Tom Wilson

Geico to hike Illinois auto insurance rates

Geico to hike Illinois auto insurance rates

Geico, part of Warren Buffett's Berkshire Hathaway, plans to raise its car insurance rates for 192,698 Illinois policyholders next year by an average of 3.5 percent, according to state records.

Those customers currently pay premiums totaling $236 million. The change is effective Feb. 6 for policy renewals.

Geico has been raising premiums nationwide. Over the past year, average premiums per auto policy have increased 6.9 percent, Berkshire Hathaway said in its most recent quarterly report filed with the Securities and Exchange Commission.

Berkshire said that, throughout 2015, Geico saw increases in both the frequency — how often a loss occurs — and severity — the size...