Geico Lowers California Auto Insurance Rates Almost 11%
Disclaimer: InsuranceLoco is simply reporting on an insurance rate change update provided by the California Department of Insurance and does not intend to endorse Geico. If you'd like more information on Geico's auto insurance products please visit Geico.com
Earlier this summer, the California Department of Insurance announced the approval of Geico’s request to lower California auto insurance rates by 10.7%.
California Insurance Commissioner Dave Jones indicates that Geico customers in the greater Los Angeles area could see about $238 in auto insurance savings every year, whereas San Diego Geico policyholders about $163 in savings. For the entire state though, Geico’s lower rates could result in $127 in savings.
Geico insures over 715,000 drivers in the Golden State and the 10.7% reduction combines to approximately $91 million dollars in annual savings.
As the 7th largest insurance company in the state, Geico is mostly likely trying to gain market share with the other large California auto insurance carriers like Allstate, State Farm and Farmers.
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