GEICO stands for Government Employees Insurance Company. It is however a private company don’t let the name fool you. It has been growing in popularity ever since it was established back in 1936. Does GEICO Have Payment Plans?
GEICO has a wide array of payment plans which are tailored to suit each of their several insurance packages differently. They have gone a long way to ensure that they offer convenient insurance policies that not only cover a wide range of properties but are also affordable and easy to pay for through elaborate payment plans.
Types of insurance policies
GEICO categorizes its insurance policies into four sections which are further subdivided into different types. Some of the types are listed below.
Vehicle Insurance
ATV, Auto, Motorcycle, RV, Boat, etc.
Property Insurance
Homeowners, Renters, Earthquake, Flood, Landlord, etc.
Business Insurance
Business owners, Workers Compensation, General Liability, Cyber Liability, etc.
Additional Liability
Life, umbrella, travel, pet, jewelry, Identity Protection, etc.
GEICO Have Payment Plans
Auto Insurance Payment Plans
You are advised to make payments on time to avoid incurring extra charges. In auto insurance, you are given the option of making payments in 2 monthly installments of 50% each. 3 installments where you pay 40% on the effective date and 2 installments of 30% each for the following two months. 4 installments where you pay 25% on the effective date followed by 3 monthly installments of 25%.
You can make 5 installments whereby you pay 25% on the effective date and 4 subsequent monthly installments of 18.75%, but this applies to new policies only. For renewal policies, you are able to make 6 installments of about 16.67%.
Motorcycle Insurance Payment plans
Under motorcycle insurance, you have one of three options, 4-Pay, 6-Pay, or 9-Pay in which you make 4 installments, 6 installments, or 9 installments respectively. They also entail making a down payment at the effective date and equal subsequent installments in the months that follow.
Commercial Insurance Payment Plans
Commercial auto insurance payment plans also have 4-Pay, 6-Pay, and 9-Pay installment plans just like in the motorcycle insurance plans but with the inclusion of a Pay in Full option which is considered cheaper in the long run. This is contributed to by the savings made by not having to pay installment fees every month.
These payment plans may vary from state to state and are subject to change and revision from time to time. After knowing what insurance payment plans you would like to subscribe to the next step is knowing how to make the required installments. Let us look at some of the methods clients use in making payments to GEICO.
Methods of Payment
When making payments to GEICO you can use your Debit or Credit card as the first option. Writing an online checque is also an option and to forego the trouble of having to remember when and how much to pay you can set up automatic online payments.
This way you won’t have to worry about missing a payment and incurring extra charges in fines or worse, cancelation. All you need to do is use an Electronic Funds Transfer to automatically deduct money from your checking account when it is due. You can also set up recurring card payments on your credit and debit cards
All you have to do is visit the GEICO online service center and sign up for the Electronic Funds Transfer for your checks and automatic payments for your Cards. An even easier payment option would be using GEICO mobile. Although the commercial Auto Insurance payment plan can be paid via mail, by sending a check to their address.
Lastly, payments can be made by calling GEICO at (866) 509 9444 and using their automated system to make an easy payment.
GEICO allows clients to reschedule payments to a later date which is usually 11 days after the due date. The is a courtesy that is usually afforded to the people who are enrolled in the automatic payment systems in order to give them an opportunity of completing their installments without having to change payment plans.
Regular clients can check their eligibility to qualify for a time extension by contacting customer care however they do get a 9 day grace period to make a payment before they incur penalties or late fees.
Conclusion
GEICO offers a lot of different Insurance policies, payment plans, and methods of fulfilling those payments. As a fast-growing and expanding enterprise, I hope they maintain their standards in good service and the mindfulness of their consumers even as they venture beyond the world of insurance.
Frequently Asked Questions
How useful is GEICO mobile app?
You can get policy updates and quotes straight to your phone, you can even access towing services from the application, and should you need to update your information or make a payment, you can do it on the application as well.
Is It possible to change from one payment plan to another?
You can change payment plans by contacting customer care, they will let you know about the plans that are available to you. Not all payment plans are available in every state.
Does GEICO cover Roadside Assistance?
Roadside assistance is available and is accessible through the GEICO app or you can also call them on their customer service phone number.
