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Stocks A to Z / Stocks B / Berkshire Hathaway (BRK.A) ❤
No. of Recommendations: 1
Hey Folks,
I've been a GEICO customer for the past 3 years. We have our home policy, two auto policies and an umbrella policy. I have read in the past that BRK shareholders get some discounts at the Annual Meeting on jewelry and furniture? Does anyone know if GEICO offers BRK shareholders a discount? I'm expecting a large increase in our premiums this year (maybe I'll be pleasantly surprised?) and if so, I'm looking to reduce the overall cost of our insurance if possible. I prefer to stay with GEICO as switching insurance companies is always a pain.
Thanks in advance!
'38Packard
No. of Recommendations: 4
Does anyone know if GEICO offers BRK shareholders a discount?
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Yes, at least they did. Something on the order of 10 or 15%, if I recall. But this is the same discount they offer to lots of groups: Alumni orgs, military, recreational groups... The downside, is you only get ONE discount, they aren't cumulative.
Easiest thing would be to call the nice folks at GEICO and ask what you qualify for.
No. of Recommendations: 4
Yes, this discount varies state by state and you may be eligible for a different discount that saves you more than the shareholder discount does. In some states the Berkshire Hathaway shareholder discount is only 8%, in others I have heard 10% or potentially more.
There is a lot of change at GEICO currently. They are changing pricing in a major way and have been losing a lot of customers. Only time will tell if GEICO navigates this period successfully. Obviously underwriting profitability has disappeared and something needs to change. It is concerning that the competition seems willing and able to underprice GEICO (at least in year 1).
No. of Recommendations: 0
Thanks everyone for the responses. I checked with GEICO customer service and unfortunately there are very few discount opportunities available in MA.
'38Packard
No. of Recommendations: 2
Hi 38Packard,
If you're looking for a competitive comparative quote in Massachusetts consider looking at Merrimack Mutual. I've had them forever and my agent says they are the best in the state. But can be quirky. Good luck.
A fellow Bay Stater,
Bankman
No. of Recommendations: 1
The internet is full of stories of people leaving GEICO right now. Other carriers are definitely undercutting GEICO to get the business, but we will see if they normalize rates after the first 6 months to a year. GEICO will retain profitable business that doesn't price shop but even an awfully lazy customer will ask around when the price goes up 30-60%...
https://twitter.com/alluvialcapital/status/1612488...Personally I am with USAA and have so much business with them I will likely never switch anything but lots of extended family are with GEICO on BRK shareholder discounts and I will have to tell them to shop around. I hope Todd knows what he is doing. Maybe we can blame SNOW (the company not the precipitation)
