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GEICO Lowers Auto Insurance Premiums After Initially Requesting Hike

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California motorists with a Geico auto insurance policy will soon be spending less on monthly premiums.

According to Consumer Watchdog, a nonprofit advocacy group, policyholders will spend approximately 11 percent less on their auto insurance rates starting in August. The insurer had initially requested a 4 percent hike in rates.

However, Consumer Watchdog appealed to the California Department of Insurance, saying increasing the price hike violated Proposition 103, which bans insurers from charging excessive rates.

State Forces Geico To Cut Rates By 10.7%

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Geico car insurance premiums are dropping 10.7 percent, a move that will save Californians a total of $91 million.

The company's rate decrease affects more than 717,000 policyholders across the state starting Aug. 15. Geico is the state's seventh-largest auto insurer. It controls 5.4 percent of the California market and 5.7 percent of Sacramento's.

A cut in premiums is justified by "the reduction in claims and the dollar amount of those claims," said Insurance Commissioner Dave Jones. He announced the reduction Friday.

Debt Deal Would Cut CLASS, Seek MPLI Savings

WASHINGTON, D.C. -- A proposal to end the debt ceiling stalemate calls for abolishing a long-term-care program passed as part of the Affordable Care Act and institute medical professional liability insurance reforms.

The plan advanced by a bipartisan "Gang of Six" identifies medical liability reforms as part of budget savings, but a draft memo circulating through Washington is short on specifics. It discusses only "an unspecified amount through medical malpractice reform."

Stanford Study Shows Opting Out Of Web Tracking Not So Easy

A new study by Stanford researchers has found many online advertising companies continue to follow people's Web activity even after users believe they have opted out of tracking.

The preliminary research has sparked renewed calls from privacy groups and Congress for a "Do Not Track" law to allow people to opt out of tracking, like the Do Not Call list that limits telemarketers.

Tuition Insurance Often Not Worth Cost, Experts Say

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As if college isn't expensive enough, many schools are pushing parents to buy insurance that will pay their tuition for the remainder of a term if a student is forced to drop out because of a serious accident or medical illness or dies.

Tuition refund or reimbursement policies are sold by private insurance companies, but some schools - primarily high-cost private ones - encourage families to buy them.