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Insurance Commissioner Dave Jones today issued the following statement regarding GEICO's recently approved rate filing, reducing auto insurance rates for its California policyholders by 10.7 percent:
"Today, I am happy to announce that the rate filing submitted to my Department by GEICO has been approved saving GEICO's policyholders in California millions of dollars annually," said Commissioner Jones. "It is good news when consumers pay less for premiums and are able to keep more of their earnings."
"We at GEICO are proud to have our regional headquarters in California and we're even prouder to be able to deliver great rates and service to Californians," said Shawn Burklin, GEICO regional vice president. "GEICO is committed to its policyholders in the Golden State and will continue to provide the great customer service they have come to expect from us."
According to GEICO, the rate filings were approved on June 2 and the rate decrease will be effective August 15, 2011. GEICO policyholders in the LA Metro area will realize an average savings of $238 on their premiums annually. Approximately 98,000 policyholders in the San Diego area will save, on average, $163 on their premiums annually. GEICO's policy holders state-wide will realize an average annual savings of $127. The rate filing included GEICO, GEICO General and GEICO Indemnity, which provide coverage to, 717,443 GEICO auto policyholders in California. This premium reduction will save them $91 million dollars annually.
GEICO has 841,000 GEICO policies in California, making the company the seventh largest auto insurer in the state and the fastest- growing.
GEICO's premium rate reduction approval is the most recent rate decrease approved by the California Department of Insurance.
Since taking office, Commissioner Jones has approved several homeowner and automobile premium rate reductions, filed by the following companies, saving California consumers millions in premiums: