Perhaps you, like many Americans, believe your insurance company will be just like it is portrayed on television, and when you are involved in an automobile accident, your agent will be kind, helpful and will have one priority—to make sure you are well taken care of. Unfortunately, the reality of insurance company response to auto accidents is fairly far removed from the television commercials. In order to help consumers reach an informed decision on which insurance company to choose, below is some historical information and facts about Geico.
- Geico consistently rates among the top ten insurers for offering comprehensive auto insurance at relatively low prices.
- Geico was started in the mid-1930’s, at the height of the Great Depression by the husband and wife team of Leo and Lillian Goodwin, in the state of Texas.
- Initially, Geico targeted federal employees and enlisted military officers.
- In the late 1940’s Warren Buffet made his first purchase of Geico stock.
- In 1959, a new Geico headquarters opened in Chevy Chase, MD.
- In 2009, Geico expanded its services to Massachusetts, becoming a national company which provided coverage for drivers in all 50 states and D.C.
- In 2014, Geico policies in force topped 13 million, and the company reported assets of $28 billion.
- Geico currently offers coverage for autos, motorcycles, ATVs and RVs, commercial auto insurance, renter’s insurance, condo insurance, homeowner’s insurance, mobile home insurance, life insurance, boat insurance, flood insurance, travel insurance, business insurance and even insurance for ridesharing, collector cars, snowmobiles and pets.
- Geico is one of the few major insurance companies to offer mechanical breakdown insurance which helps pay for engine repairs and parts replacements.
- Geico stands out for a great selection of policy coverage choices as well as add-on options.
- The Geico Information Center provides extensive insurance information in one place, including thorough FAQs.
- Geico is the third-largest private passenger auto insurer in the U.S.
- Although Geico is not BBB accredited (businesses are under no obligation to seek BBB accreditation), the insurance company has received an A+ rating from BBB based on such things as length of time in business, complaint volume for a business this size, response to complaints and timely resolution of complaints.
Learn what you can do if the insurance company is not offering to pay for all of your damages.
Good facts to know about Geico, but most consumers want to know the bad as well as the good about insurance companies so they are not unpleasantly surprised. Some of the not-so-great facts about Geico include:
- According to com, Geico falls a little short of the competition when it comes to auto insurance. New car replacement coverage and GAP insurance are unavailable.
- Consumers found Geico lacking in mobile access, particularly in offering the flexibility to edit insurance policies.
- Geico offers no price breaks to low-mileage drivers, lacks a prepayment discount, and offers no loyalty discount.
Lawsuits Against Geico
In September, 2015, Geico agreed to pay $517,000 for a class action suit which alleged the insurance provider received reimbursement from third parties without agreement from car accident victims that they were “made whole” by their settlement. There are no class action suits pending against Geico at this time.
Geico in Mississippi
The insurance industry practices as a whole, caught the attention of Mississippi Attorney General Jim Hood, who joined others in asking the Department of Justice for an investigation into allegations that, under insurance company agreements, auto body shops sometimes use recycled or aftermarket parts to repair consumers’ vehicles. Owners of those body shops claim some of those parts are substandard, and could place consumers at risk.
What You Need to Know About Insurance Claims
If you drive, the chances are you will eventually be in an auto accident and will be required to follow steps to file a claim with your insurance company to receive reimbursement. You may be entitled to bodily injury claims for medical expenses and pain and suffering as well as property damage claims to your automobile. What you do—or neglect to do—immediately after a car accident can have a significant impact on your future. Remember the following:
- Never leave the scene of the accident until all information has been exchanged and the police have arrived.
- Make sure you and others receive necessary medical attention.
- Call your insurance company as soon as possible after the accident.
- Never admit fault to the police or your insurance company until you have spoken to an attorney.
- Whenever possible, take photographs at the scene of the accident.
- Never give a recorded statement to your insurance company or the other party’s insurance company.
- Only talk to your attorney about the accident, and never post on social media regarding the car wreck, even if you believe what you are posting is harmless.
- Remember there is often a significant discrepancy between what you believe your car is worth and what it is actually worth—fair market value is often quite different from sentimental value.
- Contact an attorney as soon as possible. Your attorney will protect your rights, and your future.
How to File a Geico Claim
To file a Geico claim online, visit the company’s claims center at: https://www.geico.com/claims/, or call Geico’s toll-free number at (800) 861-8380.
Getting Legal Help
If you have suffered an auto accident or other type of personal injury in the areas of Southaven, Horn Lake, Hernando, Walls, Tunica, Olive Branch, Desoto County, Memphis, TN, or Shelby County, TN, contact Stroud, Flechas & Dalton as soon as possible at (662)536-5656. We will be your advocate and will do our best to ensure you receive fair and just compensation for your injuries.