(Bloomberg) — Geico, the auto-insurance unit at Warren Buffett’s Berkshire Hathaway Inc., agreed to a settlement with California regulators after its online price quotes misrepresented some coverage as the cheapest option available.

The insurer’s website showed bodily injury liability limits of $100,000 per person and $300,000 per accident as the smallest available for some customers based on their education level, occupation and gender, the California Department of Insurance said Monday in a statement. State law requires carriers to provide a minimum-limits policy of $15,000 and $30,000.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

 

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2023 ALM Global, LLC. All Rights Reserved.