How to Cancel GEICO Insurance

How to Cancel GEICO Insurance
How to Cancel GEICO Insurance

How to cancel Geico car insurance? Well! Before going to cancel your policy, you must consider many things. Due to lack of preparation can lead to a gap in your insurance accidentally, which you don’t want to happen anymore.

In this article, you will get to know how to cancel Geico car insurance quickly.

What Is Geico?

The Government Employees Insurance Company (GEICO) is the second largest private American auto insurance company with headquarters in Chevy Chase, Maryland. GEICO has owned a subsidiary or daughter company of Berkshire Hathaway, which provides coverage for more than 24 million motor vehicles. This automobile insurance is in all 50 U.S states and the District of Columbia. The insurance agency sells policies over the Phone to the consumer directly via licensed insurance agents and through their online website.

Leo Goodwin Sr. and his wife Lillian Goodwin founded this company in 1936 to sell auto insurance to federal government employees. Moreover, it also offers property insurance but has the risk of the policies that are transferred to third-party companies.

5 Easy Steps To Cancel Geico Insurance By Phone

Steps To Cancel Geico Insurance By Phone
Steps To Cancel Geico Insurance By Phone

You can cancel your Geico insurance over the phone in a very easy way:

  • Dial (0800) 841-1587 on your Phone.
  • Ask to talk to a licensed Geico agent.
  • You may be brought about to speak by an Interactive Voice Response system (IVR).
  • Say clearly, “Cancel insurance policy” and then “Auto” or “”
  • Maybe they asked you to provide the Geico policy number

How to Cancel Geico Insurance Online

How to Cancel Geico Insurance Online
How to Cancel Geico Insurance Online

Regrettably, there is no way to cancel your Geico insurance policy via online. Currently, the only way is to contact the number listed above. However, you don’t feel hesitation since it is a quick, straightforward process.

How To Cancel Geico Insurance Policy Without Calling

How To Cancel Geico Insurance
How To Cancel Geico Insurance

All you need to do is download the app and then tap on the “chat” feature. Once the app realizes that you are looking to cancel, you will automatically connect to a live agent within the chat. You won’t need to call in.

Inform your agent that you have already started a new policy and want to cancel the Geico insurance policy. Make sure the cancelation date is the same as your new policy’s start date while avoiding a lapse in coverage.

To make your transaction simple and quick, here are the steps to follow;

  1. Your name and date of birth
  2. Your Geico insurance policy number
  3. Your new insurance provider name and effective date.

Does Geico Charge To Cancel Policy?

There is no cancellation fee on Geico insurance unless you live in North Carolina. All you need to do is to talk to their licensed agent as outlined above, and your insurance policy will be canceled in one go.

Key Points before Canceling Your Geico Policy

Before going to cancel it, there is a bucket of consideration you should know about. Here’s the list below:

1.    Did You Only Suspend Your Policy?

Yes, you can. If you aren’t using your car for the next month, you may suspend it instead of canceling your insurance policy.

For instance, let’s suppose you are facing some financial crisis for 2 months or maybe you have a 2-month trip overseas. You want to cancel your insurance policy. Instead of canceling your policy, you can talk to Geico and tell them your situation. They may offer to suspend it temporarily while you’re not using your vehicle and resume once you’re back on the road.

Further, suspending coverage pauses your policy essentially without canceling it. You can also avoid being penalized for any lapse in coverage.

2.    Searching Another Opt For Auto Insurance

Earlier, it is essential to have done some car insurance shopping. You haven’t need recently another active policy, but at least have something to cover you up after cancellation.

Moreover, for getting a new car insurance policy is not always immediate. Also, you can get a quote and coverage within 24 hours, while you may have no idea if any emergencies may come out to keep you from doing that.

However, you don’t want to be caught uninsured on the road.

3.    Be Aware of Your state‚Äôs laws

Almost every state requires auto insurance for your vehicle to be registered. It is necessary for you to understand the legal requirements for your state before canceling your insurance policy while contacting them.

Consequences for not having current auto insurance vary by state, but a lapse of coverage could be resulted in the following listed risk below;

  • Fines
  • Driver’s license suspension
  • Registration suspension
  • SR-22 insurance filing requirement.

4.    Notify the Company Of The Cancellation

It is good practice to inform your insurer that you plan to cancel your Geico insurance policy; otherwise, a policy lapse can cost you fines and extra fees. Even your policy may auto-renew, and you will continue to receive insurance bills and, in the end, be marked for nonpayment.

If you don’t inform your carrier, it will continue to send bills and probably follow those up with phone calls or letters. Eventually, that will stop, but the insurer will be marked the account for non-payment and, thus, will report this to the credit agencies. Furthermore, you could also face higher insurance rates in the future.

5.    Best Time to Switch Auto Insurance Policy

The best time to switch insurance policy is before your renewal date, or your next monthly payment is due. On the other hand, if you’re unsatisfied with the service or find a lower budget, you can swab to another company in no time.

6.    The Problem Faced Before Canceling A Current Policy

Even though one day gap can be costly. Cancel a policy without putting a new car insurance policy in place would lead to difficulties like;

  • Likely be seen as a high-risk driver and has higher rates due to lapses in the record.
  • Higher premiums.
  • Personal injury and property damages suffered by accident.

Reasons to Cancel Geico Insurance Policy

Have a look at some of the most common reasons meanwhile you may want to cancel your Geico auto insurance policy;

  • Moving to another state
  • Changed your marital status
  • Need a different kind of policy
  • Too expensive for you.
  • Found a cheaper rate.
  • Combine your policies with one company.
  • Sold your vehicle because it is inoperable.

FAQs

Q1: Do I receive a refund or owe money if I cancel?

Ans: If you prepaid your premium, then you will receive a refund of your payments if you cancel your Geico policy. Contact Geico to see how much you will be getting back and when you will receive it.

Q2: Did Geico have a grace period after cancellation?

Ans: It has a 9 days grace period if you won’t make your payment on time. Then, your Geico policy might be canceled. There is no late payment fee; if you miss a payment, they will send a formal cancellation notice within 14 days of the original due date.

Q2: Do I need to provide additional information?

Ans: You don’t need to submit additional information when canceling your policy.

Q3: Does Geico have 24/7 customer service?

Ans: Yes, they are available 24 hours a day, 7 days a week. The quickest way is to contact them through their app or online.

Q4: Can someone else cancel my Geico insurance policy for me?

Ans: As long as they have the legal power of Attorney, they will cancel your Geico policy. Apart from this, only the policyholder will be allowed to cancel their Geico policy.

Q5: Did Geico raise its rates?

Ans: In 2017 and 2018, Geico received 2 prior rate hikes in California before the pandemic took drivers off the road and claims plunged.

Q5: How long does canceled insurance stay on record?

Ans: Whenever your insurance policy is canceled, it usually stays on your insurance record for about five years.

Q6: Why do I need a homeowners insurance policy?

Ans: A homeowners insurance policy protects you from sudden accidents in your home or on your property.

Q7: What does renters insurance protect?

Ans: It includes; Clothing, furniture, television, computer, musical or sporting equipment, and jewelry.

Q8: How much does renters insurance cost?

Ans: Geico renters insurance can cost $12 per month. However, coverage limits vary according to your policy, and you will select an amount that safely protects your belongings.

Conclusion

Before canceling your Geico insurance policy, it is important to shop around for other policies to ensure that there won’t be a gap. This includes researching policies and quotes from other providers to get a new policy and avoid a lapse in your coverage. This would help you save money on car insurance and get the coverage you need to follow state laws.

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