Essay on Geico Is Responsible For The Lowest Cost Insurance
Geico is committed to having the lowest cost insurance without sacrificing any quality.
While there is no “average” cost for the car insurance plans because each customer’s plan is different, a study shows that Geico has the lowest cost auto insurance plan at $1,297 per year which is significantly lower than that of some of their competitors. In comparison, Geico’s number one competitor, State Farm, has an average plan cost of $2,296 (Glenn, 2016). Having a low cost is Geico’s main competency, so having a competitive price for their car insurance plans is one of the most important things for their success. See Appendix B.
Customer Perspective & Results
It is well known that Geico is a customer service leader in the auto insurance industry. Geico supports a 97% satisfaction rate, meaning that 97% of policyholders were satisfied with the service they received (Auto Insurance Comparison). Internally, Geico is dedicated to having excellent customer service while keeping their prices low. They offer accident forgiveness and “fast and fair claims service” (GEICO Homepage). Geico customer service is available 24/7 both online and by phone, so they are available for claims at any point, even during holidays (Comparing Car Insurance Policies). Geico strives for good customer service and these statistics show that they are succeeding in this area. According to a Consumer Report, customers who are searching for auto insurance, are more likely to choose…