GEICO introduces new discount

According to a report by S&P Global Market Intelligence, GEICO  has submitted personal auto rate filings in several states that offer a “Welcome Factor” discount to new customers.

The plan offers a temporary discount that applies to new policyholders and would be phased out in the third renewal, depending on the state. So far, GEICO has filed this new discount in five states: OR, VA, WI, IL, and NM.

The initial discount in some states could reach 9%.

GEICO has also submitted rate revisions in some states to lower rates. The company reported a $3.6 billion pre-tax underwriting gain in 2023.