Author Topic: Geico / Berkshire Hathaway hack  (Read 12829 times)

Matt in Akron

  • 5 O'Clock Shadow
  • *
  • Posts: 32
Geico / Berkshire Hathaway hack
« on: October 21, 2015, 08:25:19 AM »
One of the MMM facebook page members alerted me to an additional discount with Geico (owned by Berkshire Hathaway) - they give an 8% discount on premiums if you are a BK shareholder.  Turns out a share of BRK/B is trading at $135 right now, which netted me an annual discount of $101 on my auto insurance premiums...so it's nearly like getting a free share of BRK/B!

Overall, I saved $800/yr by switching from Liberty Mutual to Geico, and $101 of that is attributed to the fact that I now own a single share of BRK/B.

jfisher3

  • 5 O'Clock Shadow
  • *
  • Posts: 53
Re: Geico / Berkshire Hathaway hack
« Reply #1 on: October 21, 2015, 08:57:07 AM »
That sounds like one of the easiest decisions ever, congrats!


For a second, I thought it was for BRK/A, which changes everything.

HPstache

  • Magnum Stache
  • ******
  • Posts: 2858
  • Age: 37
Re: Geico / Berkshire Hathaway hack
« Reply #2 on: October 21, 2015, 11:04:34 AM »
How do you "prove" to Geico that you're a shareholder?

MissStache

  • Pencil Stache
  • ****
  • Posts: 710
  • Age: 41
  • Location: Washington, DC
Re: Geico / Berkshire Hathaway hack
« Reply #3 on: October 21, 2015, 11:12:01 AM »
How do you "prove" to Geico that you're a shareholder?

You don't.  Just tell them you're a Berkshire shareholder and they will apply the discount.

beltim

  • Magnum Stache
  • ******
  • Posts: 2957
Re: Geico / Berkshire Hathaway hack
« Reply #4 on: October 21, 2015, 11:13:44 AM »
I like to think of this as you getting a 75% dividend yield on your share.  Well done!

brooklynguy

  • Handlebar Stache
  • *****
  • Posts: 2204
  • Age: 43
Re: Geico / Berkshire Hathaway hack
« Reply #5 on: October 21, 2015, 12:25:13 PM »
How do you "prove" to Geico that you're a shareholder?

You don't.  Just tell them you're a Berkshire shareholder and they will apply the discount.

When I did this, I had to send a copy of my brokerage statement as proof.  Also, before anyone goes and buys BRK solely for this reason, contact Geico to confirm that you can actually get the discount, because I don't think it is available in all states or in combination with certain other discounts on your policy that may be in effect already.

velocistar237

  • Handlebar Stache
  • *****
  • Posts: 1424
  • Location: Metro Boston
Re: Geico / Berkshire Hathaway hack
« Reply #6 on: October 21, 2015, 05:00:03 PM »
My wife joined the Freelancers Union, and we got a Geico discount that way. I don't know the percentage.

Paul der Krake

  • Walrus Stache
  • *******
  • Posts: 5854
  • Age: 16
  • Location: UTC-10:00
Re: Geico / Berkshire Hathaway hack
« Reply #7 on: October 21, 2015, 05:53:25 PM »
Are y'all sure that 8% applies to the whole premium? When I signed up the rep told me it was applied yet it only shows as a $8.60 discount on the discounts page... maybe it's because my premiums are so low to begin with?


brooklynguy

  • Handlebar Stache
  • *****
  • Posts: 2204
  • Age: 43
Re: Geico / Berkshire Hathaway hack
« Reply #8 on: October 21, 2015, 06:48:24 PM »
Are y'all sure that 8% applies to the whole premium?

Mine is about a 3% discount.

MissStache

  • Pencil Stache
  • ****
  • Posts: 710
  • Age: 41
  • Location: Washington, DC
Re: Geico / Berkshire Hathaway hack
« Reply #9 on: October 22, 2015, 06:52:55 AM »
How do you "prove" to Geico that you're a shareholder?

You don't.  Just tell them you're a Berkshire shareholder and they will apply the discount.

When I did this, I had to send a copy of my brokerage statement as proof.  Also, before anyone goes and buys BRK solely for this reason, contact Geico to confirm that you can actually get the discount, because I don't think it is available in all states or in combination with certain other discounts on your policy that may be in effect already.

Interesting!  They must have changed their controls around their discounts. I don't use this one, but a friend was able to get it just by saying he had Berkshire Stock. 


velocistar237

  • Handlebar Stache
  • *****
  • Posts: 1424
  • Location: Metro Boston
Re: Geico / Berkshire Hathaway hack
« Reply #10 on: October 22, 2015, 07:40:17 AM »
It probably depends on what other discounts you have.

Matt in Akron

  • 5 O'Clock Shadow
  • *
  • Posts: 32
Re: Geico / Berkshire Hathaway hack
« Reply #11 on: October 22, 2015, 07:50:31 AM »
Mine (auto policy in Ohio) is an 8% discount on the total NET policy cost after all other discounts are applied.  When applying that math, your $8.60 looks like a 2.6% discount - obviously less than 8%.

I'm not sure you actually have the discount -- my line item is called "Associate Discount", not "sponsored marketing" as shown below.  When I mouse over the "?" next to the associate discount, it explicitly states this discount is because I'm a BH shareholder.  What does your "sponsored marketing" discount say when you mouse over the "?" next to it?

