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Article: New Jersey officials hope return of insurer GEICO means lower driver costs.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- August 17, 2004
CopyrightCOPYRIGHT 2004 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Richard Newman, The Record, Hackensack, N.J. Knight Ridder/Tribune Business News
Aug. 17--Take it from billionaire investor Warren Buffett: New Jersey is now a good bet for auto insurers.
The chairman of Berkshire Hathaway came to Trenton on Monday to announce that GEICO Corp., a Berkshire Hathaway subsidiary, is returning to New Jersey.
GEICO pulled out of the auto insurance business in New Jersey in 1976, after the state switched to a no-fault insurance system, which can force an insurer to pay a policyholder's claim, even if the driver of another vehicle caused the accident.
In recent years, as the airwaves have been ...