GEICO agrees to class action lawsuit settlement

GEICO agrees to class action lawsuit settlement | Insurance Business America

GEICO agrees to class action lawsuit settlement

Settlement class members have until November 28 this year to submit their valid claim forms after GEICO agreed to a class action lawsuit settlement involving personal injury protection (PIP) policies and healthcare providers in Florida.

The class action lawsuit, as reported by Top Class Actions, accused GEICO of misinterpreting PIP terms and underpaying at a rate of 80% – instead of 100% payment – per claim. With GEICO agreeing to settle without admitting any wrongdoing, claimants can receive the remaining 20%.

Benefits from the settlement also include an enhanced payment of 10%, as well as $9 per submitted claim form. Class members who wish to speak to the court about the settlement have until November 02, to send their notice to appear during the final approval hearing slated on December 02.

The pertinent entities are GEICO Indemnity Co., GEICO General Insurance Co., GEICO Casualty Co., and Government Employees Insurance Co. The case centred on GEICO’s alleged misinterpretation of the so-called “billed amount” in relation to medical charges submitted by treatment providers under PIP or other no-fault coverages in motor vehicle insurance policies.