username.unknown asked:
*Government Employees Insurance Company *GEICO General Insurance Company *GEICO Indemnity Company *GEICO Casualty Company Who gets underwritten by which one? Which one is the best (rates) to get underwritten with?
*Government Employees Insurance Company *GEICO General Insurance Company *GEICO Indemnity Company *GEICO Casualty Company Who gets underwritten by which one? Which one is the best (rates) to get underwritten with?
{ 3 comments }
Look, Geico doesn’t use agents, so no one here will be able to tell you for sure.
But in general EVERY insurance company has multiple subsidiary companies. You can’t go to them and demand, hey, I want your super preferred rates. You go to them, lay your qualifiers out on the table, and THEY decide which rates you get.
If you’re 21, and drive a Camaro, with two speeding tickets under your belt, there’s just NO WAY they’re going to offer you their cheapest rates. They will underwrite you, and THEN select which subsidiary company you qualify for.
Underwriting guidelines for each subsidiary, are proprietary information – NO company is going to list what you have to do to qualify for each one.
They are based on the risk profile of the insured, but you won’t get to choose your company. GEICO, like most sophisticated modern auto insurers, uses what is known as tiering. Each company has a specific rating plan based on filings approved by the insurance department. The tiering algorithm decides which one is best for you based on the information you provide when you call. That will be your best rate from GEICO and the only one they will offer you.
“Fafeom” above ^, is absolutely correct. So I will not repeat his answer.
GE- Is for military, which is how GEICO was started in the first place. It offeres the best rates for those in the military.
GG- Is for “preferred” applicants. It offers the best rates for non-military. You generally have little to no activity or accidents.
GI- Is considered “standard” risk. It offers middle of the road rates for those who may have a few tickets and or accidents.
GC- Is considered “below standard risk”. It offers rates that are a bit higher for those who have multiple accidents and/or tickets.
In addition to the “Tiers” mentioned by “Fafeom”, it is entirely possible to move from one “company” to another. For example if you are “preferred” but start to get speeding tickets and a DUI, you may be moved into GI or even GC. The same can be said in reverse if your driving record gets cleaner through the years.