Generally, GEICO insurance policies are bound by certain conditions and can be canceled two weeks when default in payment. As GEICO insurance policies are contracts they offer as an insurance provider or issuer because of paying compensations for losses under specified conditions, and they are mutually binding. Now the question is How Long Before Geico Cancels Insurance?
According to firstquarterfinance.com, GEICO will send you a cancellation notification that informs you of the two-week termination or cancellation deadline before your policy lapses.
How GEICO Insurance Policy Works?
According to the company website, GEICO is a private American auto insurance company and ranks second on the list of the largest auto insurance companies in the United States of America.
The company offers tailor-made insurance policies to fit its clients. Their policies include; Vehicle insurance, Property Insurance, Business Insurance, and additional policies including Life, travel, Umbrella, and other policies that can be found in detail on their website. Their two-week cancellation protocol comes after you miss a payment. During the two weeks, there is a grace period during which you can make payment. This notice specifies the date GEICO can receive payment for your policy before it is regarded as a lapse in coverage.
The company proceeds to terminate the policy when the payment for your policy is not processed before the deadline elapses. In certain situations where you are not in the country or away from the country, GEICO allows you to suspend your insurance. This helps you prevent situations where your policy expires or lapses while you are away. This is also a cost-saving window to ensure you don’t pay premiums while you are not actively in the United States of America. This provision comes under their Vehicle Storage plan. This option is especially for those on active military duties overseas, where your military assignments can require you to be on duty for 30 days or beyond that. In this case, GEICO can suspend or reduce your premium to save funds.
Conditions for Postponement
There is an existing exception for postponing your payment if you are enrolled in Automatic Payment. In this scenario, you have the opportunity to reschedule your payment for nine days. Albeit, you can only reschedule your payment for postponement within the first 11 days of your original scheduled payment. Missing this deadline subscribes you to the two-week termination period for your insurance, especially if you made no bid to postpone your payment earlier or you defaulted on your payment.
The simple way to Cancel GEICO Insurance Policy
Their policies are also subject to certain conditions. To cancel your policy with the company to prevent future withdrawals or payments, GEICO requires you to first obtain another coverage to replace the coverage you are canceling. This is easily done by phone call to their customer care line or by visiting their website to make use of their various channels of communication to speak with their agent or their automated customer care line on (800) 841-3000 where you follow simple instructions to cancel your plan.
You can get your money back after canceling your GEICO insurance, if your premium was paid using a debit or credit card, you can receive your refund within a week of canceling your policy and requesting a refund.
In conclusion:
Answer for How Long Before Geico Cancels Insurance? is GEICO will give a nine-day grace period to pay your premium and an additional 14-day cancellation notice during which you can still keep your premium active by making your payment. GEICO does not charge an extra fee to cancel your policy, and there is a refund policy if you wish to get your premium payment back. You can get more information on canceling your premium or how to get your refund by contacting them at 1-(800)-207-7847
FAQS
- Can I cancel my former car insurance policy?
You can place a call to (800) 841-1587 where you can speak to their licensed agent to guide you through the process, or to their Interactive Voice Response (IVR), where you can follow the voice prompts to cancel your insurance policy.
- How long can you postpone a GEICO payment before it gets canceled?
GEICO gives a nine-day postponement period after which you would receive a two-week cancellation notice. You can still make your payment to retain your policy during the two weeks
- How you can have your car insurance re-activated after a cancellation?
You would be required to fill in and append your signature to a no-loss statement. You will ascertain and certify that you have had no loss that qualifies you for claiming during the period of your policy cancellation.
- What Will Happen If my GEICO Insurance Is Cancelled?
This could increase your premium as well as your non-payment would be noted on your insurance history. Late payment fees may also be charged should you desire to reactivate your policy.
