Geico Car Insurance

Geico Insurance Company Dallas Office 25th Anniversary Celebration

2011-06-30T21:34:00.001-07:00

DALLAS GEICOs regional office in Dallas will host a special opening on June 30, in celebration of 25 years in the Dallas/Fort Worth Metroplex. The Dallas office opened its doors in June 1986 among a total of 34 associates. Today, the GEICO operations office employs nearly 1,500 associates and serves more than one million policyholders.

For the past 25 years, GEICO and the Dallas community have maintained an outstanding partnership, said Gary Brown, GEICOs regional vice president in Dallas. As we celebrate a major milestone in GEICOs history, none of this would have been possible without the hard work and dedication of our associates whove played a pivotal role in the companys oversuccess.

Since its opening, the Dallas office has been recognized as a Best Place to Work. The office actively works among the community in supports many local and national causes such as the United Way of Dallas, Habitat for Humanity, Susan G. Komen - Race for the Cure and The Leukemia & Lymphoma Society.

To mark its 25th anniversary, the Dallas office has scheduled a reception to recognize associates hired in 1986 and will show a presentation highlighting the accomplishments of the past 25 years. GEICO Chairman, President and CEO Tony Nicely will take part in the celebration activities. Texas Governor, Rick Perry also congratulated GEICO on 25 years of success among an official proclamation. 2011 marks GEICOs 75th anniversary since its 1936 founding in Texas.

GEICO (Government Employees Insurance Company) is a member of the Berkshire Hathaway family of companies and is the third-largest private passenger car insurer in the United States. The company is celebappraisal its 75th anniversary this year. GEICO handles car insurance provision for 10 million private passenger car policies and insures more than 16 million vehicles.

In addition to car insurance, GEICO offers customers insurance products for their motorcycles, all-terrain vehicles (ATVs), and mobile homes. Provision for life, boats, homes and apartments is available through the GEICO Insurance Agency. Commercial car insurance and personal umbrella protection are also available.

As a member of the Berkshire Hathaway group of companies, GEICO is rated A++ for financial strength by A.M. Best Company and ranks at the top of several national customer satisfaction surveys.

Car Insurance Cap Changed!! It Should Be!

2011-06-30T12:42:00.001-07:00

A group looking into New Brunswick's car insurance system is being told the program should be completely changed, not just tweaked.

The New Brunswick Car Insurance Working Group held public hearings across the province on whether the $2,500 cap on benefits for soft-tissue injuries should be increased and if the definition of minor injuries should be made clearer.

At the last meeting held in Fredericton Wednesday night, there were calls to follow the lead of Newfoundland which deducts $2,500 from insurance claims no matter what the injury or the size of the payment.

Paula Colter has spent the past two years in pain, both physical and emotional, following a motor vehicle accident that wasn't her fault.

She told the working group that the current system is unfair.

Colter said she's been frustrated and angry at the treatment she's received from the insurance industry, which insists her injuries don't qualify for more than the cap.

"It just feels like you're being victimized twice," she said. "It's not a good system. It's not a good system."

Colter said the Newfoundland insurance program is fairer.

Fredericton lawyer George MacAllister agreed that when the insurance cap system was brought in to reduce premiums, it was applied unfairly.

"Why are the victims not victims, but only some victims being asked to bear the burden of low premiums" he asked.

Michel Leger, chairman of the working group, said his mandate is to look at the cap and the definition of injuries, although the final release will likely include comments on a deductible car insurance system.

The cap on court-ordered awards was a product of the former Progressive Conservative government's car insurance reforms in 2003.

Car Insurance Rates Jump For Drivers Among Lapsed Provision Analysis Finds

2011-06-30T10:39:00.000-07:00

Car insurance rates jump an average of 5.7 percent for drivers who let their policy lapse, according to an Insurance.com analysis of 184,000 policies sold in 2009 and 2010. Following a few simple tips able to keep drivers from needlessly paying more for their car insurance coverage.

In tough economic times, drivers may be tempted to briefly skip paying for car insurance. But Insurance.com has found that pausing provision able to be a costly decision over the long haul because car insurance rates jump for drivers among a policy lapse.

Drivers who let their most recent car insurance provision lapse before purchasing a new policy paid an average of 5.7 percent more for annual provision than drivers who maintained continuous coverage, according to an examination of 184,000 car insurance policies sold through Insurance.com in 2009 and 2010

All drivers in study who had a policy lapse $1,485
Drivers insuring a single vehicle whose previous policy had lapsed paid 8.8 percent more in average annual premium costs than drivers who maintained continuous provision for one vehicle

Drivers among one vehicle who had a policy lapse $1,329
Insurers begin charging higher rates among policies that lapse by as little as one day, according to the Insurance.com data. The penalty is even greater when insuring multiple cars.

