Info About Insurance

Geico Insurance

A Complete coverage of Geico and it's Insurance plans

GEICO –

• One of the fastest growing auto insurance companies in the United States.
• Founded in 1936 by Leo and Lillian Goodwin.
• Stands for Government Employees Insurance Company.
• Offers many money saving discounts and a choice of convenient payment plans.
• 4^th largest private-passenger auto insurer in the United States.
• 21,500 associates with 12 major offices around the country.
• Online services include – coverage verification, information requests, process and receipt of service requests and timely delivery of payments
• AAA rating from Standard and Poor’s*
• Aaa from Moody’s
• A++ from A.M. Best
   There are only eight insurance operations in U.S. that have earned this rating.

In 1996, it became a subsidiary of Berkshire Hathaway, headed by Warren Buffett, one of the country’s most successful investors. GEICO / Hathaway and its affiliates enjoy the highest ratings in the industry for financial strength and claims-paying ability.

Customer Base

• 6 million auto policyholders and growing day by day.
• It insures more than 10 million vehicles

In addition to auto insurance, it offers customers insurance products for their motorcycles, boats, homes, apartment, mobile homes and personal umbrella protection.

On the corporate level, it sponsors neighborhood and educational programs and holds company-wide fundraisers in support of worthy cause. GEICO takes a leading role among auto insurers in the safety arena.

GEICO – Products

Auto Insurance

You have different types of coverages that make up your policy. Auto insurance is a package of seven primary packages, taken together these coverages make up a standard auto policy. As each of these coverages has its own separate premium, your premium amount is the total of these separate premiums.

In addition to the primary coverages, for additional premiums you can also add on coverages such as GEICO’s Mechanical Breakdown Insurance and Emergency Road Service.

Bodily injured liability – provides protection if you injure or kill someone while operating your car. Liability covers injury to people, but not to your vehicle. It’s a good idea to have the same level coverage for all your cars.

Medical Payments or personal injury protection coverage – usually pays for the medical expenses of the injured driver and the passengers in your car.

Collision Coverage – pays for damage to your car when your car hits, or is hit by another vehicle.

Comprehensive physical damage coverage – pays for losses resulting from incidents other than collision

Rental reimbursement – coverage pays for a rental vehicle when the insured’s vehicle is out of commission as a result of a loss covered under comprehensive or collision coverages.

Property damage liability – protects you if your car damages someone else’s property.

How GEICO investigates a claim

• When someone reports an accident to GEICO, a liability adjuster is assigned to investigate the accident thoroughly to ensure everyone’s claim is handled properly. This process is called the liability investigation

Liability Adjuster -
 

• Reviews the insurance policy and the coverage in effect for the loss to determine what types of damage or injuries are covered.
• Contacts everyone involved in the accident – passengers, drivers, etc, account of the accident.
• Conducts in-depth interview with each person involved, which help resolves disputes over the facts of the accident.
• Gathers and reviews additional relevant information, such as photos of the vehicles, police report, and local traffic laws.
  Then he considers all the facts, determines the cause of the accident and handles the claim accordingly.

·        It is developed by GEICO Indemnity Company to meet the special needs of motorcycle owners.

·        Gives you affordable protection for your bike year-around

·        Offers online motorcycle insurance quotes, online service options for your motorcycle insurance policy.

·        Is not available in Michigan, Massachusetts, New Hampshire and Delaware.

 

You can customize the motorcycle policy to meet your personal preference. Choose the type of coverage you need for your bike and the payment plan that suits your wallet. GEICO Motorcycle insurance covers most types of motorcycles including, touring, cruisers, street-sport and high-end performance bikes. If you carry comprehensive or collision coverage, you are eligible for $500 coverage for optional accessories – which may include trunks, saddlebags and backrests.

Coverage is not available for motorcycles such as Mopeds, ATVs and Extensively Modified.

Payment Plans for GEICO Motorcycle Policies

• One Payment – full policy premium is due on the effective date of the policy.
  
   
• 4-Pay – Pay your premium in 4 installments.
  Available if the total premium is over $100, service fee applies.
  
   
• 6-Pay – Pay your premium in 6 installments.
  Available if the total premium is over $100, service fee applies.
  
   
• 9-Pay – Pay your premium in 9 installments.
  Available if the total premium is over $150, service fee applies.
  
   
• Monthly Payment Plan
  Available if total premium is over $1000, service fee applies. (this plan may not be available in Florida and South Carolina)
  
   

Motorcycle Security Tips

There are many ways to secure your motorcycle to prevent from theft.

• Consider adding a motorcycle anti-theft, or security system.
• Limit the amount of time your bike is left unattended.
• Always keep the ignition locked.
• Park in a secure area.
• Use high quality lock and chain.

