Little Known Facts About GEICO Insurance Company
What Could Ice Cream and Car Insurance Possibly Have in Common?
The Early Years
During the Great Depression, an enterprising couple named Leo and Lillian Goodwin decided they could build a successful insurance company. There were two important factors in their plan: 1) They would offer lower rates than their competitors. 2) They would only offer their insurance coverage to federal employees, as well as to the highest three levels of noncommissioned military officers. (A little known fact about GEICO insurance company is that, even today, they offer discounts to U.S. Military personnel.) Leo and Lillian Goodwin weren't prejudiced people. Not offering their insurance to everyone was simply part of their money-making plan. The Government Employees Insurance Company or, "GEICO" for short, was born in Texas in 1932.
(Today, anyone can buy GEICO insurance.)
In 1948, an investment banker named Lorimer Davidson- who was also a close friend of the Goodwins- rounded up some new investors for GEICO when the original ones took their money elsewhere.
The Founders Retire
A decade later, the Goodwins retired. Since they had no children to succeed them, they decided that Davidson should take over the reins of the growing company. GEICO insurance company then moved to 5260 Western Avenue, Chevy Chase, Maryland. This is the location of their headquarters today.
On a side note- Leo and Lillian Goodwin passed away in 1970 and 1971, respectively. Leo was honored for his innovative business ideas by being posthumously inducted into the International Insurance Society Hall of Fame in 2001.
Meanwhile...
To answer the question, "What could ice cream and car insurance have in common?", I have to ask, "Does the name Warren Buffet ring a bell?" According to Forbes.com, Buffet is worth $52 billion dollars. He ranks #2 on their billionaires in the world list. Buffet is known for his brilliant investments. Warren Buffett is the Chairman and Chief Executive Officer of Berkshire Hathaway. That's why he bought stock in GEICO insurance company in 1951.
If you read my article "Little Known Facts About Dairy Queen" , you'll find out how Buffet and Berkshire Hathaway link to this ice cream store.
Now, fast forward through time and space to 1996. Berkshire Hathaway bought the remainder of GEICO's stock. A little known fact about GEICO insurance company is that it became a subsidiary of Warren Buffet's investment company at that time.
The Gecko
GEICO started a national advertising campaign in 2000 that featured a talking gecko. If you've never seen the commercials, then you must not own a TV, as they are still being played to this day. Originally, actor Kelsey Grammar gave the lizard his voice. Richard Steven Horvitz, then Dave Kelly helped make the gecko come alive by lending their voices. Now, when you hear the gecko speak, you're hearing British actor Jake Wood.
The Cavemen
A little known fact about GEICO insurance company is that actors Jeff Daniel Phillips and Ben Weber play the parts of the cavemen.
In the commercial where the caveman is talking to his therapist, do your recognize her? She's actress Talia Shire from the "Rocky" movies. Shire played the part of Rocky Balboa's sweetheart "Adrian."
Published by Kassidy Emmerson
Kassidy Emmerson has studied Journalism, Creative and Non-Fiction Writing and Computer Programming. She has worked as a professional freelance writer for over a decade. Emmerson has 6,000+ articles published... View profile
- Finding Auto Insurance Quotes in Oklahoma You can find Oklahoma auto insurance quotes on the web or through local contacts. There are a few simple steps you can take to get the best insurance rate possible, with the least amount of work.
- One of the Best Insurance Options: A Geico Car Insurance Quote Contrary to advertisements, a Geico car insurance quote was neither available to cavemen or lizards at any point in the company's history. Despite these amusing claims, however, this insurance company has been around...
- Warren Buffett: A Remarkable Investor and Philanthropist Warren Bufffett is the greatest investor of all time. His value assessment principles and careful investments in companies have created unbelievable wealth for him and the investors in his company.
- Geico Cavemen Sitcom? ABC Takes the Clan to Primetime The Geico Cavemen aren't the first TV ad characters to spin-off into other media
- Warren Buffet Behind A-Rod's Return to the New York Yankees? Warren Buffet coached A-Rod on leaving his agent Scott Boras out of the talks with the Yankees and it appears to have worked out for A-Rod.
- Buying Car Insurance for Your Teen Driver
- Geico Insurance Beats the Rest
- Where is the Geico Gecko Lizard From?
- Billionaire Investor Warren Buffet Shares Berkshire Hathaway Wisdom at Annual Shar...
- Geico Insurance, Supporting Evolution to Get More Attention?