Drivers insuring two or more vehicles whose previous policy had lapsed paid 12 percent more in average annual premium costs than drivers who maintained continuous provision for two or more vehicles

Drivers among two vehicles who had a policy lapse $1,994
Dropping car insurance to save a few bucks in the short run able to be very costly over the long run, says Chris Kissell, managing editor of Insurance.com. Its the very essence of penny wise, pound foolish.
There are several reasons insurers raise rates for drivers who have a lapse in coverage. One of which is based on car insurance company research, showing that drivers among a history of letting their policies lapse are more likely to get into accidents.
Each insurance company has its own formula for determining how high rates go after a policy lapses and how long the penalty will remain in place.

Methodology
The average annual premium was calculated by examining 184,534 policies sold through Insurance.com in 2009 and 2010. Rates for drivers who self-releaseed continuous provision were compared among rates for drivers who self-releaseed a policy lapse of at least one day on their previous policy.

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GEICO Sponsoring New Academy At George Jenkins

2011-06-30T09:58:00.001-07:00

GEICO Insurance is partnering among the Polk County School District to open a new career academy.

GEICO Business School of Insurance will open in f2012 at George Jenkins High School in Lakeland.

GEICO understands the importance of building a stronger community for tomorrow by investing in our communities today, said Carmen Smith, GEICOs planning and budgeting manager.

The goal of the academy is to develop the youth in our community and keep them close to home after graduation.

Smith said company officials wanted to get involved after seeing the success of the School Districts 29 current career academies.

Students will have the opportunity to earn college credit and learn the foundations of the business among a focus on finance, economics, marketing, business ethics, insurance laws and legal systems, customer service, office software and medical terminology.

This program will have your child ready for a career in the insurance industry whether they are interested in being a customer service, sales, or claims representative or even a defense attorney, Smith said.
This will be the fourth academy at George Jenkins. It is already the home for medical, law and web design schools.

We get what we get because we work hard at it, said Principal Buddy Thomas.
They (students) will hopefully leave George Jenkins and go right into the workforce at GEICO.

Activities at the GEICO Academy will include guest speakers, real-life scenarios and other interactive events to prepare students for the workforce.

Upon successful completion of the business school, students may qualify to take the Florida Insurance Licensing Exam, Smith said.
GEICO, which stands for Government Employees Insurance Company, was established in 1936.

The Lakeland facility is a regional headquarters and opened in 1993 on Pipkin Road. It currently has 2,050 employees.

There are 6,333 students currently enrolled in the School Districts 29 academies. Career academies are small, personalized learning communities within a high school where students enroll for up to four years.

Students in a career academy are paired among teachers from different subject areas to form a team that focuses on a college-prep curriculum among a career theme.

Some of the academies provide industry certifications in career areas like website design, EKG technicians, home care aide, food management, automotive services and bookkeeping.

Students also able to earn college credit through an agreement the district has among Polk State College.

District and school officials are excited about the partnership.
John Small, senior executive of workforce education, said GEICOs name brand and quality will add excellence to the academy.

Its a large compliment that this company wants to be a part of what were doing, he said. From their corporate experience, they have so much to give to our students.

http://geicocarinsurance.blogspot.com/

Phone Book Company Loses Court Fight Against Seattle

2011-06-30T09:51:00.000-07:00

A federal judge has dismissed a phone book companys lawsuit against Seattle, ruling that the citys opt-out program, one of the countrys toughest campaigns against yellow pages, does not violate the Constitution.

Dex One sued Seattle in May, after the city rolled out a registry that lets residents cancel phone-book deliveries. The company, along among SuperMedia and a phone-book trade group, had argued that yellow pages are protected speech under the Prime Amendment.

Their reasoning The hefty paper directories provide not just ads and commercial information, but act as guides for community, public safety and political information.

But U.S. District Court Judge James Robart rejected the arguments Tuesday. In his ruling, Robart noted that Dex and SuperMedia run ads in their directories, which he said reference specific products, such as a front-cover ad for Geico Car Insurance last year.
The companies had also likened yellow pages to newspapers, an analogy Robart said was a stretch too far. He called yellow pages commercial speech under the Prime Amendment, in contrast to the historic role newspapers have played in democracy.

The ruling was not surprising, in light of the judges earlier rejection of an injunction the companies had sought. An appeal filed in 9th U.S. Circuit Court of Appeals is still pending.
Seattles law requires phone book companies to get a license to distribute, pay 14 cents per book distributed, imitation a front-cover message about Seattles opt-out program, and honor the citys cancellation program.

