GEICO Reduces Auto Rates in California

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.