The geico insurance company is asking you to give it more time to decide.
The insurance company, based in Arlington, Virginia, is one of several insurers offering rate increases for its customers in 2017.
In response, the company said it will be issuing a “voluntary adjustment” in the first quarter of 2018 that will reduce the average rate on its policy by 0.1% per annum.
It will increase rates for the remaining years of the policy.
This year’s hike in the average geico rate will likely be smaller than the 0.9% increase it issued in 2017, which was the second consecutive year that it raised rates by more than 0.5%.
The company said this year’s rate hike will cost it about $1.6 billion.
Geico said it was not going to change its policies, but it would provide its customers with more information in the months ahead.
In a statement, geico spokeswoman Jessica McPherson said, “We continue to be committed to our customers.
We remain committed to a stable, predictable and secure rate structure and to making Geico an excellent provider of financial services to our community.
Geico is a great insurance company and we remain confident in the ability of the company to manage and protect our customers.”
Geico’s rate increase comes on the heels of a 0.2% increase in 2018, but the company’s first quarter earnings released last week showed revenue rose 2% to $1,097 million.