GEICO Agrees to Not Seek N.Y. Auto Rate Increase

GEICO has agreed to withdraw a rate increase request for New York drivers.

The insurer was seeking a rate increase with the State Department of Insurance for GEICO and GEICO General, which together write more than 75 percent of the company's auto insurance policies in the state. The withdrawal comes after a discussion with the state Insurance Department on how higher gas prices are reducing the number of miles New York motorists drive.

The company also agreed to reduce its rate increase request for a third division, GEICO Indemnity.