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GEICO to significantly hike auto insurance rates

GEICO is ready to boost auto insurance coverage charges in Illinois by greater than 6% on common – one in every of its highest fee will increase within the state within the final six years.

It was famous that GEICO had additionally tried to boost charges in Connecticut, however the plan fell by means of. Chatting with native information station WTTW Information, Crain’s Chicago Enterprise reporter Danny Ecker defined that different states have insurance coverage regulatory our bodies that may reject insurers’ fee will increase.

“We don’t have that right here in Illinois,” mentioned Ecker, including that these different state regulators who rejected GEICO’s hikes mentioned that the corporate had a “large windfall” in 2020 – a time when individuals have been driving much less and making fewer claims.

“And but GEICO didn’t low cost their charges, whereas others like State Farm, Allstate, and Progressive did,” the reporter added.

GEICO’s auto insurance coverage policyholders in Illinois will probably be moderately steep premium will increase later this 12 months.

“GEICO auto insurance coverage prospects [in Illinois] ought to anticipate, on common, a rise of $100 per 12 months, per automotive. Which clearly doesn’t look nice when you’ve gotten an organization that markets itself as a money-saving different to the opposite large insurers,” Ecker prefaced.

The speed will increase come into impact this December.

 

 

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