Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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Laura Walker graduated college with a BS in Criminal Justice with a minor in Political Science. She married her husband and began working in the family insurance business in 2005. She became a licensed agent and wrote P&C business focusing on personal lines insurance. Laura serviced existing business and wrote new business. She now uses her insurance background to help educate drivers about...

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Reviewed by Laura Walker
Licensed Agent for 10 Years

UPDATED: Jul 30, 2019

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Geico is a name that has become familiar to millions of Americans due to the company’s strategic advertising, which includes such popular cultural icons as the Geico Gecko and the Cavemen.

Most people know that “15 minutes can save you 15% on car insurance” with this company but few people know that Geico also insures a variety of other types of vehicles, including collector and antique cars.

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Geico began in 1936 as a company designed to provide insurance for federal government employees. Geico was the brainchild of Leo Goodwin, an insurance agent who had worked for USAA, a company which only insures military personnel and veterans.

Goodwin like the idea of working with a controlled-risk pool of customers, which allowed the company to minimize risk and keep costs low for “good” drivers.

Wanting to use the same principles applied at his former company, Goodwin began the Government Employees Insurance Company (or Geico for short) to provide insurance for the financially stable and low-risk group of people who worked for the federal government.

Geico grew quickly and branched into publicly-sold insurance after several years. Geico also spawned some subsidiary insurance divisions such as GELICO, a company designed to provide life insurance for federal employees.

Geico Insurance Today

Today, the company is a wholly-owned subsidiary of Berkshire Hathaway and insures 10 million individuals all over the United States. The company grosses over $9 billion a year in sales and employs 24,000 people. Geico is based in Chevy Chase, Maryland, and has branch offices throughout the United States.

Geico is primarily an online insurance company, but also does business through an independent agent network, allowing customers to meet face-to-face with an agent or do their business entirely through the website.

Geico Collector Car Insurance

Drivers who own a collectible car (whether it is a true antique, a restored model or a hybrid of your own creation) often understand that “regular” car insurance does not meet all their needs and look for coverage especially designed to insure your investment.

Geico has a special section of its auto insurance division which deals specifically with collector cars, and it offers quite a few options for the exotic car owners which are not available under regular liability policies.

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Why Typical Auto Insurance doesn’t work for Collector Cars

One of the reasons regular liability does not work for collector cars is depreciation. While most cars go down in value the longer you own them, a classic or collector car tends to become more valuable the longer it is maintained.

However, liability policies are often designed to account for depreciation, so the same insurance you are paying for this year will only pay you a fraction of the value of your car in five years.

To overcome this problem, Geico has designed “agreed value” policies for collector cars. This means that you and the company will agree upon a value for your car at the time you purchase your policy, and that amount will not change.

If you have to make a claim on your car five years from the date of your insurance purchase, you will receive the same amount as you would receive the day you bought the policy.

The company will assess the value of this insurance and issue you a premium quote based on the value of the car, along with other factors such as your age, location, and driving record.

Geico will allow you to take into account everything that you put into your car, another bonus to the collector car owner. Often, after-market modifications and restorations can increase the value of your car, so Geico allows you to add these values to the total price of your car at the time of your purchase.

If you further modify the car, or if it increases in value, you can re-negotiate your value at that time.

Geico Collector Car Insurance Customer Service Review

Geico enjoys a relatively good rating for overall customer service. In the 2011 J.D. Power and Associates review of auto insurance customers, Geico scored “average” in overall customer satisfaction, with “average” scores in the categories of “billing” and “talking to the insurer,” and “above average” ratings in “pricing” and “policy offerings.”

On J.D. Power’s Customer Satisfaction Index, Geico scored 797 out of a possible 1,000 points, placing it 7th of the 33 companies surveyed.

If you are interested in Geico collector car insurance, you will need to talk to a company representative to determine your agreed value and the price of your coverage.

You can talk to Geico agents by contacting a local independent agent who handles Geico, or by visiting Geico’s website and requesting an online quote.

Learn more about Collector Car Insurance online!

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