Little Known Facts About GEICO Insurance Company

What Could Ice Cream and Car Insurance Possibly Have in Common?

My friend Jen said she refused to call an insurance company that had a gecko for its spokes- um, lizard. When GEICO insurance company came up with the cavemen ads, she still wasn't impressed. Jen thinks the commercials are "cheesy". And, only a "rinky dink" company would use such "low budget" advertising. Obviously, not everyone shares her opinions. A little known fact about GEICO insurance company is that, in 2006, it had a whopping 7 million auto policyholders. According to monster.com, GEICO is the largest "direct writer of private passenger auto insurance in the United States. The company's massive $21.2 billion in assets blows it way out of the "small time" waters. Read this informative article and learn some additional little known facts about GEICO insurance company that will make you exclaim, "I didn't know that!"

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.