GEICO began reducing auto insurance rates for new policyholders in Colorado on Jan. 5. The company also said it would be reducing rates for existing policyholders beginning Feb. 20.
According to the company, Colorado’s average rate decrease is 7.1 percent for GEICO and GEICO General policyholders. Premium changes for individual motorists are expected to vary based on coverages purchased, geographic area, type of vehicle, risk characteristics, and discounts for which drivers qualify.
With that latest premium reduction, GEICO said its average rates have decreased by a total of 25.7 percent since the state’s auto insurance reforms from a no-fault to tort system took effect in July 2003. Rates will be decreasing for GEICO Indemnity policyholders by -7.5 percent, and GEICO Casualty policyholders by -4.8 percent, bringing the total decreases to 31.3 percent and 29.2 percent, since the change to a tort system from no-fault system, the company said.
Topics Auto Pricing Trends
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