Government employees’ insurance companies provide insurance services and products to their customers throughout the United States. The whole meaning of the acronym GEICO is Government Employees’ Insurance Company.
The company offers motorcycle, automobile, renter, flood, condo, umbrella, life, mobile home, homeowner, and boat insurance. GEICO covers over 24 million motor vehicles owned by over 15 million policyholders as of 2017.
The name goes back to the beginning of the company. It first targeted a customer base of United States government employees and military personnel.
Government Employees Insurance Company
Government Employees’ Insurance Company (GEICO} is a private American auto insurance company headquartered in Chevy Chase, Maryland. It is the second-largest auto insurer in the United States. It was founded in 1936 by Leo Godwin.
GEICO is a subsidiary wholly owned by Berkshire Hathaway and writes private passenger automobile insurance in the fifty states in the United States of America and the District of Columbia. The insurance agency has over 40,000 employees.
The insurance company sells policies through local agents and field representatives, over the phone directly to the consumer through licensed insurance agents and their website.
The company was originally founded to sell auto insurance to federal government employees. GEICO also offers property insurance and umbrella coverage, which they sell, but the risk on the policies is transferred to third-party companies.
What Services Does Government Employees Insurance Company Cover?
Government Employees Insurance Company (GEICO) provides the following insurance services:
- Auto insurance.
- Homeowners, renters, and mobile home insurance.
- Flood insurance.
- Overseas insurance.
- Personal umbrella protection.
- General liability insurance.
- Life insurance.
- Professional liability insurance.
- Business owners policy.
- Identity protection.
- Jewelry insurance.
- Collector car insurance.
- Motorcycle insurance.
- Boat insurance.
What Factors Affect Government Employees Insurance Company Insurance Costs?
The GEICO insurance cost is affected by the type of insurance services or products the customer intends to obtain, ranging from car insurance to homeowners insurance.
Pros of Government Employees Insurance Company
The pros of GEICO include:
- A+ rating from financial strength from the BBB and A++ rating from AM Best.
- It has low car insurance rates for drivers.
- It has high policy limits.
- Insurance discount based on usage.
- A highly-rated mobile app.
- It provides mechanical breakdown insurance.
- Drivers with insurance policies can participate in the company’s DriveEasy program.
- Excellent customer service.
- It has a website that is easy to use.
- It has a wide range of services and products.
Cons of government employee’s insurance company
The cons of GEICO include:
- Average J.D. Power claims ratings.
- It is not the cheapest for people with poor credit or recent accidents.
- It has fewer local agents compared to other companies.
How do you obtain government employees insurance company (GEICO) insurance?
Follow these steps to obtain GEICO insurance:
- Visit their official website at https://www.geico.com/
- Determine the type of insurance you want and select by clicking them.
- Click on “Start my quote”.
- Enter your 5-digit zip code.
- Click “Next” and follow the on-screen instructions to get your quote.
- Determine the amount of coverage you need and review the coverage options offered.
- Complete the application process and pay the premium to activate the policy.
You can also find an agent near you via the website if you don’t understand the insurance policy you want to get. Or if you need further assistance in the process of getting a quote.
Frequently Asked Questions
Below are some frequently asked questions.
How can I Contact GEICO Customer Service?
To contact GEICO customer service, visit their official webpage at https://www.geico.com/. GEICO is available 24 hours a day to respond to customers.
How Many Customers Does GEICO Serve?
Government employees’ insurance company serves over 16 million auto policies in force, insuring over 28 million vehicles.
What is the Full meaning of GEICO?
GEICO stands for Government Employees Insurance Company.
Does GEICO Have a Mobile app?
Yes, GEICO has a mobile app designed to offer its customers easy access to their insurance information and facilitates contacting customer service for further support.
Why is GEICO Insurance Cheap?
GEICO is cheap because it offers many discounts and sells insurance directly to customers.
Today, the company has grown to offer insurance to various customers, whether employed by Uncle Sam or the private sector. It is well known for its distinct approach to advertisement and the excellent commercials it produces to catch customers’ attention.