GEICO, formally called Government Employees Insurance Company is one of the leading insurance companies of America. The headquarters of GEICO is located at Chevy Chase, Maryland. GEICO is the largest auto insurance company in the USA.
The company offers risk cover of more than 24 million vehicles and the number of policyholders is about 15 million or even more. The facilitation of the leading insurance company is present in the 50 US States along with the district of Columbia. Similar to other insurance companies, GEICO also sells their policies through local agents who are called GEICO Field Representatives. They get a handsome amount as incentives. Also, the company does advertisements on a very large scale in order to gain more attention.
History of GEICO
The insurance company was founded in 1936 which is a subsidiary of Berkshire Hathaway. Leo Goodwin Sr. along with his wife Lillian Goodwin has put the concept for the first time through which they were willing to offer auto insurance to the families and employees of the federal government. Initially, the services were available in a very limited range in order to minimize the risk factor but now it is being sold to everyone. Apart from auto insurance, the company is now providing boat insurance, business insurance, property insurance, and emergency road services.
The Advertising Campaigns of GEICO
As we have said earlier, GEICO is very well known for their advertisement. They keep promoting their offerings through various ad campaigns. As per one report, the company has invested more than US $1.1 billion solely in the advertising campaign. In return for this, they achieved a profit of 6.8%.
Industries in GEICO
GEICO offers insurance to almost all industry types. They also offer full coverage by considering the maximum possible risk factors. Risks are everywhere. Nobody knows what will happen tomorrow. But with the contribution of insurance companies like GEICO, we can strengthen our life financially. For example, we have bought a new car. There is no guarantee that it will not meet with an accident. It is a possibility. But if we have insurance, then all the damages will be taken care of by the insurance company only. Hence the wide range of insurance services of GEICO is available as:
6 Types of Insurance in GEICO
- Life Insurance
- Automobile Insurance
- Casualty Insurance
- Property Insurance
- Finance Insurance
- Business Insurance
So those who need to safeguard their businesses from unwanted risks should take the insurance policy from GEICO. Their services are affordable and flexible to everyone. Also, as you know their user base is more than 15 million, so you can estimate their trust factor.
Insurance is the most important thing of the present era. Life is uncertain and insurance companies offer us an opportunity to safeguard our life from bad consequences. So, we should take advantage with open hands. It is made for our well-being.