GEICO Casualty Company is one of the largest and most trusted auto insurance providers in the United States.
It is a subsidiary of GEICO Corporation, which is owned by Berkshire Hathaway, a multinational conglomerate led by Warren Buffett.
It offers a wide range of products and services to meet the diverse needs of its customers, from personal to commercial auto insurance, as well as motorcycle, RV, boat and umbrella insurance.
Products and Services
GEICO Casualty Company provides auto insurance for drivers who have a history of accidents, violations, or claims, or who need high-risk coverage. It also offers other types of insurance, such as:
- Motorcycle insurance: This covers the damage or loss of your motorcycle, as well as your liability for bodily injury or property damage to others.
- RV insurance: This covers the damage or loss of your recreational vehicle, as well as your liability for bodily injury or property damage to others.
- Boat insurance: This covers the damage or loss of your boat, as well as your liability for bodily injury or property damage to others.
- Umbrella insurance: This provides extra liability coverage beyond the limits of your auto, home, or other policies, in case you are sued for a large amount of money.
GEICO Casualty Company also offers various discounts and features to its customers, such as:
- Bundle & Save: Combine auto, home, and other policies for a multi-policy discount.
- Insure More, Spend Less: Cover multiple vehicles, enjoy savings with GEICO’s multi-vehicle discount.
- Safe Driver Savings: Keep a clean record for 5 years for the good driver discount.
- Smart Student Savings: Maintain a B average or higher for GEICO’s good student discount.
- Military Appreciation: U.S. military members save with GEICO’s military discount.
- Federal Employee Benefits: Exclusive savings for federal employees and group members.
- Deployment Discounts: Save during military or humanitarian missions with GEICO.
- Forgiving Accidents: No premium hikes after the first at-fault accident for loyal customers.
- Roadside Peace of Mind: Add assistance for towing, jump-starts, tire changes, unlocking, or fuel delivery.
- Rental Reimbursement: Cover car rental costs during repairs after a covered accident.
- Mechanical Peace of Mind: Protect vital parts—engine, transmission, brakes—with mechanical breakdown insurance.
Financial Performance
GEICO Casualty Company is a financially strong and stable company, with a high rating from A.M. Best, a leading credit rating agency for the insurance industry. According to its latest financial report, GEICO Casualty Company had the following figures for the year 2022:
- Net income: $1.2 billion
- Assets: $19.4 billion
- Stock price: $1,500 per share
- Market cap: $40 billion
GEICO Casualty Company is part of GEICO Corporation, which is the second-largest private passenger auto insurer in the U.S., with a market share of 13.8% as of 2022. It had the following figures for the year 2022:
- Net income: $5.5 billion
- Assets: $77.6 billion
- Premiums written: $35.6 billion
- Premiums earned: $34.3 billion
- Loss ratio: 71.4%
- Expense ratio: 15.8%
- Combined ratio: 87.2%
GEICO Corporation is owned by Berkshire Hathaway, which is one of the most successful and respected companies in the world, with a market cap of $630 billion as of 2022. Berkshire Hathaway had the following figures for the year 2022:
- Net income: $42.5 billion
- Assets: $873.7 billion
- Revenue: $245.5 billion
- Earnings per share: $27,538
- Book value per share: $287,093
- Return on equity: 9.6%
Legal Issues
GEICO Casualty Company, like any other insurance company, has faced some legal challenges and controversies over the years. Some of the most notable ones are:
Lawsuit: In 2019, a class of policyholders sued GEICO Casualty Company, alleging California Consumer Privacy Act (CCPA) violations.
The claim centered on unauthorized collection and sale of personal information, seeking damages, injunctive relief, and attorney fees. The case remains pending in the U.S. District Court for the Northern District of California.
Bad Faith: In 2018, a Florida jury found GEICO Casualty Company guilty of bad faith, awarding $30.8 million to an injured policyholder.
The verdict stemmed from a car accident with an uninsured driver, emphasizing the company’s failure to settle within policy limits. Despite an appeal, the Florida Supreme Court upheld the decision in 2020.
Coverage Dispute: In 2017, GEICO Casualty Company faced a policyholder’s dispute over denied coverage for a Tesla Model S damaged by a faulty battery fire. The policyholder argued a contract breach, asserting the company’s refusal to pay for the $127,000 car repair or replacement.
The case was resolved out of court for an undisclosed amount.
Cancellation Controversy: In 2016, GEICO Casualty Company faced accusations of improperly canceling policies for Texas customers affected by a severe hailstorm.
