TALLAHASSEE, Fla. (CBS12) — More than 1.3 million Florida drivers could soon see some relief on their auto insurance bills after GEICO announced two additional rate decreases in the state.

The company said the new filings are expected to lower premiums for more than 1.3 million Florida customers. Over the past two years, GEICO says a series of rate reductions has cut annual premiums for Florida drivers by more than $500 million.

The latest cuts follow another GEICO reduction that took effect in April and affected more than 700,000 customers. GEICO, Florida’s second-largest auto insurer, says it has now reduced its Florida auto rates three times within the past year.

“Florida’s insurance market continues to show sustained improvement,” GEICO Chief Insurance Product Officer Yang Yu said in announcing the new reductions. The company pointed to changes in Florida’s legal and insurance environment while acknowledging that insurers still face pressures from severe weather, more expensive crashes, and inflation.

GEICO is not alone in lowering costs for some Florida drivers.

The Florida Office of Insurance Regulation said in March that the state’s five largest auto insurance groups — Progressive, GEICO parent Berkshire Hathaway, State Farm, Allstate, and USAA — were indicating an average rate decrease of about 8% for 2026. Together, those companies account for roughly 78% of Florida’s auto insurance market.

State regulators said State Farm’s most recent decrease request was about 10%, while AAA had received three rate decreases totaling about 15% over the previous year. USAA lowered rates by 7%, and Allstate reduced rates by 7% for more than 171,000 drivers, according to the Office of Insurance Regulation. Progressive also reported nearly $1 billion in credits to Florida policyholders, while State Farm announced a roughly $533 million dividend, averaging about $173 per vehicle.

Regulators say the trend follows a sharp improvement in insurers’ losses. Florida’s personal auto liability loss ratio fell to 52.5% in 2025, its lowest level in 15 years, according to the Office of Insurance Regulation. The state’s auto physical-damage loss ratio also dropped from 112% in 2022 to 49.5% in 2025.

Homeowners also seeing some rate relief

The improving insurance picture is not limited to drivers.

Florida regulators say homeowners insurance filings have also been trending downward. As of May, the Office of Insurance Regulation had received more than 190 residential filings seeking either rate decreases or no increase. The 180-day average requested homeowners rate change was a 2.9% decrease, compared with a 0.7% increase one year earlier and a 6.6% increase three years earlier.

Customers of state-backed Citizens Property Insurance are also seeing reductions in 2026. The state approved an average statewide decrease of 8.7% for Citizens policyholders, affecting more than 330,000 customers. More than 150,000 are expected to receive reductions of at least 10%.

The decreases are even larger in parts of South Florida. Citizens customers in Palm Beach County are seeing an average reduction of 11.9%, while average decreases are 14.1% in Broward County and 14% in Miami-Dade County.

Private homeowners’ insurers have also filed reductions. State regulators previously highlighted decreases of 8.2% for Florida Peninsula customers, 8% for Security First customers, and 5.1% for Universal Property & Casualty customers.

State officials credit legislative changes aimed at reducing insurance litigation for much of the improvement. Insurers have also cited declining losses and lower reinsurance costs. GEICO says those changes have created a more predictable environment for insurers, allowing them to pass some of those savings on to customers.

Individual savings will vary by insurer, driver, home, coverage, and other rating factors, so a statewide rate decrease does not necessarily mean every policyholder will see the same reduction.