If GEICO insures your car in Florida, your rate is probably about to go down. The company filed two more rate decreases on August 6 covering more than 1.3 million customers in the state.
By how much? It didn’t say. Starting when? It didn’t say that either.
That’s the whole story in two sentences, and it’s worth sitting with. A carrier put out news that it’s cutting your bill, and left out the two numbers that would let you check.
This is GEICO’s third Florida reduction in twelve months. The company says it has cut annual premiums for Florida drivers by more than $500 million over two years, including an April cut that covered more than 700,000 customers. Yang Yu, GEICO’s chief insurance product officer, said the company is “committed to making sure our customers feel that improvement directly in what they pay.”
Fine. Feeling it directly is easier when you know the size and the date.
The market behind this is real, and it isn’t GEICO being generous. Florida passed House Bill 837 in March 2023. It cut the window for filing a negligence suit from four years to two, moved the state to modified comparative negligence, and ended one-way attorney fee awards in most cases. Translation: it stopped making minor fender benders worth litigating.
The numbers followed. Florida’s personal auto liability loss ratio hit 52.5% in 2025, the state’s lowest in 15 years and the lowest in the country, per FLOIR. Loss ratio is just claims paid as a share of premium collected, so a low one means the carrier is keeping more of your money. Insurers that profitable eventually file decreases or start explaining themselves to the regulator.
So the cuts are broad. Florida’s top five carriers, about 78% of the personal auto market, indicated an average rate change of -8% for 2026. That’s after -7.4% in 2025 and +31.7% in 2023.
Here’s the catch, and it’s the same catch every time a carrier announces an average.
An 8% average is not 8% off your bill. It’s 8% across an entire book of business. Inside that average, some drivers get 15% off and some get nothing, and a few get an increase, because your premium is rebuilt at every renewal from your ZIP code, your car, your mileage, your claims and tickets, your credit tier, and your limits. If you moved, added a teen driver, or filed a claim, that math can eat an 8% cut and ask for seconds.
And a filed decrease doesn’t land on the day it’s approved. It lands at your renewal. If you renewed in July, you may be waiting until next summer to see a cut that was announced this week.
Pull your declarations page this week and find two things: your renewal date and your current six-month premium. Write them down. That’s your baseline, and without it you have no way to know whether a cut ever reached you.
Then call your agent or the 800 number and ask one specific question: has my policy been re-rated under the new filing, and if not, which renewal date will it apply to? Make them answer with a date. “Rates are coming down” is not an answer.
Then shop it anyway. A market where the biggest carrier is cutting three times in a year is a market where competitors are cutting to keep up, and the cheapest carrier for your profile in 2023 is very unlikely to still be the cheapest now. Pull three quotes at your current limits, not at whatever coverage the quote tool defaults to. Compare against what’s out there on our auto insurance page, and run your own estimate with the insurance estimator.
Worth shopping. Especially while carriers are competing for you instead of the other way around.
One caution before you assume Florida is fixed. Triple-I, the industry’s own research arm, notes the state recorded its most severe drought in more than 25 years in early 2026, with hundreds of wildfires in areas nobody had filed as fire-prone. The cuts arriving now reflect 2025 loss experience. What 2026 looks like is a different filing.
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