security and peace of mind, including flood insurance and umbrella insurance. Flood insurance protects against severe water damage from events like heavy rain, melting snow, or coastal storms. Umbrella insurance provides extra liability coverage beyond the limits of a standard homeowner's policy, offering additional protection from accidents.
GEICO also offers landlord insurance for those who own rental properties. This includes protection for damage to the residence, coverage for single-family homes, condos, and townhouses, and may also cover the loss of rent in the event of a covered claim. GEICO recommends that renters also consider insurance, as landlord policies typically do not cover a renter's personal belongings in the event of fire, theft, or water damage. GEICO offers renters insurance to cover the full replacement value of belongings.
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Pet insurance
GEICO is well-known for its auto insurance but also offers a range of other insurance types, including pet insurance.
GEICO's pet insurance is provided in partnership with Embrace, a well-known pet insurance provider with 15 years of experience. The company offers comprehensive and simple plans, allowing customers to use any licensed veterinarian of their choice. GEICO's Accident & Illness policy reimburses pet owners for prescription medications for covered illnesses and accidents, which is a unique feature not often seen in other insurance companies. GEICO also offers an optional Wellness Rewards add-on to its pet insurance coverage, which reimburses the cost of many preventative care services up to an annual limit of $250, $450, or $650.
GEICO's pet insurance covers unforeseen medical expenses such as non-pre-existing illnesses and injuries for dogs and cats. This includes accidents such as broken bones and swallowing foreign objects, as well as unexpected sickness and injuries. GEICO's pet insurance also covers diagnostic testing and imaging, such as X-rays, ultrasounds, and MRIs.
GEICO's pet insurance does not cover pre-existing conditions, including any accident, injury, or illness that showed signs or symptoms before the start date of the policy. However, GEICO distinguishes between curable and incurable pre-existing conditions. Some curable pre-existing conditions, such as bladder/urinary tract infections, respiratory infections, and gastrointestinal disorders, may be covered if the pet goes one year without symptoms or treatments.
GEICO's pet insurance rates are competitive and depend on factors such as the age of the pet, the amount of coverage, deductible, and reimbursement percentage. The company offers a 10% discount for covering multiple pets and a 5% discount for military members.
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Travel insurance
GEICO offers travel insurance plans that cover a range of travel-related risks. The company has partnered with Berkshire Hathaway Travel Protection (BHTP) to provide travel insurance products. GEICO's travel insurance plans include AirCare and ExactCare, which are offered through Berkshire Hathaway Global Insurance Services, LLC, a GEICO affiliate.
GEICO's travel insurance provides peace of mind by offering protection against various unforeseen circumstances. The coverage options can be tailored to meet specific needs, with popular choices including Cancel for Any Reason (CFAR) coverage, rental car collision coverage, baggage delay or loss coverage, and pre-existing medical condition coverage. The amount of travel insurance required depends on factors such as trip cost, destination, duration, age, and health.
GEICO's travel insurance can be purchased by visiting the company's website and navigating to the travel insurance section. There, customers can review the different plans available, which include coverage for trip cancellations, medical emergencies, lost luggage, flight delays, and missed connections. It is important to note that travel insurance should typically be purchased before the trip commences.
GEICO also offers overseas coverage through non-affiliated insurance companies via GEICO Financial Services, GmbH, ensuring that customers receive the same low rates and high-quality customer service they would in the U.S.
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Commercial auto insurance
GEICO offers a wide range of insurance products, including commercial auto insurance. Commercial auto insurance is a type of insurance policy that covers vehicles used for business purposes, including cars, trucks, and vans. This type of insurance is essential for businesses that use vehicles to conduct their operations, regardless of whether they have a large fleet or a small number of vehicles.
GEICO's commercial auto insurance provides coverage for vehicle damage and driver injuries. It also offers higher liability limits than personal auto insurance policies, which is crucial for businesses that require higher coverage limits as per their specific contracts. GEICO's commercial auto insurance is flexible and can be customized to meet the unique needs of different businesses. It covers liabilities, collisions, comprehensive damage, medical payments, and uninsured or underinsured motorists.
One of the standout features of GEICO's commercial auto insurance is its competitive rates and outstanding service. As a subsidiary of Berkshire Hathaway, Inc., GEICO has the financial strength and resources to pay claims with combined assets of over $32 billion. This provides peace of mind to businesses that their claims will be honoured.
GEICO's commercial auto insurance also offers Emergency Roadside Service, providing 24/7 assistance for flat tires, towing, jump-starts, and more. Additionally, their New Vehicle Replacement Cost Coverage ensures that businesses receive the full cost of a brand-new replacement vehicle if their new commercial vehicle is totaled in an accident, rather than just the depreciated value.
GEICO's commercial auto insurance is designed to protect both small and large businesses. By understanding the specific needs of each business, GEICO can tailor a policy that suits the business's size, vehicle type, and budget. With over 70 years of experience, GEICO is dedicated to offering specialized coverage at affordable prices.
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Frequently asked questions
GEICO, or the Government Employees Insurance Company, is an American vehicle insurance company.
GEICO is well known for its auto insurance, but it also provides insurance for motorcycles, ATVs, RVs, boats, snowmobiles, travel, pets, events, homeowners, renters, and jewelry.
GEICO offers liability coverage, uninsured motorist coverage, underinsured motorist coverage, collision coverage, and comprehensive coverage, among others.
