GEICO Insurance which is short for Government Employee Insurance Company, is a private auto insurance company in the United States. Interestingly, GEICO does not have any business as a government-owned insurance company.
However, it is a wholly-owned subsidiary of Berkshire Hathaway, and Berkshire provides auto insurance coverage for 17 million customers. But, GEICO Insurance on its own, is undoubtedly, the second-largest auto insurance company in the States with about 40,000 employees and has insured about 28 million vehicles. The company achieved this feat with the help of insurance agencies that sells their policies through local agents.
So, for all the states in America, GEICO Insurance writes private passenger auto insurance policies through these local agents called GEICO Field Representatives. More so, just in 2023, the company’s revenue was at $35.093 billion.
By the way, GEICO Insurance sells some other insurance aside from automobiles which include property insurance.
GEICO Insurance Product Coverage
To start with, GEICO Insurance is literally known for selling private passenger automobile vehicle insurance all over America. However, that does not mean the auto car is the only insurance available at GEICO. Ultimately, the company sells more coverage that is in one way or the other linked to the vehicle and also, other insurance coverages include
GEICO Insurance Homeowners coverage
To begin with, there are different kinds of homeowners insurance policies. GEICO Insurance company offers these kinds of homeowners insurance coverage
- Standard Homeowners Insurance Policy
- Commercial property policy
- Dwelling fire policy
Condo insurance coverage
Basically, Condo or co-op policy protects your personal property and also the following
- Furniture
- Clothing
- Electronics
- jewelry
Mechanical breakdown coverage
For instance, this coverage is available for new or leased cars that are less than 2 years old, and with less than 15,000 miles. So, the insurance plan covers the cost of repairs when your car breaks down, needs the parts to be replaced, or suffers any other type of mechanical fault, as the case may be.
Uninsured motorist coverage
Now, this type of coverage compensates the insurer for injuries or damage to properties caused by a driver with no insurance as well as one with very minimal coverage.
Medical coverage
Also, GEICO has a plan that covers the medical expenses incurred as a result of injuries sustained through car accidents and any damage by the accident.
Liability coverage
Here, GEICO Insurance literally takes responsibility to compensate for the loss of life, injuries, or damages from an accident. Actually, the company’s policyholder caused the accident that resulted in injuries, damages, or loss of life to someone.
Rental reimbursement coverage
More so, this type of coverage helps the policyholder to pay for rental cars or any public transportation expenses while fixing your car after an accident insurance claim. Moreover, this type of coverage only applies when you have comprehensive and collision coverage.
Renters insurance
Now, this kind of GEICO renters insurance provides low-cost coverage for you and your stuff from unforeseen circumstances like
- Theft
- Windstorm
- Visitor injuries
- Fire
- Smoke damage
- Vandalism
- Water damage
Furthermore, items that this coverage protects include
- Electronics
- Accidental damage to someone’s property
- Medical expenses and/or legal fees if someone gets injured at a house you are renting
- Furniture and clothing
- Extra expenses if the property is uninhabitable due to a covered loss.
Emergency roadside service and assistance coverage
Basically, GEICO Emergency Road Service coverage takes care of the policy holder’s car emergency assistance. Now, these emergencies include
- Towing to the nearest repair facility
- Tire changes with your spare tire
- Battery jump starts
- Lockout services (Mistakenly locking your keys inside your vehicle)
- Fuel delivery to help get you to a gas station or your destination
Additionally, the GEICO Roadside emergency is a 24/7 quick response.
GEICO Insurance Auto discounts
Similarly, the company offers different kinds of discounts for car insurance policyholders. The discounts apply to
Vehicle equipment discounts:
- Air Bag Discounts
- Anti-lock Brakes Discount
- Anti-Theft System Discount
- Daytime Running Lights Discount
- New Vehicle Discount
Discounts for Driving History and Habits
- Five-Year Accident-Free Good Driver Discount
- Seat Belt Use Discount
Driver’s Education Discounts
- Defensive Driving Discounts
- Driver’s Education Discount
- Good Student Discount
Driver Affiliation Discounts
- Emergency Deployment Discount
- Federal Employee Discount (Eagle Discount)
- Membership and Employee Discount
- Military Discount
Customer Loyalty Discounts
- Multi-Vehicle Discount
- Multi-Policy Discount
Insurance distribution channels
As it stands, GEICO sells insurance coverage in at least, 50 states in the United States. More so, the company makes the Insurance get to anyone that needs it through different means.
Firstly, the company has a mobile app. This mobile app helps consumers to get easy access to car insurance information. Then again, the app serves as a communication means between consumers and the virtual assistants that help answer your insurance questions and assistance. Like, when you need roadside assistance, billing, digital ID cards, and others.
Correspondingly, GEICO makes use of local agents. These agents are, however, exclusively committed to GEICO. They are also not permitted to sell or represent any other competition insurance company. Moreover, they are only permitted to sell insurance from partners of GEICO company.
Equally important, GEICO never sells its insurance products through independent agents or brokers. Therefore, you must be a certified GEICO local agent to have the authority to sell insurance products for GEICO Insurance Company.
