Geico cuts car insurance rates because of pandemic
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