Geico supplies police with free LIDAR guns?

[noTe]

Geico supplies police with free LIDAR guns?

Is that true or false?

If anything, I say yeah!.. because I have a jammer.



EDIT: Another person posted this message on the other message board I'm on...

Geico funded the company to finish the development of the laser gun after they were bankrupt and the project was folding, then purchased $500,000 worth of them and gave to state police departments across the country. Local departments will typically follow what the state does. Then geico banks as rates rise from additional tickets.

That's as ****ed up a conflict of interest as I see in the insurance industry.

[ELVATO]

From what I understand, yes.

More tickets = more money in raise premiums....I mean less accidents. ops:

[amoney]

All the insurance companies do this.

[MEM-TEK]

Hmm...Time to run over some lizards with my car.

[jimbonzzz]

Geico actually funded the development of the first laser gun, the LTI 20-20. They were subsequently nicknamed "Geico Guns".

The following info is from the SEC:

AGREEMENT WITH PLAZA RESOURCES COMPANY
In 1991, PRC loaned the Company a total of $950,000 to support the Company's development of the LTI 20-20/Marksman. Under the terms of the Promissory Note, Secured Note and Warrant Agreement, as amended (the "PRC Agreement"), the Company also issued to PRC warrants to purchase 356,250 shares of Common Stock at $3.00 per share and granted PRC certain royalties for a period of ten years on sales of the Marksman or related products. The PRC Agreement further provides that for a period of ten years PRC has the right to purchase in any consecutive twelve month period up to the lesser of 25% or one hundred (100) units of the finished product of the Marksman (or any other product line the function of which is to measure the speed of an object) at a cost per item determined by adding the cost of the raw materials for each item and the cost of the construction assembly of each item. PRC has agreed that any Marksman purchased shall be acquired only for donation by it to law enforcement agencies selected by it and shall not be resold for profit. The Company has been advised that the purpose of this arrangement to PRC and its parent, GEICO Corporation, the parent holding company of Government Employees Insurance Company ("GEICO"), a national automobile insurer, is to introduce the Marksman to law enforcement agencies as part of GEICO's continuing effort to promote automobile safety by reducing speeds on the nation's highways. Upon consummation of the Company's Public Offering, the Company paid to PRC the sum of $2,139,000 from the net proceeds for the repayment of the notes to PRC ("the PRC Loan"), plus interest accrued, in satisfaction of the PRC Loan and the extinguishment of certain royalty and other obligations owed to PRC under the PRC Agreement. The PRC Warrants (including registration rights therefor) and PRC's right to purchase the Marksman continue.

[nomore55]

Efff Geico

[djrams80]

Guess who won't be getting any of my insurance money!

[happya$$]

Wow talk about scratch my back and I will scratch yours

[Nighthawk243]

All insurance companies do this. It helps protect their overhead costs from writeoffs and other costs associated with higher speed accidents (Injury costs...etc).

They figure if giving the police a few lidar guns to scare the **** out of the public will save them a bit from writing off totaled Civics and F-Bodies from dumbass kids who think they can take a 25MPH graded turn at 120MPH, then they're probably going to support it.

[lacning74]

I can just picture that annoying gecko firing a LTI 20-20.