Car Insurance Companies Reviewed
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GEICO Auto Insurance
Company Name: GEICO
History of the Company:
Founded in 1936, the original GEICO serviced government employees
and military personnel. In fact, contrary to most common day beliefs
that the name was derived in conjunction with the company’s famous
mascot, the Gecko, GEICO is actually an acronym for “Government
Employees Insurance Company”.
Husband and wife team, Leo and Lillian Goodwin, believed that if
they promoted insurance to specific niches, they would be able to
decrease premiums and still earn a profit. Even during the Depression,
they were able to realize this feat. Their target markets were federal
employees and three grades of noncommissioned military officers.
The company grew quickly ending the1936 calendar year with twelve
employees and three thousand seven hundred auto policies in force.
In 1951, Warren Buffett (presently the richest man in the world)
visits the GEICO office and decides to purchase a block of shares
in the company. Leo Goodwin retires in 1958 and throughout the 1960s,
the company grows exponentially reaching the one millionth policyholder
mark in 1964 and doubling earnings in 1966. Sadly in 1970 Lillian
Goodman passes away and her husband Leo follows in 1971. The company
experiences several hurdles with decreasing reserves but makes changes
that strengthen the finances and put the company on more stable
footing.
Warren Buffett makes a second large purchase of stock in 1976 and
the company continues through the 1980s with slow but steady growth.
Higher visibility advertising is launched nationally and in 1996,
GEICO becomes a wholly owned subsidiary of Berkshire Hathaway Inc.
(Warren Buffett’s investment firm) when the rest of the outstanding
shares are purchased.
Once Berkshire Hathaway became involved, it allowed the company
to expand its advertising budget in a larger national way with direct
mailings and television commercials. Then in 2000, the lovable GEICO
Gecko made his debut. GEICO furthered its advertising campaigns
in 2004 by adding the well-known “Cavemen” ads along with the slogan
that “geico.com was so easy even a caveman could do it”.
Mission Statement:
GEICO’s goal is to provide excellent coverage, low prices and outstanding
service.
Coverage:
Cars, trucks, motorcycles, scooters, ATV (all-terrain vehicles),
recreational vehicles, boats, and commercial vehicle fleets.
Statistics:
• GEICO ranked number one among car insurance companies in the “Brand
Keys Customer Loyalty Engagement Index” for 2008
• Roughly twenty-two thousand employees
• Insures more than fourteen million, four hundred thousand vehicles
• Largest auto insurer in Maryland, New York, the District of Columbia
and Hawaii.
Special Features that Differentiate Company from Others:
• GEICO has a special interest in the US Military because of the
founders’ mission to help US troops. As a result, the company offers
discount programs and service options specific to US troops at home
and abroad.
• GEICO offers Umbrella Insurance Policies that provide coverage
over and above the regular policies in order to protect policyholders’
assets in the event of a claim or event where the customer is deemed
personally responsible or liable.
• Auto Repair Xpress is available in more than four hundred repair
shops throughout the US.
• Powersports is established.
• Customer can manage policy online from making payments, adding
or removing options, changing policies, and lodging a claim.
• Offers the website in Spanish
Telephone: 1-800-861-8380
Website: http://www.geico.com
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