Wednesday, December 7th, 2022

GEICO pronounces auto insurance coverage charge enhance

GEICO announces auto insurance rate increase

Citing the inflation of restore and alternative costs, GEICO might be elevating auto insurance coverage charges in Illinois by a mean of 6%.

The brand new charge hike – which raises the typical annual premium of drivers in Illinois by $103 – was filed March 11, and made public on March 22. A submitting revealed that the brand new charges will go into impact on Might 30, 2022.

Crain’s Chicago Enterprise reported that this charge hike comes lower than six months after GEICO had filed for a separate 6% auto insurance coverage charge enhance, which took impact final December. Citing information from the Illinois Division of Insurance coverage, the information outlet additionally mentioned that the variety of insurance policies written by GEICO’s major auto unit within the state dropped 9% inside the final six months.

Learn extra: Main insurers hike state auto insurance coverage charges post-lockdown

US auto insurers have been submitting for charge will increase as extra drivers return to the roads. In Arizona, Allstate, Farmers, Progressive and even GEICO have enacted auto insurance coverage premium charge will increase since mid-2021. For its half, GEICO – thought of Arizona’s largest personal passenger auto legal responsibility insurer – had posted an 8% charge enhance final November.


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