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Geico to Stop Using Education and Occupation in Setting Auto Rates in New York

Geico to Stop Using Education and Occupation in Setting Auto Rates in New York
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Berkshire Hathaway Inc’s Geico unit agreed to halt the use of education and occupation as factors in setting auto-insurance premiums in New York.

New York Financial Services Superintendent Maria T. Vullo’s office said that the giant insurer would comply with the state’s move late last year to ban what her department has concluded is an unfair practice that can drive up the cost of insurance for people who can least afford it. Geico could have challenged the state’s ban in court, but has chosen not to.



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