Lilah Butler, Car Insurance Writer
@lilah_c
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.
For more information, check out WalletHub's full GEICO review.
People also ask
How do I get car insurance for the first time?
To get car insurance for the first time, decide what coverage types and limits you need and then compare quotes from at least three different companies to find the best price. You should also evaluate each company’s discounts to see which ones you might qualify for and how much you could save.
If you’re a first-time driver looking to get your own policy, you’re likely to pay around 245% more per year for minimum...
read full answer by WalletHub, Financial CompanyWhat is included in GEICO comprehensive coverage?
GEICO comprehensive coverage pays for damage to your car that is not caused by a car accident. Comprehensive coverage by GEICO will cover non-accident related damage caused to your car, like theft, vandalism, flooding, fire, and natural or man-made disasters.
How GEICO Comprehensive Coverage Works
Your comprehensive coverage will pay for the cost of necessary repairs, as calculated by a GEICO inspector, minus your deductible. Your deductible is the amount you have to...
read full answer by Lilah Butler, Car Insurance WriterAre GEICO insurance rates competitive?
Yes, GEICO insurance rates are competitive, as the company is one of the 10 cheapest auto insurers nationally, according to WalletHub analysis. GEICO car insurance customers pay an average of $462 per year for coverage. GEICO's car insurance rates are based on your driving record and experience, along with factors like the type of car you drive, your ZIP code, your insurance history, and more. Your coverage and deductible choices also impact your final quote,...
read full answer by WalletHub, Financial CompanyDid we answer your question?
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