Complete Details of Government Employees Insurance Company (GECIO)

Government Employees Insurance Company (GECIO) is Insurance Company in America. It was founded about 84 years ago, in 1936 by Leo Goodwin SR and Lillian Goodwin. Headquarter of 

GEICO is in Maryland. After State Farm GEICO is second largest auto insurer in the United States.

GEICO is now subsidiary company of Berkshire Hathaway. According to the data published in 2017, GECIO is having more than 15 million customers which insures the coverage of more than 24 million motor vehicles. GEICO provides insurance for private passenger automobiles in all 50 U.S. states and also they have insurance business in District of Columbia too.

The policy selling process is done by local agents which are known as GEICO Field Representatives. Policy selling process is done over phone directly to customer by licensed insurance agents and also through their website. GEICO is famous for their commercials and advertisements.  They have made various advertise which lead to entertain viewers.

Along with car insurance they provide Property insurance and Umbrella coverage too, but these policies are transferred to third party companies. GEICO handles these polices as the insurance agent and for that they have separate customer care team.

Government Employees Insurance Company (GECIO)

Various Insurance provides by GEICO 

GEICO is the one of the top insurance provider companies which covers wide range of the insurance which are as follows

Vehicle Insurance

GEICO provides various types of auto insurance which are discussed briefly below

  • Auto insurance coverage- Here customers selects auto insurance coverage from GEICO. GEICO Company will look after the expenses if accident occurs. The application process takes less time in GEICO comparing to any other branch. It is necessary for everyone to have coverage on your car so that all roads on USA would have safer situation.
  • Motorcycle insurance policy coverage – GEICO  provide you motor cycle insurance coverage which gives benefits to you also to your bike and who are present on the road. There are some coverage’s considered in motorcycle insurance policy. They are Collision coverage, Property damage coverage, Uninsured motorist coverage, comprehensive coverage.    
  • ATV insurance policy coverage – ATV are vehicles used for off road racing and dirt racing. Here there are many chances of meeting up to accidents due to improper road conditions, So GEICO provides you Insurance coverage on ATV vehicles. It helps owner of ATV to protect his investment. 
  • RV insurance policy coverage – GEICO provides insurance on Recreational Vehicles. It provides coverage to motor homes, van campers, mini motor homes, Sport utility recreational vehicles, travel trailer, towable recreational vehicles.
  • Boat/PWC insurance policy coverage – GEICO covers boat or personal water craft insurance. PWC coverage helps to insure your personal watercraft and you against accidents, liability and destruction of public or private property during accident.
  • Collector Auto insurance policy coverage – GEICO also provides insurance on collectible, classic, vintage cars. It helps you to protect your beloved investment in future. Mostly collector auto insurance coverage is helpful for making availability of parts of antique cars which are not easily available.
  • Rideshare insurance policy coverage – GEICO provides insurance for auto coverage for drivers of ride sharing companies like Uber, Amazon Flex, Lyft, Grubhub, Instacart, Postmates, Uber Eats, DoorDash. GEICO rideshare insurance helps to overcome expenses for repairs, injuries etc. 
  • Commercial Auto insurance policy coverage – In commercial auto insurance company provides coverage to vehicles used buy your business. Expenses like damage to vehicle, driver injury, injury to someone else, Damage to someone else property are covered.  
  • Mexico Auto insurance policy coverage– Most of Insurance companies don’t cover Mexico but GEICO does it. If you purchase other company insurance, you need additional coverage.

Property Insurance

Various types of Property insurance provided by GEICO are discussed briefly below –

  • Home Owners insurance policy coverage– It allows you to protect one of most investment of yours that is your house. It gives you coverage over property damage to your house. It insure damage by fire, wind, hail, floods etc
  • Renter insurance policy coverage – It provides coverage for you and your belongings which may get damage occurred by fire, smoke damage, theft etc. It includes things like electronics and appliances, furniture and clothing, medical expenses, accidental damage to some one’s property etc.
  • Condo/Co-op insurance policy coverage – Condo or co-op policy helps you to protect personal property it includes following things like furniture, clothing, Electronics, jewelry etc
  • Mobile Home insurance policy coverage – This insurance provides you coverage for your home and your personal belongings and structures that are on your own land from fire, wind, falling objects, lightening, explosion, visitor injuries etc.  
  • Landlord insurance policy coverage– Landlord insurance coverage allows you to give your property on rent with confidence. It allows you to cover damages or injuries related to rental property and protects you financially.
  • Flood insurance policy coverage – GEICO provides flood insurance which allows you to cover expenses occurred due to natural calamities. Expenses like damage of property due to water, storm, rain, floods etc are covered in this policy.

