Geico Lowering Colo. Auto Rates

GEICO is reducing auto insurance rates for its policyholders in Colorado.

The statewide average rate decrease is 7.1 percent for GEICO and GEICO General policyholders. Overall premium changes for individual motorists will vary based upon factors such as coverages purchased, geographic area, type of vehicle, risk characteristics, and discounts for which they qualify.

With that latest premium reduction, GEICO said its average rates are now down by a total of 25.7 percent since the state’s auto insurance reforms took effect. There are also rate decreases for GEICO Indemnity policyholders, -7.5 percent, and GEICO Casualty policyholders, -4.8 percent, bringing the total decreases to 31.3 percent and 29.2 percent, respectively since the change to a tort system from no-fault system.

The changes will go into effect on Jan. 5 for new policyholders and on Feb. 20 for renewal policies.