GEICO’s Berkshire shareholder discount: who qualifies?
GEICO’s published New Jersey terms include Berkshire Hathaway shareholders. They do not establish a nationwide shareholder discount. Check the state, the insurer named on your policy and the coverages before counting on a saving.
What the New Jersey terms confirm
Shareholders get 8% off eligible New Jersey auto-insurance coverages through GEICO’s Sponsored Marketing Program.
The exclusions mean the published percentage does not apply to the whole premium. The New Jersey policy term is six months. We have not tested a policy application or a shareholder claim.
Coverages excluded from the discount
- Uninsured/Underinsured Motorists Bodily Injury
- Uninsured/Underinsured Motorist Property Damage
- Additional Personal Injury Protection
You must meet GEICO’s New Jersey underwriting guidelines. The programme applies only to policies issued by the two insurers its page calls “named above”, but it names neither. Ask GEICO which insurer and policy qualify.
You must own the shares when the discount is first applied. Continuing eligibility requires you to remain a shareholder unless another eligible group membership qualifies you.
Does one Berkshire share qualify?
GEICO’s New Jersey page does not state what ownership proof it accepts, a minimum holding, or a rule for fractional shares.
GEICO requires Berkshire Hathaway shares but does not specify a share class.
What to ask GEICO
- 1. Ask whether your policy qualifiesTell GEICO that you hold Berkshire Hathaway shares. Ask whether a shareholder discount applies in your state and to the GEICO company that insures you.
- 2. Confirm the holding and proof rulesAsk which shares and accounts qualify, what ownership proof GEICO needs and when an approved discount would start. Do not assume one Class B share or a broker statement is enough.
- 3. Compare the final premiumAsk which coverages receive the discount and how it affects any existing discounts. Compare the total premium for the same coverages, limits and deductibles.
Outside New Jersey, ask GEICO for the terms that apply where you live.
A discount alone does not show that a policy costs less than another insurer’s equivalent cover. Share-price changes and dealing costs can also exceed a small insurance saving; read the risks before buying shares for a perk.
Why older accounts describe a wider offer
In its letter covering 2016, Berkshire said the shareholder discount was usually 8% and was permitted in 44 of 51 jurisdictions. It also said the discount was not added to another qualifying discount. Read Berkshire’s letter.
The Berkshire Affiliates page
GEICO’s Berkshire Hathaway Affiliates page asks users to select an organisation from a list and enter a ZIP code. It does not identify ordinary Berkshire shareholders as an eligible group. Owning shares does not tell you which organisation to select.
Berkshire’s annual shareholder shopping programme has its own dates and ownership rules. Our Berkshire Hathaway page covers that programme alongside the GEICO terms.