Since the Geico Cavemen ads began airing has there been an increase in the amount of people switching to Geico

Answer 1

Growth at GEICO has been about 15% - 17% for the last 3 years. It has not increased significantly due to the Caveman advertising.

The retention of GEICO policies is getting worse due to the marketplace getting more competitive pricing.

When it comes down to it, most people buy insurance based on price.

All insurance companies offer bi, pd, comp, and coll. Insurance is basically all the same.

It's a product you do not want to buy, and hope you never use.

GEICO's amazing growth is due to their competitive pricing. Their bad retention rate is due to a more competitive marketplace, which now is able to offer competitive pricing as well.

Advertising gets the phone to ring. Price sells the policies.

By the way I call b.s. on Miss Meli. GEICO is a wholely owned subsidary of Berkshire Hathway. You can not just check out their year end reports. They do not have shareholders that they have to post years reports too. GEICO owned by Warren Buffet's company.If he doesn't have to post information about his company, he doesn't.

Answer 2

Actually? I checked out Geico's end of year reports and they didn't grow in business THAT much. And their retention rate is just.. unbelievable. Everyone is up and leaving them to go somewhere else.. guess they were as offended as the cavemen?

Nationwide's is better. They have a happy blue box that doesn't insult a previously extinct mammal.


EDIT: And for the poster below, good morning. Financial stability reports are so easy to get to that in some states, you can pull them directly from the Department of Insurance website. ;) Add that to the info you get from AM Best which, if you pay for it, actually gives you everything else you need? Yeah, doesn't matter who owns them. That information is so easy to get that it's sort of sad. Check it out yourself before you go on calling B.S. on people. ;) Might make you look better.

We'll use Texas as an example -
End of year 2005 Total Assets: 138,079,862
End of year 2006 Total Assets: 151,061,741
Premiums collected in 2005: 228,138,099
Premiums collected in 2006: 150,488,353
The premiums in Texas has been on a steady decline according to the TD, but nationally, they increased about 400 million.

Yep, can't get access to that kind of information at all, blah-ti-blah from this-or-that-place doesn't release it. Apparently the TDI missed that memo and publishes it all on their website, just like they do with ALL insurance companies. ;)

Answer 3

I would guess that more people are checking their website. They are really stretching it now with the Flintstones and Chatty Cathy commercials. People with any sense don't buy because of a commercial. How many rich television and movie stars do you think really have or use the products they get paid to sell?

Answer 4

Yes and it will increase even more when the "Cavemen" show starts this fall on ABC

Answer 5

Yes, but that's been off-set by the huge number of cave-people who have cancelled their policies and gone with State Farm.

Answer 6

if i had Geico i'd cancel it, i hate those commercials