GEICO said it is reducing personal lines auto insurance rates for its New Jersey policyholders by a statewide average of 4.1 percent, following rate reductions announced last week by California's insurance commissioner.

The Chevy Chase, Md.-based company--a subsidiary of Berkshire Hathaway--said the decrease represents $30.8 million in savings for the state's policyholders, or an average savings of $81 per year per policyholder.

The changes will go into effect on Aug. 9 for new policyholders, and Sept. 24 for renewal policies.

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