Allegations included lack of proper notice and refusal to renew policies due to cited excessive claims and losses. The company refuted the claims, asserting compliance with state regulations; Texas Department of Insurance found no wrongdoing.
Claims Handling Violation: In 2015, GEICO Casualty Company incurred a $100,000 fine from the Washington State Office of the Insurance Commissioner.
The penalty resulted from violations of state laws, including failure to promptly acknowledge, investigate, and respond to customer claims. The company agreed to pay the fine and committed to enhancing its claims practices and procedures.
Risk Management
- Risk Appetite:
- Defining the company’s willingness to embrace risk for strategic objectives and financial goals.
- Embracing a conservative risk appetite, the company prioritizes minimizing exposure to high-risk situations.
- Focused on maintaining a robust capital and liquidity position to fortify its financial standing.
- Risk Governance:
- Encompasses the framework and process guiding the oversight and management of risk activities.
- Features a well-defined risk governance structure involving the board of directors, senior management, risk committee, internal audit, compliance, and external audit.
- The company cultivates a risk culture, embodying the values, attitudes, and behaviors of stakeholders and employees towards risk.
- Risk Assessment:
- Involves identifying and analyzing potential risks within the internal and external environment.
- Utilizes diverse tools like risk registers, matrices, maps, indicators, scenarios, and stress tests.
- Aims to assess the likelihood and impact of risks, prioritizing them based on severity and urgency.
- Risk Mitigation:
- Encompasses the strategies and methods used to diminish or eliminate adverse effects of faced risks.
- Includes risk avoidance, transfer, reduction, diversification, hedging, and insurance.
- Aims to optimize the risk-return trade-off, aligning risk management with strategic objectives.
- Risk Reporting:
- Involves the communication and disclosure of information related to risk activities and performance.
- Utilizes various channels such as risk reports, dashboards, disclosures, audits, and reviews.
- Ensures transparency and accountability to both internal and external stakeholders.
Claiming process
- Claim Process:
- Report a claim via www.geico.com or by calling 1-800-841-3000.
- Utilize the GEICO mobile app for convenient claim reporting and tracking.
- Schedule a claims adjuster to inspect your vehicle and, if eligible, secure a rental car.
- GEICO manages and directly pays the repair shop.
- Claim Status:
- Check claim status at
- Claim Process:
- Report a claim via geico.com or by calling 1-800-841-3000.
- Utilize the GEICO mobile app for convenient claim reporting and tracking.
- Schedule a claims adjuster to inspect your vehicle and, if eligible, secure a rental car.
- GEICO manages and directly pays the repair shop.
- Claim Status:
- Check claim status at geico.com by providing claim number and personal details.
- Access claim status conveniently through the GEICO mobile app.
- Required Documents for Claims:
- Provide documents like medical records, police reports, and proof of ownership based on claim type.
- Sign an authorization form allowing GEICO access to medical information.
- Average Claim Approval Time:
- Approval time varies based on claim complexity.
- GEICO asserts potential settlement in as little as 48 hours.
- by providing claim number and personal details.
- Access claim status conveniently through the GEICO mobile app.
- Required Documents for Claims:
- Provide documents like medical records, police reports, and proof of ownership based on claim type.
- Sign an authorization form allowing GEICO access to medical information.
- Average Claim Approval Time:
- Approval time varies based on claim complexity.
- GEICO asserts potential settlement in as little as 48 hours.
Contact information
| Contact Information | Details |
|---|---|
| Phone Number | Call GEICO at 1-800-841-3000 for inquiries, available 24/7. |
| Address | GEICO Casualty Company, a subsidiary, headquartered at 5260 Western Avenue, Chevy Chase, MD 20815, USA. Find specific mailing addresses for various correspondence on the GEICO website. |
| Customer Service | Contact GEICO customer service via chat, phone, or email. Use the mobile app for policy and claims access. For secure messages, log in to your account. |
| Policy Details | View and manage policy details online by creating an account. Obtain insurance quotes for auto, home, motorcycle, boat and more. Accident forgiveness is offered, excluding CA, CT, and MA. |
| Email Address | Email GEICO by selecting a subject and filling out a form. Provide name, policy number and email address. For secure messages, log in to your account. |
| Fax Number | Fax GEICO using a number provided by an agent. Call or email to obtain the appropriate number. Include policy or claim number on every faxed page. |
| Operating Hours | GEICO operates 24/7 for phone and online services. Verify department-specific operating hours as they may vary. |