Geico is a popular car insurance provider and is known for advertising affordable premiums. This makes Geico a great option for people looking to potentially save money. The company’s popular motto, “15 minutes could save you 15% or more on car insurance,”is a common phrase in its commercials.
Geico was established in 1936 in Texas by Leo and Lillian Goodwin. If you’ve ever wondered why the company name is usually in all capital letters, it’s because it was named the Government Employees Insurance Corporation, or Geico for short. The Goodwins established the company to provide auto insurance for federal employees and military members at reduced rates.
Geico motored along happily for a few decades, growing steadily over time. In 1956, a young Warren Buffet invested in the company while still a student at Columbia University. That would come to be important forty years later, when Buffett purchased all of Geico’s outstanding stock, and the insurance company became a subsidiary of Buffett’s Berkshire Hathaway.
Geico passed the million-policy mark in 1964. The company focused its resources on expanding its reach, and in 1993 made the decision to increase its advertising. This was the key to the Geico gecko, which debuted in 2000. (The gecko also has side gigs promoting conservation efforts.) In 2004, the “So simple a caveman could do it” campaign launched.
Geico’s car insurance policies are pretty standard compared to what other companies offer. In addition to car insurance, it also offers coverage for motorcycles, ATVs, RVs, collector cars, rideshare vehicles, and boats. And if you bundle your policies, you usually can save even more money on your premium.
Keep in mind that Geico isn’t necessarily the best option for people who place a high value on customer service. The company consistently receives average customer service reviews, despite having 24/7 customer support and roadside assistance. For a little more money, you could find a different provider with better customer support.
