Is Geico a good insurance company?
UPDATED: Aug 22, 2011
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Asked August 22, 2011
Geico is the fourth largest insurer of auto insurance policies in the country. The company is a wholly-owned subsidiary of Berkshire Hathaway, Inc., headed by Warren buffet. In business since 1936, the company boasts more than 20,000 employees and over 21 billion in issued policies.
What are the insurer's financial strength ratings?
A.M. Best gives them an A++ rating, sometimes called a superior rating. The insurer's existing debt securities rating is AAA, and their overall financial outlook is considered to be a stable one. These ratings are used to determine the stability of an insurer, and can be used as a guide to determine which companies are likely to weather periods of increased claims without undue hardship.
What are the company's customer satisfaction ratings?
Geico's financial rating is much better than their customer satisfaction ratings. In online polls of customers who have a policy, the insurer has a nearly equal balance between customers who were extremely satisfied and those who experienced less than satisfactory service. Taken as a whole, the company can be considered to be average in matters of customer service and claims handling.
What types of coverage options are offered by the insurer?
What type of insurance policy can you get with the insurer? Geico operates in 32 states and provinces, including Puerto Rico. They are the official government insurance company, including domestic and military customers.
The insurer offers liability coverages, ATV and motorcycle insurance, renters and homeowners insurance, life insurance, personal watercraft insurance, and so much more. As with any liability coverage business, they take into account your personal details like driving records, gender in most states, theft and vandalism rates for where you live, credit history, and more.Total coverage, when compared to other leading insurers, is fair, primarily because they do not have full nationwide access.
What's the bottom line?
Geico is good company to get a policy from, but it's far from perfect. Your policy will probably have safe coverage options, and your claims settled promptly, but be prepared to stand by your guns during the claims process. Because they have almost a 75% saturation rate throughout the country, Geico is the type of auto insurance company that you can take with you as you move from place to place. As with any insurer, some people have had problems, but the majority of customers have few, if any, major complaints. Compare Geico with other major insurance providers, and you will find that Geico ranks with the best.
Answered August 22, 2011 by Anonymous