Geico

Geico, known for its smooth-talking reptile TV pitchman, and California Insurance Commissioner Steve Poizner are expected to announce today an almost 11% average rate reduction for all 436,000 Geico General Insurance Co. customers, about one-fourth of them in Southern California. The estimated $66 million in savings -- about $150 per policyholder -- follows their move to comply with new state regulations that require rates to be based primarily on a the driving record, not where he or she lives. The premium cut by Geico, a unit of Berkshire Hathaway Inc., is the latest of close to 150 rate reductions, totaling about $1 billion, by California-licensed insurance companies in the last year..