Geico is owned by Berkshire Hathaway, which is led by well-known investor Warren Buffet. Warren Buffett has owned shares of Geico stock since 1951, and Geico became a wholly-owned subsidiary of Berkshire Hathaway in 1996.
Geico is the second largest auto insurer in the U.S. providing coverage for more than 28 million vehicles and over 17 million auto policy holders. Originally specializing in insurance for government workers, Geico has since expanded their customer base to offer affordable insurance rates in all 50 states.
More Information About Geico’s History
Geico (Government Employees Insurance Company) was founded in 1936 by Leo and Lillian Goodwin to specialize in insurance for federal employees and enlisted military officers.
In 1948, Geico found new investors through the help of investment banker Lorimer Davidson, who later was named Leo Goodwin’s successor.
Olza Nicely became the new chairman, president, and CEO of Geico in 1993.
Nicely’s efforts to expand the customer base ultimately got Buffet’s attention, leading to Geico becoming a subsidiary of Berkshire Hathaway.
More Information About How to Get a Geico Online Quote
If you want to get a Geico auto insurance quote online, look for the car symbol at the top of the page, enter your zip code in the box next to it, and click the button labeled “Start Quote.”
You’ll be asked a series of questions, starting with “How can Geico help you today?” Then, you’ll fill in information about yourself, including your age, education, occupation, and any driving violations or accidents in your recent past. You’ll also answer questions about your car, its usage and mileage, and your current insurance, if any. Finally, you will note any other members of your household that need to be on your policy.
Give Geico your email address and you’ll get a quote back from them in about 15 minutes. They will base the quote on your state’s minimum coverages and the information you provide. You will also have the option of going to a “build your own quote” tab if you want to see how changing coverage and deductibles in this baseline policy would affect your premiums.
If you have problems with Geico’s online quote system, or you’d prefer to speak with a representative, you can also get a quote through a local Geico agent or by calling (800) 207-7847. Plus, Geico auto insurance customers can get personalized quotes for other types of insurance through the Geico app.
Yes. Geico is a good insurance company. Geico has been providing insurance since 1936, boasts an A+ Better Business Bureau (BBB) rating, and is one of the cheapest major car insurance companies according to WalletHub's research.
However, Geico’s NAIC rating is 1.33, which means it has received more complaints than the average insurance company. On the other hand, it may be encouraging to note that Geico is a wholly owned subsidiary of Berkshire Hathaway, which boasts famous investor Warren Buffet as its chairman and CEO.… read full answer
Geico Insurance Company Ratings
A+ BBB rating
AA+ S&P rating
A++ A.M. Best rating
Average rating of 2.5/5 among user ratings on WalletHub
NAIC rating of 1.33
Geico offers a wide variety of insurance products, including policies for your home, vehicle and business, through a network of affiliates as well as non-affiliated companies that specialize in writing different types of insurance policies. You can also bundle policies from Geico for a multi-policy discount.
Geico does not have a referral discount for bringing new customers to the company. That’s not unusual, though, since 7 of the 10 largest insurers do not provide an auto insurance discount for referring friends and family to become new customers, and the ones that do often have strict eligibility rules.… read full answer
The closest thing Geico has to a referral discount is its affiliate discount program. More than 800 organizations partner with Geico to earn their members a discount of up to 8% off a Geico car insurance policy. If your university, employer, fraternity, sorority, charity, or other association referred you to Geico, you can get the discount applied to a new policy. If you’re already a customer, just call Geico at 800-207-7847 to have your rate adjusted.
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