Understanding American Bankers Insurance Company of Florida and its Connection to GEICO

American Bankers Insurance Company of Florida (ABIC) is an insurance company that issues policies through GEICO As one of the many insurers that partners with GEICO, it’s important for consumers to understand ABIC’s history, reputation, and relationship with GEICO

A Brief History of American Bankers Insurance Company of Florida

ABIC has been around for over 60 years. It was initially founded in 1947 as American Bankers Life Assurance Company of Florida. In 1983, the company changed its name to American Bankers Insurance Company of Florida.

Throughout its long history, ABIC has built a track record of financial stability. It has an A- rating from A.M. Best indicating excellent financial strength. ABIC is a subsidiary of Assurant a large insurance organization.

ABIC’s Relationship with GEICO

GEICO works with over a dozen insurance companies to provide coverage options to customers. ABIC is one of these partner insurers. Specifically, ABIC underwrites policies for GEICO in these product lines:

• Renters Insurance
• Condo Insurance
• Landlord Insurance
• Flood Insurance
• Umbrella Insurance
• Boat Insurance
• RV Insurance

If you purchase one of these policy types through GEICO ABIC will be the underlying insurance carrier. Your policy documents and card will carry the ABIC brand. However GEICO handles all policy administration, billing, and claims on ABIC’s behalf.

Essentially, GEICO leverages its brand, website capabilities, and customer service to distribute ABIC policies. This arrangement allows GEICO to offer more insurance products to customers under the GEICO name.

The Benefits of Choosing an ABIC Policy from GEICO

There are a few potential advantages to purchasing coverage through the GEICO/ABIC relationship:

Reputable Insurer: ABIC is an established company with a long track record. You can feel confident that your claims will be paid.

GEICO’s Great Service: Even though ABIC is the backend insurer, you get the benefit of GEICO’s customer service. GEICO’s website and apps also make managing your policy convenient.

Bundled Discounts: Buying multiple policies from GEICO, including an ABIC policy, may qualify you for a multi-line discount. This can save you money.

Specialized Products: For protection like flood and umbrella insurance, ABIC offers specialized policies not directly written by GEICO. This expands your options.

The Drawbacks of American Bankers Insurance Company of Florida

There are also a few drawbacks associated with ABIC that are important to note:

• Limited Policy Options: ABIC offers standard insurance products. If you need special endorsements or coverage enhancements, they may not be available through ABIC.

• Regional Insurer: ABIC operate primarily in Florida, so its policies and prices are optimized for that state. Coverage and premiums may be different in other states.

• Claims Processing: Though GEICO handles your policy, claims are sent to ABIC for processing. Large losses outside of Florida may take longer to resolve.

Overall though, many GEICO customers are happy with the ABIC policies they purchase through the company’s Insurance Agency. As with any insurer, it’s wise to thoroughly research their financial strength, company history, and product offerings before making a decision.

Examples of Real Customer Feedback on ABIC Through GEICO

Here are a few examples of actual customer reviews that mention ABIC specifically:

“I’ve had renters insurance through American Bankers via Geico for 3 years now. The process has been very easy, rates very reasonable, and I’m within walking distance of an agent if I ever need to go in person.”

“Bundled my condo policy with auto and umbrella to get a multi-line discount. Service has been good even though my condo policy is through ABIC. No complaints.”

“Had a roof leak in my rental property last month. Even though American Bankers was the flood insurance carrier, Geico helped me through the claims process quickly. Was able to get repairs done in under two weeks.”

“Not thrilled that my boat policy is through ABIC instead of Geico directly. I had an issue getting coverage for my high-end electronics and fishing equipment added to the policy.”

“I was skeptical at first about American Bankers Insurance being the underlying carrier for my RV policy instead of Geico. But the claims service has been excellent the few times I’ve had minor claims or repairs needed.”

Is an ABIC Policy Right for You? Questions to Ask Yourself

If you’re considering insurance from ABIC through GEICO, here are some important questions to think through:

• What coverage options or add-ons do I need for my specific situation? Does ABIC offer them?

• Is ABIC admitted and financially stable in my state?

• How does ABIC’s reputation compare to competitors in my area?

• Will bundling an ABIC policy with other GEICO products save me money?

• Does my risk profile and property location fit ABIC’s expertise?

• For flood or umbrella insurance, is GEICO’s service worth having ABIC as the underlying carrier?

• Will I be comfortable with claims being handled directly by ABIC, not GEICO?

Thinking through questions like these will help determine if American Bankers Insurance Company of Florida is the right insurer for your needs. Being an informed insurance consumer is always wise, even when purchasing through trusted brands like GEICO.

The Bottom Line: ABIC and GEICO

At the end of the day, American Bankers Insurance Company of Florida policies represent just one coverage option available through GEICO’s Insurance Agency. ABIC brings financial stability, niche product knowledge, and an existing relationship with GEICO. While service and suitability vary by individual, many customers are satisfied with the ABIC policies they buy via GEICO.

However, ABIC may not be the best fit for every buyer. You still need to do your homework to determine if their coverage options, pricing, and service standards align with your specific situation. Weigh the pros and cons carefully before making a decision.

For specialized protection like boats, rentals, condos, and umbrellas though, an ABIC policy through GEICO’s trusted brand is certainly worth considering. With a small amount of research, you can determine if it provides the right mix of value, convenience, and protection.