GEICO Car Insurance Company Review
GEICO is the third largest car insurance company in the United States and is an acronym for Government Employees Insurance Company. The company is headquartered in Maryland and insures over 8% of ALL drivers in America. Founded in 1936, its original target was federal government employees, hence the name. Now a subsidiary of Berkshire Hathaway, GEICO offers car insurance in all 50 states.
GEICO stands out from other car insurance companies because it has significantly fewer insurance agents than other companies despite its size. A model of direct to consumer sales was originally designed to help people save money on the cost of coverage and streamline the company. In fact, if you contact GEICO, you will still find yourself being directed to an online agent or a phone agent. However, there are also actual agents with offices throughout the nation to cater to those consumers who really want to deal with an actual agent face to face.
GEICO Car Insurance Programs
GEICO offers a variety of different types of insurance, but excels when it comes to car insurance. In addition to the regular policy features like liability, collision, comprehensive, uninsured/underinsured motorist coverage, medical payments and more, GEICO also offers the Auto Repair Xpress (ARX) program. Their Xpress facilities take care of your rental car if you have that type of coverage and guarantee the repairs for as long as you own the car.
These extras are what makes one car insurance company stand out from the others. In an extremely competitive industry, like car insurance, any extra you can offer is sure to make a difference when it comes to getting and keeping customers. GEICO’s reputation, along with such extras, continues to make it a popular choice amongst consumers who are looking to purchase car insurance.
One of the most recognizable car insurance ads is the GEICO gecko. It is so recognizable that it stands out in an industry that spends a significant amount on advertising. In fact, the ads are so popular that they have practically every company scrambling to find something that is a fraction as effective as the gecko with a British accent. When TV viewers see the gecko, there is instant recognition.
In addition, the company has diversified its entertaining ads by adding a series of ads featuring a GEICO caveman. These are incredibly popular and recognizable also. In addition, they also occasionally produce cartoon ads to demonstrate how quickly a quote can be gotten. In addition to their money savings focus, the company’s ads sometimes refer to the longevity of GEICO. Both aspects are very important when it comes to winning over new customers and maintaining old ones.
One of the most recognizable GEICO taglines in the company’s ads is “15 minutes could save you 15% or more!” You will find this tag in practically every ad that GEICO produces. This encourages consumers to take the time to get a GEICO quote so they too can join the ranks of those saving with the company. Much of the car insurance advertising revolves on how much consumers save on car insurance with GEICO.
What others are saying about GEICO?
In a J. D. Power and Associates study on auto insurance provider ratings in 2011, GEICO received 3 stars on overall satisfaction (out of 5), billing and payment, and contacting the insurer. It received four out of five on pricing and policy offerings. This puts the company above average in certain areas and better than most in other areas. These are encouraging results in a very competitive industry.
Another area that should be checked before you purchase a new car insurance company is the financial stability of the insurer you are considering. This can be done by getting the independent insurance rating of the insurer by one of the independent insurance ratings firms like Moody’s, Standard & Poor’s or A.M. Best. In fact, A. M. Best has given an A++ rating to GEICO in terms of financial strength. It is seen as a stable company with an excellent long-term forecast.
Looking at the company website can also give you a good idea of whether current customers are happy. There are a large numbers of testimonials on the site. These include great reviews but also often mention how much was saved by the customer switching to GEICO. While not unbiased, these reviews can give you an overview of what to expect once you take out a policy from GEICO.
Choosing GEICO for your car insurance needs is a good, solid decision. The longevity of the company, combined with its sheer size, great reputation, extra coverage and more make GEICO the best possible choice as a car insurance provider.