Pros/Cons of Geico?

[kmmcdonald]

IN 2002, after 1 year of ownership of my 2001S (and 14000 miles), I was rear-ended by a hit&run driver and went spinning off the road into a tree. The front of the car was crushed, the rear was mashed, but I was uninjured. The original estimate for repairs was $16,000, but after about 2 weeks, GEICO decided that my car was totalled and gave me a check for $54,000 for a car that cost $60,000 new.

This exceeded my expectations at the time. Also, as a footnote, my Boxster held its value significantly better than my 401k during the 1-year period of ownership.

Keith

[Nick-L]

Rest assured that Geico is not giving away thousands of radar and laser speed guns because it has anyone's welfare at heart, or is trying to achieve some greater social good. It's all about money, plain and simple.

Car & Driver has written stories in the past about Geico's financial analyses. They do this purely as an investment. They make much more money from jacking up the rates of their 'customers' who get speeding tickets than they spend buying and giving away speed guns.

I personally would not give my money to a company whose official corporate policy and practice is to try and rape their own customers (that and I wouldn't last very long with my propensity to go faster than allowed...).