GEICO is one of the popular insurance companies in the United States, known for offering affordable car insurance rates to its customers. However, there might be situations where you want to cancel your GEICO insurance policy due to various reasons such as financial constraints, relocating to a different state, or switching to another insurer.
If you are in this position, you need to understand the rules and regulations that govern GEICO insurance cancellation. This article will provide you with everything you need to know about GEICO insurance cancellation.
What is GEICO Insurance Cancellation?
GEICO insurance cancellation is the process of terminating your GEICO insurance policy before its expiration date. Generally, this happens when the policyholder decides to stop coverage after paying a certain amount of premium. There are different reasons why you might want to cancel your GEICO insurance policy:
|Reasons for GEICO Insurance Cancellation|
|Relocating to a Different State|
|Switching to Another Insurer|
|Selling or Trading Your Car|
|Getting a Car from a Family Member|
If you have any of the above reasons, you can cancel your GEICO insurance policy by following the cancellation process outlined by GEICO.
How to Cancel GEICO Insurance Policy?
The process of canceling your GEICO insurance policy is relatively straightforward, and you can do it in different ways:
Cancel GEICO Insurance Policy Online
If you are comfortable with managing your insurance policy online, you can cancel your GEICO insurance policy online:
- Log in to your GEICO account using your user ID and password
- Click on “Service” and select “Policy Changes”
- Select “Cancel Policy” and follow the prompts
Cancel GEICO Insurance Policy via Phone
If you prefer to speak to a representative, you can call GEICO customer service at 1 (800) 841-1587, and follow the prompts to cancel your policy.
Cancel GEICO Insurance Policy via Email or Mail
You can also request cancellation of your GEICO insurance policy by sending an email or mail to GEICO customer service. Make sure to include your policy number, reason for cancellation, and effective date of cancellation.
FAQs About GEICO Insurance Cancellation
What is the GEICO Insurance Cancellation Fee?
GEICO does not have cancellation fees, making it easy for policyholders to cancel their policies without incurring additional costs.
How Long Does it Take for GEICO to Refund the Premium After Cancellation?
GEICO usually refunds the premium within 7 to 14 business days after cancellation. However, this time frame may vary depending on the payment method and the reason for cancellation.
Does Cancelling GEICO Insurance Affect Your Credit Score?
No, cancelling your GEICO insurance policy does not affect your credit score. However, if you have any outstanding balance, it may affect your credit score if you fail to pay it on time.
Can I Cancel GEICO Insurance Policy During the Policy Term?
Yes, you can cancel your GEICO insurance policy anytime during the policy term, but you may have to pay a pro-rated premium based on the time you had coverage.
Can I Reinstate My GEICO Insurance Policy After Cancellation?
Yes, you can reinstate your GEICO insurance policy after cancellation, but you may have to pay a reinstatement fee and any outstanding balance. The reinstatement process may also vary depending on the reason for cancellation and how long the policy has been inactive.
Cancelling your GEICO insurance policy may seem like a daunting task, but the process is relatively simple and straightforward. Regardless of the reason for cancellation, you need to follow the GEICO insurance cancellation process to avoid additional fees and ensure a smooth transition to a new insurer.