GEICO Providing $2.5 Billion to Customers Through Policy Credits
Berkshire Hathaway Inc. (BRK.A)
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Source: Business Wire
CHEVY CHASE, Md.--(BUSINESS WIRE)--GEICO is providing a 15 percent credit to its auto and motorcycle customers as their policy comes up for renewal between April 8 and Oct 7. The credit will also apply to any new policies purchased during this period. The credit is part of GEICO’s ongoing efforts to assist customers during this unprecedented time.The average auto policy has a semi-annual premium of about $1,000 and generally covers more than one vehicle. This means GEICO expects credits to average about $150 per auto policy and $30 per motorcycle policy. The company estimates the benefit to its 18 million auto and one million motorcycle customers will be approximately $2.5 billion.Current customers can expect to see the discount when they renew. Customers do not need to take any action to receive this credit.Shelter in place policies have reduced driving significantly. Vehicle accidents are down considerably, and although GEICO expects a return to near normal once the impacts of C
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