I think this ad falls under interesting characters, and also (kinda) people you'd like to associate with. The interesting characters are funny, but the old man is also telling you how cool he is and how successful he is. He's telling you how much you want to be like him because of all his cool stuff. It might be also a testimonial of a lifestyle, he has all that swag because of calling geico and saving on his car insurance. I think it was effective towards both young & middle aged people (it's audience), because it was actually very funny.