The Largest Commercial Auto Insurance Company: Who They Are and What They Offer
While personal auto insurance tends to get most of the attention, there are many reasons to purchase commercial auto insurance. A commercial vehicle might be used for business purposes, either by an employee or by your company itself, or it might be something necessary for your line of work, like farm equipment or delivery vehicles. It’s important to know how large the market is and who the major players are before you make a decision about which company to choose, so here’s a look at the five largest commercial auto insurance companies in the United States.
The history of the company
The largest commercial auto insurance company in America, Geico, was founded in 1936 by Leo Goodwin. The name Geico comes from General Electric Corporation's nickname at the time, Government Employees Insurance Company. This company was originally a subsidiary of the General Motors Corporation and they sold auto insurance through GM dealerships. In 1994, it became a separate entity and has grown to be one of the most recognizable brands in America today. It offers car, motorcycle, boat and home insurance policies. GEICO has an A+ rating with AM Best (2016), an A- rating with Standard & Poor's (2016) and Fitch Ratings (2016). It employs nearly 24,000 people as of 2015. There are some things you should know about before signing up for GEICO auto insurance:
First, if you do not live in the US, you will not be able to purchase GEICO policies; second, even if you live in the US but move around frequently or have a lengthy commute outside your city limits, you may want to consider getting an additional policy since GEICO does not offer coverage on other vehicles that are driven by someone living at your residence; third, GEICO does not cover rental cars or any non-owned vehicle for which coverage can only be purchased separately as Collision Damage Waiver. You must have liability protection on any vehicle used for driving or being driven on public roads. Liability protection pays for damage that you cause to another driver's property, injuries sustained by their passengers, or death caused by their injuries. Liables protection also covers defense costs incurred while defending against a claim arising out of the use of your vehicle. You must also buy uninsured/underinsured motorist bodily injury coverage in order to be protected from claims made against you by drivers who lack liability insurance. Additional optional coverages include Comprehensive physical damage coverage which pays for damages to your car caused by something other than collisions such as theft or vandalism, Uninsured Motorist property damage covering damage caused to another person's property without involvement of the insured person who owns the car and Underinsured Motorist bodily injury protection providing benefits when the accident involves an underinsured driver who lacks sufficient liability insurance.
The company's current offerings
The largest commercial auto insurance company in the world is GEICO. GEICO offers three major types of coverage, each with its own set of limits and deductibles. Their Property Damage coverage will cover all damage to your vehicle up to $50,000, while their Medical Payment coverage will pay medical expenses for someone who gets injured in a car accident. And their Uninsured Motorist coverage will protect you if the driver who caused an accident has no insurance or doesn't have enough insurance to pay for your damages. . They also offer competitive prices for renters, homeowners and businesses when it comes to property insurance. With GEICO you can insure your car or home on the internet or over the phone without having to wait on hold in order to get through their call center. If you're looking for quality coverage at affordable prices then contact GEICO today! You'll be glad you did. It's not just drivers that are able to get great rates from GEICO - they make getting a policy for your home easy too. By going online or over the phone, you can get a free quote in minutes and even speak to one of GEICO's customer service representatives right away if you need more help deciding which plan is right for your family. They want you to save money and find the perfect protection for your budget, so don't hesitate to reach out. What could be easier than comparing insurance policies online? Just think how much time you could save by purchasing a policy with GEICO rather than waiting around on hold at other companies' call centers! They also offer competitive prices for renters, homeowners and businesses when it comes to property insurance. With GEICO you can insure your car or home on the internet or over the phone without having to wait on hold in order to get through their call center. If you're looking for quality coverage at affordable prices then contact GEICO today! You'll be glad you did. It's not just drivers that are able to get great rates from GEICO - they make getting a policy for your home easy too. By going online or over the phone, you can get a free quote in minutes and even speak to one of GEICO's customer service representatives right away if you need more help deciding which plan is right for your family. They want you to save money and find the perfect protection for your budget, so don't hesitate to reach out. What could be easier than comparing insurance policies online? Just think how much time you could save by purchasing a policy with GEICO rather than waiting around on hold at other companies' call centers! They also offer competitive prices for renters, homeowners and businesses when it comes to property insurance.
Why they're the largest commercial auto insurance company
The largest commercial auto insurance company in America is Geico. Geico has had a long and rich history of providing excellent customer service and competitive rates. This company was founded in 1936, and has been the number one choice for businesses seeking coverage for their automobiles ever since. They have more than 30 million customers that come from all different backgrounds and industries, which speaks to just how successful this company has been with regards to attracting new customers over the years. It should be noted that Geico's reputation for good customer service goes back decades, as well. It was in 1960 when they created the phrase 15 minutes could save you 15% or more on car insurance, which set a standard in terms of customer service expectations at the time. These days, Geico provides its services through around 1,400 agencies and brokerages nationwide. That's enough to provide coverage to every state except Alaska (no thanks!). In fact, there are two states where they are the only provider available: Maine and Virginia! If you're not sure about your options for commercial auto insurance coverage in your area, then reach out to us here at Geico and we'll find the best solution for your business. Whether it's property/casualty coverage, workers' compensation or liability protection, we have a package that will meet your needs. And, because we know that each situation is unique, so too is our approach to meeting those needs. Our representatives are available by phone 24 hours a day for any questions you may have. Contact us today to see if we can get you the coverage you need at an affordable price!
Another reason why Geico is known for having such high levels of customer service and great deals is because they frequently offer discounts and other special offers to try to attract new customers. For example, did you know that if you insure multiple cars on your policy you can qualify for extra savings? We've heard plenty of stories from people who drive both personal vehicles and work vehicles who feel completely priced out of coverage – until they discover that Geico offers multi-car discounts on commercial auto insurance packages! Another perk worth mentioning is third party liability forgiveness. Not everyone wants to drive without some level of legal protection while behind the wheel of a work vehicle, but many smaller companies lack capital reserves large enough to pay off damages due to negligence or malfeasance.
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