Geico News

After Refusing $30K Settlement Offer, Bad Faith Suit May Cost GEICO $2.7M

More than eight years after Bonnie Winslett tore up and threw away a summons that notified her she was being sued, the Georgia Supreme Court is being asked to resolve questions of law that will determine whether GEICO Indemnity Co. …

Auto Claims Climbed with Summer Reopenings, but Dropping Again as Virus Rages

The sharp reduction in personal auto claims that followed COVID-19 shutdown orders began to fade away after the Memorial Day weekend, but frequency appears to dropping again in reaction to a resurgence of the disease. Andy Cohen, chief operating officer …

Consumer Groups Say Some Auto Insurer Lockdown Rebates Are Too Small

Two consumer groups said on Thursday that some of the largest U.S. auto insurers, including billionaire Warren Buffett’s Geico Corp, are short-changing customers on premium rebates as Americans drive less due to stay-at-home orders aimed at curbing the coronavirus outbreak. …

Lockdowns Cut Driving and Crashes, Bring Insurance Discounts

DETROIT — Interstates and city streets are empty and cars are quarantined in their owners’ garages, so consumer advocates argue that it only makes sense for auto insurance rates to reflect that. In the states of Washington and New York, …

Buffett’s Geico Offers $2.5 Billion Credits as Coronavirus Cuts Driving

Geico Corp, part of billionaire Warren Buffett’s Berkshire Hathaway Inc, said on Tuesday it will offer about $2.5 billion of credits to its 19 million auto and motorcycle policyholders, reflecting the decline in driving stemming from the coronavirus pandemic. The …

Buffett Deputy Combs to Lead Geico While Running Portfolio

When he’s not managing a $14 billion stock portfolio for Warren Buffett, Todd Combs will now also be running the second-biggest U.S. auto insurer. Berkshire Hathaway Inc. tapped one of its two key investing deputies to replace Bill Roberts as …

Business News: TrustLayer, Verisk and BuildFax, Arbitration Forums and GEICO

TrustLayer Teams with Building Partnerships TrustLayer, a San Francisco-based insurtech startup, announced that it has formed a partnership with Building Partnerships to distribute a technology that verifies certificates of insurance and other business documents. TrustLayer said the Builder Partnerships network …

GEICO Gets Progressive, Joins Auto Insurers Offering Telematics

Berkshire Hathaway’s GEICO auto insurer has joined the ranks of carriers using telematics to track and improve driver behavior—after resisting for years. GEICO has been one of the few among the top 10 largest personal auto insurance carriers without a …

State Farm Moves Auto Telematics into ‘Real Time’

The nation’s largest insurer has stepped up its investment in telematics, announcing this week an upgrade to its usage-based insurance program that allows policyholders to check on their driving habits trip-by-trip instead of waiting for a periodic score card. State …

Business News: GEICO, Mitchell/Genex Merger, Midwest Employers Casualty

GEICO Breaks Ground on New Location, Plans to Ramp up Hiring Upon Completion GEICO broke ground at its new location in The Bridges and laid out plans for future hiring when the complex is completed next year. GEICO President and …