California’s insurance commissioner today announced that a rate reduction of 10.7 percent has been approved for GEICO’s California auto insurance policyholders.
The GEICO rate decrease will come into effect on Aug. 15, according to a press release from Commissioner Dave Jones’ office.
The release said GEICO policyholders in the Los Angeles area will save an average $238 on their premiums a year. Policyholders in San Diego will save $163 a year on average. Statewide, the average savings for policyholders will be $127.
The premium reduction will save GEICO customers $91 million overall.
GEICO is the seventh largest auto insurer in California.
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