The risks that currently exist require that our assets be insured so that it is possible to face unforeseen events. It is important that we pay some attention to the way insurance works and the benefits they bring us. As for our vehicles, there are several insurance companies, each offering particular services that we should know.
Let’s review a little of the history of GEICO, reviewed by the same company. During the time of the Great Depression, very few people had the vision to start a new company. Leo Goodwin was convinced that he could create a successful car insurance business by promoting it directly to select clients.
In 1936, he established his Government Employees Insurance Company and called it GEICO. GEICO initially served federal employees and some military officers.
Lillian Goodwin actively participated in the promotion of the company. He also took care of accounting, set the rates and took care of the subscription. In the first year, GEICO had signed 3,700 policies and hired 12 people for customer service.
GEICO Insurance growth
When Leo Goodwin decided to retire in 1958, after 20 years of constant growth, he named Lorimer Davidson as his successor. The 1960s proved equally successful. GEICO experienced virtually uninterrupted growth, surpassing the insured’s mark of 1 million in 1964.
The 1970s, however, was not so good for the company. At the beginning of the decade, both Leo and Lillian Goodwin passed away. The loss of the founders seemed to mark the beginning of difficult times for GEICO.
GEICO used the experience to strengthen its subscription activities. Prudence in the subscription of vehicle insurance prevailed in the 1980s and the expansion continued. GEICO introduced telephone service 24 hours a day, 365 days a year, strengthening customer service.
In 1996, the investment firm Berkshire Hathaway acquired shares of GEICO. Becoming a subsidiary of one of the most profitable organizations in the country. In 2002, GEICO had surpassed the 5 million insured brand.
In August 2004, GEICO reported on the opening and relaunching of GEICO car insurance in New Jersey. Currently, according to ValuePenguin’s publication GEICO is one of the 10 best insurance companies nationwide.
How to add a new vehicle to your GEICO policy
Add an additional car to an insurance policy at the Government Employees Insurance Agency. (GEICO, for its acronym in English) is something simple that can be completed by phone or online.
Before doing so, determine the coverage you need and your ability to pay. It is important that you check if you can face the increase in your monthly payments and your new deductible costs. The procedure to add another car to your GEICO insurance is simple, but you must be aware of the financial impact.