Geico cuts car insurance rates because of pandemic

The 15% reduction in premium follows similar moves by Allstate and American Family.

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Few cars could be seen Monday afternoon traveling inbound on the Eisenhower Expressway from the overpass at South Leavitt Street.

Ashlee Rezin Garcia/Sun-Times

Geico is reducing auto and motorcycle insurance premiums by 15%, becoming the latest provider to take into account reduced driving because of the pandemic.

Customers will get a credit when their policies renew between April 8 and Oct. 7, Geico said Tuesday. It said the credit also will apply to new policies sold during that period.

The average credit should be about $150 per auto policy and $30 per motorcycle policy, Geico said. The company estimated its total amount credited would be $2.5 billion.

On Monday, Allstate and American Family announced reduced premiums for auto policies. Recent data from the traffic analytics firm INRIX shows miles driven in the Chicago area are down about 50% from before the pandemic.

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