SOUTH JERSEY (KYW Newsradio) — New Jersey’s Department of Banking and Insurance has issued a $1.2 million fine to insurance company Geico for overcharging customers by more than $10 million.
Customer complaints led to an investigation in Sept. 2024. DOBI officials said they identified a systematic pattern of improper practices affecting more than 15,000 customers.
Geico agreed to repay customers $10.5 million as errors were identified.
The examination found the company was charging rates higher than what was approved, canceling policies for improper reasons and failing to inform customers of their rights in some instances of policy renewal and total loss claims.
Geico said it was pleased to have resolved the matter and that it remains committed to its customers. The company said it has also recently lowered rates in New Jersey.
Anyone who has questions or would like to file a complaint is urged to contact the DOBI consumer hotline at 1-800-446-7467.
Geico pays $1.2M fine to NJ, on top of repaying customers
Geico pays $1.2M fine to NJ, on top of repaying customers
