Geico cuts car insurance rates because of pandemic

Geico cuts car insurance rates because of pandemic

Few cars could be seen Monday afternoon traveling inbound on the Eisenhower Expressway from the overpass at South Leavitt Street. | Ashlee Rezin Garcia/Sun-Times

The 15% reduction in premium follows similar moves by Allstate and American Family.

Geico is reducing auto and motorcycle insurance premiums by 15%, becoming the latest provider to take into account reduced driving because of the pandemic.

Customers will get a credit when their policies renew between April 8 and Oct. 7, Geico said Tuesday. It said the credit also will apply to new policies sold during that period.

The average credit should be about $150 per auto policy and $30 per motorcycle policy, Geico said. The company estimated its total amount credited would be $2.5 billion.

On Monday, Allstate and American Family announced reduced premiums for auto policies. Recent data from the traffic analytics firm INRIX shows miles driven in the Chicago area are down about 50% from before the pandemic.

Source : David Roeder Link

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