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Acquiring car insurance is an important part of being a responsible driver. There are many companies in the market offering car insurance, so choosing the one that’s right for you can be difficult. One possible choice is GEICO. With control of 13.8 percent of the insurance market, GEICO car insurance is the second-largest insurer in the U.S.
GEICO Auto Insurance
Although it is well known as an auto insurance provider, insuring about 28 million vehicles according to the Insurance Information Institute, GEICO also provides other policies including renters insurance, homeowners insurance, and life insurance. It offers the following types of coverage:
- Collector auto insurance
- Motorcycle insurance
- RV insurance
- ATV insurance
- Boats and personal watercraft insurance
- Mexico insurance
- Commercial vehicle insurance, including ride-share and on-demand delivery drivers
GEICO was established by Leo and Lillian Goodwin in 1936. It was initially called the Government Employees Insurance Company, which reflected its target audience of federal employees and certain groups of active military officers. In the first year, their team grew to include 12 staff members and they had issued over 3700 insurance policies.
As of 2018, GEICO had over 40,000 insurance associates across 17 major offices around the U.S. With over 16 million active auto insurance policies, it is highly rated for its financial stability and ability to pay out claims without hassle. It’s currently owned by Berkshire Hathaway and operates across the entire country, with headquarters in Chevy Chase, Maryland.
With the GEICO mobile app, you can stay up to date with your insurance policy, check your billing details, pay your bills, and file any claims. You can also communicate with an agent, check your car’s parking and maintenance history, and request roadside assistance.
Types of Car Insurance
Before choosing insurance for your vehicle, you’ll need to consider several factors, including your driving habits, the type of car you own, the community you live in, and where you park your car. While liability insurance is a must-have in almost every state, you’ll may need other coverage options to ensure that you have the best protection available for your vehicle. Here’s a lowdown on the standard types of car insurance available:
- Collision insurance: This covers damage to your car resulting from a collision. After removing your deductible, collision insurance will cover the cost of repairs up to the value of your car. It will not cover totaled vehicles.
- Liability insurance: When you’re liable for a car accident in which you injure another person or damage their property, liability insurance covers the cost of medical bills, repairs, funeral expenses, and legal expenses. It is compulsory for car owners in all states except New Hampshire.
- Personal injury: This covers the medical bills of you and your passengers when you’ve been involved in a car accident, whether you’re liable or not. It also covers lost wages, lost time, and funeral expenses. Personal injury insurance is only available in 22 states.
- Uninsured and underinsured motorist coverage: This plan covers the cost of medical expenses or property damage in an accident when the liable party is uninsured or underinsured.
- Comprehensive insurance: This covers damage sustained through actions other than driving, such as vandalism, theft of the car, or bad weather. Comprehensive insurance is not mandatory unless you have a lienholder.
GEICO’s Car Insurance Coverage Options
On top of regular auto insurance packages, GEICO offers some special packages including:
- Mechanical breakdown coverage: This pays for the repair of any faulty mechanical vehicle parts, as long as the car has less than 15,000 miles on it and is less than 15 months old. This coverage does not include damage caused by wear and tear on the vehicle and does not cover regular maintenance. Mechanical breakdown coverage comes with a $250 deductible and is renewable on a seven-year basis, or after every 100,000 miles.
- Ride-share insurance: This covers your vehicle for both personal use and commercial use like ride sharing or on-demand delivery. This program is available in the District of Columbia and 40 states.
What Insurance Programs Does GEICO Offer?
GEICO offers more than private passenger auto insurance. It also provides home insurers for renters, homeowners, co-ops, condos, and mobile homes. GEICO also has jewelry insurance, identity protection, life insurance, personal insurance with umbrella protection, flood insurance, and business owner’s insurance.
GEICO’s Insurance Rate
GEICO claims to offer some of the lowest insurance rates available, which it achieves by using discount programs, some of which you may be eligible for. It offers discounts to students, military and federal employees, various membership groups, and multi-policy owners. It also has discounts on home security systems, sprinklers, and smoke alarms. In general, GEICO’s customers are happy with its policies, regardless of the fact that it was left out of J.D. Power’s report on the best providers of life insurance.
With GEICO Insurance, you can determine your own deductible on jewelry insurance. The rates vary in each state, but on average are about one percent to two percent of the value of the item.
GEICO Auto Insurance FAQs
Why Should I Choose GEICO Insurance?
GEICO Insurance has been reviewed positively by its customer base and has one of the highest customer satisfaction ratings in the country. This is a good reason to choose GEICO insurance. In addition, its online accessibility — via the website and mobile app — and the slew of discounts available make the service convenient and affordable.
What Do I Need To Get a Quote From GEICO?
Getting a quote from GEICO insurance can be done completely online. To get a quote from GEICO insurance, visit their website and provide your zip code. Next, provide answers to the questions displayed on their page and submit them. The process is easy and you’ll receive a response within a short time.
How Do I File a Claim With Geico?
You can file a claim with GEICO via their phone lines, their mobile app, or the website. To file a claim, you’ll need to include a description of the incident, and other details such as the time, date, and state of the accident. Also include the policy information of all the parties involved. To file a claim for insurance, you may need the assistance of a GEICO agent, so it’s best to call their number to get started.
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