Californians Receive 10 Percent Reduction on Auto Insurance Rates with Geico

The California Insurance Commissioner announced on Friday that a 10.7 percent rate reduction had been approved for Geico policyholders. The anticipated rate decrease will come into effect on Aug. 15, according to a press release from the commissioner’s office.

L.A. Customers to Save Average of $238 a Year

According to Commissioner Dave Jones, Geico policyholders in certain areas will save more on their auto insurance coverage than others. But on the whole, the entire state will see significant savings.

For instance, in Los Angeles, customers are expected to save an average of $238 on their premiums a year. Policyholders in San Diego, on the other hand, are expected to save about $163 a year, on average.

As a state, the average savings for policyholders is expected to average $127. The premium reduction will save California Geico customers $91 million overall.

What If I’m Not Eligible for Rate Reduction?

If you aren’t a Geico customer or don’t live in California but want to save on auto insurance, there are options available to you:

  • Discounts: There are a multitude of great auto insurance discounts that exist. Find out what your company offers then utilize them for big savings.
  • Pay as you drive: Pay as you drive is a discount option offered by companies that are willing to lower premiums based on driving behavior. Numerous companies offer this discount option, so check with your insurance company to learn more.
  • Defensive driving courses: Many drivers don’t know that by taking defensive driving classes, they not only can become better drivers, but save on auto insurance. Some insurance companies team up with schools to offer discounts to drivers who complete the courses successfully.
  • Shop around: Probably one of the best ways to save on auto insurance is to simply shop around for the best rate. If you settle for the first rate you find, you could be passing up on better deals from other companies.

It’s great to know that Geico is offering a deep rate reduction to its customers in California, but if you’re not eligible for the discount, you still have plenty of savings options.