BRIEF: GEICO Car Rates to Fall

By Gilbert Chan, The Sacramento Bee, Calif.

Aug. 1--GEICO auto insurance policyholders in California will see their rates fall by an average of 10.8 percent in the coming year.

The reductions, effective Aug. 30, amount to an average savings of $150 a year for the carrier's 436,000 California customers, state Insurance Commissioner Steve Poizner said Tuesday. GEICO is California's 10th largest auto insurance company.

GEICO joins other major auto insurers, such as State Farm and the California State Automobile Association, that have cut premiums because of new state rules requiring insurers to set rates based primarily on a consumer's driving experience, miles driven and place of residence.

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