GEICO Returns to N.J. Auto Market

August 16, 2004

New Jersey state officials this morning announced that GEICO has “good news” for state residents. Beginning today GEICO will be selling private passenger automobile insurance in the state.

“This is a very exciting time for GEICO,” said Tony Nicely, GEICO chairman, president, and CEO. “We are extremely pleased to say that effective immediately New Jersey drivers can buy insurance on GEICO’s Web site geico.com. Visionary thinking by state leadership and bi-partisan support of the legislature made this possible. New Jersey has found ways to balance consumer protection with a competitive marketplace.”

The country’s largest direct writer of auto insurance, GEICO will issue New jersey policies through the Internet. All sales, customer services and claim services will be available 24 hours a day, seven days a week.

“GEICO’s innovative, Internet-based approach brings us closer to the modern auto insurance marketplace we set out to build,” said Holly C. Bakke, New Jersey Banking and Insurance Commissioner. “For too long New Jersey drivers have been teased by commercials offering great savings not offered to them because of their New Jersey location. Those days are over.”

She added, “The consumer-driven, competitive marketplace that we are building encourages carriers to be creative when enlisting new business. This is not the same marketplace it was two years ago. Carriers are beginning to develop different business models and they are marketing to consumers in unique ways.”

Robert Miller, GEICO senior vice president and head of Northeast, will head New Jersey operations.

Also on hand for the announcement from GEICO were Bill Roberts, executive vice president; Don Lyons, senior vice president; and Hank Nayden, vice president and legislative counsel. Warren Buffett, chairman of Berkshire Hathaway, GEICO’s parent company, also took part in the press conference.

GEICO (Government Employees Insurance Company) is the fifth largest private passenger auto insurer in the U.S. It provides auto insurance coverage for more than 5.6 million policyholders and insures more than 9.5 million vehicles.

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