Holiday shopping isn’t the only thing that will lead to higher bills for drivers in Pennsylvania starting in December. GEICO is expected to raise its auto policy rate 5.5% in the Keystone state beginning on December 11, 2023 to improve its profitability.
It’s estimated that GEICO drivers in Pennsylvania pay about $2,158 for their annual policies on average, with the new rate increase lifting that charge to $2,277—a $119 jump over last year’s average policy premium.
GEICO drivers in Pennsylvania can look to save on their auto insurance several ways, including:
- Shopping around with other carriers to get competing quotes. It’s best to quote with two or three other carriers to make sure you’re getting accurate competitive data.
- Adjust your coverages to make sure you aren’t paying too much for protection you don’t need. Click here to learn more about how coverages impact your policy.
- Reduce your monthly insurance cost by increasing your deductible, if you’re able to meet that higher monthly cost.
- Take advantage of available discounts, such as bundling policies for home or renters with auto, or taking advantage of affiliations offering discounts.
According to an EverQuote survey, GEICO is the fifth largest carrier in the state with a 9% market share.
This rate increase is expected to impact more than 100,000 policyholders in Pennsylvania who drive a collective $308M in annual written premium presently. With that 5.5% rate increase, GEICO is expected to pull an incremental $18M in incremental written premium in the state to aid its profitability.
