Government Employees Insurance Company, or GEICO, has introduced a new auto insurance rate plan that is expected to deliver insurance savings to many Michigan drivers.

According to the company, the changes will go into effect on July 3, 2008, for new policyholders and October 1, 2008, for renewal policies.

Overall premium changes for individual motorists will vary based upon factors such as coverages purchased, geographic area, type of vehicle, risk characteristics, and other discounts for which they qualify, the company added.

Mary Zarcone, regional vice president of GEICO’s Midwest operations, said: GEICO is pleased to release a new rating plan that will offer the opportunity for millions of Michigan drivers to compare and save on their auto insurance premiums. As one of the largest and fastest growing auto insurance companies in the US, GEICO stands ready to meet the insurance needs of the good people of Michigan.