HOW TO CANCEL GEICO INSURANCE: Easy Steps To Follow

how to cancel geico insurance

It’s relatively easy to cancel your Geico insurance policy. You can cancel your Geico insurance policy by calling any of the licensed agents. However, there are some things to consider before you cancel your Geico auto insurance policy, and while we’ll show you how to cancel your policy in this article, let’s also take a look at some of these considerations. 

Cancel Geico Car Insurance by Calling A Licensed Agent 

You can cancel your Geico car insurance by calling on the phone. It may appear difficult, but it is actually rather simple:

  • Enter (800) 841-1587 into your phone.
  • Request to speak with a licensed Geico agent.
  • An Interactive Voice Response(IVR) system may prompt you to talk .
  • Say “Cancel insurance policy,” then “Auto” or “Car.”
  • Keep your Geico policy number handy in case you are requested to provide it.

Here is the information you should have on hand to ensure a quick and easy transaction:

  • Your name and birth date
  • Your policy number from GEICO
  • Name and effective date of your new insurance provider 

How to Cancel Geico Car Insurance Online

Unfortunately, there is no option to cancel your Geico car insurance policy online at this time.

If you wish to cancel your Geico insurance policy right now, the only way you can do that is by calling the number mentioned above. However, you need not be concerned because the procedure is simple.

Is There a Cancellation Fee with Geico?

There is no cancellation cost with Geico. You only need to contact their licensed agent as described above, and your policy will be canceled in no time.

Is There a Grace Period for Geico Car Insurance Payments?

If you are unable to complete your payment on time, Geico offers a nine-day grace period. Your policy may then be cancelled. Geico does not charge a late payment fee, but if a payment is missed, they will send a formal cancellation notification within 14 days of the original due date. The message will specify the last day Geico will take payment in order to avoid a gap of coverage. Your insurance will be canceled if you do not pay the fee by that date.

There is no universal grace period provided by all insurance firms. As a convenience to their consumers, Geico extends this grace period.

What happens if I have an accident during my grace period?

If you are in an accident within the Geico grace period, your damages will be covered as usual, according to the terms of your policy. Outside of the nine-day grace period, you may not be protected and will have to pay for any losses yourself. Let’s imagine your payment was due on January 1st. You missed the payment and rear-ended another car at a red light on January 14. Geico notified you that if you did not make a payment by January 24, your policy would be cancelled. Are you insured if you pay your premium straight away? Maybe.

Geico has the ability to refuse coverage for your January 14 claim. You pay for car insurance in advance, and because you missed your premium payment and were past the grace period, you were theoretically without insurance. Geico may be willing to honor the January 24 deadline specified in your official notice, but they are not required to. If you make a late payment outside of the grace period and then file a claim, any insurance company will question and perhaps deny the claim.

This is the primary reason why a grace period is not intended to be a default due date—it raises the chance of accidentally allowing your coverage to lapse, leaving you without insurance.

What if I Have Autopay Set Up?

When you purchase your policy, you have the option of enrolling in automatic payments to ensure that your premiums are paid on time and that your coverage does not lapse. You can still change your payment plans if necessary by entering into your online account and selecting the “Postpone” option under “Automatic Payments.”

If you don’t see the “Postpone” option, you might not be able to defer payment. This can happen for any of the following reasons:

  • You have already rescheduled your payment.
  • The planned payment has already been completed by Geico.
  • The current date falls more than 11 days after the payment due date.

Considerations to Make Before Calling To Cancel Your Geico Insurance Policy

There are a few things you should think about before canceling your Geico policy. We’ll take a closer look at a few of them below.

#1. Understand your state’s laws.

For your vehicle to be registered or plated in almost every state, you must have auto insurance. Before contacting your insurance carrier to cancel your policy, be sure you understand the legal requirements in your state.

The penalties for driving without current auto insurance vary by state, but a lapse in coverage could put you at danger of:

  • Fines
  • Suspension of a driver’s license
  • Suspension of registration
  • SR-22 insurance coverage 

#2. Notify the company of the cancellation.

Not only is it prudent to notify your insurer of your intention to cancel, but allowing a policy to lapse might result in fines and additional expenses. Your policy may auto-renew, and you will continue to receive insurance bills and, eventually, you may be designated as non-paying.

If you do not notify your carrier, it will continue to issue invoices and will most likely follow up with phone calls or letters. This will ultimately end, but the insurer may designate the account as non-payment and report it to credit bureaus. You may also have to pay more for car insurance in the future.