- Review: Geico Car Insurance
- Geico Insurance & Those "Crazy" T.V. Commercials!
|
|
21 Comments
Post a CommentWHO cares about the advertising!! Report how good they are as a compnay!! Im currently with Progressive, have been for 13yrs, they always show up within 24hrs after filing a claim. This is the kind of thing I want to hear! So far, I've heard nothing but BAD things about the claims services.
It's easy to see how Warren Buffet got his billions investing with geico because they rip you off every time you turn around even if you're not insured with them. You get hit by one of their clients and it's their fault, you might as well forget it from the get go because they will not meet their responsibilities as they should and their employees are very harsh and disrespectfull. I will tell everyone I know how lousy an insurance company geico is.
Comments: My experience with Geico Liabilty has been terrible. I was recently involved in an accident. A person merged into my lane and struck the side of my car ripping off the bumper and the inner sheet metal. I then called Geico at the scene of the accident. The person who hit my car talked with my agent and told them that it was his fault. My Geico agent said that she took care of everything and all of the details. I called few days later and my agent told me that the guy changed his story. Now my agent Melissa Clarke told me that I will not get a reimbursement from my deductible because of lack of evidence. Whathappened to admittal of fault when I first called? I feel like Geico hasmishandled my claim and now I am getting the short end of the stick. I am now inconvenienced without a car and short of my $1000 deductible
We were rearended in nov or 09, in a school zone by a teenage driver bending down to get something he dropped on the floor. Still today I'am fighting with Geico for past medicial and lawyer fees they claim are to high. Holding up our claim and agian stalling to serve the people. Only Geico, Do Not Buy Geico.
The Greko only cares about himself.
Thank you Mrs Dianne Davis of the Lakeland office. you have punished my family like no other. May you rot in hell.
You can read the full story on My Space under Gieco the needy, and Twitter under the same. Please read befor you buy.
IS THIS TRUE? I'm in the middle of a claim with GEICO. I was struck by their insured when they cut the lane while doing a left hand turn and struck me head on. GEICO assigned 10% negligence because I didn't 'take evasive action'. I explained that I did not foresee a collision and that an attempt could have resulted in a worse outcome. They did not respond to my objection and told me they'd send a check for my claim, less 10%; but that I couldn't cash it unless I signed the release. They also said their negligence determination would affect nothing. Can they withhold payment on a claim contingent that no further claims will be made? Will their determination really have no consequence on me in other ways?
ANOTHER TRUTH ABOUT GEICO... For years I've had a full cover car insurance coverage with GEICO and I recently had an accident (not at fault) so I took my car to a collision repair CHOP and GEICO authorized repairs. To my surprise when I went to pick up my car the repairs were shoddy and the bumper colors did not match.
The CHOP CHOP shop told me they would not repair my car to my satisfaction because the GEICO ADJUSTER did not authorize a professional repair because the car had a prior accident and had some reconstruction done and the bumper paint they pay for is straight from the manufacturer and GEICO didn't cover any color blend for a pearlized color that my car has. So my car has two colors and very sloppy work done by this shop who by the way didn't even call me to let me know if I wanted to cover the difference for a color match. The shop instead of honoring their name stoops to their lowest selling out with the adjusters.
SO BE ADVISED that if your car has prior dam
DO YOU WANT TO KNOW THE TRUTH ABOUT GEICO?
Karen Simpson; Lisa Fishman; Debra Schmidt; Jeremy Connor
Geico has the money to continuously bombard people with commercials. Do they figure things like this will not be seen? A complaint was sent to the Better Business Bureau. It included:
Enclosed please find my feedback relating to claims experience with Geico. Enclosed are photos and physical evidence info which I believe clearly show that my version was obviously correct. Physical evidence does not lie no matter how many liars appear. A claims examiner named Karen Simpson paid the other driver 100% which was about $3700.00, Geico then put this on my driving record for seven years stating that I was 100% at fault. I complained to the NY Insurance Dept. about this examiner before the claim was paid asking if I could be assigned someone more impartial. T
After 20 yrs w/State Farm, I decided to shop around. I got quotes for exactly what I have today and it was almost 30-40% more.
Kill the gecko....
we have had allstate for over 20 years but i want to look around for a new insurance company - is geico a really good insurance company or unethical?
After being in "GREAT ARMS" with Geico for many years I wouldn't go back to being in just "Good Hands"....I think the little lizard is the cutties mascot they could have ever chosen for their commercials...his accent is quite appealing and those eyes look so trusting...simplicity and truth is the message I get...isn't that what consumers are looking for in this complex and uncertain society..