If you are considering cancelling your GEICO insurance, there are some steps and factors to consider. The cancellation process is not complicated, although you should note that it is not possible to do it directly online.
A very important aspect that should always be taken into account before cancelling an insurance policy is that your vehicle cannot be left uninsured. In other words, if you are going to cancel your GEICO insurance, it is really important that you already have another insurance option chosen.
So when you cancel with GEICO, you will be able to activate the new policy, and your vehicle will not be uninsured. Remember, this is very important as it can lead to penalties, but in the event of a claim, not having insurance cover means serious damage to your pocket.
Why is a car insurance policy cancelled?
There is not just one reason for a user to wish to cancel their insurance with GEICO (or any other insurer).
The most common reasons are:
- Having found a cheaper option or one with better coverage.
- Deregistration of a vehicle due to sale or withdrawal of the vehicle
- Not being satisfied with the service received
- Moving to a new place of residence (e.g. to another state)
In fact, there may be more reasons. We must remember that if we do not communicate our wish to cancel, the insurer will continue to consider us as insured.
If we do not cancel before the next insurance bill is due, our accounts will automatically be debited. Therefore, once you have decided to change your insurance, the sooner you do it, the better.
Cancel GEICO insurance
The first thing to know is that it is impossible to cancel the policy online by yourself. This is important because very few insurers will allow you to cancel automatically without any agent intervention.
The logic behind this is that they will always try to understand why you want to cancel your policy. In fact, in many cases, they may even make you a new offer or try to keep you as a customer.
The quickest way to cancel the insurance with GEICO is to call their customer service telephone number.
In the conversation with customer service, you should ask to speak to an authorised agent. Through this agent, you will be able to request to cancel the insurance. Logically, you must have the policy you want to cancel with you as well as your identification details. Otherwise, the agent will not be able to carry out the operation.
Automated cancellation by telephone is also possible. There is an interactive voice response system where you can select the insurance policy cancellation option and the automatic option. In this case, you must follow the steps that the program indicates.
In either option, the process is quick, and in a few minutes, you can properly cancel your insurance policy.
Are you going to be charged for cancelling GEICO insurance?
No. There is no cancellation fee. Once you have indicated your intention to cancel the policy, it is simply a matter of determining when you will cancel it. It is possible to cancel immediately or to set a cancellation date.
As with some insurance policies, you may be entitled to a refund when you cancel your GEICO policy. If you cancel your policy, these refunds correspond to the remaining unused insurance periods. But beware, you will not always be entitled to a refund even if there is still a period of insurance left. You should check your policy and contract to see if you are entitled to a refund or not.
Likewise, depending on the status of your policy, you may have to pay an outstanding amount of insurance. This situation may occur, for example, when you are in arrears or when you have added a new vehicle to the policy and have not yet paid the corresponding increase.
Are there alternatives to cancelling the insurance policy?
Indeed, yes. In addition to being able to negotiate the conditions of the policy (something that not all insurers do), in some cases, you will be able to suspend the insurance temporarily. This fact means that the vehicle will not be insured for a while, and you will not have to pay the corresponding part (in case you pay the policy in instalments).
The suspension is automatically reactivated, and the service resumes ensuring the vehicle when you have ordered it. If you want to know if you can suspend your GEICO policy, you should check with an agent of the company through their telephone customer service.
Remember, before cancelling insurance with GEICO (or indeed with any insurer), thoroughly review the particular conditions of the company and your policy. Cancelling an insurance policy is easy but it does not always have the same consequences for all policies.