Geico Corporation Informative - Beware When Selling Your Car
A best friend of mine sold an "as is" older car almost 2 years ago...He recently received a letter from Geico claims suing him for damages of an accident that happened 2 hours after the documented sale. The new owner totaled the car in a snow storm shortly after taking delivery...He ran into a car insured by Geico insurance. Geico claims have contacted my friend for the damages to their insured auto? There position is that since the title had not been officially transferred at the license branch, that my friend is liable for the damages? The new purchaser has not helped to resolve Geico's claim...So therefore Geico is suing my friend...The "previous owner" for these damages. We are learning from local attorneys that this is a common exposure by dealerships and individuals...I think the bmv should set a precedent...And properly educate all interested car owners/sellers... Geico's position is morally wrong!! I also think our local insurance department should regulate these inconsistencies...
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