Insurance Department Must Protect Public’s Right to Scrutinize Insurance Rate Increases Consumer Watchdog Says in Letter to Commissioner Lara After Abrupt Approval of GEICO Rate Hike
Los Angeles, CA – The California Department of Insurance has approved a $268 million increase in auto insurance premiums for GEICO customers without following the public participation requirements of Proposition 103. Overall, the 6.9% rate hike will impact 2.1 million GEICO policyholders who face an average $125 annual premium increase. In a letter this morning, Consumer Watchdog – which had formally challenged the rate increase as unjustified – called on Insurance Commissioner Ricardo Lara to meet with the organization to discuss the importance of enforcing rights of consumer participation
California Commissioner Withholds Auto Insurance Rate Approvals, Rattles Market
By Renée Kiriluk-Hill, BESTWIRE
August 10. 2022
https://news.ambest.com/NewsContent.aspx?&refnum=243607
California Insurance Commissioner Ricardo Lara is pumping the brakes on private passenger auto rate hike requests from carriers, including Geico, which he said overcharged policyholders during COVID-19 pandemic shutdowns, according to spokesperson Gabriel Sanchez.
Consumer Watchdog Challenges $268 Million GEICO Auto Insurance Rate Hike & Job- and Education-Based Insurance Rate Discrimination
Los Angeles, CA – Insurance Commissioner Ricardo Lara should reject GEICO’s proposed $268 million auto insurance rate hike and its job- and education-based discriminatory rating system, wrote Consumer Watchdog in a petition filed with the California Department of Insurance (CDI) yesterday.
GEICO Closes California Offices, Ends Telephone Sales Here
By Carolyn Said, SAN FRANCISCO CHRONICLE
August 2, 2022
GEICO, the nation's second-largest auto insurer, is limiting its physical presence in California and eliminating telephone sales of new policies here.
