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Is Geico a good insurance company?

Last Updated: 01/26/2012 09:05 AM

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.

Financial Rating
A.M. Best gives Geico an A++ rating, sometimes called a superior rating. Geico'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 insurance company, and can be used as a guide to determine which companies are likely to weather periods of increased claims without undue hardship.

Customer Satisfaction
Geico's financial rating is much better than their customer satisfaction ratings. In online polls Geico 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.

Geico Reviews

Company Availability
Geico operates in 32 states and provinces, including Puerto Rico. They are the official government insurance company, including domestic and military customers. Total coverage, when compared to other leading insurers, is fair, primarily because they do not have full nationwide access.

The Bottom Line
Geico is good company, but far from perfect. Your policy will probably be safe, 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 a company that you can take with you as you move from place to place. As with any company, 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.

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