Geico to Give Customers $2.5 Billion With Driving Down
- Geico will provide auto, motorcycle clients a 15% credit
- Allstate, Liberty Mutual among insurers offering similar deals
A vehicle drives along the nearly empty 110 freeway in Los Angeles, California, on April 1.
Photographer: Patrick T. Fallon/BloombergThis article is for subscribers only.
Warren Buffett’s Geico plans to offer insurance-policy credits to its auto customers as driving declines because of the widespread coronavirus-related shutdowns.
Geico, owned by Buffett’s Berkshire Hathaway Inc., will provide a 15% credit to its auto and motorcycle customers when their policies come up for renewal between April 8 and Oct. 7, the insurer said in a statement Tuesday. That translates to a total benefit to consumers of about $2.5 billion, the company estimates.