Live Insurance News

GEICO Offers New Discounts Amid Rising Auto Insurance Rates

April 8, 2024April 7, 2024 Angela Linders

In a bold move to capitalize on increasing auto insurance rates across states such as California, GEICO Corp., part of Warren Buffet’s empire, is offering an attractive discount initiative, the “Welcome Factor,” aimed at expanding its auto insurance business. GEICO’s Fresh Approach to Auto Insurance With the surge in insurance rates, many insurers are taking a step back from writing new policies. However, GEICO is actively inviting new clients by marketing a special discount for those who apply for personal auto insurance. The discount is designed to taper off gradually…

Tangela Richter steps up as new GEICO insurance Chief Legal Officer

April 2, 2024April 1, 2024 H. Cutner

The insurer has announced the new hire, who joined the company from previously working at Wells Fargo The GEICO insurance company recently announced that it has a new Chief Legal Officer, Tangela Richter, who will report directly to Todd Combs, the insurer’s Chair, President and CEO. Richter will be responsible for legal function, government, and regulatory oversight Richter will have oversight over all the GEICO insurance legal functions. She will also be responsible for overseeing government and regulatory operations. The new chief legal officer has come to the insurer from…

GEICO auto insurance announces partnership with NCAA

March 19, 2024March 18, 2024 H. Cutner

Auto insurance - Partnership between companies

The insurer said the agreement spotlights the company’s commitment to student athletes GEICO and the National Collegiate Athletics Association (NCAA) recently announced that the insurer would be the NCAA’s official home and auto insurance partner. The partnership involves all the NCAA’s men’s and women’s championships The broad partnership includes all 90 of the NCAA women’s and men’s championships, demonstrating the auto insurance company’s commitment to college sports and student athletes. “We are thrilled to welcome GEICO back to the NCAA Corporate Champion and Partner Program,” said NCAA senior vice president…

GEICO losing auto insurance ground to State Farm and Progressive

March 15, 2024March 14, 2024 G. Turner

Early data from NAIC indicates that the Berkshire Hathaway-owned insurer is losing market share to competitors. Following a rocky 2023 for the personal auto insurance business in the United States, early data released by the National Association of Insurance Commissioners (NAIC) suggests that auto insurance company GEICO is losing ground to its larger competitors State Farm and Progressive. State Farm has held the top spot for many years in the US While it’s no big news that State Farm is still the largest auto insurance company in the United States…

Illinois auto insurance rate calculation overhaul in the works

May 10, 2023May 9, 2023 G. Turner

State Rep. Will Guzzardi is seeking to ban “excessive” increases and price calculation factors. Illinois state Rep. Will Guzzardi is seeking to require that auto insurance companies obtain state approval before they can implement rate hikes. He is also aiming to implement a ban for “excessive” rate increases and stop insurers from being able to use occupation, gender or credit score to calculate premiums. The largest car insurers in the state have increased rates by $527 million since the start of the year. According to analyses conducted by two consumer…

Geico faces California car insurance class action lawsuit

November 8, 2022November 7, 2022 Logan B.

The insurer has been accused of overcharging its policyholders early in the COVID-19 pandemic. A federal judge recently decided that a California car insurance lawsuit accusing Geico of having overcharged over 2 million drivers in the state on their premiums early in the pandemic can proceed as a class action. The judge rejected the insurer’s arguments that the lawsuit would lead to “insurmountable manageability problems”. US District Judge Beth Labson Freeman of San Jose rejected Geico’s assertions that a group California car insurance lawsuit regarding the unsatisfactory nature of the…

Auto insurance companies won’t be raising rates in California

October 4, 2022October 3, 2022 H. Cutner

Auto insurance companies - Car insurance

Rate increase approvals haven’t been approved in over two years, and that is continuing. According to leading auto insurance companies and associations in California, the state is risking a coverage crisis in the largest market in the country because it continues to deny rate increases. Insurers haven’t been able to raise their rates in California since before the pandemic began. The auto insurance companies have already been making cutbacks and have said that they won’t be able to continue operating at a loss in this way. They have pointed to…