GEICO is reducing auto insurance rates for its policyholders in New Jersey by a statewide average rate decrease of 4.1 percent.
GEICO said its decrease represents $30.8 million in savings for its New Jersey policyholders, or an average of $81 savings per year per policyholder. The changes went into effect on Aug. 9 for new policyholders and will be effective Sept. 24 for renewal policies.
“In just three years since our return to New Jersey, we have become the third largest insurer and we have saved New Jersey policyholders an average annual savings of over $750 already,” said Steve Cunningham, assistant vice president and general manager of GEICO’s northeast operations.
According to Cunningham the decrease is attributable to “improved driver experience, which has resulted in a decrease in accidents and fewer losses” for the company.
Overall premium changes for individual motorists will vary based upon factors such as coverages purchased, geographic area, type of vehicle, risk characteristics, and other discounts for which they qualify.
The average rate decrease for GEICO policyholders is -4.2 percent, the average for GEICO Indemnity policyholders is -3.9 percent, and for GEICO Casualty policyholders it is -4.6 percent.
Source: GEICO (Government Employees Insurance Company)
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