Hope this helps,
Matt

Paul der Krake

  • Walrus Stache
  • *******
  • Posts: 5854
  • Age: 16
  • Location: UTC-10:00
Re: Geico / Berkshire Hathaway hack
« Reply #12 on: October 22, 2015, 08:12:13 AM »
Matt, mine says:

Sponsored Marketing
This discount is offered if you the (named insured), spouse or eligible partner is a member of an eligible marketing group or is an active federal employee (may vary by state).

So I called and it turns out that my state only allows them to deduct up to a much lower percentage, hence the miserly $8.60. Oh well.

Left

  • Handlebar Stache
  • *****
  • Posts: 1157
Re: Geico / Berkshire Hathaway hack
« Reply #13 on: October 22, 2015, 08:17:26 AM »
I dislike geico, heard bad things about them being hard to work with on claims, I wouldn't want to wish that on anyone just to save a few bucks.

Jags4186

  • Pencil Stache
  • ****
  • Posts: 587
Re: Geico / Berkshire Hathaway hack
« Reply #14 on: October 22, 2015, 08:36:57 AM »
I dislike geico, heard bad things about them being hard to work with on claims, I wouldn't want to wish that on anyone just to save a few bucks.

Anecdotal of course, but I've only had good experiences with Geico. YMMV

tetlee

  • 5 O'Clock Shadow
  • *
  • Posts: 42
  • Location: Tempe, AZ
Re: Geico / Berkshire Hathaway hack
« Reply #15 on: November 03, 2015, 10:09:56 AM »
Thanks for this.

I just bought a BRKb specially for this, got us a discount of $43.93 for a new total of $505.19.

On the discount page this showed up for me as
Quote
Associate Discount This discount is offered if you (named insured) or your spouse/eligible partner is employed by, or retired from, Berkshire Hathaway or any 80% or more owned subsidiaries.

I emailed to ask before buying and Geico confirmed I'd get a discount.

JZinCO

  • Pencil Stache
  • ****
  • Posts: 705
Re: Geico / Berkshire Hathaway hack
« Reply #16 on: November 03, 2015, 11:56:43 AM »
going to have to look into this. thanks.

edit: turns out I am eligible for discounts via americorps alumn, university alum and trade organization
« Last Edit: November 03, 2015, 12:05:32 PM by JZinCO »

Frankies Girl

  • Magnum Stache
  • ******
  • Posts: 3899
  • Age: 86
  • Location: The oubliette.
  • Ghouls Just Wanna Have Funds!
Re: Geico / Berkshire Hathaway hack
« Reply #17 on: November 03, 2015, 12:24:07 PM »
I dislike geico, heard bad things about them being hard to work with on claims, I wouldn't want to wish that on anyone just to save a few bucks.

I've had nothing but stellar service from them and that's including several incidents (accident out of state, breakdowns). No idea how many people you are hearing bad things about them from, but that's not been my experience - all I know that are covered with GEICO including myself have had excellent service and great pricing, and wouldn't go to anyone else.

onecoolcat

  • Pencil Stache
  • ****
  • Posts: 632
Re: Geico / Berkshire Hathaway hack
« Reply #18 on: November 03, 2015, 01:06:55 PM »
I just called my local office to inquire into this and they confirmed the discount is available but it wouldnt benefit my own premium as I have a discount for being apart of a state bar association.  Dang, I was getting excited too!  Good luck everyone else.

paddedhat

  • Handlebar Stache
  • *****
  • Posts: 2228
Re: Geico / Berkshire Hathaway hack
« Reply #19 on: November 05, 2015, 04:19:13 AM »
I dislike geico, heard bad things about them being hard to work with on claims, I wouldn't want to wish that on anyone just to save a few bucks.

My brother was in the car rental industry. He always told me that if a customer was getting screwed by their insurance, over a policy that included rental coverage while their car was in the body shop, nine out of ten times it was a Geico customer.

I know a collision shop owner pretty well. He claims that, from his end, most insurers are competent and fair to work with, except Geico. When he gets a Geico customer in, he warns them that Geico has a history of not paying for 100% of the cost of doing the job correctly, and he may be looking to the customer to pay the balance. Typically he eats the loss, but sometimes he rolls the car out into the storage area, and waits for Geico to step up, and stop trying to screw him and their customer, before he continues a repair.

KarefulKactus15

  • Handlebar Stache
  • *****
  • Posts: 1283
  • Location: Southeast
Re: Geico / Berkshire Hathaway hack
« Reply #20 on: December 12, 2015, 03:09:28 PM »
Necroed! 

Okay I can confirm this works.  I just got an 8% discount on top of other discounts in south carolina. I dont have to fax in anything...

pdxvandal

  • Pencil Stache
  • ****
  • Posts: 501
  • Location: Earth
Re: Geico / Berkshire Hathaway hack
« Reply #21 on: December 12, 2015, 04:53:06 PM »
Same here. 8%.  Easy peasy.

FrontRanger

  • 5 O'Clock Shadow
  • *
  • Posts: 50
Re: Geico / Berkshire Hathaway hack
« Reply #22 on: December 20, 2015, 06:50:00 AM »
Got a discount, but only dropped from $278 to $269. I think it all depends on other discounts you have on your account. I have a state employee discount already applied too.  I suppose it was worth the 5 min email.
« Last Edit: December 20, 2015, 06:56:16 AM by IowaGuy »