GEICO to return $2.5B in credits to members during COVID-19 pandemic

LYNCHBURG, Va. (WSET) — GEICO is giving back to their members to help customers during the coronavirus pandemic.

GEICO's CEO, Todd Combs, sent a letter to members Wednesday announcing "The GEICO Giveback," which provides a 15% credit to all auto and motorcycle customers as policies come up for renewal between April 8 and Oct. 7 of this year.

This credit will also apply to any new policies purchased during this period.

They are expected to average $150 per auto policy and $30 per motorcycle policy.

"With roughly 18 million auto policies and 1 million motorcycle policies in force, we are proudly providing a total benefit of approximately $2.5 billion to our customers," Combs wrote.

GEICO also announced last month it would pause cancellations of coverage due to nonpayment or policy expiration through April 30 or later as directed by your state.

"Beyond that, we are committed to offering maximum flexibility to policyholders who need special payment options. And to ensure you continue to receive the 24/7 service you've come to expect, we've also transitioned nearly all of our associates to work from home," Combs added.

Combs said current customers can expect to see the credit when they renew their policy. You do not need to take any action to get the credit.