As of Wednesday, more than 225,500 yellow pages have been cancelled in Seattle.

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Editorial Choices Able To Help Cut Detroits Car Insurance Rates

2011-06-30T09:30:00.001-07:00

For more than a decade, the insurance industry and consumer groups have locked grills over how to cheaper Michigans unaffordable car insurance rates -- especially in major cities like Detroit. Now, a proposal by state Sen. Virgil Smith, D-Detroit, to cheaper Detroits car insurance rates by allowing city drivers to purchase limited medical benefits could finally move the needle. Legislators should approve his low-cost insurance pilot program.
Smiths bill, which is still being drafted, would likely apply to Detroiters among good driving records earning less than 300% of the federal poverty level and driving vehicles valued at $20,000 or less. It would reduce minimum medical provision to $50,000 or $100,000 for a trial period of five years.
Peter Kuhnmuench, executive executive of the Insurance Institute of Michigan, said the proposed changes should save eligible policyholders 15% to 45% of their premiums, depending on coverage. The $50,000 minimum for personal injury protection would still cover 95% of claims, he said. California and New Jersey have similar programs, and Smith said he hopes his pilot would slow the exodus of Detroiters seeking cheaper rates outside the city.
\"Let consumers choose,\" Kuhnmuench said. \"It will demonstrate that a cheaper level of provision is doable, and getting more people insured able to only be a good thing.\"
Since 1973, Michigan has been the only state to mandate unlimited lifetime medical benefits for people injured in car crashes. Michigans car insurance rates are arguably the nations highest, among a typical driver paying more than $2,500 a year for coverage. In Detroit, where unaffordable rates force tens of thousands to drive uninsured, many pay double that.
There are many reasons insurance rates are out of control, but the rising costs of Michigans unique mandate for unlimited provision for injuries is one of the biggest. In March, the Michigan Catastrophic Claims Association announced that drivers will pay a record $145 per vehicle, effective July 1, to treat accident injuries that exceed $500,000 in medical care. The average personal injury claim in Michigan has more than tripled since the late 1990s.
To be sure, a $50,000 minimum for medical care might be irresponsible and unrealistic, given todays medical costs. Smith should, instead, consider a minimum of $250,000, as AAA Michigan has recommended.
But continuing to do nothing is not an option. Statewide, 17% of drivers are on the road without insurance, up from 11% in 1989. In urban areas like Detroit, up to half of the drivers are driving among no protection at all.
The state, which requires people to buy insurance, should play a role in controlling the costs. Among out change, many drivers will continue to be practically forced to break the law by driving uninsured or using a phony address to get affordable coverage. Smiths plan would at least jump-start the long drive to affordable car insurance in Michigan.

Geico Becomes Title Sponsor At Chicagoland

2011-06-30T09:03:00.001-07:00

Geico has signed a three-year deal to title sponsor Chicagoland Speedways Simitation Cup Series race.
The deal gives Geico significant exposure in one of the nations largest media markets and a high-profile position as the naming-rights partner for the prime race in the Chase. Its the prime time the company has done a naming-rights agreement in any sport.

Terms of the deal werent available, but race title sponsorships typically sell for around $1 million a year. Sources said the Geico deal was backloaded so that the company would pay less this year in the final two years of the deal. It includes marketing and promotional commitments.
"Weve had a history of B2B title partners, and were excited to have a consumer partner," Chicagoland president Scott Paddock said. "Were excited about their history and commitment to activation. The media and promotional support of this is going to be outstanding. They understand the opportunity this platform provides for them and are putting a very attractive amountain of resources behind it."
The deal is Geicos second this year among International Speedway Corp., which owns Chicagoland and 11 other Simitation Cup Series tracks. It previously signed a five-year, seven-track sponsorship at ISC-owned campsites. The company under-indexes in the Chicago market where competitors Allstate and State Farm have headquarters.
The race sponsorship extends Geicos spending in sports. The company is the leading sports spender in the insurance category. It increased its sports spending by 30 percent in 2010 to $216 million.
Geico has not made a commitment to buy media for the race. That is sold separately by ESPN, which will televise the race. The company has bought advertising to support other sports sponsorships such as its deal among the NHL, which it supported among a series of NHL-specific spots on NBC during the Stanley Cup Finals.
The deal among Geico closes out one of three open race title sponsorships for ISC. The company is in final negotiations on deals for Richmond and Talladega and expects to finalize deals later this summer.