GEICO Car Insurance Claims
The Government Employees Insurance Company – GEICO – is a wholly owned subsidiary of Berkshire Hathaway, the conglomerate under the leadership of Warren Buffet. The company is a personal auto insurance company which, according to statistics released in 2009, has nearly 9 million policy holders. GEICO is the 3rd largest private vehicle insurance company in the US. Its principal subsidiaries/affiliates are GEICO Indemnity Insurance Company; GEICO General Insurance Company and GEICO Casualty Insurance Company.
GEICO holds assets valued at more than $28 billion and today provides insurance for more than 9 million policyholders. The company’s financial strength and efficiency is reflected in the excellent ratings awarded to it by respected international rating agencies, such as Standard and Poor’s (AA+), Moody’s (Aa1) and A M Best (A++). In addition, Standard and Poor’s also awarded its highly valued Security Circle designation to the company.
GEICO promotes its 24/7/365 customer service and the fact that you deal directly with the company. The insurance company cites the elimination of third parties as one of the reasons they offer such competitive premium rates. The company also promises to settle claims speedily and in a manner which is fair to the customer.
History of GEICO
The company was established in 1936, during the Great Depression, by Leo and Lillian Goodwin. In 1948, Lorimer Davidson, an investment banker, joined the company and, in 1951, Warren Buffet made his first stock purchase. By 1964, the company already had more than 1 million policy holders and by 1966 the value of its premiums had reached $150 million, with net earnings of $13 million.
Warren Buffet bought all the remaining stock in the company in 1996, making it a subsidiary of Berkshire Hathaway, Inc. The continued growth in the company is reflected by the fact that in 2002 the company had 5 million policy holders, 8 million in 2007 and 9 million in 2009 and today its assets are valued at $28 billion.
GEICO Auto Insurance Information
As one of the leading motor vehicle insurers in the US, GEICO offers a wide range of policies at differing premium rates. The basics of all policies include bodily injury liability insurance which will covers costs relating to injury or death if an accident is your fault. Property damage liability will pay out should your vehicle damage someone’s property. The company says that legal representation costs are also covered for both types of coverage.
No-fault or personal injury coverage in most cases covers the cost of medical expenses for the driver and/or passengers travelling in your vehicle, regardless of who is at fault. Uninsured motorist coverage in most cases covers you for injury and certain damages to property as a result of an accident with someone who is underinsured or who is a hit-and-run driver.
Damage caused to your vehicle, theft and perils like flood and fire are covered by physical damage coverage, while collision coverage will cover the costs incurred if you hit, or your car is hit, by another object.
GEICO also offers several special supplements to its policies. Mechanical Breakdown Service is an additional option which may be added to the standard collision insurance and covers the costs of repair of, for example, air conditioners and windows; while Emergency Road Service covers almost any other occurrence which is not covered by your standard policy.
Coverage is also offered to include an amount for the rental of a vehicle while yours is being replaced or repaired, GEICO also insures motorcycles, ATVs, RVs, mobile homes and boats for the private sector, as well as commercial vehicle insurance.