Your GEICO Policy is not what you should be worried about...
Did you hear the one about the insurance gecko leaving California?
Geico- the $32 Billion insurance giant....is struggling. So much so, that they shut down all of their offices in California. That's right. No more Geico in California.
There's some speculation as to why.
If you didn't know already, the insurance world is losing money right now. Most insurers are paying $1.08-per-dollar on claims, and they can't increase their rates with inflation because the commissioner won't let them.
Some say that Geico is offsetting these costs by going fully digital. I mean, there's not much overhead when you don't have a store or agents to run it.
Others are looking at Buffet. Warren Buffet has always been so talented at predicting the market. So when they see him protecting his assets and cutting back on costs, they see a recession about to hit hard.
If Warren Buffet (net worth $103 Billion) is trying to save money...maybe you should think about doing the same.
Now, if you already have a Geico policy, not much is going to change. Your policy will remain the same for now, just without an agent to run to or meet in person. For those who are technologically impaired, this could be an issue. But for most of us, that doesn't mean a ton. You can still buy new policies from Geico, it's just all done online.