Business Insurance

GEICO provides various types of Business Insurance which can choose as per individuals need. All the Business Insurance by GEICO are discussed below 

  • Business Owners insurance policy coverage – This policy helps you to protect your business. It provides Liability and property coverage. It covers cost for this both main coverage. 
  • General Liability insurance policy coverage – General liability insurance policy helps you to protect business against third party that is non employee. It includes bodily injuries, property damage, personal injury, advertising injury.
  • Professional Liability insurance policy coverage– Professional liability covers copyright infringement, personal injury and many more factors which are considered in business. You should have professional liability insurance if your business provides regular professional advice to clients, contractual service to your clients, a professional service etc.
  • Workers Compensation insurance policy coverage – Workers compensation insurance helps you to cover medical expenses and lost wages for small business owners if employee becomes injured or sick.
  • Medical Malpractice insurance policy coverage– Medical malpractice insurance helps to protect you from false claims. It is helpful for nurse practitioners, physical therapists, licensed practical nurses, yoga instructors, personal trainers, physician assistants etc 
  • Wellness and fitness insurance policy coverage – Wellness and fitness insurance policy helps you to protect yourself from expenses in hospital over accidents, illness etc. 
  • Commercial Auto insurance policy coverage – In commercial auto insurance company provides coverage to vehicles used buy your business. Expenses like damage to vehicle, driver injury, injury to someone else, Damage to someone else property are covered.  
  • Rideshare insurance policy coverage – GEICO provides insurance for auto coverage for drivers of ride sharing companies like Uber, Amazon Flex, Lyft, Grub hub, Instacart, Postmates, Uber Eats, Door Dash. GEICO rideshare insurance helps to overcome expenses for repairs, injuries etc.

Additional Insurance

Apart from the Auto, Property and business insurance GEICO provides some additional insurance GEICO which are as follows –

  • Umbrella insurance policy coverage – Umbrella insurance is type of liability insurance that covers your basic policies such as auto, home or renter’s insurance.
  • Life insurance policy coverage – GEICO provides Life insurance policy which provides you coverage for lifetime financial security for your family when they need it most. In case something happens to you in future.
  • Travel insurance policy coverage – This insurance policy helps you to protect your travel cost with express service and worldwide assistance. It covers expenses like unexpected cancellations and delays of flight, lost travel documents. 
  • Overseas insurance policy coverage – This policy is gateway to 30 locations worldwide and when you get stationed abroad GEICO’s associates serve you while you serve your country.
  • Identity protection insurance policy coverage – This policy provides you protection against identity theft. It allows you to shield your personal information and avoid miss use. 
  • Pet insurance policy coverage – Pet insurance policy is used to take care of your beloved pets in case they meet up with health issues or accident their expenses are covered here.

History of GEICO

GEICO was founded by Leo Goodwin SR and their wife Lillian Goodwin in 1936 for providing insurance on cars that is auto insurance directly to federal government employees and their families. Goodwin firstly used to work for USAA. He was working as insurer who was specialized in insuring only military personnel.  After that he decided to start his own company. For creation GECIO Goodwins funded with $25,000 from their own money and $75,000 from Fort Worth, Texas-based banker Cleaves Rhea with legal assistance from future GEICO CEO Lorimer Davidson. Later in 1937 GEICO was relocated by Goodwin from Texas to Washington, D.C. The Rhea family sold its 75% stake of GEICO in 1948. In 1951 GEICO was named “The Security I like Best.” GEICO’s market capitalization increased almost 50 times from 1948 to 1958. Goodwin retired in 1958 and was replaced by Lorimer Davidson who increased insurance premium of company at compound rate of 16%. Davidson was retired in 1970 and was replaced by Ralph Peck and David Lloyd Kreeger. Kreeger was retired in 1975 even after retirement he continued as chairman of executive committee until 1979. Peck left GEICO in 1976 due to decrement in share price of GEICO from $42 to $5. To save GEICO from collapsing the association of 45 insurance companies made agreement to take over quarter of its policies. From 1962 to 1996 GEICO offered various types of insurance including homeowner’s insurance and auto insurance. Also, GELICO which is sister company of GEICO from 1975 to 1985 offered Life insurance. GEICO was wholly owned by Berkshire Hathaway in 1996 after many years. GEICO began to offer coverage for transportation network companies drivers in 2015. They targeted high population states such as Texas, Pennsylvania, Ohio, Georgia. Hence GEICO became largest insurance provider for TNC drivers.

Advertising Campaigns of GEICO

In 2012 GEICO had many well-known Ad campaigns they spend over 1.1 billion US dollars in advertising. All campaigns of advertisement of GEICO are made by The Martin Agency which is located in Richmond, Virginia. While for advertising and campaigns GEICO used mascots like GEICO Cavemen, GEICO Gecko, GEICO Piggy who used to shouts ”whee” they were appearing on radio and TV commercials. Many Actors like Mike McGlone, Musician like Alex Harvey were introduced for GEICO commercials. GEICO also introduced their customers in their ads to tell their stories. Even GEICO is sponsor of National Hockey League. GEICO have been involved in Motorsports for long as motorsports sponsor, since 2008.In NASCAR Nationwide Series GEICO sponsored German Racing and later in NASCAR Cup Series. Later Grandson of racing legend Richard Childress, named Ty Dillon started driving No.13 GEICO Chevrolet in 2017 season.  Now in 2020 GEICO became premier partner of CUP Series with Coca-Cola, Xfinity and Busch Beer.  Now in 2020 GEICO has been mostly referred for insurance and policy coverage, GEICO provides you instant service through their official website as well as on phone. You can get more information and details about GEICO by visiting their profiles on social media like Facebook, Twitter, and LinkedIn. GEICO provides you best service as it is one of the old firms. You can get information about their latest updates on their YouTube channel too. GEICO has big and long history which tells us about growth of their company surely, they are most trusted and recommended choice by the people.  

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