GEICO, the second-largest auto insurance provider in the United States, has announced it will no longer offer insurance coverage for Tesla’s Cybertruck. The company has begun terminating existing Cybertruck policies, stating that the vehicle “doesn’t meet our underwriting guidelines.”
Tag: GEICO
Warren Buffett’s Berkshire Hathaway Reports Solid Rise in Earnings as Geico Swings into Profitability
Warren Buffett’s Berkshire Hathaway Inc. posted an increase in operating earnings after its auto-insurer Geico swung to profitability following some six quarters of losses
Geico Faces California Class Action Suit for Overcharging for Auto Insurance
A federal judge ruled that a lawsuit against Geico Corp for overcharging for auto insurance during the COVID-19 pandemic may move forward as a class action.
Geico Ordered to Pay Woman $5.2 Million after She Contracted STD in a Car
A Missouri woman was awarded $5.2 million, according to court documents, in a settlement from insurance company GEICO after contracting a sexually transmitted disease from her partner in his vehicle, which was insured by the company. This week, the Missouri Court of Appeals upheld the award. According to court documents, the woman, a Jackson County… Continue reading Geico Ordered to Pay Woman $5.2 Million after She Contracted STD in a Car
Geico to Use AI to Speed Up Car Repairs
Geico, the nation’s second-biggest auto insurer, will try to speed up vehicle repairs for its policyholders by running photographs of damaged vehicles through artificial-intelligence software. Berkshire Hathaway Inc.-owned Geico will offer the quick-estimate process in partnership with Tractable Ltd., said Alex Dalyac, chief executive and founder of the London-based technology firm. Tractable is among a… Continue reading Geico to Use AI to Speed Up Car Repairs
Warren Buffett Protege Todd Combs Named Geico CEO
Geico, the auto insurer owned by Berkshire Hathaway, on Monday named Todd Combs as its chief executive officer, expanding the role of one of Warren Buffett’s portfolio managers, who is widely seen as a potential Buffett successor. Combs, 48, will take over on Jan. 1, 2020, replacing Bill Roberts, a 35-year Geico veteran who became… Continue reading Warren Buffett Protege Todd Combs Named Geico CEO
State Farm on Pace to Lose Car-Insurance Crown to Geico
State Farm, for decades the top dog of U.S. auto insurance, is on track to lose that status within just a few years unless trends favoring online insurers abate. After business losses following a series of uncharacteristically sharp rate hikes in 2016 and 2017, the 17 percent national market share the Bloomington-based giant held in… Continue reading State Farm on Pace to Lose Car-Insurance Crown to Geico
GEICO’s Roberts to Retire at the End of 2020, Todd Combs of Berkshire Hathaway to Succeed
Bill Roberts, GEICO’s president and CEO, has announced that he will retire from GEICO in December 2020. Roberts began his career with GEICO in 1984 as an officer in the Marketing department. Over his 35-year career, he has helped lead GEICO to become the second largest auto insurance company in the U.S. Roberts will become… Continue reading GEICO’s Roberts to Retire at the End of 2020, Todd Combs of Berkshire Hathaway to Succeed
Geico Joins Rival Insurers in Tracking Drivers
Warren Buffett’s Geico now wants to track drivers, just like some of its biggest competitors do. Geico has launched a telematics offering, called DriveEasy, in certain states, Credit Suisse Group AG analyst Mike Zaremski said in a research note last week. A phone app tracks driving habits and gives individuals a score and tips, according… Continue reading Geico Joins Rival Insurers in Tracking Drivers