Geico Insurance Discount? What? I’m advertising for Geico Insurance now?
Not exactly. This is more of a Public Service Announcement for anyone out there who has Geico for their insurance needs. If you own shares of Berkshire Hathaway stock, you can send Geico your account documentation and they will apply a Geico insurance discount to your account. For those who don’t know, Berkshire Hathaway is the parent company of Geico. They own a number of businesses under their umbrella with Geico being the largest percentage of it.
So I logged into my account to look for this Geico Insurance deal. FYI, there is a “discounts page” in Geico where you can see all the current discounts for your policy. And also if there are any additional discounts you might be eligible for, they will be listed as well. This specific discount wasn’t listed on the Discounts Page.
Applying For The Geico Insurance Discount
So I sent Geico an e-mail from their corporate website asking about this stock discount. Few minutes later, they responded::
Based on their reply, it seems like you have to send an email to the following address with your GEICO Policy Number. And attach a copy of your account statements from brokerage account that shows you own Berkshire Hathaway stock:
Geico responded to me within 24 hours later and applied my discount to my policy. They will also retroactively apply the discount if you’ve owned Berkshire shares for a while. This can be confirmed via your historical account statements.
With the additional Geico insurance discount, I’m now saving an extra whopping $129.89 every 6 months! These discounts can be found on your Account page in Geico under “View Discounts”.
How to Buy Berkshire Hathaway Shares
If you don’t own shares of Berkshire Hathaway, the easiest thing to do is log into your brokerage account and buy 1 share of BRK.B. These are the Class B shares since the Class A shares currently costs over hundreds of thousands of dollars per share. The Class B shares are around $200 right now and are much more affordable. Additionally, BRK.B stock is not a bad stock to include in your portfolio since it has consistently beat the market over the last 50 years. After you buy your stock however, you may have to wait until the end of the month to receive your monthly statement. On that it will show your ownership in those shares. With that, you can submit your monthly statement to get your Geico insurance discount.