GEICO: Automotive, Life, Umbrella, Homeowners, Motorcycle Insurance

GEICO

www.geico.com
Subsidiary
(Finance: Insurance Services)

GEICO, also known as the Government Employees Insurance Company, is an insurance carrier that mainly provides auto insurance coverage in the United States. GEICO is a subsidiary of Berkshire Hathaway, Warren Buffet’s conglomerate holding company, and is currently headquartered in Fort Worth, Texas.

Contact Info
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Services
Motorcycle Insurance, Automotive Insurance, Homeowners Insurance, ID Theft Protection, Boat Insurance, Overseas Insurance, Flood Insurance, Life Insurance, Renters Insurance

Overview
GEICO is a leader in providing automotive insurance throughout the United States. In the 2010 Forrester’s Customer Advocacy survey, GEICO ranked in the top ten for financial providers that customers feel do what’s best for them, not the company’s bottom line.

Auto coverage from GEICO is available for motorcycles, RVs, commercial vehicles, boats, and ATVs. In addition to being a leading provider of auto insurance, GEICO also offers coverage on most types of residences, including mobile homes, condos, apartments, plus the company offers standard homeowners insurance.

Additional insurance services offered by GEICO include flood insurance, life insurance, overseas insurance, and umbrella insurance. Overseas insurance covers vehicles and personal property through subsidiary company International Insurance Underwriters, Inc. Umbrella insurance offers customers coverage that exceeds their primary insurance coverage. Umbrella insurance can offer coverage when extreme situations occur, which may lead to a personal injury lawsuit, and the damages exceed your allotted coverage amount.

Another service offered by GEICO is identity theft protection. GEICO works with a three system process, early notification, legal and/or financial help should identity theft occur, then work to restore your good name and credit. Customers can visit GEICO online to purchase, or simply get a quote, on an identity theft protection plan.

In recent years, GEICO has found much success by shifting from mainly issuing insurance policies to low-risk demographic groups, such as military staff and other government employees, to offering nonstandard policies to high-risk drivers. GEICO is currently a leading firm in providing auto insurance, however the company also issues motorcycle insurance and provides emergency roadside assistance service. Many consumers recognize GEICO from their themed television and radio commercials, including its gecko mascot, cavemen, and more recently, a stack of money with eyeballs which recites the lyrics from Rockwell’s Somebody’s Watching Me.

For the most part, GEICO solicits their customers directly, which eliminates the need for a sales force and for the associated expenses. Many competitors are beginning to adopt this approach, including Allstate who has launched its own set of themed advertisements as of late. There is a significant correlation between Allstate’s advertising spending and steadily increasing gain in market share.

GEICO is one of the few major insurance companies that relies on auto insurance policies as their leading source of income. This move played out in GEICO’s favor because the market became flooded with competition, which drove down prices and profit margins, and consumers began to seek better auto insurance rates due to the economic downturn.

Homeowners insurance, renters insurance, and life insurance products are not directly available through GEICO, however the company offers these services through non-affiliated insurance companies. GEICO’s direct marketing channels are used by Berkshire Hathaway to sell annuities.

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