S&P Global Market Intelligence reported that GEICO has recently begun submitting 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 each subsequent renewal period.
The discount first appeared in its Virginia filing that was submitted to the state regulator on Feb. 29. The third-largest US personal auto insurer has since submitted a similar discount in Oregon, Wisconsin, New Mexico and Illinois, according to rate filings collected by S&P Global Market Intelligence as of March 20. The
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