Umbrella Insurance

Umbrella insurance is a great way to protect your hard earned assets. If there’s a gap between your assets and your insurance coverage, you should consider an umbrella policy. It provides additional ability coverage above the limits of your current policies, and protects you from situations not covered by ordinary liability policies, such as slander and false arrest.

How to know when you need Umbrella Coverage?

·        Add up your assets – the value of your home, money in the bank, bonds, stocks, other assets or other retirement plan.

·        Check how much liability you have on your home, auto and boat policies.

·        Determine if your current policies cover your assets.

Boat Insurance

Boat insurance protects you against accidents, vandalism and insures you against liability. Insurance needs differ depending on the type of boat or watercraft you own.

General Coverages

• Physical damage to the hull, sails, furniture, machinery and other equipment that is normally used on board.
• You are covered for damage to another boat or dock, and for bodily injury or death to another person as a result of your negligent operation or ownership of the boat.
• Most perils are covered including vandalism and damage that result from latent defects of workmanship.
• Under most policies, the boat trailer is covered against physical loss or damage from any external cause.
• The policy coverage provides compensation liability for injury to persons employed by who may work on your boat, but are not crew members.
  
  You may purchase optional coverages as well, such as protection against damage caused by an uninsured boater, coverage for your fishing equipment and coverage for your personal property. As these are general policies that help you understand different types of coverages, it is always advisable to speak to your insurance representatives; read your policy contract and fully understand your coverages.

Home, Condo and Renter’s Insurance

Homeowner’s Insurance

These policies are designed to indemnity and assist you in the event of damage to your home or personal property. You policy will also protect your personal property such as furniture that is damaged as a result of a fire, or theft of electronic equipment. If you own your home and rent it to someone, you need a “dwelling fire” policy. GEICO helps you secure homeowner’s insurance in all states except Michigan, Louisiana, Kentucky and West Virginia. If you have a Homeowner’s Policy with Travelers, you can make payments online.

Homeowner’s policy covers the following:

• Personal liability – exposures that arise from being a homeowner.
• Physical structure of your home, permanent structures on your property and your personal property.
• Additional costs – damage caused such as by fire to your home.  

If you purchase HO-3 insurance you’ll get the same coverage regardless of your insurance provider. The HO-3 contract form provides coverage for the following.

·        Limited coverage for jewelry that is stolen

·        Broad coverage for your dwelling.

You can buy additional coverages through endorsements to your policy. These coverages may be for items such as furs, jewelry, gold or silverware, jewelry.

Renter’s Insurance

You need renter’s insurance when you rent the house or apartment where you live. A renter’s insurance policy provides protection for you personal property, such as furniture or electronic equipment, in case of perils like fire, theft or wind damage from a hurricane Liability protection against accidental occurrences comes standard with renter’s insurance policies. Your renter’s coverage also includes medical payments coverage, which pays for medical expenses of nonresidents – someone who doesn’t live at the rental property you’ve insured. Renter’s insurance is inexpensive.

Renter’s Insurance Cover:

Policies provide ‘named peril” coverage, meaning the policy states specifically what you are insured against. Some of the named perils are: Windstorm, Smoke, Theft, Fire or Lightning and Accidental discharge of water. If necessary, a renter’s insurance policy may even pay for your legal defense in these circumstances

Condo Insurance

Your condominium association insurance covers the condominium building, commonly owned property, and liability insurance for the association. But that insurance doesn’t cover losses to your unit as a result of a burglary. These policies protect you from losses to your personal property and the interior of your unit. Before buying the insurance, check with your condominium associations to make sure you’re buying the insurance you need. Find out what parts of the interior are covered by your condo association’s insurance and what items is your responsibility. Make sure you have adequate insurance to cover repairing or replacing the items for which you are responsible. Contents of your condominium are not insured under the association’s master condominium policy. As these are general policy descriptions which help you to understand different types of coverages, speak to your insurance representatives to fully understand your coverages.

Mobile Home Insurance

Your mobile home insurance policy provides coverage for your home and personal property such as clothing, cooking appliance, TVs, and your other personal possessions. The policy covering your mobile home also provides liability protection against accidents that happen to somebody else for which you are legally responsible.

Coverages provided:

• Protects your mobile home and adjacent structures from all forms of loss unless they are specifically excluded in the policy.
• Personal property coverage also applies while your property is away from you home, but with a lower maximum limit and a smaller range of perils insured against.
• Your policy can pay for medical expenses to a non-resident of your home in addition to the damages or defense cost due to a covered accidental circumstance.

More

• Your home state has minimum coverage requirements for auto insurance.
• You can adjust your quote amount by changing the coverage limits and deductible amounts to suit your needs.
• Collision coverage provides protection for your car.
• Liability coverage protects your personal assets.
• Consider carrying enough coverage to protect the value of the assets you own.
• GEICO provides many discounts for drivers who qualify