With more than 15 million automotive insurance policies, GEICO is one of the fastest growing insurance companies in the United States. The company insures more than 24 million vehicles annually. GEICO is one of the nation’s largest insurance corporations and it offers a variety of insurance options.
Home of the popular GEICO gecko mascot, this insurance company is renowned for its customer service and speedy delivery of quotes. It offers 24-hour service seven days a week and maintains 26 offices around the country with more than 36,000 insurance associates working to provide the best experience to customers.
Although the company is known for its automotive insurance, it offers a wide variety of insurance options including boat, motorcycle, RV, homeowner’s, renter’s, life, flood, commercial, liability, travel, identity, jewelry, and pet insurance. Its services are available in all 50 states.
Government Employees Insurance Company, or GEICO, was established in 1936 by Leo and Lillian Goodwin. When it was started, the company was focused primarily on providing insurance solutions to U.S. government employees and military personnel, although it quickly expanded to offer insurance to individuals as well.
From its inception all the way through the 1960s, the company saw slow but steady growth and gained the interest of various investors including Ben Graham and his student Warren Buffett, who bought his first GEICO stock in 1951. By 1964, the company had written more than one million policies.
Then, in 1970 the Goodwins passed away and the loss of its founders and driving force sent the company through a brief downturn. However, the company recovered in 1980 and continued to expand its services. The most significant addition was a new 24-hour, 365-days a year phone operators which would allow customers to file claims at any time.
Since his initial stock purchase in 1951, Warren Buffett had continually increased his GEICO stock, and in 1996 the company officially became a subsidiary of Berkshire Hathaway.
The company’s popularity and national presence was solidified with the introduction of the beloved green GEICO gecko in 1999. The lovable lizard spawned an entire advertising based around the slogan that “15 minutes could save you 15% or more on car insurance.” With the national ad campaign, GEICO’s growth was spurred forward and by 2002, the company had passed the 5 million policy mark.
Since that time, the company has continued to exponential grow and by 2015 reported that it had more than 15 million policies and offered a wide variety of services to both private and professional organizations and individuals.