Geico to Pay $6M Settlement in California Policy Pricing Case
Geico has agreed to pay $6 million in a settlement with the California Department of Insurance in connection to claims that the company had discriminatory auto insurance pricing.
The Los Angeles Times reports that the subsidiary of Berkshire Hathaway announced Monday that they would also change their pricing. The insurer denied any wrongdoing in the settlement.
The settlement stems from a petition filed by the Consumer Federation of California saying the insurer was discriminating based on occupation, education level and other characteristics. The company was misrepresenting the minimum auto insurance policy to customers it considered less desirable, giving them quotes of $100,000 per person and $300,000 per accident as the lowest available coverage.
Geico did not respond to requests for comment.
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