#3. Find a Different Car Insurance Policy

Before canceling your policy, you should have done some car insurance comparison shopping. You don’t need another current policy right now, but you should have something in place to cover you when you cancel.

After all, obtaining a new car insurance policy is not always immediate. Although you can receive a price and coverage within 24 hours, you don’t know if any emergencies will prevent you from doing so. Again, you don’t want to get caught driving without insurance.

When should you change your car insurance?

Before your renewal date or before your next monthly payment is due is the finest and easiest time to switch. However, if you are dissatisfied with the service or find a lower price, you can change companies at any time.

#4. Purchase a new policy before canceling your current one.

Even a one-day delay can be costly. If you cancel a policy without first obtaining a new car insurance policy, you may be held liable for bodily injury and property damage caused by an at-fault accident.

If you have insurance gaps on your record, you will most likely be considered a high-risk driver and pay higher total premiums.

#5. Consider your options before canceling.

While you are not required to inform the insurance company of your decision to cancel, it is usually a good idea, especially if the reason is cost or discontent. Auto insurance is a highly competitive industry, and businesses strive to retain as many customers as possible. Expect the company to want to retain your business by providing discounts or other perks. Compare Geico auto insurance reviews with those of other providers to get a better feel of whether another insurer might be a better alternative.

#6. Instead of canceling, consider suspending the policy.

Your insurance company may allow you to suspend your policy without canceling it under certain conditions. For example, GEICO enables service members to suspend their insurance for more than 30 days if they are storing their car. Suspending coverage effectively puts your policy on hold without canceling it. You can avoid being punished for any coverage gaps.

Should You Only Suspend Your policy?

If you’re thinking of canceling your policy since you won’t be using your car for the next month or two, consider suspending it instead.

Assume you’re planning a two-month travel to another country. You want to cancel your insurance policy because you believe it is a waste of car to pay for the two months you will not be driving.

Instead of canceling, you might contact Geico and explain your circumstances. They may offer to temporarily stop it while you are not using your vehicle and reinstate it once you are back on the road.

Reasons to Cancel Auto Insurance

You may wish to cancel your auto insurance policy for a variety of reasons. Some of the most common are discussed here.

#1. You’re Relocating to a Different State

Geico, fortunately, is accessible in all 50 states. Simply notify them that you are relocating, and they will supply you with a new price that is appropriate for your new address.

#2. You’ve Modified Your Marital Status

You are not required to cancel your auto insurance policy simply because you want to add or remove a spouse. Changing this aspect of your policy is as simple as adding or removing a name. If your new spouse has a car, you may be eligible for a Multi-Vehicle Discount.

#3. You require a different type of policy.

Similarly, you are not required to cancel your car insurance just because of this. Geico also provides homeowners, renters, and other forms of insurance products. You can also save money if you get all of your plans from Geico.

#4. It’s too costly for you.

You may come across another car insurance policy that appears to be less expensive than Geico. Before making a decision, make sure to check for any hidden costs and review all of the fine print. Geico offers numerous discounts and special deals throughout the year, so it may end up being less expensive than the other business.

Will I be refunded or charged if I cancel?

If you pay in advance, you will be refunded the unused portion of your payments if you cancel your Geico policy. You can contact Geico to find out how much you’ll get back and when you’ll get it.

Can I have someone else cancel my Geico policy on my behalf?

Someone else can technically cancel your Geico policy on your behalf if they have legal power of attorney. Aside from that, only the policyholder has the authority to cancel their Geico policy.

Where does Geico need further information?

When canceling your auto insurance policy, you usually do not need to provide any further information.

In Conclusion,

It doesn’t take anything to cancel your Geico insurance policy. Before you cancel your policy, ensure to look into other policies first to keep you on track.

Frequently Asked Questions

Can you cancel insurance straight away?

A car insurance policy usually lasts for a year, but you can cancel it at any moment. Remember that you will not automatically receive your money back, and your insurance provider may charge you a cancellation fee.

Is there a penalty for cancelling car insurance?

If you cancel your insurance policy before the policy expiry/renewal date, your insurance company will normally charge a higher proportion of your total insurance premium for the year than the per day price. This is referred to as a short rate cancellation penalty.

How much is it to cancel Geico insurance?

You do not have to pay to cancel your Geico insurance.

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